Fossil Fuels Are Under Siege. Is Misinformation to Blame?
It’s becoming more and more difficult to be in the fossil fuel business. On both sides of the Atlantic, lawmakers and unelected bureaucrats are turning up the heat, so to speak, on companies over the issue of climate change.
Japan Elections and Market Update
On September 3, 2021, Prime Minister Yoshihide Suga announced his decision to not run in the upcoming ruling Liberal Democratic Party leadership race later this month. Portfolio Manager Shuntaro Takeuchi provides his thoughts on the current political environment and outlook for Japanese equities.
Retail Sales Up 0.7% in August, 15.1% YoY
The Census Bureau's Advance Retail Sales Report for August was released this morning. Headline sales came in at 0.71% month-over-month to two decimals and was above the Investing.com forecast of -0.8%. Core sales (ex Autos) came in at 1.81% MoM.
Philly Fed Mfg Index: "Current Indicators Remain Elevated"
The latest Manufacturing Index came in at 30.7, up 11.3 from last month's 19.4. The 3-month moving average came in at 24.0, down from last month. Since this is a diffusion index, negative readings indicate contraction, positive ones indicate expansion. The Six-Month Outlook came in at 20, down 13.7 from the previous month's 33.7.
The Renaissance In U.S. Manufacturing & Productivity
We’ve all experienced shortages of various goods and/or services in the last year or so of the coronavirus pandemic. In recent decades, American manufacturers have increasingly outsourced the production of goods we consume to foreign countries where they can often be produced cheaper.
Inflation: The Components
Here is a table showing the annualized change in Headline and Core CPI, not seasonally adjusted, for each of the past six months. Also included are the eight components of Headline CPI and a separate entry for Energy, which is a collection of sub-indexes in Housing and Transportation. We can make some inferences about how inflation is impacting our personal expenses depending on our relative exposure to the individual components.