December 13, 2022
Welcome back to Microsoft Flight Simulator for a ride in the US Navy’s main carrier fighter plane in the years just before World War II, the Grumman F3F-2. To set the scene, I’m onboard the USS Essex (CV-9), off the east coast of Oahu. It’s not a perfect match, but the Essex is a pretty […]
December 13, 2022
Today in Microsoft Flight Simulator, I’ll be flying the Lockheed F-104 Starfighter, a Cold War airplane with a checkered history that demonstrated that speed isn’t everything. And to kick us off this morning, I’m at Edwards Air Force Base in California’s Mojave Desert, with a reincarnation of the same plane that Chuck Yeager crashed trying […]
December 13, 2022
Today on Microsoft Flight Simulator, I’ll be flying the Boeing 247, considered by many the first modern airliner, but one that fatefully lost out to a rival that – had Boeing played its cards right – didn’t need to exist. I’m here at San Francisco International Airport, where on May 22, 1933, a 247 belonging […]
December 13, 2022
Today in Microsoft Flight Simulator I’m at Kitty Hawk to reenact the first-ever flight of the world’s very first airplane, the 1903 Wright Flyer. At first glance, the boxy Wright Flyer doesn’t look much our modern notion of an airplane. In fact, it possesses all the key features that still define an airplane to this […]
December 13, 2022
The U.S. economy added +263,000 jobs in November. The jobs number for September was revised down by -46,000 and October was revised upwards by +23,000, for a net revision of -23,000. Leisure and hospitality added the most jobs (+88k), followed by health care (+45k) and government (+42k). Construction gained +20,000 jobs and manufacturing gained +14,000. […]
December 13, 2022
The U.S. trade deficit in goods and services grew to $78.2 billion in October. In 2021, the U.S. trade deficit hit a new record at $845.0 billion. Higher tariff policies under the Trump and Biden Administrations have not made any significant dent in the trade deficit. Usually the trade deficit shrinks during a recession, but […]
December 13, 2022
The following are diffusion indices, based on business surveys, which means that >50 indicates expansion and <50 indicates contraction, and 50 indicates no change. A larger or small number indicates breadth, not intensity, among survey respondents. The ISM Manufacturing Index fell -1.2 points in November, into contraction at 49.0. This was the first contraction reading […]
December 13, 2022
U.S. new homes sales rose +7.5% m/m in October, but were down -5.8% from a year ago. Existing home sales fell -5.9% m/m in October, down -28.4% from a year ago. The media sales price of new homes rose +8.2% m/m in October, up +15.4% from a year ago. The Case-Shiller U.S. National Home Price […]
December 13, 2022
U.S. retail sales rose +1.3% m/m in October, after staying flat in September. This puts them up +8.3% from a year ago. Keep in mind these numbers are not adjusted for inflation, which running at +7.1% y/y. Gas station sales saw the largest increase, both m/m and y/y (due, at least in the latter case, […]
December 13, 2022
The University of Michigan’s U.S. Consumer Sentiment Index rose +2.3 points in December to 59.1. However, it is still down -16.3% from a year ago. Previously, the Conference Board’s U.S. Consumer Confidence Index declined -2.0 points in November to 100.2. In November, 18.2% of consumers surveyed by the Conference Board said business conditions were “good,” […]