ECONOMICS

By Brian McGlinchey via starkrealities.substack.com

As millions of Americans struggle to recover from the latest hurricane, state government officials are issuing stern reminders that criminal penalties loom for anyone who engages in “price gouging.”

“Price gouging” is the pejorative label applied to the charging of substantially higher prices for goods and services that are in high demand and short supply in disaster-stricken areas. Anti-price gouging laws typically apply to (more…)

By George Lei, Bloomberg Markets Live reporter and strategist

Forecasts for China’s 2023 and 2024 economic growth have been slashed on Wall Street over the past few weeks. The world’s second-largest economy now risks missing Beijing’s own growth target for a second straight year and could expand at a sub-5% pace for three years in a row — something unheard of since the death of Mao Zedong in 1976.

Stalling growth will surely have longer-term geopolitical implications. (more…)

After its large (2.3% MoM) jump in June, US factory orders were expected to see a major decline in July (down 2.5% MoM)> The decline was sizable – down 2.1% MoM – but less than expected.

Source: Bloomberg

That is still the biggest MoM drop since Nov '22 and left the YoY orders 0.7% lower.

Transportation was clearly a drag since Core Factory orders rose 0.8% MoM – best since January – well above expectations…

Source: Bloomberg

Overall Durable (more…)