ECONOMICS

After unexpectedly slumping last month to 37.9, the Chicago PMI index cratered even more unexpectedly in May, when it defied hopes of a rebound to 41.5, and instead tumbled even more, sliding to a cycle low of 35.4 which was not only below the lowest estimate, but was staggeringly low. To get a sense of just how low, the last two times it printed here was during the peak of the covid and global financial crises…

… which seems to suggest that at least according to Chicago-based (more…)

What was until recently a "red-hot" economy, with the US reportedly growing at an annual rate of 4.9% in Q3 and 3.4% in Q4 2024, has suddenly and dramatically downshifted, and according to the latest GDP data released from Biden's BEA, Q1 GDP was revised downward from 1.6% to just 1.3% (1.250% to be specific), which was the lowest GDP since the mini-recession of Q2 when GDP declined for 2 quarters in a row.

The sharp downward revision primarily reflected a downward (more…)

Washington's King County, which includes Seattle, is drowning in a significant backlog of eviction cases, leaving thousands of landlords and tenants in limbo for more than six months in some cases.

$2MM Bellevue home in which a squatter refuses to leave

Prior to the pandemic, evictions took 6-7 weeks if a tenant needed the boot. Now, an "unlawful detainer" eviction case in Seattle or surrounding areas won't be heard until 2025.

"There's a (more…)