Here’s a snapshot of key indicators followed by the NBER’s Business Cycle Dating Committee, along with SPGMI’s monthly GDP.
Figure 1: Nonfarm Payroll (NFP) employment from CES (blue), implied NFP from preliminary benchmark (bold blue), civilian employment (orange), industrial production (red), personal income excluding current transfers in Ch.2017$ (bold light green), manufacturing and trade sales in Ch.2017$ (black), consumption in Ch.2017$ (light blue), and monthly GDP in Ch.2017$ (pink), GDP (blue bars), all log normalized to 2021M11=0. Source: BLS via FRED, Federal Reserve, BEA 2024Q2 3rd release/annual update, S&P Global Market Insights (nee Macroeconomic Advisers, IHS Markit) (10/1/2024 release), and author’s calculations.
Caroline Rose Giuliani, the daughter of Donald Trump’s former lawyer Rudy Giuliani, has endorsed Democratic nominee Kamala Harris for the upcoming US presidential election and declared that she was “grieving the loss of my dad to Trump. I cannot bear to lose our country to him too”.
https://www.msn.com/en-us/news/politics/trump-took-my-dad-says-rudy-giuliani-s-daughter-as-she-backs-kamala-harris/ar-AA1rv5Uj?ocid=msedgdhp&pc=U531&cvid=00cda32717a14e16a69165739bc1014d&ei=23
I hope this comes up tonight:
Mothballing of anti-drug charity raises questions about JD Vance’s management skills
https://www.toledoblade.com/local/politics/2022/08/18/jd-vance-our-ohio-renewal-nonprofit-shuttered/stories/20220818141
COLUMBUS — When JD Vance founded Our Ohio Renewal a day after the 2016 presidential election, he promoted the charity as a vehicle for helping solve the scourge of opioid addiction that he had lamented in Hillbilly Elegy, his bestselling memoir.
But Vance shuttered the nonprofit last year and its foundation in May, shortly after clinching the state’s Republican nomination for U.S. Senate, according to state records reviewed by The Associated Press. An AP review found that the charity’s most notable accomplishment — sending an addiction specialist to Ohio’s Appalachian region for a yearlong residency — was tainted by ties among the doctor, the institute that employed her and Purdue Pharma, the manufacturer of OxyContin.
The mothballing of Our Ohio Renewal and its dearth of tangible success raise questions about Vance’s management of the organization. His decision to bring on Dr. Sally Satel is drawing particular scrutiny. She’s an American Enterprise Institute resident scholar whose writings questioning the role of prescription painkillers in the national opioid crisis were published in The New York Times and elsewhere before she began the residency in the fall of 2018.
Documents and emails obtained by ProPublica for a 2019 investigation found that Satel, a senior fellow at AEI, sometimes cited Purdue-funded studies and doctors in her articles on addiction for major news outlets and occasionally shared drafts of the pieces with Purdue officials in advance, including on occasions in 2004 and 2016. Over the years, according to the report, AEI received regular $50,000 donations and other financial support from Purdue totaling $800,000.
Longtime Ohio political observer Herb Asher cast the charity’s shortcomings, including Satel’s links to Big Pharma, as a “betrayal.” “A person forms a charity presumably to do good things, so when it doesn’t, for whatever reason, that really is a betrayal,” said Asher, an emeritus professor of political science at Ohio State University. “That’s something voters can get their arms around.”
Watching the Padres kick my Braves rear end alas so I’m relying on TalkingPointsMemo to live blog the debate:
9:16 PM: Okay, I don’t expect Republicans to make a lot of sense on climate but someone’s got to dig into JD’s argument about climate which if I understand it is basically that the best thing for the climate is to do all our manufacturing in the US and also to drill a bunch more oil.
Wow – Bruce Hall is JD’s economic advisor.