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Econbrowser

Analysis of current economic conditions and policy

The Financial System: Some Graphs

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Starting teaching today a course on the financial system. Here are some graphs of the current situation, through August.

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This entry was posted on September 3, 2025 by Menzie Chinn.

Nowcasted “Core GDP” Decelerates

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Q2 final sales to private domestic purchasers — arguably a better indicator over time about momentum in the economy in the wake of the tariff-frontrunning — was 1.9% q/q AR. Four days ago, nowcasted final sales for Q3 was 2.4%. Today’s GDPNow release takes that number down to 1.7%, a slowdown from Q2.

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This entry was posted on September 2, 2025 by Menzie Chinn.

It Can’t Happen Here: Inflation Edition

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I was thinking about how a completely subservient central bank can destroy price stability, referring to examples from history. From Phillip Cagan’s U.Chicago dissertation:

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This entry was posted on September 1, 2025 by Menzie Chinn.

All Instantaneous Core Inflation Measures Rose in July

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And CPI nowcasted to rise in August, too:

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This entry was posted on September 1, 2025 by Menzie Chinn.

Guest Contribution: “Turning Medical Science Back to 1900”

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Today, we present a guest post written by Jeffrey Frankel, Harpel Professor at Harvard’s Kennedy School of Government, and formerly a member of the White House Council of Economic Advisers. A shorter version was published by Project Syndicate.


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This entry was posted on September 1, 2025 by Menzie Chinn.

Still on the Trade Policy Uncertainty Roller Coaster

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The appeals court decision is a win, but we’re still a far way from resolving policy uncertainty:

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This entry was posted on August 31, 2025 by Menzie Chinn.

Business Cycle Indicators as of End-of-August

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Real personal income ex-transfers, manufacturing and trade industry sales, civilian employment, civilian employment adjusted to NFP concept, industrial and manufacturing production, real retail sales, vehicle miles traveled, and freight transportation services are all below recent peaks. Other than that, the economy is growing.

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This entry was posted on August 31, 2025 by Menzie Chinn.

Deceleration Confirmed

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Despite the upward revision to Q2 GDP, and accelerated nowcast growth in 3rd quarter GDP, aggregate demand is decelerating.

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This entry was posted on August 31, 2025 by Menzie Chinn.

Term Premium and Trsy-TIPS Breakeven

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The 10yr term premium has risen, as has the 5yr TIPS-Trsy breakeven, in the wake of Mr. Trump’s campaign to subjugate the Fed.

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This entry was posted on August 27, 2025 by Menzie Chinn.

G. Dirk Mateer Asks: “Do We Still Really Need the Bureau of Labor Statistics?”

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I’d say “yes”. From RealClearPolitics:

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This entry was posted on August 27, 2025 by Menzie Chinn.

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Authors

James D. Hamilton is Professor of Economics at the University of California, San Diego

Menzie Chinn is Professor of Public Affairs and Economics at the University of Wisconsin, Madison

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Current Indicators

Econbrowser faces the data: (since Apr 30,2025)

Econbrowser recession indicator index: 11.7 (describes  2025:Q1)

The most recent U.S. recession began in 2020:Q1 and ended in 2020:Q2

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