America's Economic Future – A Discussion By Ted Kavadas
Today’s (May 25, 2023) GDP release (Q1 2023, Second Estimate) was accompanied by the Bureau of Economic Analysis (BEA) Corporate Profits report (Preliminary Estimate) for the 1st Quarter. Of course, there are many ways to adjust and depict overall Corporate Profits. For reference purposes, here is a chart from the St. Louis Federal Reserve (FRED) …
The following is an update of various indicators that are supposed to predict and/or depict economic activity. These indicators have been discussed in previous blog posts: The May 2023 Chicago Fed National Activity Index (CFNAI) updated as of May 25, 2023: The CFNAI, with a current reading of .07: source: Federal Reserve Bank of Chicago, Chicago Fed National …
For reference purposes, below are two sets of charts depicting growth in the money supply. The first shows the M1, defined in FRED as the following: Before May 2020, M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) demand deposits at commercial banks (excluding those …
Perhaps the main reason that I write of our economic situation is that I continue to believe, based upon various analyses, that our economic situation is in many ways misunderstood. While no one likes to contemplate a future rife with economic adversity, current and future economic problems must be properly recognized and rectified if high-quality, …
S&P500 earnings trends and estimates are a notably important topic, for a variety of reasons, at this point in time. FactSet publishes a report titled “Earnings Insight” that contains a variety of information including the trends and expectations of S&P500 earnings. For reference purposes, here are two charts as seen in the “Earnings Insight” report of May …
As many are aware, Refinitiv publishes earnings estimates for the S&P500. (My other posts concerning S&P earnings estimates can be found under the S&P500 Earnings tag) The following estimates are from Exhibit 24 of the “S&P500 Earnings Scorecard” (pdf) of May 12, 2023, and represent an aggregation of individual S&P500 component “bottom up” analyst forecasts. For reference, the …
As many are aware, Standard & Poor’s publishes earnings estimates for the S&P500. (My posts concerning their estimates can be found under the S&P500 Earnings tag) For reference purposes, the most current estimates are reflected below, and are as of May 9, 2023: Year 2023 estimates add to the following: -From a “bottom up” perspective, operating earnings of $218.86/share …
The Philadelphia Fed 2nd Quarter 2023 Survey of Professional Forecasters was released on May 12, 2023. This survey is somewhat unique in various regards, such as it incorporates a longer time frame for various measures. The survey shows, among many measures, the following median expectations: Real GDP: (annual average level) full-year 2023: 1.3% full-year 2024: 1.0% full-year 2025: …
The St. Louis Fed’s Financial Stress Index (STLFSI4) is one index that is supposed to measure stress in the financial system. Its reading as of the May 11, 2023 update (reflecting data through May 5, 2023) is -.3460: source: Federal Reserve Bank of St. Louis, St. Louis Fed Financial Stress Index [STLFSI4], retrieved from FRED, …
Throughout this site there are many discussions of economic indicators. This post is the latest in a series of posts indicating facets of U.S. economic weakness or a notably low growth rate. The level and trend of economic growth is especially notable at this time. As seen in various estimates, the probability of recession has grown significantly. As seen in …