Shipments of manufactured durable goods in March, up ten of the last eleven months, increased $3.3 billion or 1.2 percent to $274.2 billion.
After over a 60% decline in shipments of Motor Vehicles and Parts early in the pandemic, shipments of Motor Vehicles and Parts were up 11% in nominal terms since January 2020.
Nondefense Capital Goods Excluding Aircraft shipments were up 22% over the same period.
Source: U.S. Census Bureau
Despite the highest inflation in 40-years, real wages are higher than pre-pandemic as of March 2022. Real wages in March 2022, as calculated by the ratio of Avg. Hrly Earnings to CPI, is actually up 1.8% since Jan 2020!
Average Hourly Earnings are of Production and Nonsupervisory Employees, Total Private, which Paul Krugman used in his Jan 25th op-ed discussing
the inflation narrative.
The Kia Forte subcompact car, which is among the most affordable new cars on the market, has the highest price increase in the most states with 17.
The vehicle with the highest price increase across all states is the Kia Forte in New Jersey with an 61.0 percent increase.
In real terms, Average Hourly Earnings relatively high compared to the last 20 years.
In real terms, Average Hourly Earnings have been trending up since the mid-90's.
About 12,000 more businesses closed than opened in 2020.
In January 2021, the Labor Force Participation Rate was 1.7% below it's December 2019 level.
The Labor Force Participation Rate for women was 1.7% below it's December 2019 level, but was still down 1.9% for men.
The labor force participation rate remains 1.2 percentage points below February 2020
Average Annual Unemployment Rate
2021's average annual unemployment rate was 5.4%, 2.7 percentage points lower than the previous year but still the second highest since 2015.
The US economy added 6.7 million jobs in 2021 after losing 9.3 million jobs in 2020.
All Employees, Total Nonfarm Change y-o-y
Change from preceding December, thousands of persons, non-farm.
Real GDP grew 5.7% in 2021 after decreasing 3.4% in 2020.
Despite the highest inflation in 40-years, real wages are higher than pre-pandemic.
Real wages, as calculated by the ratio of Avg. Hrly Earnings to CPI is actually up 3% since Jan 2020!
Average Hourly Earnings are of Production and Nonsupervisory Employees, Total Private, which Paul Krugman used in his Jan 25th op-ed discussing the inflation narrative.
NSF budget grew from $3.8B in 1990 to $8.3B in 2022 in constant 2020 dollars. The Endless Frontier act would have more than tripled this.
The COMPETES Act only authorizes a fraction of additional NSF spending for additional basic and advanced technology research. $18B vs the Endless Frontier's $110B.
Data for visualization: American Association for the Advancement of Science