

US nonfarm payrolls added 467,000 jobs in January, easily beating expectations. The January data reflects annual benchmark revisions, as well as updates to seasonal adjustments. The revised data now shows more robust payroll growth over the past 13 months, with an...
Private payrolls show surprising strength in January, adding 444,000 jobs

The distorted market for woke capitalism
Originally published October 2021. The founder of modern economics, Adam Smith, was no fan of the merchants of his time. He regarded them as among the most responsible for how “the mercantile system”, as Smith called it, accorded legal privileges to politically...
The distorted market for woke capitalism

Greedy corporations and inflation
Inflation in the United States was over 7% in 2021. This is dramatically higher than just a couple of years ago when it was less than 2% per year. Why did it go up? The most obvious answer – and the one consistent with an extraordinarily large amount of evidence – is...
Greedy corporations and inflation

What Americans are really thinking
In a year-end review of polling and politics, one of America’s leading national pollsters, Scott Rasmussen, says most Americans have higher priorities than politics. And he says partisan thinking about race, particularly among Democrats, hasn’t kept up with...
What Americans are really thinking

The impact of higher inflation on US asset class returns
Which US asset classes perform best or worst amid periods of high inflation (6% or more)? Answer: commodities perform best, while bills perform worst. It’s commonly recognised that bonds are not a good inflation hedge – and they aren’t – but less recognised is that...
The impact of higher inflation on US asset class returns