News
Bloomberg | WTI Gains as Cushing Inventories Slip to Four-Year Low
West Texas Intermediate crude gained as supplies dwindled at Cushing, Oklahoma, even as U.S. total inventories reached the highest level in more than 80 years. Brent slipped.
Market Watch | U.S. flash Markit PMI slips to 55.4 in April
The initial or "flash" Markit PMI for the United States fell slightly to 55.4 in April from 55.5 in March.
Bloomberg | Housing Rebound in U.S. Losing Steam as Prices Rise
Sales dropped a surprising 14.5 percent to a 384,000 annualized pace, lower than any forecast of economists surveyed by Bloomberg and the weakest since July, Commerce Department data showed today in Washington. Three of the four regions saw setbacks, with demand in the West slumping to the lowest level in more than two years.
Econ Comments & Analysis
Washington Times | The high cost of liberalism, open spaces and affordable housing
Liberals advocate many wonderful things. In fact, I suspect that most conservatives would prefer to live in the kind of world envisioned by liberals, rather than in the kind of world envisioned by conservatives.
WSJ | At Last, a Better Economic Measure
Starting April 25, the Bureau of Economic Analysis will release a new way to measure the economy each quarter. It's called gross output, and it's the first significant macroeconomic tool to come into regular use since gross domestic product was developed in the 1940s.
Fortune | Is capitalism driving itself out of business?
In his latest book, Jeremy Rifkin argues that the private market's drive for productivity has brought us closer to a world in which the marginal cost to produce just about everything will inch closer and closer to zero.
Real Clear Markets | A Bad Report Card For a Security-Righteous SEC
Last week, the Government Accountability Office issued a report on information security lapses at the Securities and Exchange Commission. The report, an elaboration on problems identified in GAO's December 2013 audit report, warned that these problems created risks to "the confidentiality, integrity, and availability of a key financial system" at the SEC.
Blogs
WSJ | Why Credit Is Key for the Housing Recovery
An analysis from economists at Goldman Sachs shows how the degree to which mortgage lending standards ease over the next few years could make for a big difference in home sales volumes.
CATO | Gas Prices Are Pinching Again, and You Can Thank U.S. Trade Policy For Some of the Pain
The summer driving season is still weeks away, but rising U.S. gas prices are already back in the news. Last week, the average price for regular gasoline at U.S. gas stations hit $3.6918 a gallon – the highest since March 22, 2013 and up 43 cents this year. Much of this price depends on global supply and demand, but certainly not all of it. In fact, two archaic, little-known U.S. policies – vigorously defended by the well-connected interest groups who benefit from them – restrict free trade in petroleum products and, as a result, force American consumers to pay considerably more at the pump.
