Employment, Rental markets

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The change in total nonfarm payroll employment for June was revised down from +248,000 to +208,000, and the change for July was revised down from +157,000 to +147,000. With these revisions, employment gains in June and July combined were 50,000 less than previously reported.

Read more at https://www.calculatedriskblog.com/#eVuYdeqRRy7O1pt6.99


Looks like the private sector credit ‘burst’ has run it’s course and the downtrend is resuming?


4.6 million people who weren’t considered to be in the labor force took jobs last month:


This is not adjusted for inflation:

Rental markets slowing:

Rental glut sends a chill through the hottest housing markets

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Construction spending, Trade

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Highlights

A solid rise in residential spending offset a mixed showing for non-housing components and made for a 0.1 percent July rise in overall construction spending to barely come within Econoday’s consensus range. Residential spending rose 0.6 percent but July’s gain was entirely centered in home improvements which jumped 2.1 percent to offset outright declines of 0.3 percent in single-family homes and 0.4 percent for multi-families.

Private non-residential spending fell 1.0 percent in the month, pulled down by a sharp fall in commercial projects, where spending has been uneven in recent months, that offset a fourth straight sharp gain in transportation. Public spending on educational building and highways & streets posted gains following declines in June.

Year-on-year rates help underline what is a healthy rate of growth in construction spending, up 5.8 percent overall with residential spending up 6.7 percent and both private nonresidential and public categories showing low to mid single digit gains. Nevertheless, reports out of housing have been uneven and are clouded further by the declines in single- and multi-family homes in this report.

Highlights

The nation’s trade deficit deepened sharply in July, to $50.1 billion vs a revised $45.7 billion in June. The deficit in goods jumped to $73.1 billion from $68.9 billion in June while the surplus in services slipped slightly to $23.1 billion.

Exports of capital goods fell $1.0 billion to $46.3 billion with civilian aircraft down $1.6 billion to $3.5 billion in the month. Exports of foods & feeds fell $0.9 billion to $13.2 billion with exports of consumer goods down $0.4 billion to $16.0 billion.

The import side shows a $0.8 billion decline in consumer goods to $52.6 billion with other components, however, on the rise including capital goods up $0.7 billion to $58.2 billion and autos up $0.5 billion to $30.7 billion.

The bilateral deficit with China deepened to $36.8 billion in unadjusted country data with the EU at a deficit of $17.6 billion. The deficit with both Japan and Mexico came in at $5.5 billion in July and Canada at $3.2 billion.

July’s deficit is much deeper than the $45.6 billion monthly average for the second quarter and points to a major uphill battle for net exports in the third-quarter GDP report.

Also, as you may know, I’ve been busy running for Governor of the USVI.

To see what that’s all about visit mosler4governor.com

And if you want to make a contribution click here:

warren4governor.com/donate

Many thanks!

warren

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Personal income, Pending home sales, Real house prices

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Flattened out at modest levels of growth with no sign that the tax cuts have led to an acceleration:

Pending home sales fall for seventh straight month in July

  • Signed contracts to buy existing homes fell 0.7 percent in July compared with June, according to the National Association of Realtors’ pending home sales index.
  • The gauge was down 2.3 percent compared with July 2017. That is the seventh straight month of annual declines.
  • Pending home sales are an indicator of future closed sales.

    • Adjusted for inflation, house prices don’t look so high:

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    Trade, Redbook, Consumer Confidence, Durable goods orders, China, Architecture index, Bank loans

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    Larger than expected:

    Highlights

    In some of the early data coming out in this period of trade disputes, the goods deficit of the July trade report totaled a much deeper-than-expected $72.2 billion. Exports of goods fell 1.7 percent in the month to $140.0 billion showing a very steep 6.7 percent month-to-month decline in food & feeds together with a 2.5 percent dip in exports of consumer goods and a 1.7 percent decline in the nation’s largest export, that of capital goods.

    Imports also added to the widening of the deficit in July, up 0.9 percent compared to June to $212.2 billion with foods & feeds up 2.1 percent, vehicles up 1.6 percent, and industrial supplies, which include petroleum products, up 0.9 percent. The nation’s largest import category is consumer goods which was the only category to fall on the import side of the data, down 1.5 percent in the month.

    July’s $72.2 billion goods deficit compares with a monthly average of $66.7 billion in the second quarter which was a very good quarter for trade, representing 1.1 percentage points of the quarter’s 4.1 percent pace. Today’s results, however, pose a very slow start for the third quarter.

    Same store retail sales seem to be growing nicely, now that the number of stores has been reduced:

    Highlights

    Same store sales were up 5.1 percent year-on-year in the August 25 week, accelerating by 0.4 percentage points to the third fastest growth pace of the year. Month-to-date sales versus the prior month were up 0.4 percent, while the full month year-on-year gain widened by 0.2 percentage points to 4.8 percent, the second strongest reading for this comparison this year. Redbook’s same store sales point to continued robust strength in ex-auto ex-gas retail sales.

    Consumer confidence looking strong, in line with the stock market, while consumer sentiment fell:

    Highlights

    The consumer sentiment index at mid-month came in much weaker than expected in complete contrast to today’s consumer confidence index which easily tops expectations, at 133.4 for August vs Econoday’s high forecast for 128.0 and median consensus for 126.8. This is the strongest result since the dotcom fever of October 2000. July is revised 5 tenths higher to 127.9.

    The most important detail in the August report is a notable decline in those saying jobs are currently hard to get which is down very steeply from an already thin 14.8 percent to 12.7 percent. This is extremely favorable for this reading and is certain to raise expectations for a very healthy monthly employment report for August.

    A second detail that speaks to impressive strength is the outlook on income. Optimists here rose a very sharp 5.1 percentage points to 25.5 percent with pessimists shrinking 2.4 points to 7.0 percent. The gain here not only reflects the strength of the labor market but also the strength of the stock market.

    Boosted by jobs hard to get, the present situation index rose from 166.1 to 172.2 while the expectations index, boosted by income prospects, increased from 102.4 last month to 107.6 this month.

    Another positive in the report, at least for Federal Reserve policy makers who are concerned that inflation doesn’t overshoot their target, is a 2 tenths dip in year-ahead inflation expectations to 4.8 percent which for this reading is nevertheless elevated.

    Bulls are dominating stock market sentiment, at 39.4 percent for a 2.2 point gain from July with bears at 24.5 percent and down 4.1 points. Most see interest rates moving higher, at 69.4 percent vs 71.4 percent in July.

    Buying plans are yet another major positive showing strong gains across the board: autos, homes, and major appliances. This report points to a noticeable upward revision in Friday’s consumer sentiment report and more importantly hints at building consumer momentum for third-quarter GDP.


    Weak apart from ‘core capital goods’ but best to wait until next month’s revisions before passing judgement:

    Highlights

    A stunning showing for core capital goods orders steals the show in what looks on the surface, based on the 1.7 percent headline drop, to be a weak durable goods report for July. Orders for core capital goods (nondefense ex-aircraft) surged 1.4 percent to easily beat Econoday’s consensus for a 0.5 percent gain and also top Econoday’s high forecast for 1.2 percent. Computers & electronics as well as machinery were positive contributors for the capital goods group where July’s strength points to further acceleration for what has already been very strong growth in business investment.

    The headline weakness is tied to the always volatile commercial aircraft component where orders come in big batches, and July does not include one of those big batches as orders fell 35.4 percent. Orders for defense aircraft were also weak and together with commercial aircraft skew the transportation reading to a 5.3 percent decline. This decline masks another strong positive in today’s report and that’s a 3.5 percent jump in motor vehicle orders. Excluding all transportation equipment, orders inched 0.2 percent ahead in July.

    Turning back to core capital goods, the surge in orders will feed into shipments which is what the GDP account for business investment specifically tracks. Shipments here are up 0.9 percent following a 2 tenths upward revised gain of also 0.9 percent in June. The July gain marks a fast start for third-quarter nonresidential fixed investment while the upward revision to June will give a small boost to revision estimates for second-quarter GDP.

    Other details include a very large 1.3 percent build in durable inventories which had looked too lean going into the third quarter. Large builds for commercial aircraft equipment as well as continuing builds for primary metals and fabrications, both affected by tariffs, gave inventories a boost, one that will also be a plus for third-quarter GDP. Shipments of durables slipped 0.2 percent in the month and may reflect stubborn shortages of truck drivers in the transportation sector. Unfilled orders, which had been on the climb, were unchanged.

    Durable goods are one of the most volatile indicators on the economic calendar and today’s results further cement this reputation. But looking past the headline and at the strength of computers and machinery and vehicles, the factory sector continues to be the headline strength of the 2018 economy.

    These numbers are not adjusted for inflation, so on an inflation adjusted basis we remain well below the highs of 10 years ago and well below the highs of 20+ years ago as well:

    China to keep hitting back at U.S. over trade, to boost government spending

    (Reuters) China will keep hitting back at Washington as more U.S. trade tariffs are imposed, but its counter-strikes will remain as targeted as possible to avoid harming businesses in China – whether Chinese or foreign, Finance Minister Liu Kun said. There are three things China needs to do well – lowering taxes and cutting fees, preserving the intensity of its fiscal spending so that its effect can be better felt, and supporting the real economy and lightening the burdens of companies, he said.

    Going nowhere:

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    New home sales, Existing home sales, Sea containers, Wage tracker chart

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    Heading lower from already depressed levels:

    Highlights

    The headline shows a decline but the message from the July new home sales report is nevertheless mostly positive. New home sales slipped 1.7 percent in the month to a 627,000 annualized rate that misses Econoday’s consensus by 22,000 and the Econoday’s low estimate by 3,000. Revisions are neutral with June revised 7,000 higher to 638,000 but with May revised 12,000 lower to 654,000.

    Now the good news. Supply moved into the market, up 2.0 percent to 309,000 new homes for sale which is the best showing since 2009. More homes for sale gives buyers more choices in what will be a likely positive for sales in the coming months. Relative to sales, supply is at 5.9 months vs 5.7 and 5.5 in the two prior months.

    Another positive is a rise in prices, up a sharp 6.0 percent on the month to a median $328,700 for what is still, however, a modest 1.8 percent year-on-year increase.

    Regional data show both the West and Midwest posting strong monthly gains with yearly rates at 18.5 percent and 18.2 percent respectively. The yearly rate for the South is at 17.2 percent with, however, the Northeast, which is by far the smallest region for new housing, down nearly 50 percent.

    The overall year-on-year rate of growth is at 12.8 percent which if sustained would point to a badly needed uplift for the housing sector in general going into the second-half of what has been a very subdued 2018.

    Highlights

    Housing is the one sector of the economy not showing any life. Existing home sales managed only a 5.340 million annualized rate in July, missing Econoday’s consensus of 5.420 million for a 0.7 percent dip from June and the fourth decline in a row. This is the lowest rate in 2-1/2 years. Year-on-year, resales are down 1.5 percent.

    Both single-family homes and condos show similar weakness, the former down 0.2 percent on the month and down 1.2 percent on the year at a 4.750 million rate. Condo resales, at a 590,000 rate, fell 4.8 percent on the month and are down 3.3 percent on the year. All regions show similar declines on the year with the West posting the only monthly gain in July, at 4.4 percent.

    Supply doesn’t offer any relief either, down 0.5 percent to 1.920 million total resales on the market. Relative to sales, supply is unchanged at 4.3 months. And prices fell in the month, down a monthly 1.5 percent to $269,600 for a 4.5 percent yearly gain that stands in contrast to the yearly decline in sales in a comparison that doesn’t point to price traction ahead.

    Rising mortgage rates aren’t a plus for housing and neither are construction constraints for labor and materials that are slowing the new home market where weakness bleeds into resales. Third-quarter GDP looks to be very solid but apparently won’t be getting much lift from residential investment.

    Home Sales Tumbled In July for the Longest Slump Since 2013

    (WSJ) Existing-home sales fell 0.7% in July from June to a seasonally adjusted annual rate of 5.34 million units. That marked the fourth straight month of declines. Compared with a year earlier, sales in July were down 1.5%. The average interest rate on a 30-year fixed-rate mortgage in July was 4.53%, up from 4.03% in January and 3.97% in July 2017, according to Freddie Mac. Sales of homes at the low end of the price spectrum—priced at less than $100,000—fell nearly 11% from July 2017. Sales of homes priced $1 million or more, by comparison, rose 16%.

    The July year-over-year export counts were weaker than last month – and imports are now showing a declining trend line.

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    Retail sales, Housing starts, Philly Fed

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    June was revised lower, so best to hold back judgement on July until August is released. Note vehicles were revised quite a bit lower for June, with the initially reported .9 jump suspect in any case:

    Highlights

    Demand for autos has cooled but not overall retail sales which rose 0.5 percent in July to easily top Econoday’s consensus range where the high forecasts were only at 0.3 percent. A downward revision to June, however, is an offset, now at a 0.2 percent gain vs an initial 0.5 percent. This will trim the second estimate of second-quarter GDP but the strong gain for July will lift early estimates for third-quarter GDP.

    Motor vehicle sales did manage, despite July’s downturn in unit sales, to post a gain of 0.2 percent but the downward revision to June is centered here, now at only a 0.1 percent for this component vs an initial jump of 0.9 percent. But restaurant sales, which like autos are a discretionary category, rose a very strong 1.3 percent which is on top of 1.6 and 2.8 percent gains in the prior two months. Also very strong are sales for e-commerce as nonstore retailers posted a 0.8 percent July gain following a 0.7 percent rise in June.

    Gasoline sales are also positive, up 0.8 percent in July and probably reflecting strength in summer driving demand, not just changes in prices. Apparel sales popped back up in July as did department store sales. Building materials, however, were flat with June sales for this category revised sharply lower to only a 0.1 percent gain. This along with a 0.5 percent decline in furniture sales are negative indications for residential investment.

    But this report is not about negatives but positives — and that is strength in the central driver of the economy which is consumer spending and which is getting a major boost from strength in the labor market.

    Weak and worse than expected but permits holding up. June revised lower slightly lowers q2 GDP:

    Highlights

    Capacity constraints in construction may very well be slowing down the sector as housing starts have turned lower. They did rise 0.9 percent in July to a 1.168 million annualized rate but follow a sharply downward revised 1.158 million in June. July’s result is far below the low end of Econoday’s consensus range at 1.200 million. Year-on-year, starts are down 1.4 percent with completions, at a 1.188 million rate, down 0.8 percent and homes not started, at 175,000, up 23.2 percent. Lack of available construction labor and high costs for lumber, which are tied in part to tariffs, are negative factors.

    Showing much less weakness are permits, up 1.5 percent in the month to 1.311 million which compares favorably with Econoday’s 1.307 million consensus. Year-on-year, permits are up 4.2 percent with strength centered where it should be and that’s single-family homes where permits are up a very solid 6.4 percent. Multi-family permits are up 0.2 percent year-on-year.

    By region, the Midwest is leading the way with mid-to-high single digit yearly gains for both starts and permits. The South is close behind with the West and Northeast lagging.

    The housing sector in general is lagging though the gain in permits is a plus that, by contrast, underscores the capacity issues that are slowing down active construction.

    Stalling out at the lows of 1960… :(


    This is a negative surprise, and note the chart:

    Highlights

    Rates of growth may finally be slowing in the Mid-Atlantic manufacturing sector based on the Philly Fed general conditions index which fell sharply to 11.9 in August. This is the lowest reading in nearly two years and is far below Econoday’s low-end estimate of 20. It also follows June’s reading of 19.9 which also marked a turn lower for this index.

    New orders are the life blood of business and growth here is clearly slowing, at 9.9 and also near a 2-year low. Other readings also show moderation with backlogs building at a slower rate, shipments strong but also slowing, employment strong but easing slightly, and the workweek also down slightly. And price pressures, though highly elevated, are easing slightly both for inputs and selling prices.

    Not easing is the 6-month outlook which is up nearly 10 points to 38.8. This is very solid and does not speak to fundamental concerns about tariffs and trade wars.

    Slowing should be no surprise for this report which was the first of the regional and private reports to shoot higher after the 2016 election. Slowing in orders should help limit the risk of capacity constraints for this sample.

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    Consumer credit, Miles driven, Income revision

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    More Q2 weakness:

    Highlights

    Consumers credit came in below expectations, up $10.2 B in June as consumers held back from adding to their credit-card debt and even paid off some of it following a spending spree in the previous month. Revolving credit, which includes credit cards and which posted the biggest increase since November in the previous month, fell $0.2 billion in June. Nonrevolving credit, which tracks both vehicle financing as well as student loans, rose a moderate $10.4 billion. The decline in revolving credit suggests the consumer is back to the prudent spending habits characteristic of most the months in the first half of the year.

    Getting It Right – Significant Underestimation Of Income

    “What is the use of producing data if you cannot get it right? Would we be better off if data were published every five years when it would presumably be more accurate?

    One very important takeaway from the new data is that the current economic expansion may have more room to run. For almost two years now we have been saying that consumers spending more than they were making in income was unsustainable. Turns out that they have been living more within their means than we thought and sustainability is less of a concern.”

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    Trade, Employment, ISM, Japan swf

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    Larger than expected which also means q2 GDP will be revised down some:

    Highlights

    The nation’s trade deficit proved a little deeper than expected in June,, at $46.3 billion vs Econoday’s consensus for $45.6 billion.

    After a run of strength going back to February, exports posted a 0.7 percent decline to $213.8 billion in the month with a rise in service exports offset by a drop in goods exports where capital goods, vehicles and especially consumer goods posted declines.

    Imports, in special focus of course given the tariff situation, rose 0.6 percent to a monthly $260.2 billion with consumer goods, the sore spot in the nation’s deficit, rising a sharp $2.0 billion to $53.4 billion. Oil imports were also up, rising $1.2 billion to $14.1 billion.

    Country data show a deepening deficit with China, at $33.5 billion in June with the year-to-date deficit 8.6 percent wider at $185.7 billion. Other year-to-date deficits include an 11 percent deepening with Europe at $77.6 billion, a 5.5 percent deepening with Mexico at $38.0 billion, and a 23.4 percent improvement with Canada at $8.1 billion.

    Though deeper than expected in June, the nation’s trade deficit has been improving though the outlook, given tit for tats on tariffs, is uncertain.


    Chugging along as low participation rates and low wage growth tell me there’s still a lot of excess capacity:

    Highlights

    Slowing job growth may be a welcome outcome given the risk that economic activity may be pressing up against capacity limits. A 157,000 rise in nonfarm payrolls for July is at the low end of Econoday’s consensus range but is still healthy growth that is strong enough to absorb new entrants into the labor market. And revisions to prior months are favorable, a net 59,000 gain with June revised up to 248,000 and May higher at 268,000 in what were two very strong months for job growth.

    The slowing in July is also favorable for the inflation outlook as average hourly earnings showed a little heat, up 0.3 percent which was expected but still firm. The year-on-year rate, at an as-expected 2.7 percent, has been steady which is a relief to Federal Reserve policy makers who are focused on keeping inflation stable at current rates.

    The payroll breakdown is led by temporary help services which rose 28,000 in a very strong gain that indicates employers, stacked up with orders and backlogs, are scrambling to meet demand. Construction payrolls also standout with a strong 19,000 gain in the latest indication of strength in this sector. Manufacturing payrolls rose 37,000 to more than double Econoday’s consensus with trade & transportation, reflecting strong activity in the supply chain, up 15,000. Weakness in payrolls comes from mining, down 4,000 after a long series of gains, and also government payrolls which fell 13,000 to nearly reverse the prior month’s 14,000 jump.

    The unemployment rate fell 1 tenth in July to 3.9 percent with the number of unemployed actively looking for a job down 284,000 to 6.280 million. The pool of available workers, which includes those wanting a job but aren’t looking, fell 379,000 to 11.443 million which hints at capacity limits in the labor force, again underscoring the risk of wage inflation. The participation rate holds at 62.9 percent.

    Though the headline is softer than expected, this is yet another positive employment report that speaks to the strength of the labor market and the success, so far, of Federal Reserve policy.

    Analysts have been crying wolf on ‘wage inflation’ for several years now:


    The deceleration had seemingly reversed a year ago, but in any case employment growth is modest at best:


    Hasn’t been much of a recovery:

    Fyi,

    I don’t see the public purpose behind this at all, of course:

    Japan plans sovereign wealth fund to finance US infrastructure

    (Nikkei) The Japanese government intends to create a sovereign wealth fund to invest in American infrastructure projects. The state-backed fund will support infrastructure construction along with resource development and storage, as well as invest in joint U.S.-Japanese projects in other countries. It could work with a $113 million Indo-Pacific investment initiative announced this week by U.S. Secretary of State Mike Pompeo. Japan is expected to offer the fund as a concrete example of economic cooperation with the U.S. at the “free, fair and reciprocal” trade talks that the two sides will launch on Aug. 9.

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    Motor vehicle sales, Factory orders

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    Highlights

    Unit vehicle sales proved surprisingly weak in July, at a 16.8 million annualized rate vs 17.2 million in June. This is the lowest rate since August last year but it will be the comparison with June that will pull down forecasts for July’s retail sales report. Vehicles were a valuable contributor to the monthly retail sales reports throughout the second quarter, but today’s results point to a flat opening for the third-quarter. Vehicle sales make up about one-fifth of total retail sales. Weakness was split between imports, at a 3.7 million rate vs June’s 3.8, and domestic-made, at 13.1 million vs 13.4.

    Highlights

    Factory orders for June rose a sharp 0.7 percent but miss Econoday’s consensus by 2 tenths in a report that does include some slowing. Orders for commercial aircraft were a plus in the month as were orders for vehicles excluding which, as well as all other transportation equipment, orders in June rose 0.4 percent and are unchanged from last week’s advance estimate.

    What are changed are orders for core capital goods (nondefense ex-aircraft) which are revised to only a 0.2 percent gain vs a 0.6 percent rise in last week’s advance data. Shipments for this reading are revised 3 tenths lower to a 0.7 percent gain in a downgrade that will weigh slightly on forecasts for the second estimate of second-quarter GDP.

    Orders for steel and aluminum fell back in June though unfilled orders are up and related inventories continue to rise sharply. Total orders for durable goods rose 0.8 percent, revised 2 tenths lower from the advance report, with orders for non-durable goods, the fresh information in today’s report, up 0.5 percent on strength in chemicals vs May’s 1.1 percent gain which was fed by strength in petroleum and coal.

    Other data include a useful build in total unfilled orders which extended recent gains with a 0.4 percent rise. Total shipments were very strong, up 1.0 percent despite wide reports in the month of trucking snags. Inventories are low in the factory sector, up only 0.1 percent in June to drive down the inventory-to-shipments ratio to 1.33 from 1.35.

    Today’s strong headline aside, June wasn’t that great of a month for the factory sector which perhaps was held down to a degree by tariff-related disruptions. Year-on-year growth in orders is very positive, at 6.1 percent, but down from 9.2 and 7.9 percent in the two prior months. Nevertheless, indications including strong readings in regional and private manufacturing reports point to second-half acceleration for the sector and second-half leadership for the 2018 economy.

    Growth is slowing and on an inflation adjusted basis we aren’t even back up to levels of two decades ago:

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    Vehicle sales, Mtg purchase applications, Construction spending, Payrolls, Tesla

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    A lot worse than expected as sales are clearly going south:

    U.S. Light Vehicle Sales decrease to 16.7 million annual rate in July

    Read more at https://www.calculatedriskblog.com/#ZO2HJY5rKwX1XQfU.99

    Highlights

    Purchase applications for home mortgages fell a seasonally adjusted 3 percent in the July 27 week, posting the third weekly decline in a row, while applications for refinancing declined 2 percent. Unadjusted, purchase applications were just 1 percent above the level in the same week a year ago. The refinance share of mortgage activity increased by 0.3 percentage points from the prior week to 37.1 percent. Interest rates resumed their climb, with the average interest rate for 30-year fixed rate conforming mortgages ($453,100 or less) rising 7 basis points from the prior week to 4.84 percent.

    Highlights

    Volatility once again appears in construction spending data as a 1.1 percent June drop was unexpected, coming in far below a plus 0.3 percent consensus gain and Econoday’s low estimate of minus 0.3 percent. Part of the surprise is tied to a sharp 9-tenths upward revision to May, now at plus 1.3 percent, which made the comparison for July more difficult.

    Residential spending slowed widely in June especially for new multi-family homes, down 2.8 percent in the month, but also for new single-family homes, down 0.4 percent. Home improvements inched 0.1 percent higher in the month.

    Private nonresidential spending slipped 0.3 percent with spending on commercial and power projects down while manufacturing, which had been weak, managed a bounce higher. Public spending on educational projects and highways & streets both declined.

    Part of the weakness in construction spending is likely tied to shortages of construction workers, especially skilled labor. High prices for construction materials is another likely negative. And for the residential sector, weakness in new construction will continue to limit buyer choices and overall home sales. Still, stepping back and looking at the year-on-year change offers a reminder that construction is overall very strong, with spending up a year-on-year 6.1 percent.

    Doesn’t look strong to me. And these numbers are not adjusted for inflation:


    ADP payroll growth:


    Another big loss for Tesla, again failing to meet expectations, and cash depleted to $2.2 billion. Stock only up about 5% after hours on expectations for q3… ;)

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