The Morning Economic Report | WYPR

The Morning Economic Report

It’s Monday and for many of us that means the onset of a new workweek.  One of the goals for each of us is return home safely after each and every working day.  Unfortunately, there are a number of occupations in which that is unusually difficult. 

The Millennials, those young adults among us, are now the largest generation in the country.  Collectively they have annual spending power of six hundred billion dollars and each member spends an estimated eight five dollars per day on average. 

There may be some people who are nervous about our near-term economic future.  While it is true that the economy continues to churn out new employment opportunities, rising home prices, and more output, the recovery is now in its eighth year. 

As pointed out by writer Ian Talley, the weak global economy may be producing at least one benefit – it is forcing the adoption of economic reforms in some of the worst places in the world in which to conduct business.  The World Bank ranks one hundred and ninety economies around the world in terms of their business climate. 

The recent improvement in economic performance has manifested itself in a number of ways, including in the form of faster output and wage growth.  Homeownership represents another emerging bright spot.  

The earnings of African Americans have begun to accelerate sharply in recent months.  According to recently released data from the U.S. Labor Department, median weekly earnings for full-time African American workers rose by nine point eight percent during the third quarter from a year earlier, the fastest rate of growth on records dating back to two thousand. 

It’s Friday, and for some people that means getting a head start on the weekend by pulling that two seat convertible out of the garage.  But those little two seaters aren’t quite as popular as they once were – the reason, we’re getting older.  As reported by Bloomberg, baby boomers are beginning to outgrow their midlife crisis years, and that’s bad news for automakers seeking to sell sports cars. 

Halloween was a few days ago, so perhaps it’s a bit late to be talking about zombies.  But as reported by the New York Times, the walking dead have been gnawing at Europe’s persistently weak economy – by that one is referring to both zombie banks and zombie companies.  Here’s what this means. 

Oil prices aren’t nearly as low as they were earlier this year.  You might be wondering if further increases are ahead.  While it’s tough to predict oil prices for a number of reasons, including because prices can be impacted by geopolitical events largely unrelated to fundamental principles of supply and demand, one could make the case that oil prices are destined to remain relatively low over the foreseeable future. 

You may have heard that skepticism regarding free markets is rising.  A recent survey conducted by Harvard determined that a majority of eighteen to twenty nine year old Americans do not believe in modern capitalism at all.