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America, Daily Bread, Economy

Daily Bread for 10.30.24: National Economy Grows, Inflation Cools

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Good morning.

Wednesday in Whitewater will be windy with a high of 76. Sunrise is 7:27, and sunset is 5:49, for 10 hours, 22 minutes of daytime. The moon is a waning crescent, with 3.4 percent of its visible disk illuminated.

Whitewater’s Finance Committee meets at 4 PM.

On this day in 1938,  Orson Welles broadcasts a radio adaptation of H. G. Wells’s The War of the Worlds, causing a panic in some of the audience in the United States.

Megan Leonhardt reports U.S. Economy Sees Solid Growth and Cooling Inflation in Third Quarter, GDP Report Shows:

The U.S. economy expanded at a healthy pace during the third quarter, keeping fears of a downturn at bay while Federal Reserve officials eye further interest-rate cuts.

Inflation-adjusted, or real, gross domestic product grew at an annualized rate of 2.8% over the three months ended in September, according to the first estimate by the Bureau of Economic Analysis released Wednesday. The consensus call among economists surveyed by FactSet was for growth of 2.6% in the third quarter, though Bloomberg’s forecast was for 2.9%.

Wednesday’s solid third-quarter growth is a tick slower from real GDP growth of 3% during the second quarter. The economy expanded 1.6% during the first three months of the year.

The third quarter’s real GDP growth was primarily driven by increases in consumer spending, as well as federal expenditures and net exports, the bureau said Wednesday. Imports, which act as a drag on GDP, did increase markedly during the past quarter and weighed on the overall growth. Economists noted Tuesday, however, that this uptick in imports is likely a short-term trend due to the threat of the longshoremen strike in October.

….

Wednesday’s data included a quarterly update on the Fed’s preferred inflation gauge, the personal consumption expenditures, or PCE, price index. During the third quarter, PCE inflation increased 1.5%, putting it lower than the Fed’s 2% target. That should make it easier for policymakers to justify additional rate cuts. It also marked a slower pace of price growth than the 2.5% rate logged during the second quarter.

Favorable, notably favorable.

POV Part 2: You are the pumpkin:

Daily Bread, Economy, Employment, Wisconsin

Daily Bread for 10.18.24: Wisconsin’s Strong Employment Numbers

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Good morning.

Friday in Whitewater will be sunny with a high of 68. Sunrise is 7:12, and sunset is 6:06, for 10 hours, 54 minutes of daytime. The moon is a waning gibbous, with 98.1 percent of its visible disk illuminated.

On this day in 1867,  the United States takes possession of Alaska after purchasing it from Russia for $7.2 million. Celebrated annually in the state as Alaska Day.

September was another good month for Wisconsin’s economy. Erik Gunn reports Wisconsin employment, jobs numbers stayed strong in September, state reports:

Unemployment in Wisconsin remained at a record-low rate in September while the number of jobs was still close to a record high, the state labor department reported Thursday.

The projected number of Wisconsinites employed in September topped 3,059,700 — a state record, according to the state Department of Workforce Development (DWD). The department reported that September was the fifth month in a row that the state employment number reached a new record high.

The unemployment rate for the month remained at 2.9%, according to DWD. Employment numbers are projections drawn from a federal survey of households.

We’ve reason to feel optimistic that this favorable, months-long trend will continue.

Rescued sea otters make their debut at the New York Aquarium:

Two rescued southern sea otters made their formal debut at the New York Aquarium on October 17. The two female otters were rescued off the coast of California at young ages and were deemed non-releasable as pups. They were cared for at other Association of Zoos and Aquariums before arriving in New York, where they will now reside.

America, City, Daily Bread, Economy, Immigration, Wisconsin

Daily Bread for 10.17.24: Mass Deportation Would Be Economically ($1,000,000,000,000) Devastating

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Good morning.

Thursday in Whitewater will be sunny with a high of 64. Sunrise is 7:11, and sunset is 6:08, for 10 hours, 57 minutes of daytime. The moon is full, with 100 percent of its visible disk illuminated.

Whitewater’s Finance Committee meets at 5 PM, and the Community Development Authority meets at 5:30 PM.

On this day in 1781, British General Charles, Earl Cornwallis surrenders at the Battle (Siege) of Yorktown:

The British Prime Minister, Lord North, is reported to have exclaimed “Oh God, it’s all over” when told of the defeat.[87] Three months after the battle, a motion to end “further prosecution of offensive warfare on the continent of North America” – effectively a no confidence motion – passed in the British House of Commons. Lord North and his government resigned.

Anti-immigrant rhetoric often proposes with mass deportation, although in neither Wisconsin nor Whitewater is there majority support for that extreme approach. See The Curious Case of the ‘Invasion’ that Didn’t Bark in the Night and Wisconsin Polling on Immigration.

Mass deportation would be a moral failure, as wholesale detention and dispossession would be an ethic cleansing abhorrent to the reasonable & civilized. It would, secondarily, be an economic catastrophe for America.

In a review of mass deportation, Eric Boehm @ Reason writes Trump’s Deportation Plan Would Cost Nearly $1 Trillion (‘And it would wreck the economy’):

The governmental infrastructure required to arrest, process, and remove 13 million undocumented immigrants would cost nearly $1 trillion over 10 years and would deal a “devastating” hit to economic growth, according to a report published last week by the American Immigration Council (AIC). The think tank estimates that a mass deportation plan would shrink America’s gross domestic product by at least 4.2 percent, due to the loss of workers in industries already struggling to find enough labor.

Trump has promised to create a “deportation force” to round up undocumented immigrants and eject them from the country. This would entail targeting two groups: the roughly 11 million people who lacked permanent legal status as of 2022 (that’s the most recent number from the American Community Survey) and the estimated 2.3 million people who have entered the country without legal status since January 2023 (that figure come from the Department of Homeland Security).

The notion that the native born would fill jobs and gaps is false, as Boehm writes:

The costs of mass deportation would rebound into the economy in several ways. The economy would shrink and federal tax revenues would decline. The construction industry, where an estimated 14 percent of workers are undocumented migrants, would be particularly hard hit, but the effects would be felt throughout the economy.

“Removing that labor would disrupt all forms of construction across the nation, from homes to businesses to basic infrastructure,” the AIC notes. “As industries suffer, hundreds of thousands of U.S.-born workers could lose their jobs.”

That’s an important point. Immigration restrictionists often assume that deporting millions of undocumented workers would allow more Americans to fill those jobs, but the economy is not a zero-sum game. A shrinking economy would be bad news for many workers who aren’t directly impacted by Trump’s deportation plan.

The AIC’s estimates are generally in line with the estimates made earlier this year by analysts at the Penn Wharton Budget Center (PWBM), a fiscal policy think tank housed at the University of Pennsylvania. “The costs of the former president’s plan to deport the more than 14 million unauthorized immigrants in the U.S. today could easily reach more than $1 trillion over 10 years, before taking into account the labor costs necessary for such a project or the unforeseen consequences of reducing the labor supply by such drastic amounts over a short period,” reported Marketwatch, which requested the PWBM estimate.

Of the AIC report, see Mass Deportation Devastating Costs to America, Its Budget and Economy.

Mass deportation would be morally reprehensible and economically devastating.

Commuter distracted by phone survives close call with train:

A commuter distracted by their phone survived a close call with an oncoming train in Buenos Aires.

America, City, Daily Bread, Economy

Daily Bread for 10.10.24: National Inflation Rate Falls Again

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Good morning.

Thursday in Whitewater will be sunny with a high of 73. Sunrise is 7:03, and sunset is 6:19, for 11 hours, 17 minutes of daytime. The moon is a waxing crescent, with 48 percent of its visible disk illuminated.

Whitewater’s Board of Zoning Appeals meets at 6 PM.

On this day in 1985,  US Navy aircraft intercept an Egyptian airliner carrying the perpetrators of the Achille Lauro hijacking, and force it to land in Italy.

Christopher Rugaber reports US inflation reaches lowest point since February 2021, though some price pressures remain:

Inflation in the United States dropped last month to its lowest point since it first began surging more than three years ago, adding to a spate of encouraging economic news in the closing weeks of the presidential race. 

Consumer prices rose just 2.4% in September from a year earlier, down from 2.5% in August, and the smallest annual rise since February 2021. Measured from month to month, prices increased 0.2% from August to September, the Labor Department reported Thursday, the same as in the previous month.

These favorable national measures are beneficial throughout the county.

Go ahead, Whitewater, make the most of these better times. Take someone’s recommendation and turn the page.

Nearly One Hundred — 100! — Raccoons Surround Seattle-Area Woman’s House:

Daily Bread, Economy

Daily Bread for 10.5.24: National Economy Adds Quarter Million Jobs, Surpassing Expectations

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Good morning.

Saturday in Whitewater will be sunny with a high of 79. Sunrise is 6:57, and sunset is 6:28, for 11 hours, 31 minutes of daytime. The moon is a waxing crescent, with 7.1 percent of its visible disk illuminated.

Whitewater Pride will hold its 4th annual Pride Rally from 11 AM to 2 PM at the Cravath Lakefront.

On this day in 1921, the World Series is first broadcast on radio (the last experimental best-five-of-nine series, which the Giants won in five games to three over the Yankees).

U.S. economy adds 254,000 jobs in September, exceeding expectations:

The U.S. economy added 254,000 jobs in September and the unemployment rate dropped to 4.1%, blowing away expectations. NBC News’ Christine Romans and editor-in-chief at Investopedia Caleb Silver break down the promising numbers from the September jobs report. 

No reason for Whitewater to waste today’s good national economy on yesteryear’s old–guard fumblers.

Wisconsin Life | Raiders of the Lost Memorabilia:

Michael T. Miller is a big fan of the Indiana Jones films. His home in Sheboygan houses a vast collection of Indy memorabilia — from movie props to signed Harrison Ford photos — spanning decades of fandom. The quest to collect it all, sparked by early childhood memories, has taken Miller and his wife Martha across Wisconsin and beyond.

America, City, Daily Bread, Economy, Self-Dealing, Special Interests

Daily Bread for 9.18.24: Now’s the Time

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Good morning.

Wednesday in Whitewater will be sunny with a high of 83. Sunrise is 6:39, and sunset is 6:57, for 12h 18m 05s of daytime. The moon is a waning gibbous, with 99.7 percent of its visible disk illuminated.

The Library Board Development Committee meets at 4:30 PM and the Parks & Recreation Board meets at 5:30 PM.

On this day in 1942,  Spring Valley endures a flood:

On the evening of September 17, 1942, after a day of heavy rain, water began rolling through the streets of Spring Valley, in Pierce Co. The village, strung out along the Eau Galle River in a deep valley, had been inundated before, but this was no ordinary flood. By 11:30p.m., water in the streets was 12 to 20 feet deep, flowing at 12 to 15 miles an hour, and laden with logs, lumber, and dislodged buildings. Throughout the early morning hours of Sept. 18th, village residents became trapped in their homes or were carried downstream as buildings were swept off foundations and floated away. One couple spent the night chest-deep in water in their living room, holding their family dog above the water and fending off floating furniture. The raging torrent uprooted and twisted the tracks of the Northwestern Railroad like wire, and electricity and drinking water were unavailable for several days. Miraculously, there were no deaths or serious injuries.

On this day in 1945, General Douglas MacArthur moves his general headquarters from Manila to Tokyo.

Now’s the time for Whitewater to make good on improving national conditions. (The best way for the city to do so is to set aside the low-quality work but above-average sense of entitlement of the aged special-interest men who have kept Whitewater back for a generation1. See of yesteryear’s serial mediocrity Whitewater’s Still Waiting for That Boom.)

Of those improving national conditions, Jeff Cox reports The Fed’s biggest interest rate call in years happens Wednesday. Here’s what to expect:

For all the hype that goes into them, Federal Reserve meetings are usually pretty predictable affairs. Policymakers telegraph their intentions ahead of time, markets react, and everyone has at least a general idea of what’s going to happen.

Not this time.

This week’s gathering of the central bank’s Federal Open Market Committee carries an uncommon air of mystery. While markets have made up their collective mind that the Fed is going to lower interest rates, there’s a vigorous debate over how far policymakers will go.

Will it be the traditional quarter-percentage-point, or 25-basis-point, rate reduction, or will the Fed take an aggressive first step and go 50, or half a point?

Fed watchers are unsure, setting up the potential for an FOMC meeting that could be even more impactful than usual. The meeting wraps up Wednesday afternoon, with the release of the Fed’s rate decision coming at 2 p.m. ET.

“I hope they cut 50 basis points, but I suspect they’ll cut 25. My hope is 50, because I think rates are just too high,” said Mark Zandi, chief economist at Moody’s Analytics. “They have achieved their mandate for full employment and inflation back at target, and that’s not consistent with a five and a half percent-ish funds rate target. So I think they need to normalize rates quickly and have a lot of room to do so.”

A rate cut of either size will be good for all America, including small-town Whitewater.

  1. One might wonder why these aged men didn’t have more time to choose well for Whitewater when they were younger. Wonder not: exaggerating, tale-bearing, pretending, posing, scheming, memorizing trickle-down jargon, and shoving themselves to the front of the line takes a lot of time, for goodness’ sake. ↩︎

America, Daily Bread, Economy

Daily Bread for 9.11.24: National Inflation Reaches a Three-Year Low

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Good morning.

Wednesday in Whitewater will be sunny with a high of 83. Sunrise is 6:31, and sunset is 7:10, for 12h 38m 11s of daytime. The moon is a waxing gibbous with 53.13 percent of its visible disk illuminated.

There is a Special Lakes Advisory Committee meeting at 4:30 PM, and a Special Finance Committee meeting at 5:30 PM.

On this day in 1789, Alexander Hamilton is appointed the first United States Secretary of the Treasury. On this day in 2001, the September 11 attacks, a series of coordinated terrorist attacks kill 2,977 people using four aircraft hijacked by 19 members of al-Qaeda. Two aircraft crash into the World Trade Center in New York City, a third crashes into the Pentagon in Arlington County, Virginia, and a fourth into a field near Shanksville, Pennsylvania.

We have in our small town this morning some good national economic news. Christopher Rugaber of the Associated Press reports Consumer prices rose 2.5% last month, with U.S. inflation reaching a 3-year low:

WASHINGTON (AP) — The post-pandemic spike in U.S. inflation eased further last month as year-over-year price increases reached a three-year low, clearing the way for the Federal Reserve to cut interest rates and likely shaping the economic debate in the final weeks of the presidential race.

Wednesday’s report from the Labor Department showed that consumer prices rose 2.5% in August from a year earlier, down from 2.9% in July. It was the fifth straight annual drop and the smallest since February 2021. From July to August, prices rose just 0.2%.

America had a good night last night, and today the nation awakes to good economic news. And yet, much work lies ahead…

Behind the Spacecraft: Europa Clipper:

Meet some of the engineers contributing to NASA’s Europa Clipper mission, which will study Jupiter’s icy moon Europa to see if it has conditions suitable to support life. This trailer is an introduction to the team members profiled in the “Behind the Spacecraft: Europa Clipper” video series.

Daily Bread, Economy

Daily Bread for 8.23.24: The Federal Reserve Signals Rate Cuts

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Good morning.

Friday in Whitewater will be partly cloudy with a high of 79. Sunrise is 6:11, and sunset is 7:42, for 13h 31m 18s of daytime. The moon is a waning gibbous with 79.9 percent of its visible disk illuminated.

On this day in 1775,  King George III delivers his Proclamation of Rebellion to the Court of St James’s stating that the American colonies have proceeded to a state of open and avowed rebellion.

Jeff Cox reports Fed Chair Powell indicates interest rate cuts ahead: ‘The time has come for policy to adjust’:

Federal Reserve Chair Jerome Powell laid the groundwork Friday for interest rate cuts ahead, though he declined to provide exact indications on timing or extent.

“The time has come for policy to adjust,” the central bank leader said in his much-awaited keynote address at the Fed’s annual retreat in Jackson Hole, Wyoming. “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.”

Watch live: Fed Chair Jerome Powell speaks from Jackson Hole conference

With markets awaiting direction on where monetary policy is headed, Powell focused as much on a look back at what caused the inflation that led to an aggressive series of 13 rate hikes from March 2022 through July 2023.

However, he did note the progress on inflation and said the Fed can now turn its focus equally to other side of its dual mandate, namely to make sure the economy stays around full employment.

“Inflation has declined significantly. The labor market is no longer overheated, and conditions are now less tight than those that prevailed before the pandemic,” Powell said. “Supply constraints have normalized. And the balance of the risks to our two mandates has changed.”

Good news, all around.

COVID-19 vaccines are updated and approved ahead of fall season:

City, Conflicts of Interest, Development, Economy, Local Government, Planning, Special Interests

Daily Bread for 8.13.24: Inflation Abates, Again

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Good morning.

Tuesday in Whitewater will be sunny with a high of 81. Sunrise is 6:00, and sunset is 7:58, for 13h 57m 38s of daytime. The moon is a waxing gibbous with 59.7 percent of its visible disk illuminated.

On this day in 1961, East Germany closes the border between the eastern and western sectors of Berlin to thwart its inhabitants’ attempts to escape to the West, and construction of the Berlin Wall is started. The day is known as Barbed Wire Sunday.

Update 8.14.24: Yesterday (below) was a post on wholesale inflation. Today, one sees that the consumer price index is also lower: Inflation Slipped to 2.9% in July, Lower Than Expected (‘CPI report likely seals case for the Fed to begin cutting interest rates at its next meeting’). Good news, all around.

Of wholesale inflation, Jeff Cox reports Wholesale inflation measure rose 0.1% in July, less than expected:

A key measure of wholesale inflation rose less than expected in July, opening the door further for the Federal Reserve to start lowering interest rates.

The producer price index, which measures selling prices that producers get for goods and services, increased 0.1% on the month, the Labor Department’s Bureau of Labor Statistics reported Tuesday. Excluding volatile food and energy components, the core PPI was flat.

Economists surveyed by Dow Jones had been looking for an increase of 0.2% on both the all-items and the core readings.

A further core measure that also excludes trade services showed a rise of 0.3%.

On a year-over-year basis, the headline PPI increased 2.2%, a sharp drop from the 2.7% reading in June.

Inflation is abating, and growth is up, and in these improving conditions residents of both big cities and also small towns (like Whitewater!) have a chance to avoid the economic mistakes of the past (and those who made them).

Some of Whitewater’s special-interest men (from the 2000s and 2010s) are like declining athletes who should have retired from the game years ago. They stayed too long, and now can’t hit, can’t field, can’t circle the bases. Overweight and underpowered. They want to blame everyone else for their below-average performance. One wonders: why pretend it’s a major-league game with these minor-league banjo-hitters stumbling up to the plate?

Whitewater deserves better.

Orbits:

Daily Bread, Economy, Health, Kulturkampf, Opioids, Wisconsin

Daily Bread for 8.7.24: Opioids Still a Top Wisconsin Concern

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Good morning.

Wednesday in Whitewater will be sunny with a high of 78. Sunrise is 5:54, and sunset is 8:08, for 14h 12m 31s of daytime. The moon is a waxing crescent with 8.9 percent of its visible disk illuminated.

Whitewater’s Landmarks Commission meets at 6 PM.

On this day in 1947, Thor Heyerdahl‘s balsa wood raft, the Kon-Tiki, smashes into the reef at Raroia in the Tuamotu Islands after a 101-day, 7,000 kilometres (4,300 mi) journey across the Pacific Ocean in an attempt to prove that pre-historic peoples could have traveled from South America

Christine Durrance, a professor in the La Follette School of Public Affairs at the University of Wisconsin–Madison, writes Wisconsin’s opioid crisis complicates an already troubled health care system (‘54% of respondents in UW-Madison survey report health care as quite or an extremely big problem for Wisconsin; 69% feel this way about health care being a problem for the country’):

Health care is the third most concerning issue during this presidential election year, according to WisconSays survey data collected as part of this year’s Main Street Agenda, which the La Follette School of Public Affairs at UW-Madison is using to highlight what matters to Wisconsin throughout 2024.

In this statewide representative survey, 54% of respondents report health care as quite or an extremely big problem for Wisconsin; 69% feel this way about health care being a problem for the country. These sentiments are felt across the state with 58% of Democrats and 54% of Republicans viewing it as quite a problem or an extremely big problem for the state. There is also little divide between urban (54%) and rural (53%) residents.

….

In 2022, more than 80,000 Americans died from opioids. It was the most deaths in a year due to the drug, and roughly four times the number of deaths attributed to opioids just a decade earlier. Nearly 1,500 Wisconsinites lost their lives to opioids in 2022, almost 20% more than just two years prior.  

The effects of the epidemic on our communities and health care system reach far beyond overdose mortality. One understudied aspect of the opioid crisis is its impact on women, infants, and children.

A hundred culture-war issues, pushed relentlessly, have only distracted from, but not alleviated, tens of thousands of yearly tragedies.

See also Society of Actuaries: Economic Cost of the Opioid Crisis.

Firefighters rescue deer on UW-Stevens Point campus:

Around 11 a.m. first responders were called to the University of Wisconsin – Stevens Pointr construction in Lot J.

Crews were able to restrain, secure, and free the deer from its predicament. 

America, Conflicts of Interest, Daily Bread, Economy, Local Government, New Whitewater, Self-Dealing

Daily Bread for 7.25.24: National GDP Grows Solidly at 2.8% for April-June Quarter (and the Question that Growth Presents for Whitewater)

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Good morning.

Thursday in Whitewater will be sunny with a high of 79. Sunrise is 5:40, and sunset is 8:22, for 14h 41m 27s of daytime. The moon is a waning gibbous with 77.8 percent of its visible disk illuminated.

On this day in 1965,  Bob Dylan goes electric at the Newport Folk Festival, signaling a major change in folk and rock music.

There’s good national economic news this morning, as the U.S. economy grew 2.8% in second quarter, a robust strengthening:

The U.S. economy grew at a surprisingly robust 2.8 percent annualized rate in the second quarter, capping two years of solid expansion, despite some signs of softening.

Gross domestic product for the quarter ending in June was double the 1.4 percent reading in the previous quarter, but reflects a general cool-down from last year’s brisk pace, according to Commerce Department data released Thursday morning.

“Economic growth is solid, not too hot and not too cold,” said Chris Rupkey, chief economist at Fwdbonds, a financial research firm. “The soft patch we had at the beginning of the year has gone away and with it, the risks of a recession are dying on the vine.”

These impressive national growth numbers present Whitewater with a challenge:

Why would this beautiful town give time to the same tired, old-guard self-promoters who failed Whitewater in the 2010s? See about that time Whitewater’s Still Waiting for That Boom.

The enervated but agitated defenders of this city’s policymaking ‘tradition’ are simply the peddlers of excuses and lies.

Our next generation can — and already is — doing better for Whitewater.

Breaching whale capsizes boat:

A breaching whale landed on and capsized a boat Tuesday in Portsmouth Harbor, New Hampshire. Everyone, including the whale, was unharmed. See Whale surfaces, capsizes fishing boat off New Hampshire coast.

America, City, Daily Bread, Economy

Daily Bread for 7.11.24: U.S. Inflation Cools Again

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Good morning.

Thursday in Whitewater will be partly sunny with a high of 81. Sunrise is 5:27 and sunset 8:33 for 15h 05m 14s of daytime. The moon is a waxing crescent with 28.2 percent of its visible disk illuminated.

On this day in 1796, the United States takes possession of Detroit from Great Britain under terms of the Jay Treaty.

On this day in 1839, the first patent is issued to a Wisconsin resident:

Ebenezar G. Whiting of Racine was issued patent #1232 for his improved plow, the first patent issued to someone from Wisconsin. Whiting’s improvements consisted of making the mold-board straight and flat which, when united in the center with the curvilinear part of the mold-board, would require less power to drag through the dirt. Whiting went on to serve as Vice President of the J.I. Case Plow Company and received another patent for a steel plow in 1876.

Christopher Rugaber reports US inflation cools again, potentially paving way for Fed to cut interest rates soon:

WASHINGTON (AP) — Inflation in the United States cooled in June for a third straight month, a sign that the worst price spike in four decades is steadily fading and may soon usher in interest rate cuts by the Federal Reserve.

In a better-than-expected report, consumer prices declined 0.1% from May to June after having remained flat the previous month, the Labor Department said Thursday. It was the first monthly decline in overall inflation since May 2020, when the economy was paralyzed by the pandemic. 

And measured from one year earlier, prices were up 3% in June, cooler than the 3.3% annual rate in May.

The latest inflation readings will likely help convince the Fed’s policymakers that inflation is returning to its 2% target. A brief pickup in inflation early this year had caused the officials to scale back their expectations for interest rate cuts. The policymakers said they would need to see several months of mild price increases to feel confident enough enough to cut their key rate from its 23-year high. 

Whitewater has a chance to make gains in her community during these improving economic conditions. Yesteryear offers no answers for the city, save what not to do this time.

Closest massive black hole to Earth may be in Omega Centauri, Hubble finds:

Hubble Space Telescope observations of the Omega Centauri star cluster, about 18,000 light-years from Earth, has revealed evidence of an intermediate-size black hole.

America, City, Daily Bread, Economy, Employment

Daily Bread for 7.8.24: National Labor Market Adds 206,000 Jobs with Slight Rise in Unemployment

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Good morning.

Monday in Whitewater will be cloudy with a high of 81. Sunrise is 5:25 and sunset 8:34 for 15h 09m 03s of daytime. The moon is a waxing crescent with 7.2 percent of its visible disk illuminated.

Whitewater’s Planning Board meets at 6 PM.

On this day in 1776, church bells (possibly including the Liberty Bell) are rung after John Nixon delivers the first public reading of the Declaration of Independence of the United States.

On this day in 1850, James Jesse Strang Is Crowned King:

On this date, James Jesse Strang, leader of the estranged Mormon faction the Strangites, was crowned king; the only man to achieve such a title in America. When founder Joseph Smith was assassinated, Strang forged a letter from Smith dictating he was to be the heir. The Mormon movement split into followers of Strang and followers of Brigham Young. As he gained more followers (but never nearly as many as Brigham Young), Strang became comparable to a Saint, and in 1850 was crowned King James in a ceremony in which he wore a discarded red robe of a Shakespearean actor, and a metal crown studded with a cluster of stars as his followers sang him hosannas.

Soon after his crowning, he announced that Mormonism embraced and supported polygamy. (Young’s faction was known to have practiced polygamy, but had not at this time announced it publicly.) A number of followers lived in Walworth County, including Strang at a home in Burlington. In 1856 Strang was himself assassinated, leaving five wives. Without Strang’s leadership, his movement disintegrated. 

Josh Schafer reports US labor market adds 206,000 jobs, unemployment rate rises to 4.1%:

The US labor market added more jobs than expected in June while the unemployment rate unexpectedly rose, reaching its highest level since November 2021, another sign that the job market continues to cool.

Data from the Bureau of Labor Statistics released Friday showed the US economy added 206,000 nonfarm payroll jobs in June, more than the 190,000 expected by economists.

The unemployment rate rose to 4.1%, up from 4% in the month prior and the highest reading in almost three years. June’s job additions were a slight decline from May, which saw job gains revised down on Friday to 218,000 from the 272,000 initially reported last month. 

The skill to take advange of job gains (and benefit the city still more if there should be interest rate cuts) will not be found among Whitewater’s self-promoting “action-oriented” types of fifteen or twenty years ago. The sooner the city turns away from their monkey shines the better.

Indeed, the work of that aged and addled cohort has been worse for the city, in concept and execution, than Monkey Shines the 1988 b-movie horror film:

It’s hard to estimate precisely, but a rough guess is that Whitewater would have been 179.6% better off with a killer monkey than that failed group from yesterday.

What is the rarest animal in the world? The 5 most-endangered species:

City, Daily Bread, Economy, Wisconsin

Daily Bread for 6.21.24: Wisconsin Workers’ Average Pay Increases 5.3% Year Over Year

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Good morning.

Friday will be partly cloudy with a possibility of afternoon showers and a high of 88. Sunrise is 5:16 and sunset 8:37 for 15h 20m 19s of daytime. The moon is full with 99.8 percent of its visible disk illuminated.

On this day in 1944, Camp Janesville was established when 250 German POWs arrived in Rock County to help pick and can peas, tomatoes, and sweet corn. The camp was a small town of tents that housed guards and the POWs, many of them from the defeated Afrika Corps led by the “Desert Fox”, Field Marshall Rommel. Another 150 prisoners were assigned to a similar camp in Jefferson. The German POWs were primarily in their mid-20s. They were eventually transferred to an undisclosed camp on September 25, 1944.

On this day in 1945, the Battle of Okinawa ends when the organized resistance of Imperial Japanese Army forces collapses in the Mabuni area on the southern tip of the main island.

Wisconsin workers’ average pay — an average — increased significantly over the last year. David Clarey reports Wisconsin workers’ average pay jumps 5.3% from last year:

Wisconsin workers’ pay rose over 5% from a year ago at this time, slightly outpacing the national average, according to a new report.

The June 5 report from payroll company ADP shows that the median annual pay in Wisconsin in May reached $59,000, up 5.3% from a year ago. That slightly beat out the nationwide median pay of $58,300 and 5% increases.

ADP’s report uses salary data from about 10 million employees over a 12-month period to calculate the data, it said in a media release.

….

ADP’s figures are slightly higher than what USA TODAY reported in February. That report showed that the average annual salary in Wisconsin was $58,552.

The United States Federal Bureau of Labor Statistics reported its official statistics for May 2023 in April 2024. At that time, it said the annual average wage was $59,500 out of 2,885,990 workers in Wisconsin. Nationally, the annual average wage was $65,470.

These reported wage increases are averages, and ADP’s method is a private assessment. Even within Wisconsin, there are sure to be significant variations in employment levels and salary gains. Nonetheless, gains in individual and household incomes are a foundational measure of community prosperity. The measure of an advanced, productive market economy is whether it advances personal and household well-being across all parts of a community. In this regard, the goal should be the broader the gains, the better.

Some of us in Whitewater have done well over the last generation, but some of us is an inadequate achievement. How odd that, despite having lived long in this city, a few of us don’t seem to grasp this fundamental economic goal (and moral principle).

Wildfires rage in California and New Mexico: