These charts raise a lot of questions. As well, they highlight the “atypical” nature of our economic situation from a long-term historical perspective.
All of these charts are from the Federal Reserve, and represent the most recently updated data.
(click on charts to enlarge images)
Housing starts (last updated 6-19-17):
![HOUST](https://www.economicgreenfield.com/wp-content/uploads/2017/07/EconomicGreenfield-7-13-17-HOUST-1092-1024x688.png)
US. Bureau of the Census, Housing Starts: Total: New Privately Owned Housing Units Started [HOUST], retrieved from FRED, Federal Reserve Bank of St. Louis https://research.stlouisfed.org/fred2/series/HOUST/, July 12, 2017.
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The Federal Deficit (last updated 1-9-17):
![FYFSD](https://www.economicgreenfield.com/wp-content/uploads/2017/07/EconomicGreenfield-7-13-17-FYFSD-587412-1024x688.png)
US. Office of Management and Budget, Federal Surplus or Deficit [-] [FYFSD], retrieved from FRED, Federal Reserve Bank of St. Louis https://research.stlouisfed.org/fred2/series/FYFSD/, July 12, 2017.
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Federal Net Outlays (last updated 1-9-17):
![FYONET](https://www.economicgreenfield.com/wp-content/uploads/2017/07/EconomicGreenfield-7-13-17-FYONET-3854100-1024x688.png)
US. Office of Management and Budget, Federal Net Outlays [FYONET], retrieved from FRED, Federal Reserve Bank of St. Louis https://research.stlouisfed.org/fred2/series/FYONET/, July 12, 2017.
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State & Local Personal Income Tax Receipts (% Change from Year Ago)(last updated 3-30-17):
![ASLPITAX Percent Change From Year Ago](https://www.economicgreenfield.com/wp-content/uploads/2017/07/EconomicGreenfield-7-13-17-ASLPITAX-1.5-percent-1024x688.png)
US. Bureau of Economic Analysis, State and local government current tax receipts: Personal current taxes: Income taxes [ASLPITAX], retrieved from FRED, Federal Reserve Bank of St. Louis https://research.stlouisfed.org/fred2/series/ASLPITAX/, July 12, 2017.
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Total Loans and Leases of Commercial Banks (% Change from Year Ago)(last updated 7-7-17):
![TOTLL Percent Change From Year Ago](https://www.economicgreenfield.com/wp-content/uploads/2017/07/EconomicGreenfield-7-13-17-TOTLL-3.3-Percent-Change-From-Year-Ago-1024x688.png)
Board of Governors of the Federal Reserve System (US), Loans and Leases in Bank Credit, All Commercial Banks [TOTLL], retrieved from FRED, Federal Reserve Bank of St. Louis https://research.stlouisfed.org/fred2/series/TOTLL/, July 12, 2017.
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Bank Credit – All Commercial Banks (% Change from Year Ago)(last updated 7-7-17):
![TOTBKCR Percent Change From Year Ago](https://www.economicgreenfield.com/wp-content/uploads/2017/07/EconomicGreenfield-7-13-17-TOTBKCR-3.6-Percent-Change-From-Year-Ago-1024x688.png)
Board of Governors of the Federal Reserve System (US), Bank Credit of All Commercial Banks [TOTBKCR], retrieved from FRED, Federal Reserve Bank of St. Louis https://research.stlouisfed.org/fred2/series/TOTBKCR/, July 12, 2017.
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M1 Money Multiplier (last updated 6-29-17):
![MULT](https://www.economicgreenfield.com/wp-content/uploads/2017/07/EconomicGreenfield-7-13-17-MULT-.912-1024x688.png)
Federal Reserve Bank of St. Louis, M1 Money Multiplier [MULT], retrieved from FRED, Federal Reserve Bank of St. Louis https://research.stlouisfed.org/fred2/series/MULT/, July 12, 2017.
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Median Duration of Unemployment (last updated 7-7-17):
![UEMPMED](https://www.economicgreenfield.com/wp-content/uploads/2017/07/EconomicGreenfield-7-13-17-UEMPMED-9.6-1024x688.png)
US. Bureau of Labor Statistics, Median Duration of Unemployment [UEMPMED], retrieved from FRED, Federal Reserve Bank of St. Louis https://research.stlouisfed.org/fred2/series/UEMPMED/, July 12, 2017.
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Labor Force Participation Rate (last updated 7-7-17):
![CIVPART](https://www.economicgreenfield.com/wp-content/uploads/2017/07/EconomicGreenfield-7-13-17-CIVPART-62.8-Percent-1024x688.png)
US. Bureau of Labor Statistics, Civilian Labor Force Participation Rate [CIVPART], retrieved from FRED, Federal Reserve Bank of St. Louis https://research.stlouisfed.org/fred2/series/CIVPART/, July 12, 2017.
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The Chicago Fed National Activity Index (CFNAI) 3-month moving average (CFNAI-MA3)(last updated 6-26-17):
![CFNAIMA3](https://www.economicgreenfield.com/wp-content/uploads/2017/07/EconomicGreenfield-7-13-17-CFNAIMA3-.04-1024x688.png)
Federal Reserve Bank of Chicago, Chicago Fed National Activity Index: Three Month Moving Average [CFNAIMA3], retrieved from FRED, Federal Reserve Bank of St. Louis https://research.stlouisfed.org/fred2/series/CFNAIMA3/, July 12, 2017.
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I will continue to update these charts on an intermittent basis as they deserve close monitoring…
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The Special Note summarizes my overall thoughts about our economic situation
SPX at 2443.25 as this post is written
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