"We’ve already seen some significant impacts in the state, but it’s most likely going to get significantly worse in terms of erosion and flooding and wave impacts and damage. It’s lining up to be a really significant winter for California" bloomberg.com/news/features/…

The Fed's quarterly flow of funds report out today showed the share of U.S. household net worth accounted for by real estate assets fell in Q2 to the lowest level since 1973 as the stock market rose to a new record

Fed very well may have avoided a rate hike next week if not for a record surge in the wireless services component of the consumer price index in August, following recent plan changes by AT&T and T-Mobile. That alone pushed the CPI reading above forecasts (bloomberg.com/news/articles/…)

No sector of the U.S. economy has shed more headcount this year than financial activities. Today's jobs report showed cumulative losses in 2026 so far have reached 100,000, and the share of Americans employed by such firms fell in August to the lowest since December 1981

"Martha’s Vineyard tourism has been upended by concerns over a fast-growing population of lone star ticks ... Ferries to and from Martha’s Vineyard carried 5.1% fewer passengers this year through July 14" bloomberg.com/news/articles/…

"We have more control over the price level ourselves than we do the unemployment rate," Fed Chairman Kevin Warsh tells the House Financial Services Committee

The leaders of Kevin Warsh's new task force on "productivity and jobs" include a Stanford professor on leave at Anthropic (whose CEO predicts AI could wipe out as much as half of all white-collar work), the CEO of Xbox—which cut 20% of its staff this week—and Marc Andreessen

The U.S. financial activities and information sectors are shedding almost 30,000 jobs a month so far in 2026, recession-level figures equivalent to a 20% drag on broader job growth. Finance in particular is heavily exposed to automation given its job mix (bloomberg.com/news/articles/…)

More data on two of the biggest U.S. inflation stories right now: Imported electronics and plastic products both saw record monthly price increases in May, according to figures out today from the Bureau of Labor Statistics

Climate watch: U.S. fresh vegetable prices were up a staggering 123% in the year through May, according to Bureau of Labor Statistics data out this morning. Over the last five years they've risen by almost 24% per year, marking the fastest inflation on record

Today's U.S. producer price inflation data show surging costs for plastic resins, fertilizer materials, truck freight rates, electronic components and accessories, government defense-related purchases. Most of this hasn't shown up on store shelves yet (bloomberg.com/news/articles/…)

Airfares were up almost 27% in the 12 months through May, according to U.S. CPI data out this morning. The only time they recorded a faster increase in 36 years of data was during the pandemic reopening wave in 2022 (bloomberg.com/news/articles/…)

The Fed's latest Beige Book report of anecdotes on the U.S. economy is really striking in how much it emphasizes defense production as a growing driver of economic activity this year, almost on par with data center construction (bloomberg.com/news/articles/…)

Conference Board survey finds 69% of Americans are satisfied with their jobs, a record in data from 1987. But "rather than growing enthusiasm for the job itself, overall satisfaction reaching a high may reflect that workers are grateful to be employed amid widespread uncertainty"

The U.S. is now spending more on data center construction than on public transportation infrastructure, according to new Census Bureau figures out today (bloomberg.com/news/articles/…)

One way to read today's data is, at least for the U.S. balance of payments, the oil windfall from the war is helping fund the data center boom. Record oil exports in April effectively offset an ongoing surge in capital goods imports and the net effect was a smaller trade deficit

U.S. capital goods imports—which include the semiconductors and computing equipment fueling the data center buildout—rose a record 40.1% in the 12 months through April, according to trade data out this morning from the Census Bureau (bloomberg.com/news/articles/…)

Arguably an underrated tailwind for the U.S. economy: Defense capital goods orders surged in April to the second-highest level on record. And the defense share of total orders over the last 12 months is also near the highest in three decades of data (bloomberg.com/news/articles/…)

The U.S. personal saving rate fell to 2.6% in April as the war boosted inflation and real incomes fell. It's only ever been lower for a few months in 2022 and during the 2000s housing bubble (bloomberg.com/news/articles/…)