Mark J. Perry is concurrently a scholar at AEI and a professor of economics and finance at the University of Michigan's Flint campus. He is best known as the creator and editor of the popular economics blog Carpe Diem. At AEI, Perry writes about economic and financial issues for American.com and the AEIdeas blog.
1. Chart of the Day: The shale oil boom helped push US oil output in June to 8.456 million barrels per day, the highest level of domestic crude oil production in more than 27 years, going back to April 1987 during the Regan administration.
2. GDP forecasting (nowcasting): The Atlanta Fed now has a forecasting model – “GDPNow” — that provides updated, estimates of GDP growth ahead of the three official quarterly GDP releases from the BEA starting a month after the quarter ends. The current “nowcast” of real GDP in Q2 is 2.6%, after being updated yesterday with new wholesale trade data. (HT: Morgan Frank and see Jimmy P’s related post here.)
7. Milton Friedman (featured previously on CD): “The minimum wage law is most properly described as a law saying that employers must discriminate against people who have low skills. The consequences of minimum wage laws have been almost wholly bad. We have increased unemployment and increased poverty.”
8. Not All Police Are Warrior Cops Like in the US: According to Germany’sDer Spiegel, German police shot only 85 bullets in all of 2011 — 49 warning shots and 36 shots on suspects; 15 persons were injured, and 6 were killed. In contrast, US warrior cops have shot and killed more than 20 Americans so far this year, just as part of their drug enforcement operations, and they recently fired 84 shots at just one murder suspect in Harlem and another 90 shots at one fleeing unarmed man in Los Angeles.
10. Inconvenient Chart: Global temperatures have been flat for more than 17 years (see smaller chart at the bottom right) while global CO2 levels have been increasing. Wasn’t there supposed to be a relationship?