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March 19, 2026 

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DEMAND SPACE: The area on or beneath a demand curve. Buyers are willing and able to purchase any demand price-quantity demanded combination that places them on or below the demand curve, but not above. The reason is that the demand curve represents the maximum demand price for a given quantity demanded or the maximum quantity demanded for a given demand price.

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State of the ECONOMY
Production/Income
Real average weekly earnings November 2016 $367.50 Bureau of Labor Statistics Constant 1982-84 dollars
Median weekly earnings Third Quarter 2016 $827 / week Up $24 from 3rd Qtr. 2015
GDP: Real Third Quarter 2016 $18,675.3 Billion (Annual Rate) Source: BEA Up 5.0%
U.S. Exports November 2016 $185.8 billion Down 0.2% from Oct. 2016: Econ. Stat. Admin.
e-commerce sales 3rd Quarter 2016 $101.3 billion Up 4.0% from 2nd Quarter 2016 US Census Bureau
Personal Income November 2016 $16,233.8 billion Up 0.1% from Oct. 2016
U.S. Imports November 2016 $231.1 billion Up 1.1% from Oct. 2016: Econ. & Stat. Admin.
Private Employer Cost for Employee Compensation September 2016 $32.27 per hour Benefits are $10.73 / hour Source: BLS
Sales of New Single-Family Homes November 2016 592,000 (seasonal adjusted annual rate) Up % from October 2016 Source: Econ Stats Adm.
Productivity 3rd Quarter 2016 Unchanged from a year ago Source: BLS
Real Average Hourly Earnings November 2016 $10.68 Up $.07 from November 2015
Employment
U 3 Unemployment December 2016 4.7% Up from November Bureau of Labor Statistics
U.S. Job Openings October 2016 5.5 million Steady Bureau of Labor Statistics
U 6 Unemployment November 2016 9.3% Down a little Includes those who have given up looking. BLS
Prices
Consumer Price Index W November 2016 235.215 Down slightly from Oct. 2016 Source: B L S
Money/Interest
U.S. National Debt January 3, 2017 $19,951,017,689,395.11 Up over $1 trillion in 2016: U.S. Debt Clock
Federal Discount Rate January 3, 2017 1.25% Up 0.25%
Prime Rate January 3, 2017 3.75% Up .25% from a year ago
Federal Funds Rate January 3, 2017 .75% Up 0.25% from a year ago
Cyclical Indicators
Consumer Price Index Urban November 2016 241.353 Up 0.2% from Oct. 2016 Source: BLS
New Orders for Manufactured Goods November 2016 $458.3 billion Down 2.4% from Nov. 2016 Econ & Statistics Adm
New Orders for Manufactured Durable Goods November 2016 $228.2 billion U.S. Commerce Dept. Down 4.6% from Oct. 2016
Business Inventories October 2016 $1,814.5 billion Up 2% from Oct. 2015: Econ. Stat. Admin.
Retail Sales November 2016 $468.05 billion U.S Census Bureau
Producer Price Index Final Demand November 2016 110.8 Up 0.4% from Oct. 2016 Soure: BLS.gov
Wholesale Inventories November 2016 $594.5 billion U.S. Dept. of Commerce
Housing Starts November 2016 1,090,000 Down 18.7% from Oct. 2016: U.S. Census Bureau
Construction Spending October 2016 $1,172.6.4 billion Up 0.5% from Sept. 2016 Source: Econ Stats Adm.
Building Permits November 2016 1,201,000 Do 4.7% from October 2016: U.S. Census Bureau
Other
World Population January 3, 2017 7,362,851,059 Higher: U.S. Census Bureau
U.S. Population January 3, 2017 324,321,654 Up again...U.S. Census Bureau
LONG RUN, MACROECONOMICS

In terms of the macroeconomic analysis of the aggregate market, a period of time in which all prices, especially wages, are flexible, and are able to achieve equilibrium levels. This is one of two macroeconomic time designations; the other is the short run. Long-run wage and price flexibility means that ALL markets, including resource markets and most notably labor markets, are in equilibrium, with neither surpluses nor shortages. Wage and price flexibility and the resulting resource market equilibria are the reason for the vertical long-run aggregate supply curve.

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Conserving Our NATURAL RESOURCES

Mona Mallard Duct Tape Industries, the world's a leading producer of duct tape (that all-purpose, omni-present, shiny gray tape), is located right here in Shady Valley. Perhaps you've heard that they recently developed a new-fangled form of duct tape that's certain to revolutionize duct tape as we know it. This revolutionary development has, however, created a "situation" that we, pedestrian explorers of the economy, should consider. Mona Mallard's new duct tape uses "quagliminium," a relatively limited mineral found only in the quaint and courteous Republic of Northwest Queoldiola. Prior to this duct tape development, quagliminium had only one use, as lubricant for OmniStraight shoestring straighteners. The Northwest Queoldiolan supplies were sufficient to lubricate shoestring straighteners well into the year 3000. As a duct tape input, though, quagliminium deposits will be exhausted in a scant 50 years. Should we, could we, allow Mona Mallard to exhaust the supply of quagliminium? If they do, how will future generations lubricate their shoestring straighteners? Should we call for a moratorium on quagliminium use?
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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time watching infomercials hoping to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?

Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
"Whatever course you decide upon, there is always someone to tell you that you are wrong. There are always difficulties arising which tempt you to believe that your critics are right. To map out a course of action and follow it to an end requires...courage."

-- Ralph Waldo Emerson

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