What we’re reading (9/8)
“The Problem With Economic Data Is Getting Worse” (Wall Street Journal). “Revisions to economic data are widespread and normal. But occasionally the revisions are so big that they upend our shared understanding of what’s going on. The latest example comes from the U.K., where it turns out the economy grew much more than previously estimated. Rather than being the sick man of Europe with GDP still smaller than before the pandemic, and the weakest recovery in the Group of Seven industrialized nations, it has beaten Germany and grown in line with France (at least until their figures are revised).”
“Apple Could Be About To Make The Biggest Change To The iPhone In 11 years” (CNN Business). “Apple is set to unveil the iPhone 15 in just a few days, and it’s widely expected to come with a significant change. The iPhone 15 is heavily rumored to ditch Apple’s proprietary Lightning charger in favor of USB-C charging, marking a milestone for the company by adopting universal charging. The change could ultimately streamline the charging process across various devices — and brands.”
“‘I’m OK, But Things Are Terrible’” (Paul Krugman, New York Times). “[H]ere’s the funny thing: There’s substantial evidence that people don’t feel that they personally are doing badly. Both surveys and consumer behavior suggest, on the contrary, that while most Americans feel that they’re doing OK, they believe that the economy is doing badly, where “the economy” presumably means other people.”
“Why A Global Recession Is Unlikely” (Project Syndicate). “[T]hough the US Federal Reserve and the European Central Bank have been pursuing monetary tightening, demand has not collapsed, and supply is not piling up. Instead, recent recession forecasts were derived largely from statistical analyses of past data – analyses that did not adequately account for the impact and legacy of the COVID-19 pandemic.”
“Mattel’s Windfall From ‘Barbie’” (New York Times). “‘Barbie’ is close to grossing $1.4 billion and passed one of the “Harry Potter” movies as the top-grossing Warner Bros. film of all time. It could end up near the $2 billion mark. (The record-holder is 2009’s “Avatar,” at $2.9 billion.)”
