From Business Insider:
The Fed confirmed some of the most troubling trends in Manhattan real estate
The Federal Reserve on Wednesday supported recent data showing some worrying trends in parts of Manhattan’s real-estate market.
The Beige Book compiled anecdotes from contacts of the 12 regional banks, including the Federal Reserve Bank of New York. It is not a hard data release.
“New York City’s rental market has been mostly steady, except at the high end, where the inventory has risen and rents have drifted down,” according to the Beige Book.
There are too many luxury apartments in the city, with more developments still rising from the ground. A report from Douglas Elliman Real Estate released last month showed that new development inventory surged in the third quarter after four straight periods of declines. Inventory had been falling because developers were moving their properties from active to shadow status to avoid extended marketing periods, the company said.
But this glut has given buyers more options and some more bargaining power to push back against prices they think are unfair. If prices continue to fall, the balance of power in the market could shift so that it becomes a buyers’ market.
“Prices have declined at the high end of the market but remained steady for more moderately priced units; bidding wars have become noticeably less prevalent,” the Beige Book said.
“Landlord concessions have grown increasingly prevalent, especially in Manhattan and Brooklyn,” according to the Beige Book. Concessions, which include things like a month of free rent and high-end appliances, are part of landlords’ efforts to make renters more willing to pay their asking prices.
The Fed noted that rental vacancy rates in northern New Jersey and upstate New York remained near multiyear lows, while rents rose by about 4% year-on-year.
Good Morning New Jersey
Final Jobs Report:
New Jobs: +178k
UE: 4.6%
4.9 to 4.6 – that’s a pretty big dip
Best UE reading in 9 years?
Nice dip in U6 as well, from 9.5 to 9.3.
Yeah, I guess end of world has to wait a bit ….
spread to U6 still way too high (and widening):
http://www.macrotrends.net/1377/u6-unemployment-rate
Here’s a favorite of mine that I watch (not out yet for November):
https://fred.stlouisfed.org/series/AWOTMAN
http://thefederalist.com/2016/12/02/served-james-mattis-heres-learned/
Pump’s dream economy: https://www.bloomberg.com/news/articles/2016-12-02/in-cash-short-venezuela-the-atm-hustle-is-driving-people-mad
For footstool and puzzy:
https://www.youtube.com/watch?v=ENd5EBWLXJU
Not for nothing, why aren’t you bashing trump as some socia!ist? The same ideas of job creation I have promoted in the past 3 years, he is doing. So when are you going to start calling him a socia!ist? Those carrier jobs that he saved (which I am for) is a form of redistribution. It’s taking from peter to give to paul. Someone is paying for that cost of keeping those jobs here and I am all for it. It will put capital back into the hands of the consumer, with the final result being economic growth through the demand created from their revived consumerism.
The Original NJ ExPat says:
December 2, 2016 at 9:12 am
Pump’s dream economy: https://www.bloomberg.com/news/articles/2016-12-02/in-cash-short-venezuela-the-atm-hustle-is-driving-people-mad
Trump is a conflicted fascist. On one hand he talks of cutting regulations and taxes. On the other hand, he wants to regulate activity and alter marketplace decisions by personal decree and phone calls/meetings.
A bad precedent for when even more anti-business presidents get elected someday.
They said job numbers warped by Hurricane Matthew and utility workers…overtime etc….displacement….disruption…..should us 3 month moving average for clearer picture….
use
“This year, Black Friday broke records. The kickoff to the holiday shopping season saw both the highest total Black Friday sales ever and the highest mobile sales on a single day to date.
Total sales increased by 21.6% year over year to $3.34 billion, representing the first time Black Friday sales surpassed the $3 billion mark.”
WESTFIELD – It’s not creepy, kooky or even a little spooky, but the historic “Addams Family” home where its creator Charles Addams lived from 1920-47 really needs a bigtime facelift. Renovations to the six-bedroom, 2½-bath Elm Street home are to begin later this month. Addams lived in the home when he created the cartoon that appeared in The New Yorker from 1938 until his death in 1988. It spawned live-action and animated TV shows, three movies and a Broadway musical featuring his characters Gomez and Morticia Addams, Uncle Fester, Lurch, Wednesday and Pugsley. Construction company owner Ethan Schoss told TapInto that this renovation “is one of the coolest things I have gotten to do, I plan on honoring the homes’ unique history while updating and revitalizing it.”
Home Depot is rockin….aisles being filled with “stuff” lounge chairs, refrigerators, useful stuff, useless stuff….they are clearly expecting to sell a lot of stuff….
I need to replace an old laptop and ipad..so thinking a 2-1 or MS Surface….any thoughts?
Goal is to have a laptop (personal use, financial and home items) when I want, but a tablet when watching TV and “multi-tasking”….
http://www.realclearpolitics.com/video/2016/12/01/flashback_obama_says_trumps_plan_to_keep_carrier_in_us_is_unrealistic.html
PRESIDENT BARACK OBAMA: “But for those folks who have lost their job right now because a plant went down the Mexico, that isn’t going to make you feel better. And so what we have to do is to make sure that folks are trained for the jobs that are coming in now because some of those jobs of the past are just not going to come back, and when somebody says, like the person you just mentioned who I’m not going to advertise for, that he’s going to bring all these jobs back, well how exactly are you going to do that? What are you going to do?
There’s — there’s no answer to it. He just says, “Well, I’m going to negotiate a better deal.” Well, how — what — how exactly are you going to negotiate that? What magic wand do you have?”
Obama doesn’t know how to negotiate….of course he thinks it is a magic wand……it is probably his most fundamental flaw as the President, beyond his unrelenting undermining of our country due his cynical take on our history and capitalism.
Tywin says:
December 2, 2016 at 11:26 am
“Well, I’m going to negotiate a better deal.” Well, how — what — how exactly are you going to negotiate that? What magic wand do you have?”
I saw new Macbook Airs selling for sub $500 on black friday sales.
That and an iPad is hard to beat.
Surface? Ugh no way.
Do you have any major reason to locked into MS? If not, go Mac.
Get a used Macbook Pro on Swappa as they are dirt cheap with the new ones out and a new iPad. I can’t find a decent PC laptop regardless of how much I spend. I’ve been through a low end Dell, an Asus ultra book $1500 on mega super clearance floor model sale, and now a Lenovo. I end up buying a new laptop every two years as the keypad, battery, power adaptor, or monitor start to flake out at end of year one and complete sh1t the bed by year two. My Mac laptops (which I use for work) go 5 years without an issue. My parents used the first Mac Laptop I gave them used in 2004 until two years ago. It still works perfectly. Battery too. But it it just too incompatible. When buying a used laptop, just ensure the battery is still good. Swappa is like Ebay was in the early days. Great deals to be had both buying and selling. Sold our two two year-old iPhone 6ses for $200 each. Verizon and most others offered us $75 for the trade.
Grim… We think alike.
Got my son a mid 2014 13″ Macbook Pro with a brand new battery (dude never used it) in mint condition for $550. Has 4G ram and a decently powerful dual processor. He’ll use it for 3 or 4 years guaranteed.
Thanks. I want 1 device that can act as both so I can have my Excel/Word docs available in both tablet/lap top mode…total I will pay $799. I am “PC” since 1984, my kids all have Macs…seems they get PCs issued once working…..
My Macbook Pro is 2009 and still running fantastic. It’s a 2.26ghz Core2Duo with the 9400M graphics. Recently upgrade it to a 256gb SSD and 8gb ram, which complete transformed it. It’s feel as responsive as my i7 27″ iMac.
I wouldn’t get rid of it, it has a good 5 years left in it. In the Windows world, people don’t talk about 7 year old laptops like this.
I would just recommend the cheapest garbage laptop and tablet you can find with a reasonable processor and just buy a new one each year when it falls apart. Kind of like how I buy most home appliances these days. Though I’ve been lucky with my basement fridge and washer and dryer. My wine fridge (bought used) just croaked though. Just got a condensor less model (shouldn’t break) delivered today as a replacement. $200.
Although I am a “dino”.. I did put in the first requisition at Prudential, in a non finance unit..for a PC for our department. I could not justify the color CRT though! Wrote first macros, rather poorly, for that hot new Lotus and later “Symphony” spreadsheets, lol.
I recently bought a lenovo Thinkpad tablet/laptop….it is ok, I have the macbook pro, macbook air, ipad, an android tablet, personal android, work iphone and brick Thinkpad from work. I needed something with windows that is more portable, for travel it is good(I don’t use it for anything else), because I can maintain laptop functionality while carrying something slightly heavier than an iPad. The hardware can be nice or decent but windows 10 is kind of a disaster, it doesn’t work seamlessly and still can be unstable. If you want a tablet to watch movies or listen to music on a plane and still have a laptop you can carry fewer devices, it is the jack of all trades but master of none, the Swiss army knife of computing. For daily use I don’t recommend it, it can stand in for the ipad if you don’t want/need specific apps, but windows tablet apps are non-existent and regular windows apps suck in tablet mode.
Heck…I programmed my dad’s Kaypro to keep inventory in Personal Pearl. I learned minitab in 1979. Charts were printed on a thermal printer that came out of the top of the monitor. Computer was a terminal of course. Data General VAX I think.
Question for the plumber heads here. As you all know, I’m still futzing around with my steam furnace at my multi. I added a fancy autofeed with a digital display that reveals how much water it is using up. I knew it was a lot when my tenant said he has to refill it every day and sometimes twice or three times on the cold nights. Well it was working fine for about two weeks, but the last two nights it has stopped autofilling, the heat turned off and the display reads LOC. From what I read, it’s a safety feature which is triggered when the boiler thinks it didn’t auto feed when it was supposed to. I plan to increase the water amount it feeds tonight, but that’s a stab in the dark. Anyone have any other ideas? And don’t tell me to fix the leak. I’ve spent nearly $3,500 to no avail on it and it’s a 3 year old quality Weil-McLain furnace.
My son wants to play XBox One games on a laptop…..are you forced to use a Windows 10 compatible PC? He’s only 10…..any recommendations for cheapest? I’m sure it will get sh!t on and destroyed within 18 months……
chicagofinance says:
Your comment is awaiting moderation.
December 2, 2016 at 12:08 pm
My son wants to play XB0x One games on a laptop…..are you forced to use a W!ndows 10 compatible PC? He’s only 10…..any recommendations for cheapest? I’m sure it will get sh!t on and destroyed within 18 months……
Stu, since I am older than you, I will win this one..6th grade….programmed punch cards on a WANG. (1972?)
You punched Stu in the wang in 1972?
Here’s a better question…..will any Windows 10 laptop be fine, or does it need to be optimized for gaming…….it seems as if gaming laptops automatically push you up to $600+
December 2, 2016 at 12:08 pm
My son wants to play XB0x One games on a laptop…..are you forced to use a W!ndows 10 compatible PC? He’s only 10…..any recommendations for cheapest? I’m sure it will get sh!t on and destroyed within 18 months……
Best Buy seems to be one of the best places for selection and price
I didnt even know that you could play xbox games on a laptop.
If it’s this, it doesn’t seem much at all:
http://support.xbox.com/en-US/games/game-setup/how-to-use-game-streaming#571e34c131114e7ba14375c97378c582
But this is playing the xbox THROUGH the laptop, not really on it. I would imagine your home wifi speed being more important.
I had a surface at work. It was awful.
I frequently get new hardware at work to test…before we buy it for everyone at work and use it.
I couldn’t stand it. It’s such a cumbersome device….half trying to be an ipad….half trying to be a PC. Did neither well.
Back to using a windows 10 laptop…with a touchscreen.
Thanks for the feedback…
I think people don’t bother upgrading windows laptops as often…and hang on to them for 7 years because it is considerably cheaper to buy a new windows laptop than it is to buy a new Mac.
grim says:
December 2, 2016 at 11:44 am
My Macbook Pro is 2009 and still running fantastic. It’s a 2.26ghz Core2Duo with the 9400M graphics. Recently upgrade it to a 256gb SSD and 8gb ram, which complete transformed it. It’s feel as responsive as my i7 27″ iMac.
I wouldn’t get rid of it, it has a good 5 years left in it. In the Windows world, people don’t talk about 7 year old laptops like this.
BTW, upgrading to a SSD hard drive….night and day. We did it on a bunch of older laptops so we could keep using them for a few more years….HUGE performance difference because of the SSD alone.
Yes, SSD for sure
there are certain features available on a laptop that XBox does not offer……WTF I have no clue…..ask any 10 year old boy
grim says:
December 2, 2016 at 12:23 pm
I didnt even know that you could play xbox games on a laptop.
chicagofinance says:
Your comment is awaiting moderation.
December 2, 2016 at 1:14 pm
there are certain features available on a laptop that XB0x does not offer……WTF I have no clue…..ask any 10 year old boy
grim says:
December 2, 2016 at 12:23 pm
I didnt even know that you could play xbox games on a laptop.
chicagofinance says:
Your comment is awaiting moderation.
December 2, 2016 at 1:14 pm
there are certain features available on a laptop that XB0x does not offer……WTF I have no clue…..ask any 10 year old boy
grim says:
December 2, 2016 at 12:23 pm
I didnt even know that you could play xb0x games on a laptop.
Love the surface but I only use it as a PC. Tablets are for hipsters.
dfens, it’s also because the build quality is horrendous and they start to fall apart physically after 3 years. My work machine is a 3yr old Thinkpad X1 carbon, it cost as much as a macbook pro when purchased($2500). It is now missing the h key, the pointer doesn’t work and the hinge is coming loose. My 5 year old mac book pro is literally thrown by my daughter and besides some cosmetic damage it works flawlessly. Apple has made it’s share of flaky devices(ipads anyone, certain laptop models are)
Had an SSD in my ultrabook. Yes…it was awesome. Then the touchpad went and eventually the female socket for the power adaptor. Battery was nearly fried too. Lightning fast speed. Flaming turd quality. Should be ASUS’ motto.
We got the initial iPad 2 in early 2011. Thing has been running almost continuously by both of my kids for well over 5 years now. It weighs a ton, but the battery is still showing no sign of ill effects. The screen has been replaced twice though. 5 year-olds and heavy iPads are a poor match. I think it weighs a pound and a half. Current one is under a pound and probably half as thin.
There was a very attractive Black Friday deal on Surface 4. 256GB memory and 8GB RAM, along with an I7 processor I think. They included the keyboard cover which isn’t standard and dropped the price to $999. I didn’t pull the trigger as I am waiting to see if my company will pick up the tab in 2017, but I am kicking myself that I didn’t. It was a good $500 off previous list with the keyboard included adding anothert $150 in advertised value.
Now, the reviews on the Surface are mixed but I think it has more than enough power and memory for my intended use which is mostly professional (MS office suite, Argus, etc) and the weekend videos/netfilx watching. I will be pulling the trigger in 2017 as I haven’t seen a better table with keypad that will run standard Office in a capable way for me. The Mac just doesn’t tickle me as a PC user. Any other suggestions on an alternative to the Surface? Any experience with the factory refurbished models of Microsoft? Are they new like or a nightmare?
Dude…your getting a Dell!
Here’s a Friday afternoon throwback that the Dell mention triggered.
https://www.youtube.com/watch?v=9Bku7gXlkoo
“When you men get home and face an anti-war protester, look him in the eyes and shake his hand. Then, wink at his girlfriend, because she knows she’s dating a pussy”
― General James N. Mattis
“When you men get home and face an anti-war protester, look him in the eyes and shake his hand. Then, wink at his girlfriend, because she knows she’s dating a pu$$y”
― General James N. Mattis
Awesome thick-skinned quote.
Like I’ve been saying:
http://ritholtz.com/2016/12/state-small-business/
Who wouldn’t like this guy?
http://freebeacon.com/national-security/the-best-from-mad-dog-mattis/
grim – I have feet in all OS worlds, in fact I don’t have enough feet. At home (as in not traveling) I use almost exclusively Macs and iPads, but when traveling I use my Surface Pro more for “real work”. In fact, because I’m used to multiple monitors, I use some inexpensive Mac IOS software called iDisplay which lets me use my iPad as an extended PC display for my Surface pro. It works flawlessly so long as both devices are on the same WiFi network. So with just a Surface Pro and a Verizon iPad I have about the lightest two monitor mobile PC setup you can ask for. The Ameritrade ThinkorSwim trading platform is a good example. At home I run two big monitors off my Mac mini server. On the road I run the TOS platform on my Surface Pro with my iPad called to duty as an extended PC display.
I saw new Macbook Airs selling for sub $500 on black friday sales.
That and an iPad is hard to beat.
Surface? Ugh no way.
Do you have any major reason to locked into MS? If not, go Mac.
The Green Party officially distanced itself from Stein’s dogged pursuit of voter fraud claims, noting that Stein blurred the lines between the Green Party and the Democratic Party by only selecting states that Clinton could benefit from if the results were reversed.
“The decision to pursue a recount was not made in a democratic or a strategic way, nor did it respect the established decision making processes and structures of the Green Party of the United States (GPUS),” the official press release asserts. “The recount has created confusion about the relationship between the Green and Democratic parties because the states chosen for the recount are only states in which Hillary Clinton lost. There were close races in other states such as New Hampshire and Minnesota where Clinton won, but which were not part of the recount. And this recount does not address the disenfranchisement of voters; it recounts votes that were already counted rather than restoring the suffrage of voters who were prevented from voting.”
Read more: http://dailycaller.com/2016/11/30/judge-refuses-hand-recount-in-wisconsin-as-dems-back-away-from-steins-push/#ixzz4Ri58ATsf
BTW, a Surface Pro running Windows 10 isn’t even that bad of a tablet, but I’d never own one without the keyboard.
Many of the financial institutions in the NY Metro area are heavily invested in using Microsoft products now and will be in the future.
If your children wished to be employed by them someday…they should at least know Microsoft products…whether they are better than their competitors or not.
Bernie Sanders got a new Lake House and a boat from the Clintons, she wants one too.
The Green Party officially distanced itself from Stein’s dogged pursuit of voter fraud claims, noting that Stein blurred the lines between the Green Party and the Democratic Party by only selecting states that Clinton could benefit from if the results were reversed.
I think Jill Stein thinks she might have a shot at the Democratic nomination in 2020.
I rarely use a Mac at home except for my iPhone or for work. I use PC laptops mainly since the MS suite blows on the Mac and I am forced to use it frequently. Though, Google Drive is making some serious headway with their Docs and Sheets apps making platform compatibility moot.
I think the next Dem presidential nominee will be a black lesbian. Deblasio’s wife?
I think the next Dem presidential nominee will be a black lesb1an. Deblasio’s wife?
I think the monroes 80’s hit what do all the people know is one of the best songs of the 80’s. Just saying.
I second the Monroes….where is Trigger when you need them…
Grim,
That piece on the General is phenomenal!
I don’t follow, I run Office on my Macs and PCs.
Other than maybe the location of some menus and screen layout, it’s the same.
And, Mac has Helvetica by default.
The creative force behind Trigger passed away about 5 years ago. His widow is my client.
1987 Condo says:
December 2, 2016 at 2:41 pm
I second the Monroes….where is Trigger when you need them…
I agree, though you have to kind of know two sets of gestures, depending on the platform, which I’m fine with (tap and a half vs. three finger drag, CMD+c, vs. CTRL+c, for example). OTOH, BootCamp works great for loading Windows on your Mac in a separate partition, but there’s nothing that improves the experience of running Windows on a Mac like just plugging in a Dell wheel mouse and keyboard.
I don’t follow, I run Office on my Macs and PCs.
Other than maybe the location of some menus and screen layout, it’s the same.
And, Mac has Helvetica by default.
Expat summed it up perfectly for me – It’s all about the ability to bang out keyboard shortcuts on a PC, which I guess I am hearing is still possible on the Mac with a work-around. But for someone that was taught Office with the keyboard shortcuts as bible, I need to have my CTRL key handy, since I don’t even want to think or look at they mouse/drop down menus when I am driving through a workbook.
If a bunch of US based employees are using Microsoft products and really need their office shortcuts and proprietary macros and must run them on a Microsoft OS then really the best solution is to offshore all their dumb jobs.
Whoa…Christie gunning for the Chairman of the RNC?
Not a good move guys. Have you seen his approval ratings?
http://www.politico.com/blogs/donald-trump-administration/2016/12/chris-christie-rnc-chair-232065
Jill Stein finding 17 times as many votes for herself as Hillary:
http://dailycaller.com/2016/12/02/first-day-of-wisconsin-recount-nets-hillary-one-vote/
“I don’t follow, I run Office on my Macs and PCs.
Other than maybe the location of some menus and screen layout, it’s the same.”
Far from it. In my measly existence there are big differences with Visual Basic capabilities. ActiveX vs. Applescript when scripting. Huge one for me is the lack of ODBC connectivity on the Mac which I use frequently. Then there’s no Visio on the Mac. For basic stuff, they are the same. For automation, they are hugely different. Or I am just too much of a rookie.
Naw stuff gets hosed in that whole windows emulation mode or wtf it is.
I love my MAC and though they crap out like any machine the whole lighted keyboard thing is pretty much essential. I actually like the older unibody machines Pro Model Powerbook with all the ports AND the CD player/burner. Just me I guess.
Lib – I’m not a religious zealot when it comes to Mac/PCs/Linux/Unix. The limiting factor in using Mac hardware for business is more often than not lack of support remotely when specific VPNs are required. If you can overcome that obstacle the best mobile solution is a Mac because, as few people are aware, you can install a 64 bit Windows OS right on your Mac. Completely separate installations, completely separate disk partitions. Just reboot, hold down the option key and choose the OS you would like to boot. Your Intel Mac is now an Intel PC. I’ve been doing this since 2006 when I would run my Mac 90% of the time as a Windows NT native machine. If you are in sales and present to IT crowds, you gain a lot of street cred when you come in with your Macbook and boot it as a PC and make your presentation with the Apple Logo glowing on the back of the lid because half of those guys are PC haters, probably a little less so than now.
Essex – I haven’t done it in a while, but using Parallels you could use your Windows partition as a virtual machine from within the Mac OS, like if you just needed to do something quick from your PC, but you could also reboot and run a full strength PC with no Mac OS loaded whatsoever.
On my main desktop, a mac mini quad-core server, I am always a little afraid to reboot into Windows after a lot of time has gone buy. This is because I am usually so many Windows updates behind that I might not get my machine back for several hours. This happened with my Surface Pro over Thanksgiving as I hadn’t even turned it on since August. I just let it run all night making the updates.
This is absolutely true. I used to be able to run my Mac desktop for about 45 days continuously before rebooting, now I last about 15 days. I even have Activity Monitor and Terminal load on boot so I can keep it going as long as possible. I watch my memory and start closing stuff down (zero hedge is the worst) when I start getting close to exceeding physical memory. Safari is such a ridiculous memory leaker that you have to shut it down and run “sudo purge” to get most of your memory back.
I love my MAC and though they crap out like any machine
I was trying to remember what Rutgers did to comfort us in November of 1980 when Reagan was elected. I can remember seeing Deep Throat and some other p0rn movies for $1.00 in campus lecture halls like Scott Hall on main campus…maybe that’s how they got us through it?
Hands down best computer review I have ever read. Learned a lot. Good stuff.
It’s a beautiful thing.
“As for that that Standard & Poor’s 500 Index 4.1 percent annualized inflation-adjusted return. Yes, that may be accurate, but only if you omit dividends. Include them and the return jumps to 7.4 percent. “
LOL I’m using my using my Windows 10 Surface right now. I rebooted my Mac min server desktop as a Windows 7 machine and I apparently haven’t done that since May. It’ll be updating for a long time. So my Surface runs Windows 10, my main Mac Desktop runs Windows 7 as a 2nd OS and my wife’s Mac also runs Windows 10 as a second OS. Be bold my friends, don’t be a pumpkin all your life.
I can’t even figure out how to connect my hidden SSID to Win7 on my desktop, but I have about 3 others.
adrceq You made a few nice points there. I did a search on the theme and found nearly all people will have the same opinion with your blog.