🇺🇸 Goldman Sachs puts the AI adoption rate at 9.2% of economy wide. However, Stephen Byrd of Morgan Stanley reports that it may take significantly longer to see the dividends of the new technology:

"AI impacts may take longer to appear in economic data," with the first real signs not expected until "later this decade and into the next."

🎨 CHART WATCH 🎨

🇲🇽 🇺🇸🇨🇴🇨🇳 China is Mexico’s fastest growing immigration group. Americans still lead overall, followed by Colombians. Cuba lands 4th.

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🇺🇳 NATO Defense Spending As A Percent of GDP

Poland and the Baltic states lead the way. Together with Norway, America, and Denmark, they make up the top seven above 3% of GDP (Poland is up to 4.5%).

Half of the countries are only meeting the original 2%, and eight of those just reached compliance with the old standard this year.

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🇷🇺 🇪🇺🇺🇸 This would be the same Europe with the wild, bellicose rhetoric and the obstinate insistence on Ukrainians continuing to fight (even though the Ukrainians want out).

Note the 2022 halving of European trade with Russia coincides with the doubling of European trade with Central Asia. Recall they’re buying Russian oil through India & Turkey (and a bit straight from Russia). Recall they’re still buying about 20% of their natural gas directly from Russia; in fact, they’re the top buyer of Russian LNG & pipeline gas (which aren’t even sanctioned, by the way) by a mile…

I don’t have a problem with any of this, but they should cut the crap.

⚡️ CHART WATCH ⚡️

🇨🇭 🇯🇵 The Swiss Franc is up 66% against the Japanese Yen since the start of 2020…

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🇷🇺🇩🇪🇫🇷🇬🇧🇮🇹 European GDPs, adjusted for purchasing power parity in “international dollars.”

A PPP-adjusted “international dollar” buys in each country what $1 buys in America.

The European economy totals $44 trillion in such dollars, and while Western Europe is a large nominal proportion, accounting for purchasing power results in Eastern Europe significantly excelling both Western & Northern Europe.

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🇺🇸 Checking in on the Jobs-Workers Gap.

We are officially under zero, meaning there are fewer jobs than unemployed people…

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🇺🇸 This is the annual median salary of American wage & salary workers over 25 by education level.

At the top end, professional degree holders in the U.S. have a median annual salary of $122.9K, closely followed by doctoral degree holders at $118.5K. Earnings drop off significantly from there, with master's degree holders making nearly $23K less than those with doctoral degrees at $95.7K.

A similarly big difference is between those with a bachelor's degree and those without. Having a bachelor's degree sees a median salary of $80.2K, while just an associate degree has a median salary of $57.2K.

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🇪🇸 🇮🇹🇫🇷🇩🇪 In the the Eurozone, Spain is way out in front of the other large economies. In fact, it has been outperforming for most of the last year & a half.

Here’s Spain beating the back in manufacturing PMI.

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🇮🇱🇵🇸 This is the number of hostages held by the Israeli government and Gaza “government” respectively.

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💰 Bitcoin has dropped $3,000 in price over the past 5 hours.

It is still above the horizontal support at $108.5-$109.5.

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🌎 2nd Quarter GDP growth rates by nation.

Denmark, Croatia, and Romania are leading with rates of 1.2% or greater in the first case.

Italy (-0.1%), Germany (-0.3%), and Finland (-0.4%) are negative.

🇩🇰 CHART WATCH 🇫🇮

🇺🇸 Employees on Nonfarm Payrolls: Total Month-over-Month Net Change (seasonally adjusted)…

Note: the Birth-Death Model put in heavy work on this one, reversing a 74K decline to a 96K gain. The malfeasance in government statistics offices knows no bounds.

🔺️ CHART WATCH 🔺️

🌎 Where Remittance Exceed Top Export Revenue (Africa)

In other words: where the people exported send more money home to a country than the amount exported goods & services can muster for that country.

Gambia is way out in the lead with a multiple of 36.1X.

💰 CHART WATCH 💰

🇺🇸 We’ve got fresh polling on the New York mayoral race, courtesy of Tulchin Research…

Democratic socialist Zohran Mamdani still leads a 4-man 5-man race with 42%. Disgraced ex-governor Cuomo would be the closest at 26%, followed by Republican Curtis Sliwa with 17%.

The current mayor of New York, Eric Adams, is polling only 9%. He is being discussed for an ambassadorship to Saudi Arabia (likely to get him out of Cuomo’s way).

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