Current Affairs

June 16, 2020

Spray Foam Decor

Designers and DIY’ers

We’ve seen an explosion of foam-covered designs across Instagram

You’ve likely seen a mirror covered in chunky spray foam in pastel pink or vivid orange on Instagram lately. Or maybe even an entire bench covered in it. As it turns out, spray-foam decor is becoming one of the biggest trends of the moment, and it’s also one of the easiest and most affordable things to try.

I first saw spray-foam mirrors from the Copenhagen-based designer Anna Thoma, who had been creating massive mirrors with dreamy pink foam lining the edges. (Abigail Campbell, who sells vintage furniture and recently began making foam mirrors, also first saw them on Anna’s account.) But sometime this spring, I also started seeing almost everyone I know with their own decadent foam mirror that they had DIY’ed. Small oval-shaped mirrors rimmed in pink foam, huge square ones covered in orange-hued foam, and others left in the natural off-white hue began framing lots of selfies in my feed.

“I came across a tutorial from Flex Mami and realized just how foolproof they were to DIY,” explains Abigail, who recently began selling the mirrors and donating proceeds to the Minnesota Freedom Fund, Reclaim the Block, Black Visions Collective, The Marsha P. Johnson Institute, Justice for Breonna Taylor, and The Okra Project.

“When I first posted my version of the DIY to stories, I was surprised to see a lot of people reaching out asking if I could make them one,” she says. “It didn’t occur to me that people wouldn’t want to make it themselves. When the Black Lives Matter protests began, related organizations and bailout funds were in desperate need of donations. Since I still had people requesting mirrors, it seemed like a no-brainer to continue foaming a little while longer but give all of the proceeds to the organizations in need the most.”

The fun thing about the foam trend is that you don’t have to be too precise and it’s super-affordable to DIY, yet it still looks like a very original, unique statement piece. Designers and DIY’ers alike have been putting their own touches on each piece too, like painting the foam in ombré hues. Gustaf Westman has even created foam-covered benches.

“I think the appeal was born out of the repopularization, due in large part to social media, of the Ultrafragola mirror and the desire to have a unique piece to frame your mirror selfies,” adds Abigail. “With the price tag coming in nearly 99 percent less than that of the Memphis design piece and people being stuck at home, it’s no surprise it’s been such a popular DIY as of late.”

If you want to give it a go yourself, you’ll just need a mirror (or a piece of furniture, if you’re feeling adventurous) and a can of spray foam, which can be found for under $10 at most home improvement stores. Make sure the area you’re working in is well-ventilated, with open windows. You should also wear protective gloves and a mask. Set up the area by placing the mirror under a large trash bag or tarp and then spray the edges of the mirror (you can test it on a piece of paper to decide how you want to apply) and let it cure for 24 hours. If you want to, you can also add some color with either spray paint or acrylic paint.

Of course, if you’d rather buy one from the experts, there’s no shortage of people making these mirrors. Anna Thoma may just be the originator of this style, but Jude Camden has also started making a variety of mirrors, and stools and Gustaf Westman’s foam benches are next level. So far, we’ve yet to see the trend pop up on the sites of mainstream retailers, but there are a variety of independent designers stocking them. In this case, Instagram is your best bet for finding tutorials and the designers who are making them.

https://www.architecturaldigest.com/story/spray-foam-decor-is-having-a-moment-among-designers-and-diyers?mbid=synd_yahoo_rss

June 12, 2020

Consumer Sentiment Rises

Preliminary Consumer Sentiment for June Easily Beats Expectations

Reopening Economy Fueling Employment Gains, In Turn Fueling Optimistic Consumer Sentiment

 

Ann Arbor, Mich. (PPD) — The Survey of Consumers preliminary reading on consumer sentiment rose from 72.3 in May to 78.9 in June, easily beating the consensus forecast. Forecasts for the headline index ranged from a low of 72.0 to a high of 78.0, and the consensus forecast was 75.0.

June (P) May (F) May (P) March May M-M Y-Y
2020 2020 2020 2020 2019 Change Change
Index of Consumer Sentiment 78.9 72.3 73.7 89.1 100.0 +9.1% -19.7%
Current Economic Conditions 87.8 82.3 83.0 103.7 110.0 +6.7% -21.5%
Index of Consumer Expectations 73.1 65.9 67.7 79.7 93.5 -10.9% -18.1%
Source: University of Michigan Survey of Consumers
F = Final | P = Preliminary

“Consumer sentiment posted its second monthly gain in early June, paced by gains in the outlook for personal finances and more favorable prospects for the national economy due to the reopening of the economy,” said Chief Economist for Surveys of Consumers, Richard Curtin. “The turnaround is largely due to renewed gains in employment, with more consumers expecting declines in the jobless rate than at any other time in the long history of the Michigan surveys.”

https://www.peoplespunditdaily.com/news/economy/2020/06/12/preliminary-consumer-sentiment-for-june-easily-beats-expectations/

June 12, 2020

Consumer Sentiment Rises

Preliminary Consumer Sentiment for June Easily Beats Expectations

Reopening Economy Fueling Employment Gains, In Turn Fueling Optimistic Consumer Sentiment

 

Ann Arbor, Mich. (PPD) — The Survey of Consumers preliminary reading on consumer sentiment rose from 72.3 in May to 78.9 in June, easily beating the consensus forecast. Forecasts for the headline index ranged from a low of 72.0 to a high of 78.0, and the consensus forecast was 75.0.

June (P) May (F) May (P) March May M-M Y-Y
2020 2020 2020 2020 2019 Change Change
Index of Consumer Sentiment 78.9 72.3 73.7 89.1 100.0 +9.1% -19.7%
Current Economic Conditions 87.8 82.3 83.0 103.7 110.0 +6.7% -21.5%
Index of Consumer Expectations 73.1 65.9 67.7 79.7 93.5 -10.9% -18.1%
Source: University of Michigan Survey of Consumers
F = Final | P = Preliminary

“Consumer sentiment posted its second monthly gain in early June, paced by gains in the outlook for personal finances and more favorable prospects for the national economy due to the reopening of the economy,” said Chief Economist for Surveys of Consumers, Richard Curtin. “The turnaround is largely due to renewed gains in employment, with more consumers expecting declines in the jobless rate than at any other time in the long history of the Michigan surveys.”

https://www.peoplespunditdaily.com/news/economy/2020/06/12/preliminary-consumer-sentiment-for-june-easily-beats-expectations/

June 10, 2020

Economic Overview

US, Canada; Spectacular Rebounds

Dan North | June 5, 2020

It’s hot

Recently here in Baltimore, the temperature is around 96° F, or 36° C, and in Toronto, it’s around 84° F, or 29° C, both much hotter than normal for this time of year.

And the US and Canadian economies were also running much, much hotter than could have ever been imagined a few months ago, posting stunning job gains compared to expectations of huge losses, and compared to even larger losses the previous month. It would appear that both economies have hit bottom and are on the rebound.

US

In the US, jobs rose a stunning +2.5 million jobs in May. It was literally stunning – the TV reporter I was watching had to stop, pause, squint, and re-read the number, with a “this can’t be right…  I must be reading this wrong” look on his face.  Economists and commentators had known that April was likely to have been the worst, but they were still expecting big job losses in May since many States were far from fully open. April job losses had set a record -21 million jobs so expectations were for a big improvement this month to a loss of only -8 million jobs. Instead, we got a massive gain of +2.5 million jobs, more than twice the previous record increase going back to 1939. The unemployment rate was equally stunning, actually falling from 14.7% to 13.3% versus much gloomier predictions of a sharp increase to 19.5%, which would have been the worst since the Great Depression.

The details of the report were superlative:

  • Job gains were widespread across almost all industries.
  • The biggest winner was leisure and hospitality which gained 1.2 million jobs, eight times the previous record vs. a loss of -7.5 million in April. Almost all of the gains in that sector came in restaurants and bars.
  • The labor force participation rate rose a very sharp +0.6% from 60.2% to 60.8% as the labor force grew by 1.7 million people, the second-largest increase ever.
  • The employment to population ratio rose an even more impressive 1.5% vs. the previous record of +1.0%, from 51.3% to 52.8%.
  • Average weekly hours worked rose a gargantuan +0.5 hours (previous record +0.2) to 34.7 hours, the highest on record.
  • Hourly wages fell -0.3% as workers in lower wage-earning jobs returned.

It’s no accident that the headline increase of +2.5 million very closely reflected the -2.7 million decrease in temporary layoffs. In other words, workers who had been laid off in the previous two months went right back to work in May, just as they thought they would. The data suggests that the idea the economy could just be simply be re-opened appears to have actually worked in May.

Canada

The Canadian economy posted an equally stunning performance in May, gaining +290k jobs vs. a consensus of a -500k loss. The gain came after two crushing months of losses. It was the largest increase on record, easily beating the previous record of +100k.  Quebec, which had opened several weeks before the other provinces, created the most jobs, +230k. All of the other provinces gained, and six set records. However, Ontario, which has been a bit slower to reopen, lost -64.5k jobs.

Job gains were widespread. The goods sector added +165k jobs, three times the previous record of +51k, while services piled on another +125k vs. the previous record of +89.3. On a more detailed level, big winners included manufacturing which added +79k (previous record +31k), construction which contributed +74k (previous record +41k), and accommodation and food services which piled on another +42k (previous record +31k).

Hours worked rose +6.3% m/m, twice the old record of +3.1%. The participation rate rose +1.6% (three times the old record) to 61.4%, while the employment rate rose 0.8% (vs. the previous record +0.5%) to 52.9%.  Even the increase in the unemployment rate from 13.0% to 13.7% was for the good reason that more Canadians who were out of work said they were now looking for jobs and hence are being counted as unemployed.

Let’s have some caution in our exuberance though.  The rapid turnaround in the jobs situation in May probably reflects the “low-hanging” fruit of workers who were anxious to return to their jobs, and who had jobs awaiting them. While next month may show another strong increase in jobs, further increases in the coming months and quarters are likely to evolve at a much slower pace. It will take until well after 2021 to get back to any semblance of “full employment”.

Finally, the COVID data, while not so encouraging worldwide, looks quite good in the US and Canada.

We have clearly bottomed out and in fact, we have made a sharp rebound about one month earlier than expected. And that is monumental, unabashed, definitive good news.
https://www.eulerhermes.com/en_US/resources-and-insights/economic-insights/us-canada-rebounds-june5.html?mkt_tok=eyJpIjoiTldaaU9Ua3pNbVUzTnpBMiIsInQiOiI1cVdpdldPd1g5ZlYrSjY2SG9xbmhtR0RQMys1RjhCcU90dHpZXC9zdmtCa3dVQlNjak1FMVpRSmUzbkhDNlo0VTFGa2Zaa3NyOHlsXC9hWFdTVjdXUW0zVFlPRWxGbmpUUUZGajFyQWNJcElIWm1KVVQzUlZaZ3gxNStUXC9nbU1hMiJ9

June 10, 2020

Economic Overview

US, Canada; Spectacular Rebounds

Dan North | June 5, 2020

It’s hot

Recently here in Baltimore, the temperature is around 96° F, or 36° C, and in Toronto, it’s around 84° F, or 29° C, both much hotter than normal for this time of year.

And the US and Canadian economies were also running much, much hotter than could have ever been imagined a few months ago, posting stunning job gains compared to expectations of huge losses, and compared to even larger losses the previous month. It would appear that both economies have hit bottom and are on the rebound.

US

In the US, jobs rose a stunning +2.5 million jobs in May. It was literally stunning – the TV reporter I was watching had to stop, pause, squint, and re-read the number, with a “this can’t be right…  I must be reading this wrong” look on his face.  Economists and commentators had known that April was likely to have been the worst, but they were still expecting big job losses in May since many States were far from fully open. April job losses had set a record -21 million jobs so expectations were for a big improvement this month to a loss of only -8 million jobs. Instead, we got a massive gain of +2.5 million jobs, more than twice the previous record increase going back to 1939. The unemployment rate was equally stunning, actually falling from 14.7% to 13.3% versus much gloomier predictions of a sharp increase to 19.5%, which would have been the worst since the Great Depression.

The details of the report were superlative:

  • Job gains were widespread across almost all industries.
  • The biggest winner was leisure and hospitality which gained 1.2 million jobs, eight times the previous record vs. a loss of -7.5 million in April. Almost all of the gains in that sector came in restaurants and bars.
  • The labor force participation rate rose a very sharp +0.6% from 60.2% to 60.8% as the labor force grew by 1.7 million people, the second-largest increase ever.
  • The employment to population ratio rose an even more impressive 1.5% vs. the previous record of +1.0%, from 51.3% to 52.8%.
  • Average weekly hours worked rose a gargantuan +0.5 hours (previous record +0.2) to 34.7 hours, the highest on record.
  • Hourly wages fell -0.3% as workers in lower wage-earning jobs returned.

It’s no accident that the headline increase of +2.5 million very closely reflected the -2.7 million decrease in temporary layoffs. In other words, workers who had been laid off in the previous two months went right back to work in May, just as they thought they would. The data suggests that the idea the economy could just be simply be re-opened appears to have actually worked in May.

Canada

The Canadian economy posted an equally stunning performance in May, gaining +290k jobs vs. a consensus of a -500k loss. The gain came after two crushing months of losses. It was the largest increase on record, easily beating the previous record of +100k.  Quebec, which had opened several weeks before the other provinces, created the most jobs, +230k. All of the other provinces gained, and six set records. However, Ontario, which has been a bit slower to reopen, lost -64.5k jobs.

Job gains were widespread. The goods sector added +165k jobs, three times the previous record of +51k, while services piled on another +125k vs. the previous record of +89.3. On a more detailed level, big winners included manufacturing which added +79k (previous record +31k), construction which contributed +74k (previous record +41k), and accommodation and food services which piled on another +42k (previous record +31k).

Hours worked rose +6.3% m/m, twice the old record of +3.1%. The participation rate rose +1.6% (three times the old record) to 61.4%, while the employment rate rose 0.8% (vs. the previous record +0.5%) to 52.9%.  Even the increase in the unemployment rate from 13.0% to 13.7% was for the good reason that more Canadians who were out of work said they were now looking for jobs and hence are being counted as unemployed.

Let’s have some caution in our exuberance though.  The rapid turnaround in the jobs situation in May probably reflects the “low-hanging” fruit of workers who were anxious to return to their jobs, and who had jobs awaiting them. While next month may show another strong increase in jobs, further increases in the coming months and quarters are likely to evolve at a much slower pace. It will take until well after 2021 to get back to any semblance of “full employment”.

Finally, the COVID data, while not so encouraging worldwide, looks quite good in the US and Canada.

We have clearly bottomed out and in fact, we have made a sharp rebound about one month earlier than expected. And that is monumental, unabashed, definitive good news.
https://www.eulerhermes.com/en_US/resources-and-insights/economic-insights/us-canada-rebounds-june5.html?mkt_tok=eyJpIjoiTldaaU9Ua3pNbVUzTnpBMiIsInQiOiI1cVdpdldPd1g5ZlYrSjY2SG9xbmhtR0RQMys1RjhCcU90dHpZXC9zdmtCa3dVQlNjak1FMVpRSmUzbkhDNlo0VTFGa2Zaa3NyOHlsXC9hWFdTVjdXUW0zVFlPRWxGbmpUUUZGajFyQWNJcElIWm1KVVQzUlZaZ3gxNStUXC9nbU1hMiJ9