The Consumer Price Index (CPI) decreased by 1.5 percent in August from its level a year ago, according to data released this month by the U.S. Bureau of Labor Statistics. This was the sixth month in the “deflation” zone. Despite some increases in previous months, energy prices dropped 23 percent from their level a year ago, and this accounts for most of the downturn in the overall CPI.

Joint tenancy is a manner of co-ownership of property. At the death of one joint owner, full ownership automatically passes to the surviving joint tenant or tenants. Many people own property jointly as a simple way of avoiding probate. But the risks presented by joint tenancies can often be way too high.

August automobile sales were the best of the year, thanks to the Cash for Clunkers boom. But the rush of customers is fading away. Total sales are running toward 10.5 million for 2009, down from 13 million last year, 16 million the year before, and 16.5 million-17+ million for the other years since 1999. Despite the clunker sales, this year is a disaster, the worst sales year in modern times.

Payroll employment has fallen by 6.9 million net jobs, or 5 percent, since the recession began in December 2007. That sharp decline is much worse than the average employment loss during a recession.

In the current issue of AIER’s Research Reports, Philip Murray explains how inflation-protected Treasury bonds work. The Series I bond (or “I Bond”) provides an inflation-proof version of the old-fashioned U.S. government Savings Bond.

Professor Murray also shows how I Bonds compare to TIPS (Treasury Inflation-Protected Securities). Each investment offers a way to protect the investor from price inflation. Beyond that point in common, the details  (and yields) differ between the two inflation-protected instruments.

Over the next 10 years, federal spending is projected to remain at historically high levels, revenues are projected to rise from their current post-World War II lows to near postwar highs, and ongoing federal deficits are projected to add $10 trillion to the federal debt. This according to the latest analysis from White House’s Office of Management and Budget.

As summer winds down, around eight million American households will turn to heating oil to stay warm this winter. The price to fill their first tank is much lower than it was last year.

Choosing the right college isn’t just about professors and classes. Conversations in coffee houses, performances in concert halls, and opportunities for corporate internships also contribute to education. That’s why AIER’s latest publication, the College Destinations Index: 2009-10 Edition assesses a location’s broader learning environment.

The index begins by subdividing more than 360 metropolitan statistical areas into four tiers based on population size. We then rank the top scoring destinations in each tier according to 12 measures that range from student concentration to entrepreneurial opportunities.

Electronic medical records could save the health care system from $30-$80 billion a year. But there are significant obstacles that currently prevent medical information from being securely distributed in a digital form. In the September 7 Research Reports, Visiting Research Fellow Craig Richardson analyzes these impediments and proposes an incentive-based digital system that could improve the flow of medical information at relatively low cost.

Richardson, at left, is an associate professor of economics at Winston-Salem State University. He specializes in the economics of everyday life. In addition to health care, his research interest address the economics of the Internet, environmental issues, and economics in Zimbabwe.

This summer. he spoke during the 53rd annual session of AIER's Summer Fellowship program about Electronic Medical Records and the Massachusetts Healthcare Plan as a Model for the Obama Administration's Healthcare Proposal. Following his presentation, Walker Todd, director of the Summer Fellowship, interviewed him about his work. Click here to listen to Craig Richardson's interview (6 minutes). Click here to read the transcript.

Most of the AIER primary leading indicators posted an increase in the latest data. Continued growth in many of the series prompted us to upgrade the cyclical status of six out of the 12 leaders: the index of manufacturers' prices, new orders for core capital goods, new housing permits, the index of common stock prices, average workweek in manufacturing, and initial claims for state unemployment insurance. New life in these series suggest that there may be some improvements in manufacturing and that the downward spiral in the labor market may be coming to an end.