Five interesting things that Hodges Capital research analysts discovered this week...

Buybacks: In the three months leading to June, S&P 500 companies spent just $175B on share buybacks, a 20% tumble compared with the year before, according to preliminary S&P data reported by the Financial Times, the lowest amount since the early days of the pandemic.

Hawaii: Per Hedgeye, visitation is starting to come back and has recovered from -70% to -50% on a rolling 7-day basis.

E-commerce: The National Bureau of Statistics recently reported 9.5% cumulative y/y growth for online retail sales for January-August 2023. Also, January-August 2023 online sales accounted for 26.4% of total retail sales.

DFW Office Employment: According to Yardi Systems, Dallas has added nearly 60,000 office jobs in the last 12 months, double the amount added in second place Boston, and has accounted for 15% of all office jobs added during that timeframe nationwide.

Fiscal Trends: The federal government has run a budget deficit every year from 1980 to 2022, except from 1998 to 2001, contributing to a national debt of $30.9 trillion in 2022, according to USAFacts.

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