Presumably because the police spent that 30 minutes putting on all sorts of bulletproof gear
American Economics Thread
- Thread starter Bernard
- Start date
Presumably because the police spent that 30 minutes putting on all sorts of bulletproof gear
SDF moderators now responding as fast as Chinese government to US provocations these days
#PressTheButtonXi
Sorry, new here, who's sleepystudent? Wanna learn from the 前車之鑑 so to speak.
A Stormfront trooper with Multiple Personality Disorder who paratroops into this forum with a new account every 2 months to raid us.
JimmyJohns used to run an ad that joked about getting there before the fire department....
Some facts about the American economy:
The BLS reported in June that there were 82 million employed men ages 16 to 64 and 21 million unemployed non-institutionalized men in that age group. My understanding is that the 82 million includes part-time jobs that likely include many college students.
The labor participation rate for men in the 1950s and 1960s averaged 85% and 80%, respectively (source: St. Louis Fed). It was 68% in June. People sometimes ignore turnout rates because they can think of a legitimate reason for the negative trend and fail to do the most basic arithmetic to determine what proportion of the change is driven by that legitimate reason. As a result, they dismiss even basic research for the potential insights that analytics can provide.
Labor participation seems to tend inversely to the numerical growth of statutes... just saying.
A recent survey found that a staggering 83% of all Americans have “cut personal expenses due to rising prices”.
Even Wall Street seems to have finally gotten the message that very difficult times are ahead.
Stock prices have plummeted in recent weeks, and this has resulted in nearly 3 trillion dollars being erased from retirement accounts in the United States.
The Dow Jones Industrial Average has dropped below the psychologically important barrier of 30,000 for the first time in over a year. If it cannot return to that level in the next trading sessions, many investors will really start to panic. The Dow is now down 19% from an all-time high.
The S&P 500 is down 24% from an all-time high
The Nasdaq is down 34% from an all-time high. Just think about it for a moment, 1/3 of the Nasdaq's value has already been liquidated.
We have witnessed the fastest rise in mortgage rates since 1987. Needless to say, this will absolutely devastate the housing market.
The highest percentage of sellers ever recorded reduced the list price of their homes during the four-week period ending June 12
In some parts of the country, house prices have already dropped by as much as 20%. By the way, all the data here is from this blog.
even-higher.html
Compared to the same period last year, the total number of new mortgage applications dropped by 52.7%.
In May, US home construction dropped 14.4%
Again in May, the number of permits for building new homes dropped by 7%
59% of US manufacturers believe a recession is coming
A survey just released found that 35% of all small business owners in the US "couldn't pay their rent in full or on time in June."
A different survey found that 51% of all small business owners in the US believe that rising prices could “force them to close their business within the next six months”.
It is being reported that 45% of all small businesses in the US have already decided to freeze hiring new workers.
Sales of old homes dropped 5.4% during the month of June. This is now the fifth month in a row that we have seen a decline.
In three-quarters of the metro areas that Redfin tracks, at least 25% of home sellers lowered their asking price during the month of June.
Blackstone has set up a $50 billion war chest so it can scoop up depressed real estate across the country after home prices plummeted in the coming months.
The number of Americans applying for unemployment benefits rose to an eight-month high.
A recent survey found that 58% of all Americans live paycheck to paycheck. So when the toughest times come like the news above and many start losing their jobs, many of them will be in financial trouble very quickly.
Job postings for software development jobs are down more than 12% in the last four weeks.
The Conference Board's index of key economic indicators has fallen for four straight months.
US consumers are certainly not hopeful about the future at this point. US consumer confidence has dropped to the lowest level on record.
The S&P Global Flash US PMI Composite Output Index turned negative for the first time since the last recession.
The Philadelphia Fed's latest manufacturing index number came in at -12.3%, and that was far worse than most experts expected. Any reading below zero indicates contraction, and it goes without saying that this reading was well below zero.
Inflation remains out of control even as US economic activity slows significantly. Believe it or not, the average price of a used vehicle in the United States has now risen to $33,341.
The BLS reported in June that there were 82 million employed men ages 16 to 64 and 21 million unemployed non-institutionalized men in that age group. My understanding is that the 82 million includes part-time jobs that likely include many college students.
The labor participation rate for men in the 1950s and 1960s averaged 85% and 80%, respectively (source: St. Louis Fed). It was 68% in June. People sometimes ignore turnout rates because they can think of a legitimate reason for the negative trend and fail to do the most basic arithmetic to determine what proportion of the change is driven by that legitimate reason. As a result, they dismiss even basic research for the potential insights that analytics can provide.
Labor participation seems to tend inversely to the numerical growth of statutes... just saying.
A recent survey found that a staggering 83% of all Americans have “cut personal expenses due to rising prices”.
Even Wall Street seems to have finally gotten the message that very difficult times are ahead.
Stock prices have plummeted in recent weeks, and this has resulted in nearly 3 trillion dollars being erased from retirement accounts in the United States.
The Dow Jones Industrial Average has dropped below the psychologically important barrier of 30,000 for the first time in over a year. If it cannot return to that level in the next trading sessions, many investors will really start to panic. The Dow is now down 19% from an all-time high.
The S&P 500 is down 24% from an all-time high
The Nasdaq is down 34% from an all-time high. Just think about it for a moment, 1/3 of the Nasdaq's value has already been liquidated.
We have witnessed the fastest rise in mortgage rates since 1987. Needless to say, this will absolutely devastate the housing market.
The highest percentage of sellers ever recorded reduced the list price of their homes during the four-week period ending June 12
In some parts of the country, house prices have already dropped by as much as 20%. By the way, all the data here is from this blog.
even-higher.html
Compared to the same period last year, the total number of new mortgage applications dropped by 52.7%.
In May, US home construction dropped 14.4%
Again in May, the number of permits for building new homes dropped by 7%
59% of US manufacturers believe a recession is coming
A survey just released found that 35% of all small business owners in the US "couldn't pay their rent in full or on time in June."
A different survey found that 51% of all small business owners in the US believe that rising prices could “force them to close their business within the next six months”.
It is being reported that 45% of all small businesses in the US have already decided to freeze hiring new workers.
Sales of old homes dropped 5.4% during the month of June. This is now the fifth month in a row that we have seen a decline.
In three-quarters of the metro areas that Redfin tracks, at least 25% of home sellers lowered their asking price during the month of June.
Blackstone has set up a $50 billion war chest so it can scoop up depressed real estate across the country after home prices plummeted in the coming months.
The number of Americans applying for unemployment benefits rose to an eight-month high.
A recent survey found that 58% of all Americans live paycheck to paycheck. So when the toughest times come like the news above and many start losing their jobs, many of them will be in financial trouble very quickly.
Job postings for software development jobs are down more than 12% in the last four weeks.
The Conference Board's index of key economic indicators has fallen for four straight months.
US consumers are certainly not hopeful about the future at this point. US consumer confidence has dropped to the lowest level on record.
The S&P Global Flash US PMI Composite Output Index turned negative for the first time since the last recession.
The Philadelphia Fed's latest manufacturing index number came in at -12.3%, and that was far worse than most experts expected. Any reading below zero indicates contraction, and it goes without saying that this reading was well below zero.
Inflation remains out of control even as US economic activity slows significantly. Believe it or not, the average price of a used vehicle in the United States has now risen to $33,341.
Big Tech is bracing for an economic recession and an uncertain future. That, in turn, is triggering more economic angst.
The biggest tech firms, most of whom report quarterly earnings next week, have offered recent hints they are hunkering down. News of layoffs and hiring slowdowns have become commonplace across Silicon Valley. Start-ups are saying capital is drying up. Workers are being put on notice that businesses are changing.
I don't remember seeing so much pessimism in Silicon Valley.
No one in the US expected to see a huge surge in demand at food banks across the country by the end of the summer. But according to ABC News, this is happening.
Speaking of inflation, the way inflation is calculated today is very different from the way it was calculated in the 1980s. If the way inflation is calculated hadn't changed, the official inflation rate would be much higher now. If you think that inflation is the reliable metric that tells us how the price variation in the US economy is behaving, I'm sorry to inform you that this is just an illusion, the index is completely arbitrary.
There is a lot of discussion around raising the American salary. What is happening is the nominal wage increase, we need to analyze the REAL wage increase to be sure that there will be a consequent increase in purchasing power.
Although the Biden administration touts nominal wage increases, inflation is weakening Americans' purchasing power, even when one does not account for the rising prices of everyday items.
“The average worker has lost the equivalent of almost $3,400 in annual income since Biden took office,” Antoni explained.
Actual average hourly earnings decreased 3.6% from June 2021 to June 2022, according to recent Bureau of Labor Statistics (BLS) numbers. The change in real average hourly earnings combined with a decrease of 0.9% in the average workweek resulted in a 4.4% decrease in real average weekly earnings over this period.
“This is catastrophic, $3,400 is some people’s food budgets for a year,” Antoni continued
On job creation, the current rate is still lower than the pre-pandemic rate. Job creation is even relatively good news, but all because American workers are no longer staying home to work and American labor flexibility helps a lot in this regard. But not everything is being this bed of roses as indicated.
The pace of layoffs is really starting to pick up and this is especially true in the tech industry.
Even Facebook is looking to thin the ranks of hires:
It's Happening: Here Is A List Of 11 Big Companies That Have Announced Layoffs Within The Last 2 Weeks
#1 Ultratec Inc. says that it will be laying off more than 600 workers.
#2 Electric truck maker Rivian will be laying off approximately 840 workers.
#3 7-Eleven has announced that it will be eliminating 880 corporate jobs.
#4 Shopify is laying off about 1,000 people.
#5 Vimeo says that it will be eliminating 6 percent of its current workforce.
#6 Redfin will be reducing the size of its workforce by 8 percent.
#7 Compass will be reducing the size of its workforce by 10 percent.
#8 RE/MAX will be reducing the size of its workforce by 17 percent.
#9 Robinhood will be reducing the size of its workforce by 23 percent.
#10 It is being reported that Ford “is preparing to cut as many as 8,000 jobs in the coming weeks”.
#11 Geico has closed every single one of their offices in the state of California, and that will result in vast numbers of workers losing their jobs…
On top of everything else, Amazon has announced that it has reduced the size of its workforce by approximately 100,000 workers in just one quarter…
This is way worse than 2008, except China isnt going to save or help US this time and in fact China is about to do the opposite and inflict more pain, and unlike 2008 US cannot just print more stimmy to solve the problem this time in terms of either masking the symptoms or kicking the can down the road, and most importantly unlike back in 2008, US cannot resort to shale, fracking, and other options of last resort to temporarily boost its internal EROEI, whilsts the population is already far more divided and less cohesive than compared to the late 2010....all the cards have been played, the margins all used up and gone, and everything tapped out, sometimes literally, (we still have the fallout of all those ditches dug in our town during the great recession of 08 in which they siphoned out the last remaining usable hydrocarbon deposits underground from our towns to recover economically )
This is the inflection point of America's final plunge and downfall... Biden was right in saying its not a technical recession, because its the actual end
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Are you american?
Im "Chinese American" with currently a US passport (100% Han Chinese from Mainland) who migrated to US at age 5 following my parents who came to Texas to chase the American dream and I have lived in Dallas area ever since....