American Economics Thread

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GodRektsNoobs

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luminary said:
EV just isn't culturally desired in the US.

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Wall Street Journal
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That's simply not true, or at least inaccurate. I stopped by a VW dealership yesterday, and they only had 1 EV in the showroom, an ID.4 Pro AWD which they are selling for $65,900. That's after an nearly $10,000 dealership markup from MSRP. And on top of that, it is the only trim that is actually available. The 2 lower trims, while already overpriced to start with, were "sold out" right after launch and was never restocked for the rest of the year.

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Meanwhile, the exact same car in China has dealership price of ¥142,900, which translates to $26,937. And that's the price which you can pick it up directly from dealership. I've been people haggling it down to ¥130K (~$24,500). Car companies in Canada are selling EVs at ridiculous markups and wondering why people aren't buying. It's exactly the same situation in US, I imagine. People won't buy something that's a bad deal. It has nothing to do with "culture."

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martinwagner

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is cutting 716 jobs and will begin phasing out its local jobs app in China. In a
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today, LinkedIn CEO Ryan Roslansky said the decision to shutter the standalone China app, called InCareer, was because of “fierce competition and a challenging macroeconomic climate.”

While reducing some roles, LinkedIn, which is owned by Microsoft and has
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, also plans to open about 250 new jobs in some segments of its operations, and new business and accounting management teams on May 15.

LinkedIn is the
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, ranging in size from Google and Amazon to startups, to announce layoffs. Its parent company, Microsoft,
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, in January.


InCareer was launched in December 2021, a couple months after LinkedIn
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. At that time, it
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the decision to shutter LinkedIn China to “a significantly more challenging operating environment and greater compliance requirements.”

InCareer was
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network, find and apply for jobs, but it was up against competitors like
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, the dominant professional networking site in the country with over 120 million users, according to its website. Maimai’s
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include the ability to share posts anonymously, which makes it a popular destination for workers seeking to vent or find information about their companies.

LinkedIn plans to finish phasing out InCareer by August 9, while shifting its China strategy to help companies operating in China hire, market and train abroad. This means it will continue to have Talent, Marketing and Learning businesses in China.

Laid off employees who are covered by U.S. benefits will get severance pay, continuing health coverage and career transition services, while employees outside the U.S. will get benefits that align with local labor laws and practices.
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I can't stand this cringey, in-your-face virtual signaling bloated app. Good to see them leaving China with their tail between the legs. China doesn't need that kind of cancer, like the rest of the social media garbage from the US.
 
S

Stierlitz

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Retail sales in the US advanced 0.7% mom in September 2023, following an upwardly revised 0.8% rise in August and beating forecasts of a 0.3% advance. The data continues to point to robust consumer spending despite high prices and borrowing costs. Sales at miscellaneous store retailers recorded the biggest increase (3%), followed by nonstore retailers (1.1%), motor vehicles and parts dealers (1%) and gasoline stations (0.9%). Retail sales are not adjusted for inflation. Other increases were also seen in sales at food services & drinking places (0.9%); health & personal care stores (0.8%); food & beverage stores (0.4%); and general merchandise stores (0.4%). On the other hand, sales were flat at furniture stores and sporting goods, hobby, musical instrument, & book stores and fell for electronics & appliances (-0.8%); clothing stores (-0.8%) and building material & garden equipment (-0.2%). Excluding autos, gas, building materials and food services, retail sales rose a robust 0.6%.

source: U.S. Census Bureau

___________________________________

Industrial production in the US went up 0.3% mom in September 2023, beating expectations of a flat reading. Manufacturing output, which accounts for 78% of total production, rose 0.4%, above forecasts of a 0.1% increase, after a 0.1% fall in the previous month. Also, mining output advanced by 0.4%, extending gains for the fourth consecutive month while utilities dropped by 0.3%. Among manufacturing, motor vehicles and parts moved up only 0.3%, as motor vehicle assemblies were held down by the ongoing strike against three automakers. Meanwhile, gains of 1% or more were recorded by wood products, primary metals, and plastics and rubber products. On the other hand, apparel and leather as well as printing and support declined by more than 1%. Capacity utilization moved up 0.2 percentage points to 79.7%, a rate that is equal to its long-run (1972–2022) average. Considering Q3, industrial output advanced 2.5% from a year earlier.

source: Federal Reserve
 
K

KYli

Brigadier
Not sure how the US can keep borrowing forever. Basically, after the end of pandemic spending, the spending should have fallen much faster and deeper. In addition, revenue is down almost 10% which points to a very weak economy even though inflation is climbing but GDP number grows much faster than expected even though electricity usage is down.
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The shortfall for the fiscal year that ended Sept. 30 was $1.7 trillion, equivalent to 6.3% of gross domestic product, according to US Treasury data released Friday. That’s the third-largest on record and compares with $1.38 trillion in the prior 12 months, or 5.4% of GDP.

Excluding the accounting effects of President Joe Biden’s plan for student-loan forgiveness, which was struck down by the Supreme Court, the widening of the deficit was much more pronounced: it effectively doubled, to about $2 trillion.

Overall, spending dropped 2.2% from the prior year to $6.13 trillion, about 22.8% of GDP.

The weighted average interest rate for total outstanding debt by the end of September was 2.97%, the highest since 2011 and up from 2.07% a year before, Treasury data show. That could rise further, as yields on Treasury securities have jumped in recent weeks to the highest in more than 15 years.

Revenue for the fiscal year slid by 9.3% to $4.44 trillion, equivalent to about 16.5% of GDP, down from 19.3%. One major reason: A surging stock market prior to 2022 boosted capital gains revenues in the previous year, leading to a relatively worse tax take this year.
 
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