Nothing that was posted on this thread disproves the indications that the economy is doing well.
THE GOOD
Job market looks strong.
Unemployment is relatively low.
THE BAD
Inflation is sky high.
Interest rates are soaring.
THE UGLY
Bidenomics
However...
If you have a job it’s easier (I said EASIER NOT EASY) to pay for expensive items
If you are not happening to be borrowing money, high interest rates don’t affect you very much.
It’s been years — Dec 2020 — since the USA lost jobs in a given month.
I’m not saying the economy is great.
But I’d like to see something beyond an unsupported headline to back up the statement that it’s lousy.
Re: 8 - good post, thanks.
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"US Stocks Shed after JOLTS Report
Wall Street tanked in a broad sell-off on Tuesday, after hotter-than-expected JOLTS report dashed investor’s risk appetite over worries that the Federal Reserve's funds rate will remain high for longer. The Dow Jones sank 430 points, erasing its gain for the year, and the Nasdaq slammed 1.9%. Meanwhile, the S&P 500 plunged to the lowest level since June, losing 1.4%. Adding to the pressure were the Treasury yields that resumed their rally hitting multi-year highs. On the sector front, consumer discretionary was the biggest laggard, followed by financials, real estate and technology. Megacap growth stocks were also under pressure, as Microsoft and Amazon lost 2.6% and 3.7%, respectively and Tesla slipped 2%. Also, Airbnb fell 6.5% after news mentioning Keybanc had downgraded the stock to "sector weight". On the other hand, HP gained 1.7% after being double upgraded by Bank of America to buy from underperform.
US Futures Flat After Sharp Selloff
US stock futures were little changed on Wednesday after a sharp selloff in the last session. In regular trading on Tuesday, the Dow fell 1.29% and turned negative for the year. The S&P 500 and Nasdaq Composite also dropped 1.37% and 1.87%, respectively, with ten out of the 11 S&P sectors ending lower led to the downside by consumer discretionary, real estate and technology. Those losses came after the JOLTS job opening report came in stronger-than-expected, supporting views that the Federal Reserve will keep interest rates elevated for an extended period. Rallying Treasury yields also continued to pressure equities, with the benchmark 10-year US yield marching toward a 16-year high of 4.8%. Sharp losses were seen from mega-cap technology names such as Tesla (-2%), Nvidia (-2.8%), Amazon (-3.7%), Microsoft (-2.6%) and Meta Platforms (-1.9%).
US Crude Oil Inventories Fall More than Expected:
United States API Crude Oil Stock Change
Stocks of crude oil in the US dropped by 4.21 million barrels in the week that ended September 29th, 2023, following a 1.586 million barrels increase in the previous week, data from the API's Weekly Statistical Bulletin showed. It marked the sixth weekly draw in US Crude Oil Inventories in the last eight weeks, while analysts expected a decline of 92 thousand barrels.
US 10-Year Treasury Yield Touches 4.75%
United States Government Bond 10Y
Long-term Treasury securities remained under selling pressure on Tuesday, with the yield on the 10-year note touching 4.75% and that on the 30-year bond advancing past the 4.8% mark, both at 2007 highs. The selloff for long-dated debt continued as strong economic data underscored the resilience of the US economy to high borrowing costs, strengthening worries that the Federal Reserve will be forced to leave interest rates elevated for a longer period to tame inflation. Data from the JOLTs showed job openings were at 9.6 million in August, well above estimates of 8.8 million to extend tightness in the labor market. Additionally, the latest ISM PMI pointed to a rebound in production in the manufacturing sector. The data prompted Fed policymakers Bowman and Mester to flag the possibility of another rate hike this year, while Bostic warned that the funds rate will need to remain at the terminal level for a long period before any rate cuts.
The IBD/TIPP Economic Optimism Index plummeted to 36.3 in October 2023, compared to September's 43.2 and well below market forecasts of 41.6. It was the 26th consecutive month in which the reading stayed in pessimistic territory, hitting its lowest point since August 2011, amid growing concerns about the effects of a prolonged period of elevated interest rates on the US economy. The six-month economic outlook index cratered 9.6 points to 28.7, a record low since the survey began in early 2001; and the personal finances subindex slid 6 points to 46.8, returning to pessimistic territory. Meanwhile, the IBD/TIPP Financial-Related Stress Index jumped 2.4 points to 70.5, the highest level since December 2008, when the country was mired in a recession. At the same time, the gauge of support for federal economic policies plunged 5.1 points to a still-dismal 33.5, a nine-year low.
Real wages are down substantially, prices for necessities have risen dramatically. Having jobs available is nice but does not make for a good economy at this time. People are suffering. It is estimated that 57% of the population have less than $1,000 in savings.
The problem is that real wages have dropped significantly.
I believe the total for the Bidet years is nominal wages up 12%, inflation up about 16%, real wages down net 4%.