Campbell Soup’s third-quarter profits beat analysts’ expectations as sales of snacks and packaged meals countered reduced spending in other categories by budget-minded shoppers.
Category: TRENDS ON THE U.S. ECONOMIC FRONT – Dec 12 2023
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USE OF ONLINE LAYAWAY PLANS UP 17 PERCENT THIS YEAR
Online shoppers’ use of layaway or “buy now pay later” plans (BNPL) has jumped 17 percent since 1 November to a record $10.1 billion as household savings have fallen below pre-COVID levels, the Financial Times reported.
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DEMOCRATS IN CONGRESS DECLARE WAR ON PRIVATE EQUITY HOME LANDLORDS
Democrats in the U.S. House of Representatives have introduced a bill titled “The American Neighborhoods Protection Act.” It would require private equity groups owning 75 single-family homes or more to pay an annual fee of $10,000 per house. The money would sustain a fund that would help U.S. households make down payments on homes.
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CONSUMERS GLOOM IS LIFTING, MICHIGAN SURVEY FINDS
Consumers now see a sunnier economic future than they did in October and November, according to the closely watched University of Michigan monthly survey of consumer sentiment.
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AVAILABLE JOBS IN OCTOBER WERE FEWEST SINCE 2021
In October, there were fewer jobs available than at any time since early 2021, Bloomberg reported.
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U.S. ECONOMY GROWS 199,000 NEW JOBS IN NOVEMBER
American businesses took on 199,000 new workers last month, a figure reflecting the return to work by auto workers after strikes were settled, the Bureau of Labor Statistics (BLS) reported.
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SPECULATORS BET ON BITCOIN’S RETURN
Crypto fans are betting cryptocurrencies’ troubles are fading now that the U.S. has clamped down on Binance and shut down FTX, two high-flying crypto trading platforms, and successfully prosecuted Changpeng Zhao and Sam Bankman-Fried, their respective CEOs.
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RATE CUTS WILL BEGIN LATER THAN MARKETS THINK, ECONOMISTS SAY
Speculators in interest rate futures are betting that the U.S. Federal Reserve will begin paring back its interest rates before summer; many are wagering that the cuts will begin in March.
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ECONOMIC UPDATE – MARKET OVERVIEW
Gregory Mannarino got it right. In his article this week he states that “Currently every single forward-looking economic indicator is pointing towards dramatically worsening economic conditions moving forward, and this IS good news for the stock market. While it may seem or even sound counterintuitive, in today’s environment the faster the economy craters the higher the stock market will go.”