Hundreds of thousands of American homeowners find they owe far more on their homes than the homes are worth. More than a million others face a huge leap in interest rates on their adjustable-rate mortgages.
Category: TRENDS ON THE U.S. ECONOMIC FRONT – June 4 2024
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CONSUMER BLUES: KOHL’S REPORTS WEAKER SALES
The Kohl’s department store chain reported sales fell 4.4 percent in its most recent quarter, a decline 10 times worse than analysts had forecast.
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HOME PRICES ROSE 6.5 PERCENT IN MARCH, YEAR ON YEAR
U.S. mortgage interest rates slipped lower in March, boosting demand for the relatively small number of homes for sale.
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PENDING HOME SALES FALL TO THEIR FEWEST IN FOUR YEARS
In April, the number of signed contracts for the purchase of existing homes fell 7.7 percent compared to March, plunging to its lowest volume since April 2020 at the beginning of the COVID War, the National Association of Realtors (NAR) reported.
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ECONOMIC SLOWDOWN: U.S. DIESEL DEMAND LOWEST SINCE 1998
In March, U.S. demand for diesel fuel fell to 3.67 million barrels a day, its lowest level in 26 years as the economy continued to slow, the U.S. Energy Information Administration reported.
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HAPPY DAYS NOT HERE AGAIN. GDP REVISED DOWN
The U.S. GDP grew 1.3 percent in this year’s first quarter, not the 1.6 percent in an earlier flash estimate, the Commerce Department said last week. It is the lowest growth rate since the second quarter of 2022.
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DRAGFLATION: GDP GOING DOWN, REAL INFLATION STILL HIGH
The U.S. inflation rate in April stayed at its March level of 2.7 percent, the Commerce Department reported last week.
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ECONOMIC UPDATE – MARKET OVERVIEW
The facts are in the numbers. As we had forecast, after being artificially propped up to fight the COVID War with zero interest rates and trillions of dollars of fake money backed by nothing and printed on nothing, following the post-COVID spike, the U.S. economy is slowing down.
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GAMBLERS NIGHTMARE: THE “ME TOO” STOCK BOOMLET IS BACK
Seven of the ten U.S.-listed stocks that traded the most shares in May are worth less than $1 per share and none of the seven have turned a profit, Cboe Global Markets reported.