The U.S. Federal Deposit Insurance Corp. (FDIC), which guarantees the safety of bank deposits up to $250,000, has seen its reserve shrink from $128 billion on 1 January to $116 billion now, according to the Financial Times.
Category: TRENDS ON THE U.S. ECONOMIC FRONT – Jun 6 2023
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BANKS MAKING IT HARDER FOR SMALL BUSINESSES TO BORROW
Small businesses, especially startups, are finding it harder to get new loans, while some existing businesses are seeing their credit lines cut, The Wall Street Journal reported.
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EMPLOYERS ADDED 339,000 NEW WORKERS IN MAY
The U.S. jobs market refused to slow last month, with employers adding 339,000 non-farm workers across a range of economic sectors, according to the labor department’s initial estimate.
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CORPORATIONS FIND IT HARDER TO BORROW
The availability of loans to corporations, and the criteria to qualify for them, are at their most stringent since the depths of the COVID War, according to a Wall Street Journal investigation.
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INSIDERS SOLD BILLIONS IN SPAC STOCKS BEFORE COMPANIES CRASHED
The SPAC bust on Wall Street last year wiped billions of dollars from speculators’ accounts but made billions for SPACs’ executives and early investors, a Wall Street Journal investigation of more than 460 SPAC-related companies found.
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ECONOMIC UPDATE – MARKET OVERVIEW
In the U.S., its service industry, which accounts for nearly 70 percent of Gross Domestic Product, fell from 51.9 in April to 50.3 in May, according to data released yesterday by the Institute for Supply Management’s non-manufacturing PMI. Barely in positive territory, a reading above 50 indicates growth.
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THE DEBT DEAL: MORE SHOW THAN SUBSTANCE
As we had forecast for over a month, Congressional Republicans and President Joe Biden would reach a meaningless debt ceiling deal to avoid a national default. Also as we had forecast, the debt ceiling would be broken through once again with no end in sight... as the cover of this week’s Trends Journal illustrates.