Uncertainty about whether the U.S. Congress will raise the debt limit has helped push bond prices to multi-decade lows and given the U.S. Federal Reserve second thoughts about raising interest rates again when it meets next week, Bloomberg reported.
Tag: U.S. economy
THIS YEAR’S FEDERAL DEFICIT PASSES $1.7 TRILLION
In the U.S. government’s current fiscal year, the annual budget deficit roughly doubled to $2 trillion, even though the treasury reported the shortfall as $1.7 trillion, The New York Times reported.
ECONOMIC UPDATE – MARKET OVERVIEW
Where are the global economies and equity markets going?
They, as well as the lives of billions, are going to Hell, right in front of the eyes and ears of all who have the courage and dedication to watch, look, and listen.
SPOTLIGHT: BIGS GETTING BIGGER
As we have noted since the Central Banksters started to rapidly raise interest rates, the decade’s long merger and acquisition spree is over. However, the “Bigs” will still get bigger, as they buy out overleveraged companies that can’t afford to borrow at high rates to refinance while, at the same time, recessionary pressures erode their profitability.
HOLIDAY HIRING REMAINS WEAK, SIGNALING GLUM SEASON FOR RETAILERS
Dick’s Sporting Goods and Macy’s are two of many major retailers hiring fewer seasonal workers this year, indicating a gloomy outlook for what traditionally is retailers’ make-or-break selling period.
WHITE-COLLAR WORKERS STILL STRUGGLING AMID U.S. JOBS BOOM
Although the U.S. economy added a startling 336,000 jobs last month, most of the gains were in just three sectors: government, health care, and leisure and hospitality, according to labor department figures.
BIG BANKRUPTCIES SHOCK THE ECONOMY
Corporate bankruptcies are increasing, as we noted in “Corporate Bankruptcies Could Reach 13-Year High” (26 Sep 2023). Even more worrying, a larger number of very big businesses are going bust.
MORTGAGE RATES RISE TO 23-YEAR HIGH
Last week, the mortgage interest rate for a 30-year, fixed-rate mortgage averaged 7.57 percent, according to the Federal Home Loan Mortgage Corp. (Freddie Mac), up from 7.49 percent the week before.
TROUBLE AHEAD? U.S. CONSUMERS CUT BACK ON CREDIT CARD SPENDING
Consumers charged 11 percent less to their credit cards in September than they did in August, marking the fourth consecutive month of declining charges and the largest monthly drop this year, Citi reported.
INFLATION LARGELY UNCHANGED IN SEPTEMBER
Consumer prices grew by 0.4 percent in September from August and 3.7 percent on the year, the U.S. Labor Department reported. Dow Jones had estimated 0.3 and 3.6 percent, respectively.