U.S. households built up a cash cushion of about $2.1 trillion during the COVID War, when the national savings rate soared as high as 30 percent of income as many Americans stashed their federal stimulus payments into their savings accounts.
Tag: U.S. economy
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AUGUST JOB OPENINGS A MILLION LESS THAN IN JULY
In August, the number of open jobs fell to just under 10.1 million, about 1.1 million fewer than in July but still leaving 1.7 jobs available per unemployed worker, CNBC noted.
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JOB MARKET LOSES MOMENTUM BUT REMAINS STRONG
The U.S. economy sprouted 263,000 new jobs in September, the U.S. labor department reported.
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U.S. MARKETS MAY BREAK POST-MIDTERM STREAK, ANALYSTS SAY
After each of the last 40 midterm elections, the Standard & Poor’s 500 has gained an average of 15 percent in the following 12 months on a sense of clarity about short-term tax, fiscal, and economic policy, The Wall Street Journal reported.
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“RATE SHOCK” WEARS ON MARKETS
Around the world, central banks are raising interest rates at the fastest clip in at least 40 years, stressing some markets to the point of cracking, according to The Wall Street Journal. Corporate bonded debt is showing signs of distress, the WSJ noted, and which we reported in “OECD Warns About Corporate Debt” (25 Feb......
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TOP TREND: NEW WORLD DISORDER. DOES STRONG JOBS REPORT SIGNAL BIG RATE HIKE?
The U.S. economy’s addition of 263,000 jobs in September shows the labor market is strong enough to withstand another three-quarter-point interest rate increase when the U.S. Federal Reserve meets in early November, The Wall Street Journal said.
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TOP TREND 2022, DRAGFLATION: ANALYSTS CHOP EARNINGS OUTLOOK FOR MAJOR U.S. CORPORATIONS
Since July began, analysts at the largest U.S. banks have pared $34 billion off their expectations for third-quarter growth among American corporations listed on the Standard & Poor’s 500 index, FactSet reported.
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GM SOFTENS BACK-TO-THE-OFFICE REQUIREMENT AFTER WORKER BACKLASH
On 23 September, General Motors told employees that they are to be in their corporate offices at least three days a week beginning later this year.
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HOUSING CRASH COMING?
In August, after sales of existing homes declined for a sixth consecutive month, the National Association of Realtors (NAR) predicted that “we may see two or three additional months of some decline—nothing meaningful," Lawrence Yun, NAR’s chief economist, told Business Insider.
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TIMBERRRR! LUMBER PRICES CRASH
On 27 September, lumber futures prices dropped to $429.30 per thousand board feet, falling 60 percent from their peak last March to levels preceding the COVID era and its building boom, according to Random Lengths, an industry research service.