https://fred.stlouisfed.org/series/TNWBSHNO
https://fred.stlouisfed.org/series/CURRCIR
Meanwhile all the gold and silver in the world hardly close the gap:
Price increases at 3.5% instead of 3.7% year over year. This level remains outside of most people's experience since the late 1990s.
The broad measure fell to 3.0% from 3.4%. The energy goods and services component yoy has been negative, that is deflationary, for eight months in a row. The food component was up 2.0% year over year in October but is now in its tenth month of declines out of twelve on a year over year measure monthly.
Declining energy input costs have been the story behind declining inflation measures overall, primarily natural gas which is twice as important to the U.S. economy as gasoline on a BTU basis.
The Biden administration's green energy policy is at war with the reason for the happy circumstance of declining inflation measures it finds itself in, and Biden could be sailing to re-election if he were instead supporting fossil fuel production, which would slay the inflation dragon dead.
Multiple job holding seems high at nearly 8.4 million, here.
But as a percent of the employed it is not, currently at 5.2%. In the go-go 1990s it was above 6%.
Multiple job holding generally is a sign of opportunity and good times, not economic stress and bad times. Obviously there is always a percentage of the workforce which can't find full-time work and works two part-time jobs. They now number almost 2 million, a very small part of the employment universe, which is near all-time highs in the range of 161 million.
Bureau of Economic Analysis this morning here:
He points to food prices having gone up about 20% since Biden took office, here, because this index is up that much since Biden took office. He wonders why food prices are actually up much more than that.
He obviously doesn't understand how this works.
On a quarterly measure, and year over year, the increases for this index are as follows after Biden taking office in 1Q2021:
The unemployment rate rose to 3.786% from 3.495% on a bigger 736k increase to the size of the labor force than to the employment level, not because people lost jobs.
The employment level actually made a new high in August 2023, but up a smaller 222k.
The unemployment rate went up in August because record new high employment in August, 161.484m, is a smaller percentage of a new larger labor force in August, 167.839m than was the case in July: 96.2% in August vs. 96.5% in July = 3.8% and 3.5% unemployed respectively.
And do not mix the limited Establishment Survey (122,000 businesses and agencies) total nonfarm jobs oranges (156.419m) with the unemployment rate Household Survey (60,000 households) whole universe of jobs apples and try to make them agree. They don't, and never will.
The Establishment Survey went up 187k in August, but the unemployment rate is not derived from that survey.
Growing Pile of Distressed Debt Signals Coming US Default Wave
The Fed is all talk about combating inflation, no action.
Because the top 10% of the country has 89% of the money that way, dummy.
True populism would throw the bums out and end The Fed, but we haven't got any.
The $90 trillion millstone: We did it to ourselves.
We are now in the future we tapped in the past for the prosperity of "debt draws forward prosperity", and there's little here to be found.
From 1946 to 2008 when we hit the debt growth iceberg, real GDP grew at a compound annual rate of 3.324%. Since then it has fallen 49%, to 1.68%.
We should have stayed with capitalism in the post-war, where one risks actual savings instead of future notional tax, income, and fiat money "revenues". But capitalism went out the window a long time ago, bringing with it the end of the gold standard, the creation of the Fed, and the introduction of the income tax, among other horribles.
Payback is a bitch, and what can't be paid back won't. The rest comes out of your hide.
The stock market is liking Fed rate hikes this year, unlike in the past
Arbitrage.
This year's drinking word.
DFF: 1.58%.
CPIAUCNS: 9.1%.
Hey, watch me borrow cheap, buy a trailer park, and raise the rents and fees on little old ladies on Social Security.
We're goin' to Vegas, baby!
A 100 basis point rise, as in the story, would take it to 2.58, an increase of 63%, which is the draconian kind of thing Cathie Wood likes to dramatize.
But no one understands draconian. In a world of superlatives where everything is awesome, the smallest changes are blown all out of proportion.
Draconian would be raising the rate at least to the level of inflation, now 9.1% year over year (not seasonally adjusted).
Actual draconian is necessary.
But these are not serious people. None of them.
Housing market conditions, now vs. then:
You can't make this shit up.
AP Obama, here:
Inflation in the United States, which had been under control since the early 1980s, resurged with a vengeance just over a year ago, largely a consequence of the economy’s unexpectedly robust recovery from the pandemic recession. The rebound caught businesses by surprise and led to shortages, delayed shipments — and higher prices.
Inflation averaged 4.75% 1981-1990 inclusive. You can't call that "under control". The FedFunds rate averaged 9.4% over that same period. The one halved your nest egg in about 15 years while the other halved what was left in 7.5.
If that's success I'd hate to see failure.
While the Fed fiddles around with interest rates as if they controlled anything, oh look! over there! a deer!, it has presided over an orgy of balance sheet expansion of $7.7 trillion since 2008 as the Treasury has flooded the economy with $1.5 trillion in new currency and the Congress of idiots has spent us blind with $15.75 trillion beyond the 2008 baseline ballooning the total debt to $30 trillion by the end of 2021 so that it's three times the size that it was just 14 years ago.
An economy which runs only on going deep into debt is not a capitalist economy.
It's a Chinese communist economy.
Calculator here:
We estimate it would take $4.84 on June 16, 2022 to have equal purchasing power with $0.25 on June 16, 1918.
For the 1918 price, see here.
You can see from this chart that the price of gasoline in 1918 was indeed about $0.25. Wholesale prices averaged about 20.6 cents in 1918.
As of three days ago the official government average actual price at 900 retail outlets was $5.107.
GasBuddy has the USA average at about $5.03 this morning.
The rate is now 1.52% vs. CPI up 8.5% year over year and the all commodities Producer Price Index up 21.5% year over year.
This isn't being tough.
It's a joke perpetrated on an ignorant public like all the other jokes of our time, like George Floyd, Caitlin Jenner, and Jan 6.