US fiscal stimulus: no surprise, we haven't seen any slowdwn in terms of spending ahead of the elections...
Source: Bloomberg, www.zerohedge.com
🚨US BANKRUPTCIES ARE ON THE RISE🚨
The number of bankruptcy filings hit 452 year-to-date, the 2nd largest in 13 YEARS. In August alone, 63 companies went under, the 4th LARGEST since the COVID CRISIS. Most bankruptcies have been seen in the consumer discretionary sector. Source: Global Markets Investor
In the US, Total credit card debt is at an all-time high while the personal savings rate is record low!
Source: www.zerohedge.com
US home price relative to median income is now at the highest level ever seen
Source: Game of Trades
Full-time employment DROPPED by 1 million workers in August on a year-over year basis, marking the 7th consecutive monthly decline.
Since the June 2023 peak, full-time job count in the US has fallen by a whopping 1.5 million. Meanwhile, part-time employment rose by 1 million year-over-year in August. Additionally, the number of permanent job losers jumped by 324,000 year-over-year, to 2.5 million, the highest since November 2021. This was the 16th straight month of part-time job gains, the longest streak since the 2008 Financial Crisis. The US job market is cooling down. Source: FRED, The Kobeissi Letter
There are now 510k more Job Openings than Unemployment Persons in the US.
That's the smallest differential since April 2021, down from a peak of over 6 million in March 2022. The labor market is rapidly cooling... Source: Charlie Bilello, Y charts
From the moment Russia invaded Ukraine, Europe was supposed to halt exports to Russia
Instead, many EU countries have been sending flood of exports to Russia that's invoiced to Kyrgyzstan. Source: Robin Brooks
Ahead of today's Non-Farm-Payrolls print, Atlanta Fed GDPNow is forecasting just 2.1% US GDP growth for Q3
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