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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BREAKING: August private payrolls in the US rose by 99,000, well below expectations of 144,000.
This marks the smallest gain since 2021. Source: The Kobeissi Letter, ADP
US manufacturing has officially contracted for the 5th consecutive month, to 47.2 points.
The ISM manufacturing PMI index missed expectations of 47.5 points for last month. New orders fell to 44.6 points from 47.4 in July, experiencing contraction for the 3rd straight month. Manufacturing activity has now shrunk in 21 of the last 22 months, extending the second-longest downturn in history. The worst part? The prices paid index jumped to 54.0 points from 52.9 in July, expanding for the 8th month in a row. Rising prices with falling output is rarely a good combo for stocks >>> to be monitored Source: www.zerohedge. The Kobeissi Letter
