Nice one by Lyn Alden -> Since the start of 2020, the United States has taken on $10.7 trillion in new public debt (i.e. accumulated deficits)
That's about $80k per household in four years. Have households received that much in deficit spending? Some did, but likely very few of them... Source: Lyn Alden
U.S. ECONOMIC DATA THIS WEEK:
*CPI INFLATION (TUES.) *PPI INFLATION, FED POLICY DECISION (WED.) *RETAIL SALES, JOBLESS CLAIMS (THURS.) *NY FED MANUFACTURING INDEX, INDUSTRIAL PRODUCTION, SERVICES PMI & MANUFACTURING PMI (FRI.) Source: www.investing.com
The ADP jobs report shows that the US labor market is cooling
U.S. firms scaled back hiring in November. Adding only 103k private payrolls compared 130k expected, according to ADP. Job cuts were seen in manufacturing, construction, and leisure/hospitality sectors. ADP’s report is based on payroll data covering +25 million US private-sector employees. Source: Genevieve Roch-Decter, CFA, Bloomberg
The US job market is starting to crater...
With consensus expecting only a modest drop from the reported September 9.553 million job openings, what the BLS reported moments ago instead was a stunning collapse of 617K job openings to just 8.733 million, the lowest since March 2021. This was a 6-sigma miss to the consensus estimate of 9.3 million... Source: www.zerohedge.com, Bloomberg
WHO HOLDS AMERICA' DEBT?
Source: WinSmart, The DailyShot
The German labor market is now sending out alarm signals despite the shortage of skilled workers
Germany’s unemployment rate unexpectedly rose to 5.9% in November, the highest level in 2.5 years. Joblessness increased by 22k. Source: Bloomberg, HolgerZ
US GDP update shows US economy grew at more robust annualized rate of 5.2% in Q3, revised from +4.9% and after +2.1% QoQ in Q2
The Q3 contribution from inventories was +1.4%, revised from +1.3%, after 0% in Q2. Contribution from consumers +2.4% revised down from prev 2.7%. Contribution from net exports was -0.04%, revised from -0.08%, after +0.04% in Q2. Source: HolgerZ, Bloomberg
The US National Debt has now increased by $2.36 trillion since the debt ceiling was suspended less than 6 months ago
Fast approaching $34 trillion. Source: Charlie Bilello
