Ominous sign of weakness in Chinese economy: China is suffering Italian style youth unemployment despite Chinese women retiring in early fifties
Source: Francois Trahan thru Michel ArouetT
US CPI has moved down from a peak of 9.1% in June 2022 to 3.2% today. What's driving that decline?
Lower rates of inflation in Fuel Oil, Gasoline, Gas Utilities, Used Cars, Medical Care, Electricity, Apparel, New Cars, Food at Home, and Food away from Home. Shelter and Transportation are the only major components that have a higher inflation rate than June 2022. Source: Charlie Bilello
US inflation a tad lower than what economists expected: US July CPI accelerates to 3.2% YoY from 3% in June vs 3.3% expected, BUT the first acceleration after 12 consecutive months of decline
Both Goods and Services inflation (YoY) slowed in July - but Services remain extremely high at +6.1%... Core CPI slows to 4.7% YoY from 4.8% in June as expected. Shelter costs contributed to about 90% of the increase in July CPI. Note that #Fed's favorite inflation indicator - Core Services CPI Ex-Shelter - remains sticky' as it reaccelerated in July (+0.2% MoM, and from +3.9% to +4.0% YoY)... Fed Swaps price in lower odds (20%) of another rate hike this year. Source: Bloomberg, HolgerZ, www.zerohedge.com
The $105 Trillion World Economy in One Chart
Source: Visual Capitalist
Average monthly salary after tax:
Source: World of statistics
China's consumer and producer prices both declined in July for the first time since November 2020, a sign of deflation pressure amid weakening demand
CPI dipped 0.3% from a year earlier while PPI retreated for a 10th consecutive month, sliding 4.4%. "China is in deflation for sure," said Robin Xing at Morgan Stanley. "The question is how long." The statistics bureau attributed the CPI decline to the high base of comparison, saying the dip is likely to be temporary. Source: J-C Gand
Financial demands of supporting a US family of 4 have surpassed what a single salary can adequately provide
Source: FT
Total credit card indebtedness increased by $45 billion in the April-through-June period, an increase of more than 4%
That took the total amount owed to $1.03 trillion, the highest gross value in Fed data going back to 2003. The increase in the category was the most notable area as total household debt edged higher by about $16 billion to $17.06 trillion, also a fresh record. As card use grew, so did the delinquency rate. The Fed’s measure of credit card debt 30 or more days late rose to 7.2% in the second quarter, up from 6.5% in Q1 and the highest rate since the first quarter of 2012 though close to the long-run normal, central bank officials said. Total debt delinquency edged higher to 3.18% from 3%. Source: CNBC
