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
Dozen of countries are now seeing a steady decline in C02 emissions alongside economic growth
Another tangible proof that being green (or at least greener) does not mean de-growth Source: FT
Since the Fed started raising rates in March 2022, default rates have gone from 1% to 5%+
Source: Apollo, TME
For some shoppers, the upcoming holiday season may lead to piling on more debt
About 25% of Americans are still paying off holiday debt from 2022, according to WalletHub’s November holiday shopping survey. But those already carrying a balance could find themselves sinking further into the red if they don’t get a handle on their credit card debt. “If you’re in a hole, stop digging,” Ted Rossman, Bankrate’s senior industry analyst, tells CNBC Make It. One reason you may want to avoid racking up more debt is that higher interest rates are making it more expensive to pay down. As of November, the average credit card interest rate has risen from around 16% to nearly 21% since the Federal Reserve began raising interest rates in March 2020 in an effort to combat inflation, according to Bankrate. A higher interest rate means it could take longer and be more expensive to pay down your credit card debt. Source: make it, www.zerohedge.com
As highlighted by The Kobeissi Letter >>> Buy Now Pay Later spending soars 20% compared to last year on Black Friday
It's also expected to jump 19% on Cyber Monday to a record $782 million. As excess savings in the US have gone from $2 trillion to zero, Americans are relying on debt more than ever. In other words, "deals" that are 20% off are being financed with credit card debt that has a 30% interest rate...
As highlighted by The Kobeissi Letter, a record ~40% of all US homes currently do NOT have mortgages
At first, this seems like great news, but it really just emphasizes how UNAFFORDABLE this market is. Currently, a record ~35% of housing market transactions are all cash purchases. In other words, this market is becoming ONLY affordable for those who are buying with CASH. As interest rates hit 20-year highs and home prices are up 30%+ since 2020, affordability is only getting worse. This is called an affordability crisis. Source: The Kobeissi Letter
German exports of motor vehicles and parts (blue) to Kyrgyzstan are up 5500% since Russia invaded Ukraine
Is Kyrgyzstan suddenly in a massive boom or are these vehicles and parts just transiting through Kyrgyzstan? Source: Robin Brooks
