BREAKING: 90% of US cities saw a rise in year over year unemployment rates in July, according to the BLS.
Jobless rates jumped in 350 of the 389 metropolitan areas last month. Additionally, in 8 large metro areas with a population of 1 million or more, FEWER people held a job in July 2024 than in July 2019. At the same time, average weekly wages DROPPED in 43% of the 389 metropolitan areas. In 5 of the 8 highest-paying areas with average weekly wages above$1,400, salaries declined year-over-year. The US labor market is weakening. Source: The Kobeissi Letter
Speculators have turned Bearish on the U.S. Dollar for the first time since February 🚨
Source: Barchart, Bloomberg
The world's most important stock exchange and the world's most important stock index.
Source: J-C Parets
JUST IN: US RFK Jr. withdrew from the presidential race, and the Trump campaign announced a special guest in today’s rally
Source: Bitcoin magazine
This is the reality the old continent needs to face: There is only one way to prosperity, hard work and higher productivity
UK and the eurozone have been lagging the US big time. Time for a wake-up call? Source: FT. Michel A.Arouet
BREAKING: The share of people who believe they will become unemployed in the next 4 months jumped to 4.4%, the highest on record
This is a significant surge from the 2.8% share seen in March 2024, according to the NY Fed job situation and outlook survey. At the same time, the share of workers who reported searching for a job in the last 4 weeks increased to 28.4%, the highest since the survey began in 2014. This was also up 9 percentage points from 19.4% recorded in July 2023. Further evidence the labor market is weakening. Source: The Kobeissi Letter, Bloomberg
The US Dollar Index is at its lowest level of the year while Gold is at an all-time high, up 22% year-to-date. $USD $GLD
Source. Charlie Bilello
The US Labor Department revises 12-month job growth down by a massive 818,000 jobs
In other words, the US economy actually created 818,000 LESS jobs than initially reported. Furthermore, the US economy LOST 192,000 jobs in Q3 2023 and added 344,000 jobs in Q4 2023, according to the BED survey released by BLS. On the other hand, nonfarm payrolls data showed that the US labor market added 663,000 and 577,000 new jobs in Q3 and Q4 2023. This is a jaw dropping 1,088,000 difference in job count over just two quarters. This is the BIGGEST negative revision to payrolls since the global financial crisis. Crucially, it took place in an election year and was meant to pad the numbers, making the economy appear much stronger than it was. Source: The Kobeissi Letter
