Some good news on US inflation: 1-year inflation expectations declined to 4.9% in August, the lowest since the pandemic in 2020, according to the Conference Board Consumer Confidence Survey.
Over the last 2 years, inflation expectations have fallen from ~8.0% to 4.9%, recording a similar drop as during the 2008 Financial Crisis. As a result, expectations are now at levels seen in the 2015-2019 period. Furthermore, 1-year inflation expectations in the University of Michigan consumer survey fell to 2.8%, the lowest since December 2020. Source: The Kobeissi Letter
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
