The share of workers voluntarily quitting their jobs is down to 2.3%
This is the lowest since January 2023 and down from 3.1% prior to the Fed started rate hikes. Weaker labor demand will be the theme of 2024 as job growth slows and rates stay higher for longer. Furthermore, as excess savings have now been depleted, consumers are more reliant on holding a job. Source: The Kobeissi Letter
A slightly disappointing US CPI inflation numbers for the markets...
US YoY CPI eased to 3.1% in November from 3.2% while the important core reading was unchanged at 4% YoY, despite seeing the MoM tick a bit higher. The so-called super-core, a measure watched by the Fed, meanwhile rose at one of the fastest monthly paces this year.
US population growth has fallen off a cliff. Nearing 0% levels indicating almost NO growth. Current levels have NOT been seen in 100+ years
Source: Game of Trades
Largest US Companies by Market Cap, 1960 to Today...
Source: Charlie Bilello
The number of Americans with a second job is again at all-time highs
Source: Fred, Win Smart
HEAVY SUPPLY REMAINS AN ISSUE FOR US TREASURIES
The US Treasury is selling $108 billion of 3-year, 10-year and 30-year bonds on Monday and Tuesday, along with $213 billion of shorter-term bills. This year’s Treasury sales are poised to surpass the record set in 2020. Source: Lisa Abramowitz, WSJ
Over the last 30 years, the purchasing power of the US consumer dollar has been cut in half due to inflation
At the same time, the S&P 500 has gained 764% (>7% per year) after adjusting for inflation. Source: Charlie Bilello
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
