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
U.S. ECONOMIC DATA THIS WEEK:
*CPI INFLATION (TUES.) *PPI INFLATION, FED POLICY DECISION (WED.) *RETAIL SALES, JOBLESS CLAIMS (THURS.) *NY FED MANUFACTURING INDEX, INDUSTRIAL PRODUCTION, SERVICES PMI & MANUFACTURING PMI (FRI.) Source: www.investing.com
Losses at the Fed have now passed $125 billion
Source: Win Smart, CFA
The ADP jobs report shows that the US labor market is cooling
U.S. firms scaled back hiring in November. Adding only 103k private payrolls compared 130k expected, according to ADP. Job cuts were seen in manufacturing, construction, and leisure/hospitality sectors. ADP’s report is based on payroll data covering +25 million US private-sector employees. Source: Genevieve Roch-Decter, CFA, Bloomberg
