The following are 19 facts about our current economic performance that should deeply disturb all of us…
#1 In April, U.S. auto sales were down
6.1 percent. That was the worst decline in 8 years.
#2 The number of mortgage applications has fallen
for four weeks in a row.
#3 We just witnessed the largest crash in luxury home sales
in about 9 years.
#4 Existing home sales have now fallen
for 13 months in a row.
#5 In March, total residential construction spending was down
8.4 percent from a year ago.
#6 U.S. manufacturing output was down
1.1 percent during the first quarter of this year.
#7 Farm incomes are falling at the fastest pace
since 2016.
#8 Wisconsin dairy farmers are going bankrupt
“in record numbers”.
#9 Apple iPhone sales are falling at a
“record pace”.
#10 Facebook’s profits have declined for the first time
since 2015.
#11 We just learned that CVS will be closing
46 stores.
#12 Office Depot has announced that they will be closing
50 locations.
#13 Overall, U.S. retailers have announced
more than 6,000 store closings so far in 2019, and that means we have already surpassed the total for all of last year.
#14 A shocking new study has discovered that
137 million Americans have experienced “medical financial hardship in the past year”.
#15 Credit card charge-offs at U.S. banks have risen to the highest level
in nearly 7 years.
#16 Credit card delinquencies have risen to the highest level
in almost 8 years.
#17 More than half a million Americans are homeless
right now.
#18 Homelessness in New York City is
the worst that it has ever been.
#19 Nearly 102 million Americans do not have a job right now. That number is worse than it was at any point during the last recession.
But at least the stock market has been doing well, right?
Actually, the Dow Jones Industrial Average has been down for two days in a row, and investors are getting kind of antsy.
Hopes of a trade deal with China had been propping up stocks in recent weeks, but it looks like negotiations may have hit
“an impasse”…
The latest round of US-China trade talks may have hit an impasse, raising doubts about the chances of an early trade deal between the world’s two leading economies, Chinese official media reported on Thursday.
Unlike the previous negotiations, the 10th round of high-level economic and trade talks, which concluded here on Wednesday, had fewer details about specific discussions and results, state-run Global Times reported.
I warned my readers repeatedly that this would happen. The Chinese are going to negotiate, but they are going to drag their feet for as long as possible in hopes that the U.S. will free
Meng Wanzhou.
Of course that isn’t going to happen, and so at some point the Chinese will have to decide if they are willing to move forward with a trade deal anyway.
But if the Chinese drag their feet for too long, Trump administration officials may lose patience and take their ball and go home.
In any event, the truth is that the U.S. economy is really slowing down, and no trade deal is going to magically change that.
And a lot of other pundits are also pointing out that a substantial economic slowdown has now begun. For example, the following comes
from Brandon Smith’s latest article…
The bottom line is, the next crash has already begun. It started at the end of 2018, and is only becoming more pervasive with each passing month. This is not “doom and gloom” or “doom porn”, this is simply the facts on the ground. While stock markets are still holding (for now), the rest of the system is breaking down right on schedule. The question now is, when will the mainstream media and the Fed finally acknowledge this is happening? I suspect, as in 2008, they will openly admit to the danger only when it is far too late for people to prepare for it.
Hopefully things will remain relatively stable for as long as possible, because nobody should want to see a repeat of 2008 (or worse).
Unfortunately, we can’t stop the clock. We are already more than a third of the way through 2019, and we will be into 2020 before we know it.
It has been an unusual year so far, but I have a feeling that it is about to get much, much more interesting.
...impo...with jobs aplenty, investments booming, and wages up...this is the time to get your money and your act together
They dont hear me tho
The economy has never had an agreed upon goalpost(s)... its just good when your side of the isle is in control and shytty when the other side is driving it.
time 2 run that bag up tho. Its comin soon 