Bidenomics

[George K]

Another "revision."

[jon-nyc]

[George K]

[jon-nyc]

So they were wrong the second time. Thanks.

[Jolly]

At the end of the day, the people who cannot afford a home are not going to be overly concerned with rasslin' over the statistical weeds...

[taiwan_girl]

[Jolly]

It's all good...

https://hotair.com/headlines/2024/06/15/unexpectedly-alert-consumer-sentiment-unexpectedly-falls-to-lowest-level-in-months-n3790306

[taiwan_girl]

https://www.washingtonpost.com/business/2024/07/25/gdp-q2-economy/

The U.S. economy grew at a surprisingly robust 2.8 percent annualized rate in the second quarter, capping two years of solid expansion, despite some signs of softening.

Gross domestic product for the quarter ending in June was double the 1.4 percent reading in the previous quarter, but reflects a general cool-down from last year’s brisk pace, according to Commerce Department data released Thursday morning.

“Economic growth is solid, not too hot and not too cold,” said Chris Rupkey, chief economist at Fwdbonds, a financial research firm. “The soft patch we had at the beginning of the year has gone away and with it, the risks of a recession are dying on the vine.”

[Jolly]

I will await the revised figures...

[George K]

Bunch of tweets from yesterday commenting on how things are.

https://www.cnbc.com/2024/07/31/stock-market-today-live-updates.html

Some fresh data stoked fears over a possible recession and the notion that the Federal Reserve could be too late to start cutting interest rates. Initial jobless claims rose the most since August 2023. The ISM manufacturing index, a barometer of factory activity in the U.S., came in at 46.8%, worse than expected and a signal of economic contraction. After these releases, the 10-year Treasury yield dropped below 4% for the first time since February.

These weak data releases come a day after central bank policymakers chose to keep rates at the highest levels in two decades, when Fed Chair Jerome Powell gave investors some hope by signaling a September rate cut is on the table.

“The data we have got since the Fed meeting signals all of a sudden that people are now worrying that maybe it isn’t a soft landing and the Fed has vacillated too long,” said Tom Fitzpatrick, managing director for global market insights at R.J. O’Brien and Associates. “The bond market is already telling you that we’re behind the curve … the Fed is more prepared to make a different mistake for fear of making a similar mistake.”

[George K]

https://en.wikipedia.org/wiki/Sahm_rule

[George K]

[LuFins Dad]

I had commented to Karla yesterday that the Republicans need to get back on message about the economy and immigration.

Later in the afternoon, I heard a great ad with Kamala doing her
“Bidenomics is working, hahaha!”

Then a news reporter “The BLS” has revised the jobs estimate downward for the 8th month in a row”

K- “You know what’s working? Bidenomics! Haha”

News - “the data shows groceries are 27% higher than they were in 2020”

K- “Bidenomics is doing exactly what we want it to!”

News - “Energy Harbor is announcing the closure of a coal processing center. The center employed 3300 full time employees”

K - “Bidenomics! Hahahaha!”

It was really well done until they got to the weird music and slowing her voice down and dropping it several octaves. That was bad.

[George K]

Harris: "Orange Man Bad!"

Vice President Kamala Harris’ campaign is blaming former President Trump for the latest negative jobs report — nearly a full term after he left office.

"Donald Trump failed Americans as president, costing our economy millions of jobs, and bringing us to the brink of recession," Harris for President spokesperson James Singer said in a statement.

Wow.

[taiwan_girl]

https://qz.com/us-recession-bank-of-america-bofa-moynihan-rates-1851619281

Bank of America (BAC) chief Brian Moynihan said the bank’s research team “does not have any recession predicted anymore,” even as fears about the health of the U.S. economy continue to rise.

This time last year the bank had priced in a recession, but that’s no longer the case,

Bank of America, the second-largest U.S. bank by assets, sees about 60 million customers spending each week, giving it key insights into consumer health. Moynihan said that the consumer spending rate has halved from this time last year, sitting at about 3%.

“The consumer has slowed down. They have money in their accounts, but they’re depleting a little bit,” he said. “They’re employed, they’re earning money, but ... they’ve really slowed down.”

[LuFins Dad]

@taiwan_girl said in Bidenomics:

https://qz.com/us-recession-bank-of-america-bofa-moynihan-rates-1851619281

Bank of America (BAC) chief Brian Moynihan said the bank’s research team “does not have any recession predicted anymore,” even as fears about the health of the U.S. economy continue to rise.

This time last year the bank had priced in a recession, but that’s no longer the case,

Bank of America, the second-largest U.S. bank by assets, sees about 60 million customers spending each week, giving it key insights into consumer health. Moynihan said that the consumer spending rate has halved from this time last year, sitting at about 3%.

“The consumer has slowed down. They have money in their accounts, but they’re depleting a little bit,” he said. “They’re employed, they’re earning money, but ... they’ve really slowed down.”

Anecdotally speaking, I am seeing a lot fewer customers through the door, but the customers we are seeing are higher ticket sales. The U1 and the $10K-25K grand customers are a lot rarer, but the Seiler, Used Steinway, and Bosie business is going well…

[Axtremus]

Acoustic pianos moving from "middle class" to luxury goods?

[jon-nyc]

BofA manages our foundation’s endowment. I’ve spoken to their Chief Investment Officer, the view they get in credit card receipts is ver comprehensive and predictive.

[Doctor Phibes]

[taiwan_girl]