The State of the Economy Thread - “Falling inflation, rising growth give U.S. the world’s best recovery”

[The Evil Genius]

Government jobs are bad? Do they always **** on the military?

[Cooked Crack]

 

[Barry.Randolphe]

It's funny - when Trump was president, all the dumb mouth breathers would say 'look at the stock market!'....now that we've surpassed the DJI when Trump was in charge, the response is BS pictures of how expensive their organic artisan turkey was for Thanksgiving

[TradeTheBeal!]

Break em off, Dank Papi.

 

 

[Cooked Crack]

 

[China]

Housing is now unaffordable for a record half of all U.S. renters, study finds

 

In fact, more such households and many others also now struggle to pay rent, according to a newly released report from the Joint Center for Housing Studies of Harvard University. It finds that in 2022, as rents spiked during the COVID-19 pandemic, a record half of U.S. renters paid more than 30% of their income for rent and utilities. Nearly half of those people were severely cost-burdened, paying more than 50% of their income.

 

"We actually saw increases across every single income category that we look at, which sort of surprised us," says Whitney Airgood-Obrycki, a senior research associate with the center and the report's lead author.

 

Since 2019, the biggest jump in unaffordability was for households making $30,000 to $74,999 a year. Even among those working full time, a third of all renters were still cost-burdened.

For renters making under $30,000 — who already faced the most severe struggle to afford housing — Airgood-Obrycki "didn't think it could possibly get that much higher." But the report found it did nudge up, to an all-time high of 83% who are cost-burdened. She says the amount of money they have left over for all other household expenses has plummeted by nearly half, to just $310 a month.

 

And she says the compromises people traditionally make to get cheaper rent aren't guaranteed these days.

 

"So you might not be living in as good of a neighborhood. You might be commuting farther. You might be sacrificing the quality of your school system," Airgood-Obrycki says. "And often what we're seeing is that even when people are attempting to make these trade-offs, they still end up paying too much for housing."

 

As the Harvard report notes, U.S. homelessness rates hit a record high last year. The Biden administration and housing experts link that squarely to a severe housing shortage that has helped drive up prices.

 

"We simply don't have enough homes that people can afford," says Jeff Olivet, executive director of the U.S. Interagency Council on Homelessness. "And when you combine rapidly rising rent — that it just costs more per month for people to get into a place and keep a place — you get this vicious game of musical chairs."

 

Click on the link for the full article

[Cooked Crack]

 

 

[Renegade7]

**** both those bougee ass companies, slap them up proper...

[Corcaigh]

Lots of TJ customers claiming they’ll not be customers any longer for union-busting, but much like with Starbucks their talk is just empty. 

[China]

Falling inflation, rising growth give U.S. the world’s best recovery

 

The European economy, hobbled by unfamiliar weakness in Germany, is barely growing. China is struggling to recapture its sizzle. And Japan continues to disappoint.

 

But in the United States, it’s a different story. Here, despite lingering consumer angst over inflation, the surprisingly strong economy is outperforming all of its major trading partners.

 

Since 2020, the United States has powered through a once-in-a-century pandemic, the highest inflation in 40 years and fallout from two foreign wars. Now, after posting faster annual growth last year than in 2022, the U.S. economy is quashing fears of a recession while offering lessons for future crisis-fighting.

 

“The U.S. has really come out of this into a place of strength and is moving forward like covid never happened,” said Claudia Sahm, a former Federal Reserve economist who now runs an eponymous consulting firm. “We earned this; it wasn’t just a fluke.”

 

On Friday, President Biden hailed fresh government data showing that annual inflation over the second half of 2023 fell back to the Federal Reserve’s 2 percent target. Coupled with Thursday’s news that the economy grew by 3.1 percent over the past 12 months, the Commerce Department report showed that the United States appears to have achieved an economic soft landing.

 

Click on the link for the full article

[Renegade7]

I wish for the day this was looked into as potential retribution following major Union victories following major strikes:

 

UPS to Cut 12,000 Jobs as Wages Rise and Package Volumes Fall https://www.nytimes.com/2024/01/30/business/ups-layoffs-rising-wages-union-contract.html?smid=nytcore-android-share

 

UPS Employees Approve New Contract, Averting Strike https://www.nytimes.com/2023/08/22/business/economy/ups-contract-vote-teamsters.html?smid=nytcore-android-share

 

This one with UPS avoided a strike, but less then 6 months later they're cutting 12k jobs because of drop in revenue right after giving those concessions?

 

It's a bad look at minimum.

[Cooked Crack]

 

[PleaseBlitz]

 

 

https://www.washingtonpost.com/business/2024/02/02/january-jobs-employment/

 

Labor market grew 353,000 in January, soaring past expectations

 

Quote

The U.S. economy added 353,000 jobs in January, a shockingly strong pickup, even as higher interest rates continue to ripple through the economy.

 

 

The unemployment rate held at 3.7 percent.

 

The gains were roughly double economists’ predictions of 177,000 reinforcing that the economy remains firmly out of recession territory with the labor market propelling the economy forward, despite some high-profile layoffs at technology and media companies.

 

[hail2skins]

Trump no doubt will try to take credit for the jobs number.

 

I remember a couple years ago a colleague said "did you see that crappy jobs report" in reaction to one that came in below expectations. When I explained that recent job figures had been revised significantly upward in subsequent reports, he said "well, you can do anything with numbers."

 

Can't make this stuff up......

[Captain Wiggles]

Best economy in the universe. 🤑

[@DCGoldPants]

33 minutes ago, Captain Wiggles said:

Best economy in the universe. 🤑

 

 

[PleaseBlitz]

You will be shocked to learn that the jobs report is nowhere to be found on FoxNews.com's front page. 

[@DCGoldPants]

1 minute ago, PleaseBlitz said:

You will be shocked to learn that the jobs report is nowhere to be found on FoxNews.com's front page. 

nope. Had to go to their business page.

 

Should be the story...... why is Fox trying to hide the jobs report?

[Cooked Crack]

 

[TradeTheBeal!]

[skinsmarydu]

I found this intriguing. 

 

https://www.businessinsider.com/what-is-chipotle-burrito-season-hiring-jobs-food-eating-out-2024-1?utm_source=pocket-newtab-en-us

[Renegade7]

When are they going to stop calling this unexpected or surprisingly?

Edited February 3 by Renegade7

[Larry]

10 minutes ago, Renegade7 said:

When are they going to stop calling this unexpected or surprisingly?

 

When it isn't double expectations. 

[Renegade7]

5 minutes ago, Larry said:

 

When it isn't double expectations. 

 

And where are these expectations coming from?

 

Are the fair or realistic expectations?

 

Because after more then a year of beating expectations it's almost seems like they are artificially low as part of maintaining a narrative.

 

Old enough to remember when a recession under Biden was inevitable, like folks were trying to speak it into existence and frankly disappointed it didn't happen.

[PleaseBlitz]

24 minutes ago, Renegade7 said:

When are they going to stop calling this unexpected or surprisingly?

Yea, I made this point months ago. If, every month, the predictions get crushed, maybe change your model.