US - Economic Data & News 11 (Oct 22 - Mar 24)

[behappyalways]

"Rich Men North Of Richmond" Tops iTunes As Voice Of Working-Class Goes Viral
https://www.zerohedge.com/markets/rich- ... goes-viral

[winston]

US business inventories were unchanged

US business inventories were unchanged for a second straight month in June, as companies continued to carefully manage stocks in anticipation of weak demand because of higher interest rates.

Economists polled by Reuters had expected the Commerce Department would report a 0.1 per cent gain in business inventories on Tuesday (Aug 15).

Inventories, a key component of gross domestic product, increased 2.0 per cent on a year-on-year basis in June.

Private inventory investment was estimated to have made a small contribution to GDP in the second quarter after being a major drag in the first three months of the year.

The economy grew at a 2.4 per cent annualized rate in the April-June period.

Retail inventories increased 0.7 per cent in June, as estimated in an advance report published last month. They rose 0.6 per cent in May.

Wholesale inventories fell 0.5 per cent while stocks at manufacturers were unchanged.

Source: Phillips

[winston]

US import prices rebounded more than expected in July

US import prices rebounded more than expected in July, amid higher costs for petroleum products and food, but underlying imported inflation pressures remained muted.

Import prices increased 0.4 per cent last month, the Labor Department said on Tuesday (Aug 15).

Data for June was revised to show prices falling 0.1 per cent instead of the previously reported 0.2 per cent.

Economists polled by Reuters had forecast import prices, which exclude tariffs, rising 0.2 per cent.

In the 12 months through July, import prices dropped 4.4 per cent after declining 6.1 per cent in June.

Annual import prices have now decreased for six straight months.

The government reported last week that consumer and producer prices rose moderately in July.

Source: Phillips

[behappyalways]

Some Parts Of America Are Already On The Verge Of Being Ungovernable As Rampant Lawlessness Spreads Like Wildfire
https://www.zerohedge.com/political/som ... ss-spreads

[behappyalways]

On August 16, the #GDPNow model nowcast of real GDP growth in Q3 2023 is 5.8%.
https://twitter.com/AtlantaFed/status/1 ... 2492944596

[winston]

Still-tight labour market

The number of Americans filing new claims for unemployment benefits fell last week, pointing to a still-tight labour market.

Initial claims for state unemployment benefits dropped 11,000 to a seasonally adjusted 239,000 for the week ended Aug 12, the Labor Department said on Thursday (Aug 17).

Economists polled by Reuters had forecast 240,000 claims for the latest week.

The initial claims data can be particularly volatile in the summer months as automakers close for their annual retooling period.

The four-week moving average, which smooths out some of that volatility, increased to 234,250.

Source: Phillips

[behappyalways]

'Zero Applicants, Zero Prospects': Entire Police Force Quits In Minnesota Town
https://www.zerohedge.com/political/zer ... esota-town

[behappyalways]

Student Loan Payments To Exceed Mortgage For Some Borrowers
https://www.zerohedge.com/personal-fina ... -borrowers

[behappyalways]

"This Is About Credit Card Balances, This Is About Student Loans": Macy's Crashes As Consumer Situation Deteriorates
https://www.zerohedge.com/economics/abo ... -situation



As a reminder, every month in 2023 had already been revised lower. Now we are revising 2022 as well.
https://twitter.com/zerohedge/status/16 ... 5126855784

[behappyalways]

More Americans Are Having A Hard Time Paying Their Big Credit Card Bills
https://www.zerohedge.com/personal-fina ... card-bills


Truckers Are Accepting Rates 15-25% Below Their Costs
https://www.zerohedge.com/economics/tru ... heir-costs