Wow the economic news is unprecedently bad:
-the supply port log jams (which got a little better but never went away) are growing again
-jobless claims are rising. some high profile places like Walmart have announced layoffs
-credit card debt is piling up. rather than cut back, consumers have been shifting their spending levels to debt
-business confidence is low, the expectation seems to be inflation accelerates, and short term business investment is off
-there are predictions that Europe may freeze this winter, but at a minimum, heating is going to be very expensive
All indications are we haven't cleared the disruptions from the pandemic and the resulting government reactions yet (whether lockdowns or money printing). It's not looking like the so-called "soft landing" either...it looks like they've neither done enough to contract inflation substantially but enough to tank the economy anyways. The credit card debt is particularly worrying...it's building a bubble that's bound to pop eventually.
The question is whether the summer has been a pause as the roller coaster hits the top of the hills and before it drops, or if we are really get the soft landing that was promised. I'm skeptical of the latter.
-the supply port log jams (which got a little better but never went away) are growing again
-jobless claims are rising. some high profile places like Walmart have announced layoffs
-credit card debt is piling up. rather than cut back, consumers have been shifting their spending levels to debt
-business confidence is low, the expectation seems to be inflation accelerates, and short term business investment is off
-there are predictions that Europe may freeze this winter, but at a minimum, heating is going to be very expensive
All indications are we haven't cleared the disruptions from the pandemic and the resulting government reactions yet (whether lockdowns or money printing). It's not looking like the so-called "soft landing" either...it looks like they've neither done enough to contract inflation substantially but enough to tank the economy anyways. The credit card debt is particularly worrying...it's building a bubble that's bound to pop eventually.
The question is whether the summer has been a pause as the roller coaster hits the top of the hills and before it drops, or if we are really get the soft landing that was promised. I'm skeptical of the latter.
