The Leading Economic Indicators (LEI) keep falling. They have been declining for 22 months in a row, according to the video hopefully viewable above. The LEI decline is now equal to the 22 months of declines leading up to the 2008 financial crisis. Debt held by the American public is projected to reach 99 percent of GDP by the end of this year.
Core inflation is up 3.9 percent as of February 13, 2024, says the video. Inflation may get even higher by the end of this year. Layoffs are increasing and job openings are declining. Credit card debt is at all-time highs. Credit card and auto loan delinquencies are rising.
MarketWatch reports “true” inflation peaked in late 2022 at 18 percent and is now about 8 percent. Consumer borrowing costs in the U.S. have skyrocketed, but the CPI doesn’t count this. [1]
Effective March 26, 2020, the “Federal” Reserve Board reduced reserve requirement ratios on all net transaction accounts to zero percent, eliminating reserve requirements for all depository institutions. Effective March 11, 2024 there will be no more money to loan out and the “Fed” will pick and choose who gets to loan out money, tweets Ann Vandersteel, an investigative journalist. [2]
Guidance from corporate earnings reported this week suggest that the companies that have their fingers on the pulse of the economy expect consumers to tighten their purse strings this year. [3] Sales at Target stores have fallen for the first time in 7 years. [4]
On average, insurance companies sought to raise homeowners’ premiums by more than 11% last year, according to S&P Global Market Intelligence. Auto insurance premiums are climbing even faster, far outpacing overall inflation. [5]
And that is the State of the Union.
——- Sources ——-
[1] “True inflation may have peaked in late 2022 — at 18% — and still hovers around 8%”, by Mark Hulbert. MarketWatch, March 4, 2024. https://www.marketwatch.com/story/true-inflation-may-have-peaked-in-late-2022-at-18-and-still-hovers-around-8-cc89ea6b
[2] “BANKING COLLAPSE IMMINENT THE RESET HAS BEGUN”, tweet by Ann Vandersteel. https://twitter.com/annvandersteel/status/1764472981080670695
[3] “Spurious Security While Millions Suffer”, Ersjdamoo’s Blog, March 3, 2024. https://ersjdamoo.wordpress.com/2024/03/03/spurious-security-while-millions-suffer/
[4] “Target’s sales fell for the first time in 7 years”, by Nathaniel Meyersohn. CNN, March 5, 2024. https://amp.cnn.com/cnn/2024/03/05/investing/target-earnings-retail-shopping/index.html
[5] “‘Everything is rising at a scary rate’: Why car and home insurance costs are surging”, by Scott Horsley. NPR, March 3, 2024. https://www.npr.org/2024/03/03/1233963377/auto-home-insurance-premiums-costs-natural-disasters-inflation
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