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It is clear that the service sector is in a state of decline. This is evident from the ISM New Orders Service Sector index, which has seen its biggest one-month drop in history (outside of lockdowns). The index currently stands at 70, down from 80 just last month. This paints a very bleak picture for the economy and suggests that we are heading into another recession.
Serious question how are we still at 3.7% unemployment if most of the industries are laying off more than when we were in 2020?
Source: layoffs.fyi/
Are temporary jobs for special holidays being taken into account?
National Median Mortgage Payments – Single Family Residential
Note that the monthly inventory of homes for sale only rose AFTER prices began to fall in 2006. Whereas this time it has already shot up. When prices finally begin to collapse, sellers will rush to the market and all try to get out at the same time. It won’t work
Most major banks agree: 2023 spells BIG TROUBLE for the U.S. economy
Things are about to get really ugly – as if the world was not already in really, really bad shape – for the United States economy.
The vast majority of economists at 23 of the nation’s largest financial institutions told The Wall Street Journal in a recent poll that the ongoing recession – which is only just getting started – will cause millions more Americans to lose their jobs. Inflation will also continue to rise as the corrupt financial system breaks apart at the seams – this being a long time coming.
Two-thirds of the nearly two dozen financial institutions polled – these include trading companies and investment banks that work directly with the Federal Reserve – are in agreement that the U.S. economy will “contract” in 2023.
Some are still in denial that the nation is currently in a recession, stating that they expect it to arrive in 2024. There are also a few that actually believe a downturn can be avoided altogether – even though the markets are already in a downturn based on all generally accepted metrics used prior to the Biden regime’s occupation of the White House.
Credit Suisse, Goldman Sachs, HSBC, JPMorgan Chase, and Morgan Stanley all claim that everything is just fine. The rest, however, see either recession, depression, or potentially much worse on the horizon. (Related: The number of Americans taking out loans just to buy groceries doubled this year.)
“The institutions that predict a coming recession expect consumer spending to weaken as Americans deplete their savings and an aggressive Fed drives up borrowing costs and as banks’ lending standards get tighter,” reports explain.
“Soaring U.S. inflation, which in June 2022 hit a recent peak of 9 percent in annual terms, as measured by the Consumer Price Index (CPI), has forced the Fed to raise rates at its fastest pace since the 1980s in a desperate bid to relieve price pressures.”
h/t Letters-to-self
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Image and article originally from www.investmentwatchblog.com. Read the original article here.