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Friday, September 01, 2023 10:49:26 AM
The economy continues to slow down marginally, (see notes from the WSJ below). Also the St. Louis Fed calculates that since the bottom in April of 2021 US consumers have accrued an additional $267B in credit card debt - an additional 36%. Also the first student loan payments in almost four years are due October 1st. As I've been saying for a while now, it appears to me the US consumer will tighten their financial belts over the next two quarters. Exactly when is impossible to tell but I'm watching the, somewhat lagging, consumer discretionary sector which is still up 36% since the beginning of the year. See 5-year chart below.
August Job Gains of 187,000 Extend Summer Cooldown
June, July payrolls revised lower as jobless rate increases to 3.8%
Slower summer hiring and the August unemployment rate offered signs the labor market is moderating amid high interest rates. Over the past three months, 150,000 jobs were added monthly on average, down from 238,000 in March through May.
August Job Gains of 187,000 Extend Summer Cooldown
June, July payrolls revised lower as jobless rate increases to 3.8%
Slower summer hiring and the August unemployment rate offered signs the labor market is moderating amid high interest rates. Over the past three months, 150,000 jobs were added monthly on average, down from 238,000 in March through May.
Rule #1, Don't lose money. Rule #2, read rule #1. - WB.
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