Shoppers at Bryant Park's Winter Village shopping area in Manhattan, New York.
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Revelation 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”
Important Takeaways:
- 99% of Americans will be financially worse-off than they were pre-pandemic by mid-2024, JPMorgan says
- The majority of Americans have burned through their excess savings piled up during the COVID-19 pandemic, and in the coming months, JPMorgan says it is likely that almost everyone will be worse off financially than they were in 2019.
- In a Thursday note, the bank’s top stock strategist Marko Kolanovic said 80% of consumers, a group that accounts for nearly two-thirds of consumption, has already depleted any savings cushion they may have built during lockdowns.
- “It is likely that only the top 1% of consumers by income will be better off than before the pandemic,” Kolanovic wrote, pointing to the growing signs of credit card and auto loan delinquencies, as well as Chapter 11 filings.
- JPMorgan estimated previously that excess savings had peaked in August 2021 at $2.1 trillion, boosted by government stimulus checks. That’s since been whittled down to below $148 billion, per the firm’s calculations as of October.
- As Bank of America wrote in a recent note, the plight of elder millennials is particularly difficult.
- Older millennials — a demographic of Americans born in the 1980s that holds significant influence on the US economy — have had to navigate the 2008 financial crisis in addition to the pandemic during critical working years of their lives.
- The two economic storms, as well as mounting childcare costs and sticky inflation, have made it difficult for the sizable cohort to own a house, save for retirement, and comfortably spend money within their means.
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