Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Wholesale inflation rises faster than expected in November as high prices persist
- The Labor Department said inflation at the wholesale level before it reaches consumers, rose 0.3% in November from the previous month. On an annual basis, prices soared 7.4%
- That is down from the 8% reading recorded in October and marks the lowest reading since May 2021.
- The CPI, which will be released next Tuesday at 8:30 a.m. ET, is expected to be another doozy: Economists surveyed by Refinitiv anticipate that inflation rose 7.8% in November, up slightly from the 7.7% in October.
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- ‘I believe the economy is the biggest bubble in world history,’ says ‘Rich Dad, Poor Dad’ author Robert Kiyosaki: ‘God have mercy on us all’
- Kiyosaki’s comments on Friday came as many economists are predicting a recession in 2023 for the U.S. economy after a series of interest-rate increases implemented by the Federal Reserve to combat a surge in inflation.
- He Tweeted: Many of you know I do not invest in equities, bonds, ETS or MFs. Please DO NOT listen to what I’m going to say next: “I would get out of paper assets.” The world economy is not a “Market.” I believe economy is the biggest bubble in world history. God have mercy on us all.
- Kiyosaki’s view of the global economy might not seem so far off now as investors look to the implosion of parts of the market, including segments of crypto, which have been rattled by the revelations surrounding FTX Group and founder Sam Bankman-Fried.
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Roku to cut 200 jobs, citing Challenged Economy
- Roku is the latest technology and media player to slash jobs, revealing in a securities filing Thursday that it plans to reduce its workforce by about 5 percent, or about 200 jobs.
- The company said the plan, which was approved Thursday, was meant to “slow down the company’s 2023 operating expense growth rate due to current economic conditions.”
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- B of A Says Rush to Cash Is Now at Fastest Pace Since Pandemic
- Cash is king, with investors fleeing to the safety of cash funds at the fastest pace since the coronavirus pandemic as the Federal Reserve remains firmly hawkish, according to strategists at Bank of America Corp.
- Fed Chair Jerome Powell indicated this week that he’s prepared to push interest rates as high as needed to stamp out inflation, even as the central bank eyes a downshift to a slower pace of increases.
- Among other upcoming catalysts, Americans head to the polls on Tuesday for midterm elections to decide control of both chambers of Congress, the governorship in 36 states, and countless other local races and ballot initiatives.
- A Republican win would mean tighter monetary policy and further yield curve inversion, Hartnett said. A Democrat win would translate into looser fiscal policy and a steeper yield curve, he said.
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Really, Janet? Treasury secretary Yellen says she sees NO signs of a recession in US economy – despite two previous periods of negative growth, falling stock and housing markets and soaring inflation
- Treasury Secretary Janet Yellen said she does not believe a recession is looming despite two first-quarter declines to open 2022
- Gross domestic product (GDP) fell 1.6 percent in the first quarter before falling an additional 0.6 percent the following quarter
- Yellen: ‘Inflation is very high – it’s unacceptably high and Americans feel that every day’
- GDP rose by 2.6 percent in the third quarter – though economists say they ‘don’t expect this growth to continue this year or early next’
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- ‘A $5,000 Pay cut for Families’: 82% Worry About Inflation Heading into Midterm Elections
- New polling suggests the economy is still the dominating issue for the midterm elections with just five weeks to go before the big day. Now both parties are trying to tailor their messaging during the home stretch.
- A new Monmouth poll shows 82% of Americans ranking inflation as an “extremely or very important issue.” Crime, jobs, and immigration follow, with abortion coming in seventh on the list. Still, 56% of Americans ranked the abortion issue as an “extremely or very important issue.”
- “The economic situation continues to deteriorate. We’ve had 8 consecutive quarters of real incomes declining for families in this country and that amounts to nearly a $5,000 pay cut for families,” said Joel Griffith with the Heritage Foundation.
- A separate August report from Lending Club points out 60% of Americans are living paycheck to paycheck.
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Revelations 18:23 ‘For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Nearly 75% of Americans think the US is headed in the WRONG direction under Joe Biden and more than half worry country’s best years are in the past, NBC poll shows
- A whopping 74% of Americans say the United States is on the wrong track in a new NBC News poll conducted earlier this month
- It also found that more than half of the 1,000 respondents feel ‘worried that America’s best years may already be behind us’
- Among the respondents’ main concerns was the economy, with 68 percent saying they think the country is already in a recession despite Biden’s claims
- In total, the poll found, 55 percent of Americans disapprove of the job the president is doing while just 42 percent approve
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Revelations 18:23 ‘For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Public perception of the economy is the lowest since 2008: More Americans say they trust the GOP to handle issues that hit their pocket, new poll shows
- A new poll shows nearly 7 in 10 Americans feel the economy is ‘getting worse’
- Only 12% saying it is ‘getting better’ under Joe Biden’s leadership
- In 2008, the same polling found 83% thought the economy was getting worse
- Biden has a 37% overall approval on his handling of the economy – the lowest point in the polling since he took office last year
- The only issues where Biden’s approval rating has changed is on gas prices, rising to 34 percent from 27 percent in June. Prices per gallon have dropped by a dollar on average from where they were earlier this summer when the poll was taken.
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Revelations 18:23 ‘For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- U.S. Leading Economic Indicators Point to Recession Around Year’s End
- “The US LEI declined for a fourth consecutive month suggesting economic growth is likely to slow further in the near-term as recession risks grow,” said Ataman Ozyildirim, Senior Director of Economic Research at The Conference Board.
- “Consumer pessimism about future business conditions, moderating labor market conditions, falling stock prices, and weaker manufacturing new orders drove the LEI’s decline in June. The coincident economic index which rose in June suggests the economy grew through the second quarter. However, the forward-looking LEI points to a US economic downturn ahead.”
- A US recession around the end of this year and early next is now likely. Accordingly, we’ve downgraded our forecast of 2022 annual Real GDP growth to 1.7 percent year-over-year
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Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- US Inflation Reached a New 40-year High in June of 9.1%
- Consumer prices soared 9.1% compared with a year earlier, the government said Wednesday, the biggest 12-month increase since 1981, and up from an 8.6% jump in May. On a monthly basis, prices rose 1.3% from May to June, another substantial increase, after prices had jumped 1% from April to May.
- In addition, shipping costs and commodity prices have begun to fall. Pay increases have slowed.
- For now, the relentless spike in inflation has caused a steep drop in consumers’ confidence in the economy, sent President Joe Biden’s approval ratings tumbling, and posed a major political threat to Democrats in the November congressional elections.
- Housing, in particular, has been seized by some of the highest inflation rates in the economy, causing hardships for many.
- The national median home price jumped 14.8% in May from a year earlier to $407,600.
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