Much of this recent stock market "crash" is really more of a correction from overblown prices and unsustainable P/E ratios. But who knows? It's valued at what people will pay for it, and even "irrational" momentum can, and does, develop from time-to-time.
This morning's job report certainly isn't going to help inflation. U.S. jobs report today: Economy added 517,000 jobs despite recession risk; unemployment fell to 3.4%
hourly earnings grew somewhat in line with expectations, rising 0.3% for the month or 10 cents, to $33.03 - as expected - and up 4.4% Y/Y
That's $66,000 per year for a 2,000 hour/year (= 40hrs/week for 50 weeks) worker. A couple with with both earning that would be at $132,000/year. The middle class ain't dead yet.
Nat gas is now $2.40 per mmbtu and oil under $75. Typically the ratio would suggest $60 oil is coming. Or alternatively nat gas will rise when summer starts.
Would be nice to see some relief at the grocery store. It's getting to the point where you have to take a second mortgage to buy a dozen eggs.
How many of the 517K jobs were seasonal part time jobs? Based on the above chart, it's more than 517K. His numbers are NOT accurate.
Makes sense if you think about the things inflation hit the hardest - food and energy. Well, people still need to drive to work and still need to eat. They're not going to cut those things if they can avoid it. They'll just use their credit cards, and if they go over, they'll run up a balance. Keeps them fed and working, but it's terrible from a financial standpoint.
The solution is even simpler than that. Just do what I did. When I was in the grocery store and put the eggs in my basket I then went to the seafood section. I saw the lobster and just replaced the eggs with lobster.
Orwellian..... Biden refuses to take responsibility for inflation: "It was already there when I got here, man." | Not the Bee
Yep the biggest problem I have with Biden and his administration is the straight up lies. His policies are worst than Carter’s too.
Well, he hasn’t given away the Panama Canal, yet. But there’s still almost 2 years left. Maybe he’ll give away Alaska to the Russians in exchange for a peace deal in Ukraine, or something… Or give away Guam to the Chinese as a gesture of goodwill.
The biggest problem I have is with a media that constantly repeats those lies without even trying to question them.
“ Incompetence should not be rewarded with blind loyalty, as long as I have mine eyes, I’ll use them.” Lord Varys
