Signs of recession?
ABC News reporting on economy
- Consumer prices up 3% during last month YoY
- Bread up 11.5%
- Cookies up 8.8%
- Beer up 5.4%
- Frozen vegetables up to 17%
- Canned fruit up 8%
- Fresh fruits and vegetables up 1.1%
- Women’s underwear and swimwear up 7%
- Men’s underwear up 4%
- Jewelry up 7%
- Apparel up 3.1%
- Pet food up 12%
- Tools up 9%
- Outdoor equipment up 9%
Bloomberg News reported on growing debt
- “More than $500 billion storm of corporate-debt distress that is already starting to make landfall across the globe”
- “threatening to slow economic growth and strain credit markets just emerging from the deepest losses in decades”
- “monetary policy makers have been aggressively draining cash from the world’s financial system, intentionally seeking to slow their economies by stanching the flow of credit to businesses. Inevitably, that means some will fail”
- “$785 billion wall of debt that is coming due”
- Troubled bonds and loans have already surged over 360% since 2021
- Default rate for speculative-grade companies could jump as high as 13.7% in next year
The National Association of Realtors published report:
- Home sales fell by 18.9% during past month YoY
- Number of home for sale down 13.8%
- Slowest pace since 2009
- Median price paid for home = $410,2000
- Average 30 year mortgage rate of 6.96%
Federal Reserve Bank of Philadelphia report:
- Manufacturing activity down to -13.5
- New orders down 5 points
- 14% of firms reported smaller work forces