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Dollar’s Purchasing Power Drops to Lowest Ever. Inflation Heats Up, as Fed Wants, After Simultaneous Supply & Demand Shocks
Dollar’s Purchasing Power Drops to Lowest Ever. Inflation Heats Up, as Fed Wants, After Simultaneous Supply & Demand Shocks “We’re not even thinking about thinking about” slowing the decline of the dollar’s purchasing power — and thereby labor’s purchasing power. A supply shock and a demand shock came together during the Pandemic, and it produced […]
No Payment, No Problem: Bizarre New World of Consumer Debt
No Payment, No Problem: Bizarre New World of Consumer Debt All kinds of weird records are being broken. But it’s scheduled to expire, and then what? The New York Fed released a doozie of a household credit report. It summarized what individual lenders have been reporting about their own practices: If you can’t make the […]
US Crude Oil Production Plunged Most Ever, Natural Gas Followed: The Great American Oil & Gas Bust, Phase 2
US Crude Oil Production Plunged Most Ever, Natural Gas Followed: The Great American Oil & Gas Bust, Phase 2 Precisely what’s needed to end the price collapse. But last time, it wasn’t long before Wall Street liquidity surged back into shale, starting the cycle all over again. US crude oil production in May plunged […]
Nobody Knows How to Ever Get Out of This Mess
Nobody Knows How to Ever Get Out of This Mess “Extend and Pretend” forevermore. This is the transcript of my podcast last Sunday, THE WOLF STREET REPORT. You can listen to it on YouTube, and you can find it on Apple Podcasts, Spotify, Stitcher, Google Podcasts, iHeart Radio, and others. Until a few months ago, most Americans […]
Coal Consumption Plunged to Lowest Since at Least 1973. Why There’s No Hope for Coal
Coal Consumption Plunged to Lowest Since at Least 1973. Why There’s No Hope for Coal It comes down to costs and being bypassed by technological innovation, amid stagnating demand for electricity: Arrival of “combined cycle” natural gas power plants in the 1990s. Collapse in price of natural gas since 2008 due to fracking. Surging wind […]
Update on the WTF-Collapse of Consumption of Gasoline, Jet Fuel & Diesel
Update on the WTF-Collapse of Consumption of Gasoline, Jet Fuel & Diesel Folks started driving again – including those who used to take mass-transit. But jet fuel demand is still in collapse-mode. And overall consumption remains way down. Ridership on San Francisco’s Bay Area Rapid Transit (BART) trains was still down 89% in June, compared […]
“Demand to Remain Suppressed” till Vaccine/Treatment Widely Available: United Airlines. May Not Happen till Late 2021 “or Even Later”: Health Care Leaders
“Demand to Remain Suppressed” till Vaccine/Treatment Widely Available: United Airlines. May Not Happen till Late 2021 “or Even Later”: Health Care Leaders Flattened-out fish-hook-shaped recovery of demand? Passenger revenues collapsed by 94% to just $681 million, United Airlines disclosed in its Q2 earnings report today. Other operating revenues plunged by 37% to $392 million, but cargo was […]
“Uneven” Freight Recovery after New Covid Outbreaks: Daily Truck Trips Already Fell 10% Since June 25
“Uneven” Freight Recovery after New Covid Outbreaks: Daily Truck Trips Already Fell 10% Since June 25 Was June as Good as It’s Going to Get in the Pandemic Era? Automakers have been reopening their assembly plants in the US, hobbled by setbacks, including supply chain issues. Other manufacturers too have reopened their plants. Housing construction […]
Seems Counter-Intuitive in This Crisis: Inflation Heats Up for Services Firms, and They’re Able to Pass it on via Higher Prices
Seems Counter-Intuitive in This Crisis: Inflation Heats Up for Services Firms, and They’re Able to Pass it on via Higher Prices Even manufacturers, after months of crushed commodities prices, experience inflation and are able to pass it on. Stimulus money the government and the Fed have thrown around by the trillions. It seems somewhat counter-intuitive […]
Never Before Have I Seen So Much Fake Unemployment & Jobs Data by the Bureau of Labor Statistics. Labor Department Nails It
Never Before Have I Seen So Much Fake Unemployment & Jobs Data by the Bureau of Labor Statistics. Labor Department Nails It Labor Department today: People on state & federal unemployment insurance jumped to 31.5 million, worst ever. Bureau of Labor Statistics today: 4.8 million jobs created, unemployment dropped by 3.2 million. BLS under-reported unemployment […]
“V-Shaped” Recovery Not Now: It Gets Worse, 30.55 Million on Unemployment. Week 14 of U.S. Labor Market Collapse
“V-Shaped” Recovery Not Now: It Gets Worse, 30.55 Million on Unemployment. Week 14 of U.S. Labor Market Collapse Had a setback. Over 11 million gig workers on unemployment insurance. But four states, including Florida, still can’t process federal PUA claims. This unemployment crisis is shape-shifting, and some states are still trying to catch up with […]
Business Uncertainty About Sales Goes Haywire
Business Uncertainty About Sales Goes Haywire These Charts Show What Mess Businesses Face Going Forward. I’m going to show you a chart based on data that the Atlanta Fed released today. We’ll dissect it in a moment. The chart would be funny, if it weren’t so serious. At first, just look at the chart superficially. These results […]
Wild Ride to Nowhere Since Jan 2018: What the US Stock Market Looks Like Minus APPL, MSFT, AMZN, GOOG, FB
Wild Ride to Nowhere Since Jan 2018: What the US Stock Market Looks Like Minus APPL, MSFT, AMZN, GOOG, FB Entire market of 3,451 stocks minus “Giant 5” is down 1% from Jan 2018. But wow, the volatility! You would have been better off with a despicable freaking savings account. The market capitalization of the […]
Plot Thickens on End of QE & Start of Shedding Assets
Plot Thickens on End of QE & Start of Shedding Assets Fed leads in trimming its balance sheet; Bank of England governor publishes the reasoning for central banks to shed assets – before raising interest rates. A big shift! The Fed has been cutting back for weeks on its asset purchases, and on its last […]
Update on the WTF Collapse of Demand for Gasoline, Jet Fuel, and Diesel
Update on the WTF Collapse of Demand for Gasoline, Jet Fuel, and Diesel No “V-shaped recovery back to normal.” Demand for gasoline collapsed in a stunning and historic manner, starting in mid-March when the measures to slow down the spread of the pandemic took effect, when working from home became the new thing, and when […]
