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April 07, 2023

Don't Look Now, But The Greatest Economy In the History of the World Is About to Collapse

CNN says that unemployment rates are about to soar, which it blames on the Fed's efforts to combat Biden's hyperinflation, and not Biden's hyperinflation.

Of course.

We are real news, Mr. President.

Millions of jobs could be on the chopping block this year, as the Federal Reserve continues its rate-hiking campaign to tame inflation. But the effects of that action likely won't reverberate evenly across the economy.

...

At its most recent policy-making meeting, the Fed released projections for the year ahead that showed unemployment could jump to 4.5%, representing another 1.5 million job losses, by the end of the year.

While that's a small improvement from the central bank's previous 4.6% jobless rate estimate, economists say it's possible the unemployment rate could rise above the Fed's expectations. Moreover, they say that historically disadvantaged groups could be disproportionately affected by the central bank's stringent monetary policy.

Of course, The Only People Who Matter "could be" "disproportionately affected."

Investors are pulling back from the market, on anticipation of a further recession.

Investors seem to be getting more nervous about growth.

Driving the news: Another day of weak economic data.

* Factory orders, out Tuesday, fell for the second straight month in February.

* And job openings dropped faster than expected, a possible sign the job market is cooling.

Our thought bubble: The data du jour wasn't top shelf, but the numbers were consistent with others showing that parts of the economy -- like the industrial sector -- are losing steam.

Between the lines: Under-the-hood indicators from Tuesday's trading session told a similar tale.

Biden has drained the Strategic Petroleum Reserve, which means the US could be wiped out by any oil shock.

Lawmakers are raising concerns that the Strategic Petroleum Reserve, which President Joe Biden has relied on heavily since taking office, is getting dangerously low.

Gas prices hit record highs last summer, surpassing $5 per gallon nationally. To curb rising prices, Biden released more than 200 million barrels from the U.S. stockpile, bringing the reserves to the lowest point since 1984.

"By gutting vital fuel storage to lower short-term prices, the Biden Administration exposed the U.S. to future market volatility and increased supply dependence on adversarial nations instead of supporting an all-of-the-above energy approach to unleash American energy potential," House Oversight Republicans said in a letter to Energy Secretary Jennifer Granholm.

Republicans argue Biden used the reserve to temporarily lower prices ahead of the last November midterm elections. Oversight lawmakers say the Department of Energy has failed to provide documents requested in the inquiry despite repeated requests.

"As a depleted SPR weakens the U.S.'s ability to respond to future supply disruptions, prompt delivery of the requested documents is vital to help Congress ensure U.S. energy security," the letter said.


All stories via MxM News.

Prepare for a bumpy ride.


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posted by Ace at 06:18 PM

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