Oh Boy: Key Index Predicting Economic Output "Plummets" to Lowest Level Since Pandemic

Bidenomics, baby!

What hobbies and interests you didn't previously have the time for will you pursue when you're unemployed? Because that is how our treasonous, foreign-actor media will play this.

Get ready for a Funcession!

From Hot Air:

Trouble for the U.S. economy? Empire State gauge sinks to lowest level since pandemic.

New York Fed's business-conditions index tumbles to negative 43.7, lowest since May 2020

The numbers: A survey of business conditions in the New York region sank in January to the lowest level since the onset of the coronavirus pandemic in 2020, perhaps a sign of trouble brewing for the U.S. economy.

The New York Federal Reserve's Empire State business-conditions index, a gauge of manufacturing activity, plunged 29.2 points to negative 43.7, the regional Fed bank said Tuesday.

It's the second-lowest reading ever. The biggest drop took place in the depths of the pandemic, in May 2020.

Economists had expected a negative-4 reading, according to a survey by the Wall Street Journal. Any number below zero indicates deteriorating conditions.

Over the past two months, the index has plummeted 58.2 points, largely because of a decline in new orders. Orders provide an indication of future business activity.

JP Morgan's Jamie Dimon -- a longtime Democrat and close ally of the Clinton Corporate Wing of the Democrat Party -- warned investors a week ago that America was going to be enjoying 70s style stagflation, and won't be enjoying it that much.

JPMorgan CEO Jamie Dimon tells Americans it's back to the 1970s! Wall Street Doomsayer warns high inflation reminds him of dire economy five decades ago

Jamie Dimon warned interest rate cuts were not guaranteed this year

He dismissed predictions of a 'goldilocks economy' in 2024 which is neither too hot nor too cold

Several firms are still predicting a recession, despite being wrong in 2023

By Helena Kelly

JPMorgan Chase CEO Jamie Dimon has warned Americans to prepare for a return to the 1970s - an era marked by rampant inflation, high unemployment and a series of energy crises in the US.

Dimon said rising prices, stagnant growth and huge government spending were among the factors linking the 2020s to the 1970s as he echoed comments made by other economists.

...

When asked by Fox Business Network's Maria Bartiromo whether households could expect interest rates to decrease three times this year, he said: 'I'm a skeptic. I think because of fiscal spending and other factors.

'I look at a lot of things - forget about economic models - $2 trillion of fiscal deficit, the infrastructure and IRA act, the green economy, the remilitarization of the world, the restructuring of trade, are all inflationary.

'That looks a little more like the 1970s to me.'

His comments are in-line with predictions made by Deutsche Bank. Back in October, the German firm said rising geopolitical tensions and soaring energy prices had created a 'striking number of parallels' between the 1970s and 2020s.

Related: Jamie Dimon just told Democrats to cool it on constantly attacking MAGA. His point is that MAGA make some correct and necessary critiques, and when Democrats attack and smear anyone they brand as "MAGA," they're announcing to voters that "we don't care about these obvious problems that are destroying this country and will keep pretending they're not problems until we hit rock bottom, like Hunter Biden coming off a three year crack power-nap."

But the Democrat Party's only agenda is pretending that obviously-critical problems are not problems at all, Racist. Literally -- they have nothing else. If they admit any of the problems that they themselves are causing, the entire house of cards collapses.

posted by Disinformation Expert Ace at 03:25 PM

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