I know you probably don’t need more data to prove that we’re in deep trouble economically speaking, but it’s critical to share right information so folks can understand just how far down the wrong path we are at this point. It will help individuals to make better decisions when they head to the ballot box in November to choose our next commander-in-chief.
A new report from ZeroHedge has revealed that there are now five out of twelve Federal reserve districts that are showing either flat or declining economic growth. Seven of the districts reported that there is at least some kind of growth happening. The rate of growth for wages continues to go up at a very modest pace.
How about household spending? Not a whole lot has changed according to information from District banks. There were quite a few ups and downs for auto sales, thanks in large part to high interest rates.
Here’s more information from some of the various districts:
Boston: Economic activity rose modestly on balance. Prices increased slightly, and wage growth was slow amid stable employment levels. Residential real estate activity increased with improvements in supply, but commercial activity remained flat with increasing concerns for office leasing activity. The outlook remains cautiously optimistic, but contacts continue reporting elevated uncertainty.
New York: On balance, regional economic activity was little changed. Labor market conditions continued to moderate, with labor demand easing and the supply of workers increasing noticeably. Consumer spending was up slightly and remained solid. Though inventory increased, home sales activity remained restrained. Selling prices continued to increase at a modest pace.
Philadelphia: Business activity continued to grow slightly in the current Beige Book period. Nonmanufacturing activity lifted job growth to a modest pace; however, wage inflation remained modest. Firms reported modest increases in costs paid and prices received and noted increased competition in consumer-facing sectors. Expectations for future growth remained slightly positive overall—waxing for most firms, but waning for manufacturers.
Let’s wing over to the city of Cleveland and see how things are doing there. In a nutshell, the economy is terrible in this district. Business activity has taken a dive for over the course of the last few weeks. Contacts are expecting flat activity to continue over the months ahead. People aren’t really buying a whole lot. That’s to be expected when you don’t have much extra revenue to spend, a consequences of high inflation.
What about employment levels in the city? They pretty much stayed where they were at previously. No growth, no decline.
Minneapolis: District economic activity fell slightly. Employment grew but labor demand softened. Wage pressures remained moderate, and prices ticked up modestly. Consumer spending was flat but some segments remained healthy. Manufacturing fell and the outlook was negative. Commercial and residential construction improved slightly, and home sales were mixed. Agricultural conditions fell as farm income weakened.
The ZeroHedge article said that they believed the recession began back in May or June, however, the author of the piece admitted that, perhaps, he was off by a couple of months. Not late, but early.
And it doesn’t look like things are going to improve drastically anytime soon, especially with Democrats calling the shots.
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