Bad news is good news till when? Till bad news becomes very bad news. Unemployment goes to 3.8% and the markets like it. Credit cards and subprime auto delinquencies at years high already at 3.5% unemployment. Let’s see what happens with delinquencies at a 3.8% unemployment…
Payrolls rose by 187,000 in August, unemployment rate rises to 3.8%
The U.S. added more jobs than expected in August, a sign of resilience for a labor market under pressure from Federal Reserve interest rate hikes.
Nonfarm payrolls grew by a seasonally adjusted 187,000 for the month, above the estimate for 170,000, the U.S. Bureau of Labor Statistics reported Friday.
However, the unemployment rate was 3.8%, up significantly from July and the highest since February 2022. That increase came as the labor force participation rate increased to 62.8%, the highest since February 2020, just before the Covid pandemic declaration.
David Rosenberg, it all hits in September. t.co/u94AQMVrlC pic.twitter.com/Ds3xxcQ9oE
— Financelot (@FinanceLancelot) September 1, 2023
— ÐogeVenture (@DogeVenture) September 1, 2023
The Federal Reserve has issued a slew of private warnings to lenders with assets of $100 billion to $250 billion, including Citizens Financial Group, Fifth Third Bancorp and M&T Bank, per Bloomberg.
It is demanding that regional lenders increase their liquidity planning.
— unusual_whales (@unusual_whales) August 31, 2023
It would be funny if the entire population of the United States maxes out their credit cards at the same time and then we refuse to oblige.
Credit card debt is at new highs, and now stands at 1.03 trillion.
"The consumer is strong and resilient."
No – the consumer is on borrowed time and has no damn idea how high credit card rates are going to get. pic.twitter.com/l9A4gUwQG8
— Michael A. Gayed, CFA (@leadlagreport) September 1, 2023
Breaking: Tesla to cut car prices by 20%
Recession is here. The cult is going to freak out tomorrow 🤪 pic.twitter.com/T2p3i5cZAw
— Financelot (@FinanceLancelot) September 1, 2023
JUST IN: Real estate investors have decreased home purchases in 2023 by a massive 45%.
This is, by far, the biggest drop since the 2008 financial crisis.
Overall home sales are now down 31% in 2023.
Higher rates and low supply have sent the housing market to a halt.
Not even… pic.twitter.com/HMDynOrJUR
— The Kobeissi Letter (@KobeissiLetter) August 31, 2023
The Federal Reserve has issued a slew of private warnings to lenders with assets of $100 billion to $250 billion, including Citizens Financial Group, Fifth Third Bancorp and M&T Bank, per Bloomberg.
It is demanding that regional lenders increase their liquidity planning.
— unusual_whales (@unusual_whales) August 31, 2023
As disaster approaches, confidence increases. pic.twitter.com/8oqx8THBxL
— Mac10 (@SuburbanDrone) September 1, 2023