The US is experencing a slow down.
The massive Federal government and Federal Reserve Covid stimulus has worn out and we are left with a sagging jobs report and soaring credit card delinquencies.
After ADP’s reports printed almost perfectly in line with BLS last month (+177k vs +187k), all eyes are on today’s print, which was expected to decline to +150k. Instead it plunged to just +89k – that is the lowest jobs addition since Jan 2021.
Credit Card Delinquency rates at small banks have reached 7.51%, the highest level ever recorded.
Bidenomics is taking the 10Y rate higher.
