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The Economy

MajorRewrite said:
GDP: US economy grows at 3% annualized pace in second quarter
Click to expand...
Interestingly, China's stock market had the best one-week gain in over a decade too. Reasons:
  1. China's national bank was forced to match the US Fed Reserve's prime rate cut of .5% to stay competitive.
  2. China injected 1 trillion yuan into the central bank to attempt to create new American hedge fund investment, which had decreased significantly for three years
  3. China upgraded "strict limits" on new housing starts to an "absolute ban" on new housing starts because there is a huge glut of new unoccupied residences due to small investors speculating on new house appreciation...this is hoped to push small investors out of real estate speculation and back into traditional manufacturing stocks.
  4. Alibaba (Chinese competitor to Amazon) announced 5 billion yuan promotional pricing cuts to directly compete with Amazon during upcoming American Christmas season. Alibaba is doing this because they believe American buying will be higher than historical averages.
 
RobDownSouth said:
Interestingly, China's stock market had the best one-week gain in over a decade too. Reasons:
  1. China's national bank was forced to match the US Fed Reserve's prime rate cut of .5% to stay competitive.
  2. China injected 1 trillion yuan into the central bank to attempt to create new American hedge fund investment, which had decreased significantly for three years
  3. China upgraded "strict limits" on new housing starts to an "absolute ban" on new housing starts because there is a huge glut of new unoccupied residences due to small investors speculating on new house appreciation...this is hoped to push small investors out of real estate speculation and back into traditional manufacturing stocks.
  4. Alibaba (Chinese competitor to Amazon) announced 5 billion yuan promotional pricing cuts to directly compete with Amazon during upcoming American Christmas season. Alibaba is doing this because they believe American buying will be higher than historical averages.
Click to expand...

I’m still waiting for the Chinese economy to implode. I saw a story some years back that China is building huge cities with nobody living in them—huge malls with no occupants. All of that money had to come from somewhere to build all that and someone is on the hook for it.

After a quick search, they’re still empty.

https://www.independent.co.uk/trave...ty-people-ghost-towns-abandoned-a7982646.html

 

Trump’s promises would spike inflation and wipe out jobs, study finds​


Former President Donald Trump has promised to attack the United States affordability crisis by imposing immense tariffs, carrying out unprecedented deportations and even influencing interest rate decisions.

However, a new analysis finds that the Republican presidential nominee’s plans for tariffs, deportations and the Federal Reserve would not only fail to solve inflation – they would make it much worse.

The Trump agenda would cause weaker economic growth, higher inflation and lower employment, according to a working paper released Thursday by the Peterson Institute for International Economics. In some cases, the damage could continue through 2040.

https://www.cnn.com/2024/09/26/business/trump-inflation-jobs-tariffs-economy/index.html
 
US consumer spending rises moderately in August; inflation slows

The personal consumption expenditures (PCE) price index rose 0.1% in August after an unrevised 0.2% gain in July. Economists had forecast PCE inflation advancing 0.1%. In the 12 months through August, the PCE price index increased 2.2% after rising 2.5% in July.
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Inflation (PCE) down to 2.2%. ⭐️

Consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.2% last month after an unrevised 0.5% gain in July, the Commerce Department's Bureau of Economic Analysis reported on Friday.
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Consumer spending continues to grow. ⭐️

Annual revisions to national accounts data published on Thursday showed stronger wages and salaries growth in the second quarter than had been previously estimated. The saving rate also was higher than previously thought. Higher incomes and savings bode well for consumer spending for the rest of the year.
Click to expand...

Wage growth revised upward. ⭐️

Good news for Americans. 👍
 
MajorRewrite said:
US consumer spending rises moderately in August; inflation slows



Inflation (PCE) down to 2.2%. ⭐️



Consumer spending continues to grow. ⭐️



Wage growth revised upward. ⭐️

Good news for Americans. 👍
Click to expand...
The long term fix to inflation is probably not going to be slowing wage growth, anyway, as people need the extra wages to cope with the inflation and price gouging already in existence. The answer is to improve the infrastructure and supply chain, so there are more goods for the extra money to chase. In this scenario, too many tariffs and trade barriers at the wrong juncture could have an inflationary effect by reducing the available supply of goods from countries and companies loathe to export to the United States. On the other hand, we need to improve our manufacturing base, which would increase our middle class. The trick will be finding ways to draw more manufacturing jobs back into the country and finding the right cities to reindustrialize. Ironically, Detroit might soon be an option, as long as services can be improved and crime can be kept in check. Automation is another issue that needs to be addressed, of course, as it is also a threat to many such industrial jobs.
 
SevMax2 said:
The long term fix to inflation is probably not going to be slowing wage growth, anyway, as people need the extra wages to cope with the inflation and price gouging already in existence. The answer is to improve the infrastructure and supply chain, so there are more goods for the extra money to chase. In this scenario, too many tariffs and trade barriers at the wrong juncture could have an inflationary effect by reducing the available supply of goods from countries and companies loathe to export to the United States. On the other hand, we need to improve our manufacturing base, which would increase our middle class. The trick will be finding ways to draw more manufacturing jobs back into the country and finding the right cities to reindustrialize. Ironically, Detroit might soon be an option, as long as services can be improved and crime can be kept in check. Automation is another issue that needs to be addressed, of course, as it is also a threat to many such industrial jobs.
Click to expand...
BS

https://twitter.com/x/status/1839704102210855270
 
Job Openings and Labor Turnover Summary for August from the US Bureau of Labor Statistics

There continue to be lots of unfilled job openings for people looking for employment.

The number of job openings was little changed at 8.0 million on the last business day of August, the
U.S. Bureau of Labor Statistics reported today. Over the month, hires changed little at 5.3 million. Total
separations changed little at 5.0 million. Within separations, quits (3.1 million) continued to trend down
and layoffs and discharges (1.6 million) changed little.
Click to expand...
 
MajorRewrite said:
Job Openings and Labor Turnover Summary for August from the US Bureau of Labor Statistics

There continue to be lots of unfilled job openings for people looking for employment.
Click to expand...

I thought the migrants took all the jobs???

🤔

😑

And I’m surprised the pet supply, grooming, etc, industry hasn’t lost millions of jobs, what with the migrants eating all the pets…

🤔

😑
 
RobDownSouth said:
Interestingly, China's stock market had the best one-week gain in over a decade too. Reasons:
  1. China's national bank was forced to match the US Fed Reserve's prime rate cut of .5% to stay competitive.
  2. China injected 1 trillion yuan into the central bank to attempt to create new American hedge fund investment, which had decreased significantly for three years
  3. China upgraded "strict limits" on new housing starts to an "absolute ban" on new housing starts because there is a huge glut of new unoccupied residences due to small investors speculating on new house appreciation...this is hoped to push small investors out of real estate speculation and back into traditional manufacturing stocks.
  4. Alibaba (Chinese competitor to Amazon) announced 5 billion yuan promotional pricing cuts to directly compete with Amazon during upcoming American Christmas season. Alibaba is doing this because they believe American buying will be higher than historical averages.
Click to expand...
Xi has made a lot of critical blunders in recent years, but one should give him credit for recognizing the most imminent threats right now to China's economic growth.
 
lessOHmo said:
DISPATCHES FROM THE “VIBES ELECTION:” September consumer confidence falls the most in three years.
Click to expand...

You already posted that back on September 24. You’re going to have to work harder to find something to pretend to be upset about. 😆

My response from the 24th:

MajorRewrite said:
“Consumer confidence” polls mean nothing at this point, because 100% of MAGAs reply that the economy is awful even though all data says the opposite.

But when asked about their personal spending, they tell the truth because they don’t want to look like failures:



https://www.conference-board.org/topics/consumer-confidence
Click to expand...
 
LLCox said:
"Best Economy Evah" ! :ROFLMAO:
Click to expand...

MajorRewrite said:
The economy continues to be strong.

We’re in the downturn portion of the business cycle, but there are no signs of recession. The “soft landing” is very much in play.

New jobs data improve prospects of much sought-after soft landing
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The right wing idiots don’t realize that NO economy is "perfect", but rather, it is better or worse than it might have been if different policies had been enacted.

“Bidenomics” DID in fact provide a framework for stability in the economy, and, sans DonOld’s Covid blunders, Putin’s war, and corporate price gouging (greedflation), things would have been damn near "perfect" (economy wise) considering the right wing idiots’ predictions of “The next Great Depression" and a stock market collapse on day one of the Biden / Harris administration.

President Biden and Vice President Harris have been MORE than competent when it comes to getting positive things done on the government side of the economy, but until right wing voters wake up and see that their elected representatives are facilitating corporate greedflation, not even the most competent Democratic Party President can shield the public from the powerful corporate profiteers.

But the right wing idiots DID "own the libs", so…

😑

🤬
 
Last edited:
Lazaran said:
The right wing idiots don’t realize that NO economy is "perfect", but rather, it is better or worse than it might have been if different policies had been enacted.

“Bidenomics” DID in fact provide a framework for stability in the economy, and, sans DonOld’s Covid blunders, Putin’s war, and corporate price gouging (greedflation), things would have been damn near "perfect" (economy wise) considering the right wing idiots’ predictions of “The next Great Depression" and a stock market collapse one day one of the Biden / Harris administration.

President Biden and Vice President Harris have been MORE than competent when it comes to getting positive things done on the government side of the economy, but until right wing voters wake up and see that their elected representatives are facilitating corporate greedflation, not even the most competent Democratic Party President can shield the public from the powerful corporate profiteers.

But the right wing idiots DID "own the libs", so…

😑

🤬
Click to expand...

A President has VERY little effect on the economy except to sign into legislation regulations which strangle small business and give Big Biz another loophole (which is done by both parties). BUT EVERY President takes credit for a good economy and blows a bad economy off on the last President. if you don't believe me Google it or make little smilie smirks.
 
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