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The Economy

US pending home sales jump the most in more than four years, NAR says

The National Association of Realtors (NAR) said on Wednesday its Pending Home Sales Index, based on signed contracts, rose 7.4% last month to 75.8 - the highest since March - from 70.6 in August.
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September's month-on-month increase was the largest since June 2020's 14.9% gain, while on a year-over-year basis the national sales rate was up 2.6% - the biggest jump since May 2021.

Pending home sales rose month-over-month in all four regions, and year-over-year they rose in the Northeast and West and were unchanged in the Midwest and South.

"Contract signings rose across all regions of the country as buyers took advantage of the combination of lower mortgage rates in late summer and more inventory choices," said Lawrence Yun, the NAR's chief economist. "Further gains are expected if the economy continues to add jobs, inventory levels grow, and mortgage rates hold steady."
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Personal Consumption Expenditures Price Index

PCE is a measure of inflation. The 2.1% rate over the last 12 months is very close to the FED’s 2% target.

From the same month one year ago, the PCE price index for September increased 2.1 percent (table 7). Prices for goods decreased 1.2 percent and prices for services increased 3.7 percent. Food prices increased 1.2 percent and energy prices decreased 8.1 percent.
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ll74 said:
Inflation being positive is still inflation and therefore prices aren't coming down. Worth understanding that as well.
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Sorry if this counts as necroing this post.

However, I regard inflation as a diagnostic metric rather than a problem. Like the human body temperature. A room temperature, or less, body temperature is a big problem not a sign of good health.

In the same way 0% inflation or less is a sign of a big problem in the economy. Too high inflation is just as big a problem as too low.

Extremes of inflation are indicative of a problem, not a problem themselves.
 
Last edited:
rgraham666 said:
Sorry if this counts as necroing this post.

However, I regard inflation as a diagnostic metric rather than a problem. Like the human body temperature. A room temperature, or less, body temperature is a big problem not a sign of good health.

In the same way 0% inflation or less is a sign of a big problem in the economy. Too high inflation is just as big a problem as too low.

Extremes of inflation are indicative of a problem, not a problem themselves.
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Prices don't ever go down when inflation is at the expected range. So the price increase we just saw is permanent. That hurts buyers
 
Deflation is a myth?

I'm glad I didn't study economics, such a dismal science...,

I wonder why I see the talking heads warning about it? Cheaper prices sound like a real good thing.
 
JoePepsiCo said:
Deflation is a myth?

I'm glad I didn't study economics, such a dismal science...,

I wonder why I see the talking heads warning about it? Cheaper prices sound like a real good thing.
Click to expand...

Deflation does sound like a good thing for consumers. But it puts an enormous strain on businesses and the economy as a whole.

The last sustained deflationary period in the US was the Great Depression. That’s why economists and the Fed say a low rate of inflation is better for the economy than possibly triggering a crash with deflation.
 

US economy added 12,000 jobs in October, well below economists' expectations​

Labor Department releases closely watched October jobs report​



By Eric Revell FOXBusiness

U.S. job growth slowed down in October, coming in well short of economists' expectations, while the unemployment rate was unchanged.

The Labor Department on Friday reported that employers added 12,000 jobs in October, well below the 113,000 gain that was predicted by LSEG economists.

The unemployment rate was 4.1%, in line with expectations.

The number of jobs added in the prior two months were both revised downward, with job creation in August revised down by 81,000 from a gain of 159,000 to 78,000, while September was revised down by 31,000 from a gain of 254,000 to 223,000.

Private sector payrolls contracted by 28,000 in October after LSEG economists projected they would rise by 90,000.

https://www.foxbusiness.com/economy/us-jobs-report-october-2024

There were downward revisions in the last two months as well.
 

Ford Halts EV Production at Michigan Plant That Biden, Slotkin Lauded as 'Incredible' Example of 'American Ingenuity'​

Auto giant's announcement 'highlights the disastrous impact of federal EV mandates,' energy expert says​

President Joe Biden drives the electric Ford F-150 Lightning (Nicholas Kamm/AFP via Getty Images)
Thomas Catenacci
October 31, 2024

Ford Motor Company is halting production of its electric F-150 Lightning pickup truck at a Michigan factory, the auto giant announced Thursday. Just three years ago, President Joe Biden and Rep. Elissa Slotkin (D., Mich.) visited the plant to celebrate the truck's rollout, calling it an "incredible facility" that shows there's "no limit to what American ingenuity and manufacturing can accomplish."

Ford—which, like other major automakers, has struggled to keep its EV business afloat—will shutter the Dearborn, Michigan, manufacturing plant beginning on Nov. 18 and until Jan. 6, 2025. "We continue to adjust production for an optimal mix of sales growth and profitability," the company said in a statement Thursday.

"Ford’s halt in F-150 Lightning production highlights the disastrous impact of federal EV mandates driven by the Biden-Harris administration," Jason Isaac, the CEO of the American Energy Institute, told the Washington Free Beacon. "These mandates are destabilizing the global auto industry while paving the way for cheap Chinese imports to dominate."

"American automakers and workers are paying the price for policies that ignore real consumer demand," Isaac continued.

More here: https://freebeacon.com/energy/ford-...use-elissa-slotkin-in-blow-to-climate-agenda/

This is what happens when the government decides what cars Americans can drive. Joe Biden has done more to fuck this country up than any other administration.
 
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