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| Economy |
| Big Economic News This Week - Starts off bad |
| 2023-09-13 |
| [Axios] Americans' real incomes fell in 2022 from the previous year, new Census data show, as record-high inflation took a bite out of our paychecks. Why it matters: The decline explains why Americans have felt so meh about the strong economy over the past couple years.
By the numbers: Real median household income fell by 2.3% to $74,580. Later this week, CPI, then PPI, then maybe an auto worker strike. Based on Cleveland Federal Reserve Nowcasts, CPI and PPI will be higher than last month which could bum the stock market. But the biggie is whether the auto workers strike which could also come this week. |
| Posted by:lord garth |
| #10 By 1980 (Reagan era computation methodology: |
| Posted by: NoMoreBS 2023-09-13 14:28 |
| #9 We've cut waaaaaaay back on our EV purchases, Carib cruises, and Vegas get-aways. |
| Posted by: Besoeker 2023-09-13 13:41 |
#8  |
| Posted by: NoMoreBS 2023-09-13 12:56 |
| #7 But, measured by "a basket of things nobody actually buys," inflation is below normal. Or so they want you to believe. |
| Posted by: M. Murcek 2023-09-13 10:27 |
| #6 below, is the BLS statement this morning. DJ, NASDAQ, etc futures didn't like it ------- The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.6 percent in August on a seasonally adjusted basis, after increasing 0.2 percent in July, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.7 percent before seasonal adjustment. The index for gasoline was the largest contributor to the monthly all items increase, accounting for over half of the increase. Also contributing to the August monthly increase was continued advancementin the shelter index, which rose for the 40th consecutive month. The energy index rose 5.6 percent in August as all the major energy component indexes increased. The food index increased 0.2 percent in August, as it did in July. The index for food at home increased 0.2 percent over the month while the index for food away from home rose 0.3 percent in August. The index for all items less food and energy rose 0.3 percent in August, following a 0.2-percent increase in July. Indexes which increased in August include rent, owners' equivalent rent, motor vehicle insurance, medical care, and personal care. The indexes for lodging away from home, used cars and trucks, and recreation were among those that decreased over the month. The all items index increased 3.7 percent for the 12 months ending August, a larger increase than the 3.2-percent increase for the 12 months ending in July. The all items less food and energy index rose 4.3 percent over the last 12 months. The energy index decreased 3.6 percent for the 12 months ending August, and the food index increased 4.3 percent over the last year. |
| Posted by: lord garth 2023-09-13 08:43 |
| #5 for those on Social Security, it looks now like the COLA will be in the neighborhood of 3.5% unfortunately, health care premiums will likely be up 5-10% |
| Posted by: lord garth 2023-09-13 08:38 |
| #4 Ref #2: With the exception of one brief 4 year period, Obama is still president. If the Biden impeachment actually happens, I suspect discovery will reveal who is actually calling the shots. |
| Posted by: Besoeker 2023-09-13 08:17 |
| #3 Feels like the 70s all over again, just stupider. |
| Posted by: DarthVader 2023-09-13 08:13 |
| #2 Breitbart Business Digest: We Haven’t Had a Year This Bad Since Obama Was President |
| Posted by: Skidmark 2023-09-13 06:37 |
| #1 US incomes have FALLEN for a third straight year: Surging inflation is blamed for median household income dropping to $74,580 in 2022 - down 2.3% from 2021 |
| Posted by: Skidmark 2023-09-13 05:39 |