U.S jobs market surge - rate cuts looking much less possible

[cdd]

https://www.bbc.com/news/articles/c97763pnlvpo

Silly EU.

[Dreamcasting]

I don't think anyone really believes the data coming out at this point nor do the central banks have any credibility. It's probably all just bs and jawboning anyway to try and get to the US presidential election unscathed - then bang.

[WPU King]

4 minutes ago, Dreamcasting said:

I don't think anyone really believes the data coming out at this point nor do the central banks have any credibility. It's probably all just bs and jawboning anyway to try and get to the US presidential election unscathed - then bang.

US data are really all over the place at the moment. No-one trusts the dara, therefore loading into stupid stuff like GME for a chuckle.

[Tony_Teacake]

16 minutes ago, cdd said:

https://www.bbc.com/news/articles/c97763pnlvpo

Silly EU.

These figures will be revised down in a couple of months, this has happened for the last couple of years. Also a lot of the jobs are government jobs or part time.

America is already in a recession but the establishment won't tell you this but rest assure when the GDP figures are revised this will show this.

[Dreamcasting]

17 minutes ago, WPU King said:

US data are really all over the place at the moment. No-one trusts the dara, therefore loading into stupid stuff like GME for a chuckle.

The governments and central banks have completely broken every single market going. This started in 2008 and was magnified during covid.

The Gamestop saga is laughable but really sad at the same time. I was just waiting for it to resurface, and there it is.

[Big Orange]

The United States of America comprehensibly ruined its former Middle Class and its essential modern infrastructure to maximise "shareholder value" (uber corrupt oligarchs running everything on faith now) and it's probably tipping over into a Great Depression 2.0 or Soviet style collapse (appropriate now, considering the US relying increasingly on force and propaganda).

[dances with sheeple]

1 hour ago, cdd said:

https://www.bbc.com/news/articles/c97763pnlvpo

Silly EU.

Yes, they went too early, what a shame, they will probably have to hike 0.50% next time.

[Social Justice League]

3 minutes ago, Big Orange said:

The United States of America comprehensibly ruined its former Middle Class and its essential modern infrastructure to maximise "shareholder value" (uber corrupt oligarchs running everything on faith now) and it's probably tipping over into a Great Depression 2.0 or Soviet style collapse (appropriate now, considering the US relying increasingly on force and propaganda).

I totally agree with you. America in 2024 is a complete parody. It's about to fall apart because most of population can't afford the basics.

Western consumer capitalism has now completely failed imo, just like Russian communism did.

[Dreamcasting]

6 minutes ago, dances with sheeple said:

Yes, they went too early, what a shame, they will probably have to hike 0.50% next time.

Yes it's what they should have been doing all along, but we can only hope.

If they don't get the situation under control real soon, the outcome is going to be very nasty.

[WPU King]

2 minutes ago, Social Justice League said:

because most of population can't afford the basics.

Western consumer capitalism has now completely failed imo, just like Russian communism did.

I don't think that, in fact the opposite. People can afford the basics so have turned slovenly and in on themselves. Everyone looks fat and a tattooed mess.

It's a different type of collapse. Maybe a genetic collapse as only the proles have been doling out kids; whereas the so-called intelligent wait until she's 37 and then she realises she's been lied to for 20 years and all her schoolmates are now grandma.

[Tony_Teacake]

1 minute ago, WPU King said:

I don't think that, in fact the opposite. People can afford the basics so have turned slovenly and in on themselves. Everyone looks fat and a tattooed mess.

It's a different type of collapse. Maybe a genetic collapse as only the proles have been doling out kids; whereas the so-called intelligent wait until she's 37 and then she realises she's been lied to for 20 years and all her schoolmates are now grandma.

Unfortunately you are out of touch again Stewy. Many Americans have never had it so hard in recent history.

A lot of the hedge funds where buying up all of the housing stock during the pandemic and they came up with a scheme inviting people to buy shares in these houses so they could be rented out at extortionate rents along with high management fees.

Now inventory has soared because all of these investors are pulling out. In so many states prices are coming down drastically because the yields don't work anymore. The FOMO has now gone from the market and you know what is coming next. One thing I will say for sure is the end game is not going to be pretty 👑 👑 👑

[fellow]

Rate cut thwarted yet again. There can't be much hopium left in the tank?

[dances with sheeple]

2 hours ago, Dreamcasting said:

Yes it's what they should have been doing all along, but we can only hope.

If they don't get the situation under control real soon, the outcome is going to be very nasty.

Yep, they all need to crank it up, probably too late now of course.

[dances with sheeple]

2 hours ago, Tony_Teacake said:

Unfortunately you are out of touch again Stewy. Many Americans have never had it so hard in recent history.

A lot of the hedge funds where buying up all of the housing stock during the pandemic and they came up with a scheme inviting people to buy shares in these houses so they could be rented out at extortionate rents along with high management fees.

Now inventory has soared because all of these investors are pulling out. In so many states prices are coming down drastically because the yields don't work anymore. The FOMO has now gone from the market and you know what is coming next. One thing I will say for sure is the end game is not going to be pretty 👑 👑 👑

Depends what you class as pretty I suppose.

[Tony_Teacake]

15 minutes ago, dances with sheeple said:

Depends what you class as pretty I suppose.

I was going to say carnage but if I am being totally honest this may be a understatement.

[nero120]

4 hours ago, Tony_Teacake said:

These figures will be revised down in a couple of months, this has happened for the last couple of years. Also a lot of the jobs are government jobs or part time.

America is already in a recession but the establishment won't tell you this but rest assure when the GDP figures are revised this will show this.

Makes you wonder, if they are happy to completely lie about the headline numbers then why even bother revising them down after the fact? For credibility?! 😂

[Unmoderated]

3 hours ago, WPU King said:

I don't think that, in fact the opposite. People can afford the basics so have turned slovenly and in on themselves. Everyone looks fat and a tattooed mess.

It's a different type of collapse. Maybe a genetic collapse as only the proles have been doling out kids; whereas the so-called intelligent wait until she's 37 and then she realises she's been lied to for 20 years and all her schoolmates are now grandma.

Agreed!

The performance of the US economy is extraordinary. They appear to be at the top of the cycle but wages are increasing at an unreal rate.

I was looking at Florida earlier for income tax rates and thresholds etc (a possible relocation looms if this country doesn't stop abusing it's high earners - Florida is unreal for income tax!) Anyway, wages are up pretty much 20% in three years.

House price to earnings ratio are pretty good now, though when I was last over there (Miami) I was blown away by how much property cost - it ain't cheap!

Anyway, rates can go to the moon in the USA, it only hurts people moving house or FTBs. Everyone else can sit back, take the raises and keep paying the same old mortgage rate on their 30 year fixed.

[Tony_Teacake]

33 minutes ago, nero120 said:

Makes you wonder, if they are happy to completely lie about the headline numbers then why even bother revising them down after the fact? For credibility?! 😂

It's all about gaslighting and most people never look at the revised figures. The US is in for a almighty housing crash. FTBs cannot get on the ladder because prices are sky high and mortgage interest rates are between 7-9%. Also property tax is a big killer in the US which is paid every year and is based on the value of your property so if your house price keeps rising you pay more every year.

No FTBs and the market collapses and this is what is already happening. In many US states prices are already coming down and this situation has already got really ugly. So many people are doing 2-3 jobs to just survive and this is not a healthy job market by any means.

[Big Orange]

5 hours ago, Social Justice League said:

Western consumer capitalism has now completely failed imo, just like Russian communism did.

The lack of decent housing is now Western Capitalism's equivalent of the rows upon rows of empty shop shelves we saw on 80s/90s news footage from Russia.

Lies and misery are an increasingly wobbly foundation for today's billionaires, even the weird hypernormalization and sense of inertia with geriatric leaders in 10s/20s America feels chillingly similar to 70s/80s Soviet Russia...

Edited Friday at 21:33 by Big Orange

[scottbeard]

7 minutes ago, Big Orange said:

The lack of decent housing is now Western Capitalism's equivalent of the rows upon rows of empty shop shelves we saw on 80s/90s news footage from Russia.

That's an interesting take - I think there is some mileage in it.

Just as the "look how great communism is" didn't ring true when the Russians can't get any food, so does "look how great capitalism is" when no-one in the West can get a house.

[Big Orange]

27 minutes ago, scottbeard said:

That's an interesting take - I think there is some mileage in it.

Just as the "look how great communism is" didn't ring true when the Russians can't get any food, so does "look how great capitalism is" when no-one in the West can get a house.

Something's gone disastrously wrong when the massive landmasses of N. America, W. Europe, and Australia cannot fulfil most people's housing needs reliably - I don't know how or when the Western states will fail (maybe even violently like Syria or Libya), but everyone can hear the countdown now...

Edited Friday at 22:06 by Big Orange

[nero120]

9 hours ago, Tony_Teacake said:

It's all about gaslighting and most people never look at the revised figures. The US is in for a almighty housing crash. FTBs cannot get on the ladder because prices are sky high and mortgage interest rates are between 7-9%. Also property tax is a big killer in the US which is paid every year and is based on the value of your property so if your house price keeps rising you pay more every year.

No FTBs and the market collapses and this is what is already happening. In many US states prices are already coming down and this situation has already got really ugly. So many people are doing 2-3 jobs to just survive and this is not a healthy job market by any means.

No you misunderstand me, my question was, why do they bother revising the figures at all, especially if no one looks at the revised figures?!

[nero120]

7 hours ago, Big Orange said:

Something's gone disastrously wrong when the massive landmasses of N. America, W. Europe, and Australia cannot fulfil most people's housing needs reliably - I don't know how or when the Western states will fail (maybe even violently like Syria or Libya), but everyone can hear the countdown now...

I think ol' Thomas Jefferson understood the issue:

“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”

[nero120]

7 hours ago, scottbeard said:

That's an interesting take - I think there is some mileage in it.

Just as the "look how great communism is" didn't ring true when the Russians can't get any food, so does "look how great capitalism is" when no-one in the West can get a house.

Absolutely.

People always think "the system" is the issue, just move to a new "system" (communism/capitalism/etc) and our problems will be solved. What they fail to understand is that whatever system you devise will be corrupted, over time, by human nature, until the point when that "system" is no longer providing for the needs of the people within it.

No system can withstand human nature, but a system that is more in tune with human nature will likely survive longer than one that fails to account for it at all, which is why capitalism (or more specifically, free market capitalism) tends to lift standards of living sustainably until the system has been captured by corporate interest (which is where we are right now).

Edited Saturday at 05:19 by nero120

[Fromage Frais]

13 hours ago, WPU King said:

I don't think that, in fact the opposite. People can afford the basics so have turned slovenly and in on themselves. Everyone looks fat and a tattooed mess.

It's a different type of collapse. Maybe a genetic collapse as only the proles have been doling out kids; whereas the so-called intelligent wait until she's 37 and then she realises she's been lied to for 20 years and all her schoolmates are now grandma.