The US Market has lost 1,000 points in a mass sell off….
All this false shit about the US Economy has finally hit the wall….
The American economy has NOT been good ….
Consumer prices REMAIN HIGH….
Companies post covid cannot get people to COME to work and can’t keep help and are cutting costs…..
And?
As I have been complaining about at this place?
Ole Jerome at The Federal Reseve IS a BIG part of the problem…..
(He should getting unemplyment benefits NOT be heading the Fed)
His refusal to lower interest rates IS hurting companies and consumers….
And this IS gonna drop in the lap of the next US President….
A global stock sell-off intensified Monday, with the Dow Jones Industrial Average plunging more than 900 points at the opening bell and Japan’s benchmark Nikkei 225 stock index recording its biggest single-day drop on record.
The Dow erased 2.4 percent, while the broader S&P 500 shed 2.9 percent. The tech-heavy Nasdaq plummeted 3.6 percent.
…
The volatility was sparked by several data reports that appeared to show weakness in the U.S. labor market.
The U.S. Labor Department reported Friday that the unemployment rate had spiked to 4.3 percent, with employers adding 114,000 jobs in July, a weaker-than-expected showing. On Thursday, another report showed more Americans filing initial unemployment claims — a widely-followed proxy for layoffs — and a gauge of the manufacturing sector also raised concerns.
Analysts said the recent economic data points revived fears of a possible U.S. recession. The Federal Reserve has substantially raised interest rates over the past two years to get inflation under control, raising concerns that it could slow the economy too much….
…
Other worrying economic signs could be found. The two-year Treasury yield reached 3.746, nearly reaching the 10-year yield at 3.678, according to MarketWatch. An “inverted” yield curve, in which short-term yields are higher than long-term yields, is a widely followed recession indicator….
Several leading tech stocks, whose valuations soared earlier in the year amid hype around artificial intelligence technology, were poised for steep losses Monday
“The fear is coming from the weak jobs numbers that indicate recession, and that Fed stayed too high for too long,” said Michael Farr of the D.C.-based investment firm Farr, Miller and Washington….
Jack?
Ole Jerome taking a Beating, eh?
Dow off 900 points