Post by Bradley K. ShermanPost by Bradley K. ShermanPost by Bradley K. ShermanPost by Bradley K. Sherman| U.S. Economy Shows Surprising Vigor in First Half of 2023
| An inflation gauge tracked by the Federal Reserve falls to
| its lowest point in 2 years
| America's democratic culture is as formidable as its
| military and economic might. A scholar and former
| ambassador explains why the administration is getting it
| right while Russia and China are not.
| ...
| Leading economists at big banks like Goldman Sachs and
| JPMorgan Chase have lowered their odds of an imminent
| recession, pointing to a resilient labor market and steady
| household finances as signs that the U.S. can weather the
| storm as the Federal Reserve continues to drive up
| borrowing costs.
| ...
<https://www.politico.com/news/2023/07/05/wall-street-biden-economy-00104480>
--bks
Don't look now, the emperor has no clothes:
"LeSage is among a growing number of Americans who have found
themselves confronting financial hardship as the U.S. economy has
slowed. On Thursday, the U.S. Bureau of Economic Analysis reported
gross domestic product fell to 1.1% in the first quarter, the lowest
reading in nine months. The GDP is the value of the final goods and
services produced in the country and a strong indicator of how healthy
the U.S. economy.
Strapped for cash
The slowdown is starting to show up in Americans' personal finances.
According to a recent survey from Bankrate, 49% of U.S. adults have
less savings compared to a year ago. Ten percent of those surveyed
said they have no savings at all.
The upshot: The most disastrous outcomes for U.S. households, like
auto repossessions and home foreclosures, have begun to climb.
As a result of the expiration of government stimulus and current
[economic] headwinds, we have seen delinquencies ticking up in this
space over the last several months, said Margaret Rowe, a senior
director at Fitch ratings group.
Fitch data show U.S. auto loan delinquencies among subprime borrowers
have just about returned to pre-pandemic levels from the record low
set in summer 2021.
Meanwhile, home foreclosure filings have begun to surge. According to
data from ATTOM, a property analytics company, U.S. foreclosure
filings totaled 95,712 in the first quarter of 2023. That's 6% higher
than in the previous quarter and 22% higher than a year ago.
March alone saw 36,617 U.S. properties in foreclosure, a 20% increase
compared to February and 10% higher than a year ago. It was the 23rd
consecutive month with a year-over-year increase in foreclosure
activity."
https://www.nbcnews.com/business/consumer/foreclosures-car-repos-rising-why-americans-are-living-financial-cliff-rcna80638
People can't pay their bills and its getting worse. Wonder why you
didn't report on this.