92 sats \ 2 replies \ @kepford 12 Oct 2023 \ on: US Real Income In Further Decline bitcoin
Heard a report the other day from Walmart and a fake food company saying people have reduced their spending on food specifically. Thats pretty wild for the US. Inverted yield curve is pretty wild too.
I haven't researched this myself but Ive heard the only real reason we haven't seen huge unemployment is because we have so many boomers dropping out of the workforce. We also have a shortage of housing which is keeping demand higher than it would be otherwise. If you look at history its just a matter of when not if we hit some rough times.
Transaction volume in housing has slowed greatly. Two years ago, sellers were accepting offers within a week of listing. Now, those same houses are sitting on the market for months. That means the real price of housing has fallen, but sellers haven't been willing to take the lower price yet.
I've also heard one of the factors offsetting rising unemployment numbers is an increase in the the number of second jobs many people have taken. They count jobs not employed persons.
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Interesting. Thanks for sharing. The increase in home loan interest rates has to be a key factor in housing sales both new and otherwise. Heard some crazy numbers on the increase in cost of buying a home from just a year ago. I can't recall the numbers but it was pretty shocking. The even more shocking thing was that if new housing starts did increase the supply chain could not keep up and prices would go even higher. Pretty complex stuff.
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