San Francisco Office Market Turns into Nightmare, in Two Easy Steps. Step 1: Hogging Office Space; Step 2: Working from Home by Wolf Richter • Apr 4, 2023 • 125 Comments Step 3: The economy… but that step hasn’t happened yet.
This is Still the Most Astonishing Labor Market: Job Openings, Hiring, Voluntary Quits, Layoffs & Discharges by Wolf Richter • Apr 4, 2023 • 75 Comments Still lots of churn as workers arbitrage the tight labor market for their benefit. Back to “normal” a long way off.
The “Extraordinary Measures” that the Government Uses in the Debt-Ceiling Farce to Delay a Default by Wolf Richter • Apr 3, 2023 • 189 Comments The government can manipulate the gross national debt to keep it below the debt ceiling while issuing new debt. But not for long. Then the game is over.
Status of US Dollar as Global Reserve Currency and Exchange Rates: Slow Long-Term Decline on Track by Wolf Richter • Apr 2, 2023 • 188 Comments But the Chinese Renminbi didn’t make any progress at all last year.
Consumers Got Whacked by Inflation, High Interest Rates, Layoff News, Asset Prices Falling from Lofty Peaks… And They’re Still Not Slowing Down by Wolf Richter • Mar 31, 2023 • 247 Comments The banking turmoil is seen as next test for consumers. Would be a hoot if they just go ahead and blow that off too.
Services Inflation Rages at Worst Rate since 1984, Keeps “Core PCE” (Fed’s Yardstick) in High Range. Energy & Goods Cool by Wolf Richter • Mar 31, 2023 • 183 Comments PCE inflation measures: Services — nearly two-thirds of consumer spending — that’s where the inflation action is.
Population Drops Even More in California, San Francisco Bay Area, Coastal Southern California. San Francisco -8% from Peak! But 19 Inland Counties Grow by Wolf Richter • Mar 30, 2023 • 170 Comments Where is demand for homes supposed to come from when the population keeps declining?
How 3% Mortgages Altered the Housing Market for Years to Come: A Lot Smaller but More in Balance than it Seems, Hence Dropping Prices Despite Low Inventories by Wolf Richter • Mar 29, 2023 • 279 Comments Lot of demand and supply gone in equal, with no net impact on inventory, but huge impact on sales, commissions, profits, and jobs.
Don’t Let the Headlines Fool You about a Tiny Month-to-Month Uptick in Pending Home Sales: Still -21% from a Year Ago, -25% from 2 & 3 Years Ago. Have a Look at the Chart by Wolf Richter • Mar 29, 2023 • 115 Comments Spring selling season volume lowest since Housing Bust 1.
The Most Splendid Housing Bubbles in America, March Update: Biggest Monthly Price Drops Now in Las Vegas, San Francisco, Seattle, Phoenix, Dallas, Denver by Wolf Richter • Mar 28, 2023 • 257 Comments Double-digit drops from peak in San Francisco Bay Area, Seattle, San Diego, Phoenix, Las Vegas.
