OK, Forget it, False Alarm, Labor Market Is Fine, Bad Stuff Last Month Was Revised Away, Wages Jumped. No More Rate Cuts Needed? by Wolf Richter • Oct 4, 2024 • 232 Comments Pandemic distortions and millions of migrants suddenly entering the labor market, who are hard to track, have wreaked havoc on data accuracy.
Fed Balance Sheet QT: -$66 Billion in Sept., -$1.92 Trillion from Peak, to $7.05 Trillion, Back to May 2020. To Drop Below $7 Trillion in 1-2 Months by Wolf Richter • Oct 3, 2024 • 72 Comments Quantitative Tightening has shed 40% of the assets added during pandemic QE.
Here Come the Vacant Homes: New Listings Jump when they Normally Drop in September, Active Listings Pile up, Listing Prices Drop below 2 Years Ago. Buyers on Strike, Prices too High by Wolf Richter • Oct 3, 2024 • 84 Comments Sellers coming out of the closet with their vacant homes. Active listings exploded the most in San Diego (+77%).
Ugly Q3 for ICE Vehicles. Total Q3 Sales Dropped Year-over-Year. But EV Sales Jumped, even at GM & Ford by Wolf Richter • Oct 2, 2024 • 56 Comments Prices too high, automakers too slow cutting them from the pandemic spike. Stellantis sales plunged 20%, a fiasco.
Tesla’s Global Deliveries Rise, Best Q3 Ever, But Not Enough to Fix the Shattered High-Growth Story by Wolf Richter • Oct 2, 2024 • 89 Comments Cybertruck production ramping up, starting to show up in the numbers (a little). Long way to go.
Epic Office Glut Hits Records in San Francisco, Atlanta, Chicago, Los Angeles, Seattle, Washington DC. Dallas Availability Rate Dips to 30%, Houston rises to 29% by Wolf Richter • Oct 1, 2024 • 44 Comments The “war for space” before the pandemic unravels into biggest office glut ever.
Balance of Power Changed, Employers Re-exert Control, but also Cling to their Workers by Wolf Richter • Oct 1, 2024 • 88 Comments Fewer workers quit (rattled by layoff headlines?), so fewer vacant slots to fill and less hiring. But actual layoffs are at historic lows.
CRE Mess Not Letting Up: CMBS Delinquency Rates Jump in September as Office, Retail, and Lodging Deteriorate Further by Wolf Richter • Sep 30, 2024 • 57 Comments Rate cuts cannot fix the structural issues crushing office & retail CRE. But industrial, fueled by ecommerce, is in good condition.
Status of the US Dollar as Global Reserve Currency: Share Drops to Lowest since 1995. Central Banks Diversify to “Nontraditional” Currencies and Gold by Wolf Richter • Sep 28, 2024 • 146 Comments But China’s renminbi keeps losing ground.
Consumer Income & Savings Rate Revised Massively Higher for 2 Years, Spending Revised Up Too. Stunning Numbers by Wolf Richter • Sep 27, 2024 • 79 Comments Our Drunken Sailors earned and saved a lot more than we thought, spent more too, causing substantial up-revisions to post-pandemic GDP.
