Wages Soar by 7.7%. But Job Hoppers Boost their Pay by 15.2%, Leveraging this Historically Tight Labor Market by Wolf Richter • Nov 2, 2022 • 109 Comments An indication underlying inflation won’t drop significantly just on its own.
Bank of England Sold Bonds Outright Today to Speed up QT, Will Sell More at Regular Auctions: First Major Central Bank to Sell Bonds Outright by Wolf Richter • Nov 1, 2022 • 99 Comments It went fine. Gilt yields are way down from panic highs. Another dream of the “pivot” mongers goes to heck.
Job Market Refuses to Soften, Fed Gets More Stuffing for Rate Hikes: Layoffs, Quits, Job Openings, Hires by Wolf Richter • Nov 1, 2022 • 108 Comments Still a contorted labor market with massive churn and job hopping, but slightly less than in early 2022. Only retail is back to the old normal.
Popping Housing Bubble in Australia “Remains Orderly.” Prices Down Nationally from Year Ago. Sydney -8.6% Year-over-Year by Wolf Richter • Oct 31, 2022 • 79 Comments “So far, we haven’t seen any evidence of panicked selling or forced sales”: CoreLogic.
Horror-Show Inflation in Euro Countries: Overall 10.7%, Germany 11.6%, Without Energy 6.9% by Wolf Richter • Oct 31, 2022 • 157 Comments “Defeating inflation is our mantra, our mission, our mandate,” that’s “why we have to raise interest rates”: Lagarde now after years of money-printing.
THE WOLF STREET REPORT: Housing Bubble Pops, and the Fed Can Let it Rip by Wolf Richter • Oct 30, 2022 • 222 Comments Raging inflation knocked out the “Fed put,” and banks are no longer on the hook for mortgages; taxpayers and investors are.
Advertise on a Competitor’s Social Media Platform? Um, that Would Be a Hoot… GM “Paused” Ads on Musk’s Twitter by Wolf Richter • Oct 28, 2022 • 120 Comments Automakers are huge advertisers. Social media platforms are huge data collectors. And now Tesla’s Musk owns this data.
Last, Most Important Inflation Measure before the Fed’s Meeting Next Week, “Core PCE,” Worsened for 2nd Month in a Row by Wolf Richter • Oct 28, 2022 • 238 Comments No signs of inflation slowing down, as measured by the yardstick for the Fed’s 2% inflation target.
Amazon Makes Big Mess Afterhours. Intel Reports Fiasco but Mass-Layoffs Boost Battered Stock. Apple Hangs on Amid “Challenging and Volatile Macroeconomic Backdrop” by Wolf Richter • Oct 27, 2022 • 112 Comments One heck of an earnings season for tech and social media companies so far.
GDP Looked Good, No “Landing” (Soft or Otherwise), But Wasn’t as Good as it Looked due to Reversal of Q1 “Freak Event.” Consumers Still Refused to Throw in the Towel by Wolf Richter • Oct 27, 2022 • 100 Comments And after five months of declines, government consumption and investment rose again.
