#recession
If the UK drops into #recession in the next 6-9 months, it will have been engineered by the BoE via #interestrates rises;. the Q. then is it in whose interest is an engineered recession?
One might conclude that the #Tories want a term out of office to firmly attach the blame for the UK's economic worsening malaise on Labour;
given #voters seldom vote for the present Govt. when economies are in trouble, a recession will give the Tories the rest in opposition they now seem to want/need?
"UK recession risk mounts as business falters; mortgage lenders cut rates"
No wonder the Bank of England decided yesterday, in a footnote to the interest rate hold, to flog off another £100bn in government bonds. Such Quantitative Tightening is a harbinger of economic decline.
#UK #recession risk mounts as #business falters; #mortgage lenders cut #rates – business live
Business activity shrinks at fastest pace since #FinancialCrisis excluding #Covid19 months; some fixed five-year #MortgageRates dip below 5%
https://www.theguardian.com/business/live/2023/sep/22/uk-lenders-cut-mortgage-rates-retail-sales-food-pmi-business-live
The U.S. economy is trucking along, vibecession be damned.
https://x.com/byheatherlong/status/1704557828029968738?s=46&t=VhQk0c_tLZNp-gH96eIWEg
#economy #uspol #recession
📛 DISCLAIMER: We Don't Cover the News | We Cover the 'Way' the #News is #COVERED_UP! 👿
#MEMORY_LANE | #Fitch #downgrades #USA #credit_rating from AAA to AA+
The US government's #credit_rating has been #downgraded following concerns over the state of the country's finances and its debt burden.
Fitch, one of three major independent agencies that assess creditworthiness, cut the rating from the top level of AAA to a notch lower at AA+.
Fitch said it had noted a #steady_deterioration in governance over the last 20 years.
#US_Treasury_Secretary #Janet_Yellen called the downgrade "arbitrary".
It was based on "outdated data" from the period 2018 to 2020, she said.
#BULLSHIT! YOUR FIRED! NO MORE BOGUS #EXCUSES #YOUR_FIRED!
Investors use credit ratings as a benchmark for judging how risky it is to lend money to a government. The US is usually considered a highly secure investment because of the size and relative stability of the economy.
However, this year saw another round of political brinkmanship over government borrowing.
In June the government succeeded in lifting the debt ceiling to $31.4 trillion (£24.6 trillion) but only after a drawn-out political battle, which threatened to push the country into defaulting on its debts.
When Congress returns from its summer recess, lawmakers will have to work to reach an agreement on next year's budget before the end of September to prevent a government shutdown.
"The rating downgrade of the United States reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance" relative to peers, said Fitch in a statement.
"In Fitch's view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025," the rating agency said.
The timing and rationale behind the downgrade has taken many economists by surprise.
#Fitch also said it expects the US to #slip into a mild?? #recession later this year.
DavidV: OH NO we are headed into a #DEPRESSION. WE HAVE BEEN IN A #RECESSION LAST 10 #YEARS! We do you think all that money got printed??
NO MONEY TO PAY BILLS?? to pay the bills??
https://www.bbc.com/news/business-66379366
See image Below: the only number that matters is
UNFUNDED LIABILITIES!
📛 DISCLAIMER: We Don't Cover the News | We Cover the 'Way' the #News is #COVERED_UP! 👿
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Well headline #inflation is down to 6.7% (in figures released this morning).... but will the #BankofEngland care... No!
They will only be satisfied when they have forced a #recession, plunged #workers into (further) penury, raised #uneployment & by doing so neutered workers power to organise through fear of being out of work.
Its the toxicity of the Phillips Curve written into policy making....
it makes me grind my teeth!!
Q. are young people lowering their expectations due to the #Costoflivingcrisis, the likelihood of a BoE engineered #recession & their own #mentalhealth concerns?
Or is it a dawning realisation that the UK economy is a dysfunctional economy run with a stacked deck, that is engineered to benefit a small rich elite?
I've spoken to so many ex-students who now want meaningful jobs rather than enter a corrupt rat race.
📛 DISCLAIMER: We Don't Cover the News | We Cover the 'Way' the #News is #COVERED_UP! 👿
#MEMORY_LANE | #Fitch #downgrades #USA #credit_rating from AAA to AA+
The US government's #credit_rating has been #downgraded following concerns over the state of the country's finances and its debt burden.
Fitch, one of three major independent agencies that assess creditworthiness, cut the rating from the top level of AAA to a notch lower at AA+.
Fitch said it had noted a #steady_deterioration in governance over the last 20 years.
#US_Treasury_Secretary #Janet_Yellen called the downgrade "arbitrary".
It was based on "outdated data" from the period 2018 to 2020, she said.
#BULLSHIT! YOUR FIRED! NO MORE BOGUS #EXCUSES #YOUR_FIRED!
Investors use credit ratings as a benchmark for judging how risky it is to lend money to a government. The US is usually considered a highly secure investment because of the size and relative stability of the economy.
However, this year saw another round of political brinkmanship over government borrowing.
In June the government succeeded in lifting the debt ceiling to $31.4 trillion (£24.6 trillion) but only after a drawn-out political battle, which threatened to push the country into defaulting on its debts.
When Congress returns from its summer recess, lawmakers will have to work to reach an agreement on next year's budget before the end of September to prevent a government shutdown.
"The rating downgrade of the United States reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance" relative to peers, said Fitch in a statement.
"In Fitch's view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025," the rating agency said.
The timing and rationale behind the downgrade has taken many economists by surprise.
#Fitch also said it expects the US to #slip into a mild?? #recession later this year.
DavidV: OH NO we are headed into a #DEPRESSION. WE HAVE BEEN IN A #RECESSION LAST 10 #YEARS! We do you think all that money got printed??
NO MONEY TO PAY BILLS?? to pay the bills??
https://www.bbc.com/news/business-66379366
See image Below: the only number that matters is
UNFUNDED LIABILITIES!
📛 DISCLAIMER: We Don't Cover the News | We Cover the 'Way' the #News is #COVERED_UP! 👿
JOBS OR ALL WORLDWIDE COMING SOON!
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Bitcoin investors are bullish on the US Fed’s $100B loss - The debt ceiling is unlikely to hold as the government faces incr... - https://cointelegraph.com/news/bitcoin-investors-federal-reserve-100-billion-loss #usfederalreserve #interestrates #inflation #recession #btcprice #treasury #earnings #bitcoin #markets #ceiling #crisis #fomc #fed
These companies have laid off Canadian workers in 2023
https://venera.social/display/85a863ed-1065-0875-94e7-cfe036919189
How Much a UAW Strike Would Cost the U.S. Economy
📉 Short-term bond yields have surpassed long-term ones, signaling an inverted yield curve. This often suggests investors foresee a downturn, expecting future interest rates to drop. #Economy #CPI #Recession #FED
Every U.S. recession since 1955 has been preceded by an inverted yield curve, usually with a lag of around 12-18 months before the recession hits.
"""
Despite calls to deleverage the global economy to reduce systemic risk, global debt has increased from 213% of global GDP to 318% today.
In 2008, the general conclusion was that debt levels were way too high, and should be paid down in order to make the world a more stable place. Instead, Governments and corporations have continued to pile on debt. They have not learned the lesson of 2008.
"""
https://seekingalpha.com/article/4236300-debt-levels-learned-lessons-of-2008
Indeed, we’ve just experienced what Goldman Sachs is calling the “soft landing summer.” #Inflation is down by almost two-thirds since its peak in June 2022, & this has happened w/o the #recession & huge #job losses many #economists insisted would be necessary. Real #wages, especially for nonsupervisory #workers, are significantly higher than they were before the pandemic.
Oh, & to correct a widespread misconception: No, these figures don’t exclude #food & #energy prices.
#Australia is in a position where the overall #economy is still growing, but everybody’s share of the economic pie is shrinking at the same time as Australians are being shut out of #housing and suffering from increasingly crush-loaded #infrastructure. #Aussie households are financially wrecked. #recession
https://www.macrobusiness.com.au/2023/09/aussie-households-are-financially-wrecked/
Persistent macro headwinds could delay Bitcoin bull market — ARK Invest - Several macroeconomic indicators suggest that bearish headwinds c... - https://cointelegraph.com/news/persistent-macro-headwinds-could-delay-bitcoin-bull-market-ark-invest #recession #markets #cathie #macro #sales #etf #ark #gdp
The U.S. is making an incredible economic soft landing. Accordingly, Goldman cuts chance of recession in the next 12 months to 15%, down from 20%
#economy #biden #trump #uspol #recession #unemployment
«Inflation is trending down. But #earnings have generally grown slower than #inflation, resulting in a loss of #PurchasingPower for consumers. (...) #CreditCard #debt reached a staggering $1.3 trillion in the second quarter of 2023. This is not sustainable. At some point soon, consumer spending will have to slow. And given that consumer spending represents about two-thirds of total #GDP, a #recession could still occur.»
https://theconversation.com/jobs-are-up-wages-less-so-and-lower-purchasing-power-could-still-lead-the-us-into-a-recession-212678
#usa #capitalism #surplusvalue #exploitation
The Nazis are coming even stronger in the USA. It's becoming serious. Shit I told my dad pre #Trump. That #Bannon is a white supremacist. They didn't believe me, voted for Trump (we haven't spoken since) - now look at the country.
My dad. A #history buff, has an English degree, worked for the US government. I don't get it.
We fought #Nazis so hard in #WWII (my mom's dad fought in that, navigating a B-17 over Germany).
And #Germany now has SUPER strong anti-Nazi rules now- FOR GOOD REASON. Not in the #USA. But #hate speech isn't free speech.
The #racists and #eugenicists in the USA- #fearmongering, a coming #recession (if we're not already in one) - that's exactly when things slide into #fascism. The decline is here. The #MAGA folks are #complicit with white supremacy.
The USA like this isn't #sustainable for 100 years. Maybe not even 40, or 20.
Just be ready to fight Nazis and #fascists.
I am.
#FuckNazis #WhiteSupremacy #antifa #antifascist #antifascism #KillNazis
#Jobs are up, #wages less so – and lower #purchasingpower could still lead the US into a #recession
https://www.alternet.org/jobs-are-up-wages-less-so-and-lower-purchasing-power-could-still-lead-the-us-into-a-recession/
#workforce #inflation #capitalism
After 25+ years of:
#war #division #hate #recession #rascism #plague #climatecrisis #energytransition #greed and #fascism in the #unitedstates ...
My money is on "stability" in #election2024. Americans want less drama, more results.
If you are a chaos agent, your time of influence will have passed and you failed.
@ChrisMayLA6
By addressing only the wage and consumption parts of the equation (never price/cost), the gov #inflation strategy is obviously to trigger a mild #recession in spending by crippling living standards.
Worse, decades of privatisation now put essential items (energy, water, transport) into the profits maximisation game making it all the more severe.
You want lower costs? Then we must cut/remove profit layers.
If you're at all surprised that the UK now looks to be heading into a #recession (signalled by a range of 'lead indicators'), you've not been paying attention...
The Bank of England has been pretty explicit: a recession is a 'price worth paying' to squeeze #inflation out of the UK's economic system.
But (& I'll say it again) the price is very much not being paid by the people in Threadneedle St, & their chums... for them, handily, the price is paid by people that don't know or care about!
You don't know what to do with your Bitcoins for the next few months. Here we explain.👇 #Bitcoin #Bullish #Recession #Bearish #Volatility
Even rich folk are having financial problems based on credit card purchases at high end retailers: "Cathy R. Smith at Nordstrom told investors that while the retailer’s customer tends to be a “higher quality credit consumer” and “more resilient,” the steady declines could be a “precursor for higher credit losses in the future.”" #finance #inflation #recession #credit #economy https://www.washingtonpost.com/business/2023/08/30/delinquencies-credit-auto-loans/
So ... what happened to that recession? | CityNews Toronto https://bit.ly/3R1krO9 #Economy #Recession #BankOfCanada #CanadianEconomy #cdnpoli @canadiangreens @cdnpoli
Aha, the wage-price spiral narrative of #inflation is back (but, of course, really never really went away);
so while in times of inflationary pressures, firms 'maintaining' profits is a good thing, #workers maintaining wages (in real terms) is something that must be squeezed out of the system:
#recession ahoy!!
As always the price to be paid to 'beat' inflation is measured in the wellbeing (or lack thereof) of the normal workers & their families.
#classwar indeed!
Oh, Germany we forgive you,
For the winter recession that blew,
The second quarter, no growth,
But you fought and made it through,
Strongest of the European crew!
IS #germany again the "sick man" of #europe?
Having barely "escaped" #recession , the #german #economy is on track to be the "only" major #country to "shrink" this #year
Blamed on "sluggish" #global #growth, causing #exports to fall, and "soaring" #inflation, courtesy #putin, #deutschland faces a #crisis, partly of its own making
For the sake of the #world, let us hope the #germans "recover", 'coz we all know what happened the last time they were in the doldrums
Meanwhile, in the real world under President #Biden's leadership: "CBS News analysis finds fewer #Americans are expecting #recession now" https://www.cbsnews.com/news/fewer-americans-are-expecting-recession-now-cbs-news-analysis/
Economic activity is down as #inflation drives down sales volumes, the BoE's #interestrate policy is explicitly aimed at 'damping down' the economy & real wages continue to stagnate/fall....
So you wont be surprised to know that a #recession now looks likely for the Autumn.
Cue: #JeremyHunt & #RishSunak telling us that 'if its not hurting its not working'... & the 'price is worth paying' to defeat inflation.
But, as always its not them or their mates hurting or paying the (acceptable?) price
Economists please note: high inflation may be A POLITICAL CHOICE | Vox Political
https://voxpoliticalonline.com/2023/08/23/economists-please-note-high-inflation-may-be-a-political-choice/
#inflation #Simon #Wren #Lewis #Mainly #Macro #Rishi #Sunak #Conservative #Tory #Tories #Keir #Starmer #Labour #Substitute #Party #Brexit #privatisation #energy #water #food #recession #unemployment #job #loss #austerity #interest rate #executive #pay #salary
"So it is now clear at the latest that the ECB and all those inflation alarmists were fundamentally wrong who pretended that since last summer there had been a dangerous inflation process that could only be stopped by an ECB-orchestrated slowdown of the economy."
#inflation #Euro #Eurozone #ECB #recession
https://www.flassbeck-economics.com/german-producer-prices-also-at-minus-six-percent-interest-rates-down/
"RECESSION! It's a non linear event."
So we will keep saying it everyday and eventually we will be correct.
CNBC aught to stick to selling advertising.
⚙️ 🖥️
"The tech job recession is over" is the headline being spun around in different ways in the last week.
Is this really the case?
https://www.businessinsider.com/the-tech-job-recession-is-over-when-will-hiring-reaccelerate-2023-8
That is interesting, as there is still a chance of an actual global recession.
All signs point to the fact that the next 12 months will be the toughest.
The only reason stock markets have been up this year has been due to the AI hype which has to truly materialise yet. 🙂
Lots of people are laughing off a potential recession, but auto repossessions are at dangerous levels.
As Brandon notes in this video, seeing this many repos from big banks is very unusual.
Loss of a car often means loss of a job. Loss of a job can lead to loss of a home. All of this impacts real families and the overall economy in real ways.
#inflation has significantly dropped this month (down to below 7%)... but will the BoE continue raising #interestrates?
Given the lag in effect(s) they should pause you'd think, but then you'd be misunderstanding their target.
While claiming to be fighting inflation, what they seem to be more interested in stamping down on #workers real wages... & the best way to do that is to force a #recession, which perhaps surprisingly they've still not pulled off.
So rates will likely go up again!
UK's second Q 'growth' in #GDP = 0.2% - while allowing the UK to continue to avoid a 'technical' #recession, for those thinking growth is the answer, things look pretty grim....
Whether this is the right measure for #economic 'success' is fo course another matter - here is something I wrote in response to earlier Q. announcement of GDP figures - really we might be better advised to think differently about our economic plight....
The UK remains a failing economy for the #poor
NIESR research suggest the bottom 10th of earners would need a £4k pay rise to return them to their #wage levels before #covid.
And, 1.6m low-income households (with incomes of £15,000 or less) spend an average of £3,200 a year paying back debts at interest rates averaging 76%.
We may not be in a technical #recession yet, but for the low waged & economically vulnerable, this country is hell...
but a #Tory Govt. of rich boys couldn't care less
The economy is in the midst of something wonderful (and unexpected)
Last year, many experts predicted a #recession with soaring layoffs. They argued the only way to get #inflation down was #massive #job #loss.
Instead, the country is experiencing what some economists are calling “#immaculate #disinflation,” in which inflation has cooled substantially while companies keep hiring.
A key reason this is possible is the remarkable growth in the number of job seekers. More job hunters have helped to gradually bring down wage growth as companies aren’t quite as desperate for employees as they were last summer. And as people get hired, their earnings rise and they consume more.
https://www.washingtonpost.com/opinions/2023/08/04/jobs-economy-workforce-boom-women/
There is some evidence that #inflation may be easing in #retail, with a stalling of price rises for some goods & a deceleration of #foodprices inflation... but if you think that might stop the BoE ratcheting up #interestrates on Thursday, you Riley to be disappointed....
Sado-monetrism needs to see a proper #recession before its work is done & the rich have punished the rest of us for having ideas above our station (like earning a living wage, for God's sake!).
In one sentence the disconnect between the #financialservices sector & the rest of us:
'“The economy is clearly far too hot for the Monetary Policy Committee to relax,” (Thomas Pugh, quoted in the FT this morning)>
If the #economy is 'too hot' when we are teetering on the edge of a #recession, have a #costoflivingcrisis & a major problem with #inequality, I think we can safely say we're f**ked!
We need to think about our problems differently & ignore the self-serving #bankers!
Unemployment is low, inflation is down, and no recession. How is the economy doing this?
"It’s worth remembering just how unlikely this all seemed a year ago. As the Federal Reserve started to hike interest rates to try to fight inflation, many commentators regarded some kind of a recession as a fait accompli. "
#US #USA #economy #inflation #unemployment #recession #labormarket
https://www.vox.com/policy/23810454/us-economy-2023-inflation-unemployment-recession-soft-landing
I see the #IMF has burnished its sado-monetarist credentials (again) & is advising the UK's BoE to keep #interestrates higher to force down #inflation... once again, pretty heavily hinting, that the price (of #recession) is worth paying... of course, those setting the rates are not those paying the price.
here's a piece I wrote a while back responding to similar remarks.
https://northwestbylines.co.uk/politics/economy/whats-the-matter-with-inflation/
US leading economic indicators point to the likelihood of a #recession starting soon. Significant among the indicators are decreased consumer confidence (affecting spending) and rising new unemployment claims https://www.reuters.com/markets/us/us-leading-indicators-point-recession-starting-soon-2023-07-20/
✔️ Via Carl Quintanilla
GOLDMAN: "We are cutting our probability that a US #recession will start in the next 12 months further from 25% to 20% .. far below the 54% median .. the recent data have reinforced our confidence that bringing #inflation down to an acceptable level will not require a recession .." #economy #Bidenomics
You can’t have a #recession if so many people died or were disabled from the #plague that there are always more jobs than people in nearly all industries.
They’ve tried massive interest rate hikes, faking a contagious bank run, massive layoffs, AI takeover scares, more layoffs, and price gouging disguised as inflation.
Nothing works. Because they forced us all back to work and many of us to our deaths to keep the economy going. And now that it’s still REALLY going, they don’t know what to do.
@GeofCox That's very true. It's part of the vision I shared in another branch of this thread: https://mas.to/@jackofalltrades/110701022992288971
The crux of political (un)viability of #degrowth is that everyone knows it under a different name: #recession. And we know how the public and governments react to those. Now we're asking to make this a self-inflicted condition, proclaiming we can do it right this time. Perhaps? But unlikely.
@cian @MattMastodon @breadandcircuses @MarkBrigham @mick @vmatinnia @YaRo
> In theory, when mortgage rates go up, home prices should fall since it raises the cost of homeownership, thereby reducing demand. But that’s not happening.
Late stage #capitalism ? Or something else?
https://www.cnn.com/2023/07/08/business/mortgage-rates-home-prices/index.html
What I want to know is how long will #centralbanks keep tightening the screws on economies, forcing #recession, while they wait for the policy to have a significant impact on #inflation?
the 'cure'/'treatment' is now getting (much) worse than than the 'disease' and for those concerned about inflation some new policies will be required.... or will they sit in their #financial fortresses happy to burn the country/countries to the ground?
Madness is doing something again & again when it hurts!
#Inflation puts up prices but (when #wages are held back) pushes down volumes... however, don't take my word for it; the FT has neatly set out the ONS figures to demonstrate exactly that.... essentially, effective demand is dropping - if you wanted a leading indicator for a possible #recession, this is as good a candidate as any!
Batten down the hatches the second half of 2023 is going to be rough!
And still the #CentralBanks continue to trot out the 'wage-price' spiral as the key cause of inflation, as justification for continued rises in #interestrates & the likely #recession that they are engineering.
Its about time they understood wage rises (where they are achieved) are a lagging factor - following inflationary pushes - not the cause.
In the UK that would require a clear appreciation of the role of #Brexit; more widely it needs a focus on the role of #profits & maintaining margins!
Well said!
Not to forget the shift of public funds into private sector by the way of military industries using Ukraine war as an excuse to silence the critics. Unlike Osama, Putin is a real powerful symbol to spread fear among naive people.
@Frances_Coppola unleashes her 'inner monetarist' to argue while there may be good reasons to #tax #corporate profits more, but their role in #inflation isn't one of them;
higher corporate profits are a symptom of continued expansion of money supply, stoking aggregate(!) demand (even while such 'stimulus' is unevenly distributed).
Individual firms may be profiteering but the general problems lies elsewhere.
The Q. is how do you respond without causing a #recession?
https://coppolacomment.substack.com/p/corporate-profits-dont-cause-inflation
When economists say the economy "was supposed to" have crashed by now, what they mean is "we kept insisting it would, but all our naysaying still hasn't managed to shake consumer confidence."
Next time someone says, "in *this* economy", keep in mind that means "a really strong one, with rising GDP, low unemployment, and worker leverage over employers."
And ask who wants you scared, and why.
https://www.marketwatch.com/story/the-economy-was-supposed-to-cave-in-by-now-it-hasnt-and-gdp-is-set-to-rise-again-a3b7553 #economy #recession #NoRecession
The most important political economic Q. for the UK right now is how deep a #recession is the #BoE (& by extension the #Tories) prepared to engineer to 'tame inflation'?
As usual, those paying the price to reduce inflation, through the #Costoflivingcrisis & a descent into #poverty, are not the same people saying the 'price is worth paying'.
Using only #interestrates to deal with inflation is a political choice taken by those who have a clear notion of how to protect the interests of the rich!
I asked for a pint of estrogen at the pharmacy, but this is all they gave me.
Is this a sign of a looming recession?
Harry's Last Stand
My Childhood Ended When I Turned Seven. Excerpt From The Green & Pleasant Land
It was over eighty years ago, but I can still vividly remember 1930 because you never forget hunger or how people will betray one another for a morsel of food. 1930 was a year of famine for me, my family and working-class Britain. Hunger gnawed at the bonds that held our family together and broke them apart.
Business people have been predicting a #recession since Biden was elected. They're starting to get frantic. They really *need* one to have any hope in 2024.
When crises collide:
#NHScrisis (and #LongCovid) contribute the largest proportion of 'economically inactive' #workers....
driving labour shortages in a time of #inflation & #costoflivingcrises,...
while #greedfaltion (yes its a thing), drives both #inflation & decline in real wages...
causing some pressure (as a lagging factor) on wages to rise.
So what is the #BoE going to do; yes raise #interest rates to drive a #recession to compound the economic damage.
It looks like #classwar & is!
#Eurozone in #recession at start of 2023, Eurostat revises down GDP: AFP
Now they say, the #GenderStar heats up peoples mood and that this is the reason for the recent wave of #homophobia. 🤭 At least in #Germany.
Only #liberals can deny the connection between homo-/ #transphobia and economic #recession; the increased need of everyone to improve his #competition based position on the #Labormarket by #exclusion of others, disabled, queers, gays.
And when the #NationalState does not organise this exclusion, like it does with #refugees, than good #citizen have to organize this manual work by themselves.
Beating up LGTBQ+ ppl. on the street one by one.
Jah, a good #Democrat knows his #duty, when time has come. Independent of gov support.
#Germany industrial production sank by the most in a year — raising the risk that Europe’s largest economy slipped into a winter #recession
@NewsDesk
Begs the simple question: are you and your loved ones ready to face and survive a #recession and/or to lose your income? How many are still swimming naked at high tide? #selfsufficiency #sustainability #simplelife #contentment #satisfaction #happinessIsSimple #BeHappy
The U.S. economy slowed in the first quarter, with GDP growing only 1.1%, compared to 2.6% the previous quarter.
The AP explores the question: How will we know if we're in a recession?
https://apnews.com/article/recession-gdp-economy-inflation-interest-rates-growth-b6276997368000bdd2bb12bdcf34f3b8
Silicon Valley Bank closed in second-biggest bank failure in U.S. history
The bank, which caters to tech start-ups, was taken over by the government after a run on deposits Thursday, sparking concerns about broader economic fallout
https://wapo.st/3LhrdN4
#siliconvalleybank #banking #BankFailure #finance #recession
So, the data indicates UK narrowly missed a 'technical' #recession, with growth (in GDP terms) just above zero in the last quarter.
Interestingly this 'growth' was flattered by an ncrease in the use of private #healthcare services according to the Office of National Statistics (Guardian).
Its the convergence of two #Tory strategies; a desperate attempt to try & convince us the UK is not in economic decline, alongside their engineering of the #NHScrisis to push people into private health care!
@kairyssdal Because heaven knows the role of the US government is propping up the sociopathic greedmongers who run our banks and financial systems...
Lets be clear:
A #recession 'avoided' is not a crisis averted... its a lucky statistical anomaly for the #Tories in a sea of #CostOfLivingCrises, #economic decline & around social crisis....
Interesting that having experienced the early 90s recessions, dot-com bubble and late 00's crash you become more cautious and skeptical, and now the youngsters are experiencing it for the first time too
Imagine you were shown these future data in Feb 2021, & you were told “The National Conversation™️ about the US #economy over the next 2 years will be that everyone has terribly suffered from #inflation we’re in/on the brink of #recession, gas prices are out of control, Biden’s policies caused all the #inflation, and the people who will tell you all of these things will continue to be the people asked for their insights on economic policy in 2023, despite no mea culpas or updating on their part”
Yes, that’s right. Real consumption has remained <above> pre-pandemic levels ~since Biden took office, but the media has offered the drumbeat Suffering From Inflation™️ Narrative the entire time, obsessively reported on gas prices, & written dozens of articles on #inflation & the nonexistent #recession for every one on the historically low #unemployment & the incredibly rapid & total #recovery. And the folks who told you 👆just keep getting platformed in the media to offer more Takes™️ 🤷♂️
Capitalism Strikes Back. This movie sucks.
They are calling these layoffs ‘#tech ’ jobs. But these are jobs at ‘tech’ companies. What exactly is ‘tech’ about a movie and television studio, a car manufacturer, a taxi company, or a retail store? (#Netflix, #Tesla, #Uber, #Amazon ). What is ‘tech’ about #layoffs in HR departments, marketing departments, finance departments and sales departments? What exactly is ‘tech’? Isn’t everything ‘tech’ or nothing ‘tech’? It’s 2023. Anyone have data? #economy #recession
「 Moreover, layoffs don’t work to improve company performance, Pfeffer adds. Academic studies have shown that time and time again, workplace reductions don’t do much for paring costs. Severance packages cost money, layoffs increase unemployment insurance rates, and cuts reduce workplace morale and productivity as remaining employees are left wondering, “Could I be fired too?” 」
#layoffs #recession #productivity #mentalhealth
https://news.stanford.edu/2022/12/05/explains-recent-tech-layoffs-worried/
“More than 190,000 jobs have been cut by technology firms since the start of 2022, according to Layoffs.fyi”
https://www.nytimes.com/2023/01/20/business/google-alphabet-layoffs.html
This is definitely rough news. My heart goes out to all those losing jobs right now.
Despite being a platform for nearly all of these tech companies doing #layoffs, so far #Equinix seems to steady. I feel #grateful for their executive team in these uncertain times. #Recession
@codepo8 Ironic, since the marriage of passion and economy that they represent is largely (IMHO) a by-product of the previous #recession.
I'm doom scrolling LinkedIn and offering words of support where appropriate.
It's a massacre today, and it hits personally because over 60 people were laid off from 343 Industries (@Xbox) -- many were ex-colleagues when I worked on Halo. 😔
Especially painful are those who have been at MSFT for 12+ years suddenly being blindsided by these layoffs.
Being old comes with perks: I know I made it through the last #recession I know I can make it through this one.
Being young comes with perks too: I didn’t know that failure was even a possibility during the last recession, I just powered through.
You can too.
Are #techlayoffs a sign of looming #SFBA #recession?
Economists and experts said while the layoffs are disruptive for the lives of the affected people, they don’t necessarily foreshadow an economic collapse like the dot-com bust of the late 1990s or the housing crisis of the late 2000s.
Here's why: https://bit.ly/3itasSU
The Korg Miku Index (KMI) is a tool used by economists to assess the world economy. The KMI is based on current selling prices of the discontinued Korg Miku Stomp effect pedal, whose sound is based on the voice of the Vocaloid software-based singer Hatsune Miku.
Watchers are concerned today as a pedal was listed for $50 USD under the avg $500 listing price #recession
@rbreich And now all #Murdoch and #Koch Media shouting for a #recession - because they all cannot handle it that #Bluecollar wages are RISING. For the first time since 4 decades. "We need a #Recession to get more #unemployment". That is the #Republican politics for you.