Americans
Not In The Labor Force Soar To Record 95.1 Million: Jump By 446,000 In One
Month - (www.zerohedge.com) So much for that much anticipated rebound in
the participation rate. After it had managed to post a modest increase in the
early part of the year, hitting the highest level in one year in March at 63%,
the disenchantment with working has returned, and the labor force participation
rate had flatlined for the next few month, ultimately dropping in November to
62.7%, just shy of its 35 year low of 62.4% hit last October. This can be
seen in the surge of Americans who are no longer in the labor force, who spiked
by 446,000 in November, hitting an all-time high of 95.1 million.
As
Auto Lending Rises, So Do Delinquencies - (www.cnbc.com) Regulators
are airing "significant concern" about the millions of Americans who
are falling behind on their car loans, even as auto lending continues to boom
at a near record pace. On Wednesday, the Federal Reserve Bank of New York noted
increasing distress among auto borrowers with shaky credit, as subprime
delinquencies rose in the third quarter. In the third quarter, 2 percent of
subprime auto loan balances became at least 90 days delinquent, up from 1.6
percent in the third quarter of 2014.
Since
2014 The US Has Added 571,000 Waiters And Bartenders And Lost 34,000
Manufacturing Workers - (www.zerohedge.com) As
another month passes, the great schism inside the American labor force get
wider. We are referring to the unprecedented divergence between the total
number of high-paying manufacturing jobs, and minimum-wage food service and
drinking places jobs, also known as waiters and bartenders. In October,
according to the BLS, while the number of people employed by "food
services and drinking places" rose by another 18,900, the US workforce
lost another 4,000 manufacturing workers. This is the fourth consecutive month
of declining manufacturing workers, and the 7th decline in the past 10 months.
Government
Bond & Mortgage “Meltdown” Crushes NIRP - (www.wolfstreet.com) The
situation in government bonds – variously labeled with “bloodbath,” “rout,”
“carnage” “meltdown,” or similar propitious terms – continued on Thursday. Already
in November – so not counting the “carnage” today – the Bloomberg Barclays
Global Aggregate Total Return Index lost 4% or $1.7 trillion, according to Bloomberg, “the deepest slump since the gauge’s
inception in 1990. ”While global stocks rallied in November, the gains – $635
billion – were outright puny compared to the $1.7 trillion wiped out in the
much larger bond markets. On Thursday it got worse. It started in Europe where
government bonds got crushed after speculation surfaced that the ECB might not
keep buying bonds until hell freezes over, that in fact it might begin tapering
its QE program as soon as next year. The markets were aghast.
Global
Bonds Suffer Worst Monthly Meltdown as $1.7 Trillion Lost - (www.bloomberg.com) The
Bloomberg Barclays Global Aggregate Total Return Index lost 4 percent in
November, the deepest slump since the gauge’s inception in 1990. Treasuries
extended declines Thursday along with European bonds on speculation that the
European Central Bank will consider sending a signal that stimulus will
eventually end. The reflation trade has been driving markets since Donald
Trump’s election victory due to his promises of tax cuts and $1 trillion in
infrastructure spending. Calling an end to the three-decade bond bull market is
no longer looking like a fool’s errand: the Federal Reserve is expected to
raise interest rates again -- and do so more often than once a year,
inflationary expectations are climbing and there are hints global central banks
may buy less sovereign debt going forward.
Dollar Slips Before Jobs Data as Oil Trades Near $50; Bonds Drop - (www.bloomberg.com)
Oil Trades Near $50 After OPEC Deal as Focus Moves to Execution - (www.bloomberg.com)
Asian Stocks Rise Most in Three Weeks on Oil Deal as Bonds Drop - (www.bloomberg.com)
Traders Are Betting that Volatility Is About to Spread - (www.bloomberg.com)
Markets swing violently against Italy without clear idea of outcome - (www.reuters.com)
Bonds Vulnerable Whether the News From Europe Is Good or Bad - (www.bloomberg.com)
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