Bidenomics At Work! UMich Buying Condition For Houses Rises … To 67% Lower Under Biden Than Pre-Covid Trump (Bitcoin Cash UP 21.5%, Gold/Silver Up Slightly)

The University of Michigan consumer survey results are out and there is good news! Sort of.

The UMich Buying Conditions for Houses rose to 47 in July! That is the good news. The bad news? It was at 142 in the last month before Covid and the economic/school shutdowns.

That is -67% lower than under pre-Covid Trump.

Nothing has been the same since Covid (aka, the Wuhan China Lab virus) where our corrupt politicians and lame street media (aka, government cheerleaders) show no interest in finding out what really happened.

Bitcoin cash is up 21.5% today.

Gold and silver are up today. Too bad I can’t buy nickel coins.

The Walking Dead’s Megan. The honorary symbol of Bidenomics.

Bidenomics?? US Gross Domestic Income Drops -1.8% QoQ For Q1 2023, REAL GDI At -0.8% QoQ (US Added 12.53M Jobs After April 2020 (Trump) While Bidenomics Took 2 1/2 years To Add 12.56M Jobs)

Bidenomics is a great marketing ploy where you have out of control Federal spending and magically decide to reopen the economy and school after Covid and focus only on jobs added after Biden was selected President and ignore the jobs added during Trump.

Real gross domestic income (GDI) is a measure of the incomes earned and the costs incurred in the production of gross domestic product. It’s another way of measuring U.S. economic activity. BEA also publishes the average of real GDP and real GDI.

REAL GDI dropped to -0.8% QoQ for Q1 2023. Kind of looks like Bidenomics is running out of gas.

On Biden’s claims that he created twice as many jobs as any other President, the US economy add 12.53 million jobs after April 2020 (Trump) while Bidenomics created took 2 1/2 years to add 12.56 million jobs.

The US Treasury yield curve (10Y-2Y) is now inverted at -103 basis points.

As Fed stimulus wears out, so is the Treasury 10Y-2Y yield curve.

The official themesong of Bidenomics!!!

Bidenomics? US Purchase Mortgage Demand Falls -8% From Previous Week (DOWN -21% From Last Year, DOWN -45.3% Under Biden, Refi Demand DOWN -91%, Mortgage Rate UP 128%)

Eggs, bacon and toast. All more expensive under Biden’s economy. And mortgage purchase demand is down -45.3% since Biden was elected and mortgage refinancing demand is down -91% under Biden and mortgage rates are up 128% under Biden’s economy.

Mortgage applications increased 3.0 percent from one week earlier (using seasonally adjusted data), according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 23, 2023. This week’s results include an adjustment for Juneteenth holiday.

The Market Composite Index, a measure of mortgage loan application volume, increased 3.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 8 percent compared with the previous week. The seasonally adjusted Purchase Index increased 3 percent from one week earlier. The unadjusted Purchase Index decreased 8 percent compared with the previous week and was 21 percent lower than the same week one year ago.

The Refinance Index increased 3 percent from the previous week and was 32 percent lower than the same week one year ago.

Now for the highly (self) touted Biden economy: Mortgage purchase demand is DOWN DOWN -45.3% under Biden, Refi demand is DOWN -91% under Bidenomics, and mortgage rates are UP 128% under Clueless Joe’s Reign of economic error.

US New Home Sales Spike 20% Year-over-Year (YoY) In May As Fed Pauses Rate Hikes (The Buck Drops Here!)

Well its about time that homebuilder started building again! And maybe it was The Fed rate hike pause (and possible rate cuts in the future.

US new home sales rose 20% in May as The Fed pauses rate hikes.

Fed Funds Futures point to one or two more rate hikes, then down she goes!!!

763k new homes were added in May

Remember, there is still a lot of stimulus (M2) sloshing around the economy. Perhaps we can rename all the infrastructure stimulus that is leaking out into the economy “Buttigieg Bucks.” Or “Buty Bucks!”

Bidenville! Case-Shiller National House Price Index Decreased 0.2% Year-over-Year in April As Liquidity Evaporates (Miami Rises 5.18%, Seattle Down -12.43%, San Francisco Down -11.14%)

Wasting away again in Bidenville!! Looking for my lost national housing market.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a -0.2% annual decrease in April, down from a gain of 0.7% in the previous month. The 10-City Composite showed a decrease of -1.2%, down from the -0.7% decrease in the previous month. The 20-City Composite posted a -1.7% year-over-year loss, down from -1.1% in the previous month.

The winners in April? Miami and … Chicago?

The biggest losers in April? Seattle and San Francisco both suffered YoY losses over -11%.

The US Treasury 10Y-2Y yield curve remains steeply inverted at -97 basis points.

Dallas After (Economic) Midnight! Texas Manufacturing Survey Disappoints For 5th Straight Month Amid “Political Incompetence”(And Massive Corruption)

Dallas after (economic) midnight! Particularly after 5 consecutive months of negative readings.

For the fifth straight month, the Dallas Fed’s Texas Manufacturing Outlook survey disappointed expectations, printing -23.2 vs -21.8 exp) and is negative for a fifth straight month.

Source: Bloomberg

Texas factory activity declined in June, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, fell three points to -4.2, a reading indicative of a slight contraction in output.

Labor market measures suggest weaker employment growth and declining work hours. Price pressures evaporated, while wage pressures remained elevated…

Yes, the Biden Administration may be the most incompetent administration in US history with Congress a close second. And did I mention CORRUPT??

Silverado! US Treasury 10Y-2Y Yield Curve Remains Inverted At -102.7 (244th Straight Days Of Inversion) As Liquidity Evaporates (Silver UP >1%) Bitcoin CASH UP 12% This AM

Silverado! No, not the Chevy full-size pickup truck, but the precious metal Silver is up over 1% this morning!

The US Treasury 10Y-2Y yield curve remains inverted at -102.7 basis points for the 244th straight day as M2 Money YoY (aka, liquidity) evaporates.

Silver is up over 1% this morning.

Bitcoin Cash is up12.39% this morning.

Speaking of Silverado, a fully loaded new 2023 Chevy Silverado 1500 ZR2 costs around $100,000. Thanks Biden and Powell (BiPow?). Try financing that purchase with auto loan rates soaring!

Fed Inferno! US M2 Money-Supply Growth Falls To Depression-Era Levels For Second Month In April (As M2 Money Velocity Remains Near Historic Lows)

It is truly a Fed Inferno!

Money supply growth fell again in April from Jerome Powell And The Fed, plummeting further into negative territory after turning negative in November 2022 for the first time in twenty-eight years. April’s drop continues a steep downward trend from the unprecedented highs experienced during much of the past two years.

Yes, The Fed is printing money like it is going out of style! The war on Covid was similar to other wars fought where the US printed boatloads of money to pay for WWI. WWII, Korea and Vietnam wars. And the war against the middle class (known as The Best Depression). Apparently, The Fed is still waging war against the middle class.

US M2 Money VELOCITY (GDP/M2) is near an all-time low after The Fed went berserk with money printing to combat the Covid economic and school shutdowns.

Then with The Fed’s massive monetary expansion and sudden contraction, we have REAL average weekly earnings growth YoY in negative territory for 25 straight months.

The Walking Dead’s Negan, the poster child for The Federal Reserve.

Weekend Update! Bitcoin UP 61%, Gold UP 18%, US Dollar DOWN -10% Since 9/26/22 (Mortgage Rates Hover Around 7% As 10Y-2Y Yield Curve Inverts To -100 Basis Points)

Well, with Jerome Powell And The Fed tightening monetary policy (about half way there!), we have seen competitors to the US Dollar Bitcoin and Gold have soared since September 26, 2022. Bitcoin is up 61%, Gold is up 18% and the US Dollar is down -10%.

Mortgage rates hover around 7% as the US Treasury 10-2Y curve inverts to over -100 basis points with M2 Money growth crashed and burned.

Cryptos today are down. Bitcoin down -1.17%.

Buying more gold and silver!! And cryptos!

50 Shades Of Joe! Misery Indices All Point To Americans Being Almost Twice As Miserable Under Biden Than Pre-Covid Trump (25 Straight Months Of Negative Weekly Wage Growth)

I could have used 3 shades of Joe, but 50 shades of Joe sounds better!

But the fact remains that Americans are far more miserable under Biden than they were under Trump before the Chinese Wuhan Covid virus was unleashed. 9.03 today (Core CPI YoY + U-3 Unemployment) than it was in February 2020 under Trump (5.86). While not twice as bad, inflation is continues to cause serious problems for America’s middle class and low-wage workers.

Speaking of the middle class and low wage workers, let’s look at the Renter’s Misery index (CPI Owner’s equivalent rent YoY + Unemployment rate). It was 6.78% in February 2020 under Trump and before Covid struck and is now 11.75% under Inflation Joe.

Speaking of misery, how 25 straight months of negative REAL wage growth? Real weekly wage growth went negative in April 2021, just a few months after Biden was installed as President.

Now, there was winners under Biden. Green energy donors, the big banks, big pharma, big tech, but media … essentially any big donors from big entities got massive payoffs. The middle class and low-wage workers? As Jerry Reid once sang, “They got the coal mine and we got the shaft.”