Jobs Friday! Only 209k Jobs Added In June, Avg Hourly Earnings Rises 4.4% YoY, Too Bad Core CPI YoY Still At 5.3%! (Silver UP Almost 2% This AM)

After yesterday’s surprise ADP jobs report, I was expecting a better June jobs report. But alas, today’s job report was a disappointment. Only 209k jobs were added in June.

On the other hand, average hourly earnings YoY rose slightly to 4.4%. Too bad core inflation at the last reading was 5.3% YoY.

Here is the rest of the story:

Silver is up almost 2% this AM!

Biden Drains Strategic Petroleum Reserve For 14th Straight Week (SPR Down -46% Under Bidenomics, Reg Gas Price UP 48%, Diesel Fuel UP 47%) Hunter In The West Wing With A Straw!

What is Bidenomics? It isn’t what Press Secretary Karine Jean Pierre thinks. She said Biden hates “trick down economics”. Instead, Biden prefers a Soviet-style command economy where The Federal Government spends trillions of dollars and directs where the money goes. We also have the Socialist Federal Reserve that relies on rate manipulation to achieve policy results.

A good example of Biden’s Soviet-style “Bidenomics” is his use of the Strategic Petroleum Reserve (SPR). Biden has now drained almost 50% of the SPR from when he was sworn in as President. And has drained the SPR for 14 straigth weeks to manipulate gasoline and diesel fuel prices in an effort to lower fuel prices ahead of the 2024 Presidential election. Watch Biden suddenly stop caring about fuel prices once he wins reelection!

After last week’s huge draw, expectations were for a smaller draw (which API showed last night), but the actual crude draw was smaller – just 1.5mm barrels. Stocks at the Cushing hub fell 400k barrels and products also saw notable draws..

At least we now know who left cocaine in the White House!

US Mortgage Purchase Demand Down -42.3% Under Bidenomics, Mortgage Refi Demand Down -91%, Mortgage Rates UP 131% (As Liquidity Dries Up)

Joe Biden, or “Blow Biden” after the cocaine was discovered in the White House the other day, owns the abysmal mortgage and housing market thanks to The Fed fighting inflation caused by Bidenomics (massive Federal spending and massive Fed stimulus).

Mortgage applications decreased 4.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 30, 2023. Last week’s results included an adjustment for the Juneteenth holiday.

The Market Composite Index, a measure of mortgage loan application volume, decreased 4.4 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 6 percent compared with the previous week. The Refinance Index decreased 4 percent from the previous week and was 30 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 5 percent from one week earlier. The unadjusted Purchase Index increased 6 percent compared with the previous week and was 22 percent lower than the same week one year ago.

Here is the rest on the story:

As liquidity dries up under Bidenomics. Or Yellenomics. Take your pick!

Seriously, can The Biden Administration get any more embarrassing? Or dangerous to American civil liberties?

A $1.5 Trillion Program For Homebuyers Props Up Banks Instead (Socialist FLUB System At Work Protecting Banks, Not Middle Class)

The Federal Home Loan Bank system (aka, FLUBs), a relic of FDR and The Great Depression, subsidizes banks, not individuals. Much like its twin sibling, The Federal Reserve system, it is a Socialist institution that rely of manipulation rather than free markets.

The first sign of deep trouble in US banking this year came from a sunbaked office complex in a San Diego suburb. There, a small firm called Silvergate Capital Corp. assured investors it was weathering a run on deposits. Its lifeline: about $4.3 billion from a Federal Home Loan Bank.

Heads turned across the financial industry.

Silvergate didn’t have a network of branches serving consumers, and it barely offered mortgages. It specialized in moving dollars for cryptocurrency ventures.

Soon it became apparent that a roster of troubled regional banks was leaning on FHLBs — a relic of the Great Depression originally aimed at ensuring financial firms have cash to lend to homebuyers. Yet the banks had little to do with everyday mortgage lending.

Silicon Valley Bank, catering to venture capitalists and tech startups, said it held $15 billion from an FHLB at the end of 2022. Signature Bank, with clients including crypto platforms, had $11 billion. And by April, First Republic Bank, offering mortgages to millionaires on unusually sweet terms, ended up with more than $28 billion. All four banks collapsed.

For many, that was a crystallizing moment for the 90-year-old Federal Home Loan Bank system, which has ballooned to more than $1.5 trillion while playing a growing role as a backstop for banks taking all kinds of risks — and a diminishing role in funding new mortgages. That’s raising questions about the purpose of FHLBs and why the private institutions enjoy so much government support.

As Milton Friedman once said, “Nothing is so permanent as a temporary government program.”

Of course, rate increases are crushing regional banks as well as the middle class. But as M2 Money growth crashes, home price growth is slowing into negative territory.

Happy 4th Of July! CRB Foodstuffs Index UP 49% Since Biden Was Installed As President (Much Worse Than Reported 15% Additional Cost To 4th Of July Under Biden)

Happy 4th of July! Enjoy those burgers and hot dogs, at least until you consider that food prices have risen a staggering 49% under Biden’s Reign of Economic Error.

This is much worse than the quoted story that Fourth of July cookout costs 15% more since Biden took office. Broken out by components,

The only good news is that The Fed’s monetary stimulus growth is slowing. But don’t worry! Biden and Congress will keep introduce massive spending bills to avert a recession. Which will cause downline inflation.

My favorite hot dog place, Chicago’s Wolfy’s!

Addicted To Gov! Mortgage Rates UP 150% Under Biden, 10Y-2Y Most Inverted Since 1981 (Unfunded Liabilities 5x National Debt) Gold, Silver UP

Its the 4th of July, American Independence Day from England, but under Biden and The Federal Reserve, Americans are DEPENDENT on debt and Federal spending. In other words, Americans are addicted to gov.

First, Bankrate’s 30-year mortgage rate index is up 150% under Biden. You can see the rapid rise in mortgage rates started with Biden (orange box). Meanwhile, the US Treasury yield curve (10Y-2Y) is the most inverted (negative slope) since 1981. Way to go, Joe!!

On the metals side, gold and silver are up slightly. (Go silver go!!)

On the crypto side, Polkadot is up 1.26% while Bitcoin is down -0.18%.

Memo To Fed: keep on printing! Why? US debt is currently $32.33 TRILLION with $192 TRILLION in unfunded Federal liabilties. That is 5 times the current level of debt!!

US Manufacturing Activity Shrinks By Most in Three Years As Cardboard Box Shipments Declining At Fastest Rate Since Financial Crisis) Ethereum UP >2% This AM

I was hoping that the week of July 4th would start off with fireworks, but we got bad news about the economy.

US factory activity contracted for an eighth month in June, slipping to the weakest level in more than three years as production, employment and input prices retreated.

The Institute for Supply Management’s manufacturing gauge fell to 46, the weakest since May 2020, from 46.9 a month earlier, according to data released Monday. The current stretch of readings below 50, which indicates shrinking activity, is the longest since 2008-2009.

The decline in the ISM production gauge, which also stands at the lowest level since May 2020, suggests demand for merchandise remains weak. The index of new orders contracted for the 10th straight month and order backlogs shrank, which may help explain a pullback in a measure of manufacturing employment.

The ISM gauge retreated to a three-month low and, at 48.1, indicates fewer producers adding to payrolls.

Many Americans continue to limit their spending on merchandise as they rotate to services and experiences. Others are simply tightening their belts as still-high inflation takes a toll on their incomes.

And then we have cardboard box shipments declining at fastest rate since 2008/2009.

At least Ethereum is up over 2% this morning.

And the US Treasury 10Y-2Y keeps on diving deeper into inversion.

Joe Biden, the face of Bidenomics.

Bidenomics? US Bank Credit Growth Approaches Stall Speed (0.7% YoY) As M2 Money Growth Reverses Course, But Still Negative Growth At -4% YoY (Biden Contemplates Blocking The Sun To Prevent Global Warming!)

Bidenomics is based on massive Federal spending and massive Fed monetary stimulus. But like all stimulus, it wears off. Such is the case with bank lending as The Fed raises interest rates.

US bank credit year-over-year (YoY) has stalled to a lowly 0.7% rate as M2 Money growth YoY increases slightly to -4%.

White House report signals openness to manipulating sunlight to prevent climate change.

Its figures. With the Socialist Federal Reserve manipulating interest rates and Biden/Congress spending like drunken sailors trying to manipuate economic growth, it makes sense that Biden wants to explore Bill Gate’s idiotic idea of blotting out the sun to prevent global warming.

Of course, Biden can hide at any of his 4 mansions and wear his Ray-ban Aviators to avoid the horror of his policies.

Bidenomics? “We Created More New Jobs In Two Years Than Any President Did In Their Entire Term” … Except Trump! (25 Consecutive Months Of NEGATIVE Real Weekly Earnings!, 10Y-2Y Yield Curve Crashing)

Yes, Resident Biden, our bumbling, corrupt “leader” said “We created more new jobs in two years than any president did in their entire term.” Of course, like almost everything that comes out of Biden’s mouth was a lie.

Actually, the US economy added 12.53 million jobs after April 2020 (Trump) while Bidenomics created took 2 1/2 years to add 12.56 million jobs. So, Biden took over twice as long to create jobs after Covid than it did under Trump. Simply opening the economy and schools produced that magical claim by Biden.

Then we have 25 consecutive months of negative REAL weekly earnings YoY.

And the 10Y-2Y Treasury yield curve is on a decidedly downward trend.

In other Hidin’ Biden news, Biden wanders off set as Nicolle Wallace wraps softball MSNBC interview.

Incredibly rude or just in advance stages of Alzheimer’s and/or Dementia. With his corrupt finger on the nuclear launch button.

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.