In June: 4.1%, in July: 4.2%, in August 4.3%. Unemployment is rising in the United States, despite the dismissal of the head of the statistics bureau in August. The link between the two phenomena wasn’t obvious anyway, except for Mr President. Unemployment is rising because employment is declining. Supply chains are completely disrupted by the President of Donkeys’ tariff measures. This could prompt Mr. Powell to lower his key rate to boost business investment. Except that…
Except that inflation is also at a level much higher than the 2% targeted by the Fed. In July: 2.7% (annual rate), in August: 2.8%. Hard facts die hard. We’re waiting for the next step, but things aren’t looking good. It stinks stagflation (stagnation and inflation), that is, an economic black hole.
On the green, golfers call it a « bunker ». It’s very easy to fall into and very difficult to get out of. Your par is getting worse, Don…