Record Black Friday spending despite Fox News telling everyone the economy is terrible

[Lost_in_the_HTTP]

I've said it on other threads and people don't believe me.

I haven't felt any real inflation at all. Most everything I buy has either stayed the same, only risen very slightly, or in some cases has gone down. The only thing of note that has really gone up is insurance premiums and that isn't 'inflation' related. It's more loss related due to storms and other disasters. AND, I've found ways to get extra discounts to minimize that effect.

With the higher interest rates on savings accounts, I'm better off in some ways.

 

[ch33zw1z]

I've said it on other threads and people don't believe me.

I haven't felt any real inflation at all. Most everything I buy has either stayed the same, only risen very slightly, or in some cases has gone down. The only thing of note that has really gone up is insurance premiums and that isn't 'inflation' related. It's more loss related due to storms and other disasters. AND, I've found ways to get extra discounts to minimize that effect.

With the higher interest rates on savings accounts, I'm better off in some ways.

good for you?

 

[Zorba]

I've said it on other threads and people don't believe me.

I haven't felt any real inflation at all. Most everything I buy has either stayed the same, only risen very slightly, or in some cases has gone down. The only thing of note that has really gone up is insurance premiums and that isn't 'inflation' related. It's more loss related due to storms and other disasters. AND, I've found ways to get extra discounts to minimize that effect.

With the higher interest rates on savings accounts, I'm better off in some ways.

Increasing house, car, and medical prices increase insurance pricing. Especially cost for repair on homes and cars.

 

[Fenixgoon]

Increasing house, car, and medical prices increase insurance pricing. Especially cost for repair on homes and cars.

Education

 

[hal2kilo]

Education

I haven't seen beef prices budge yet.

 

[manly]

I'm mean sure and I don't want to diminish the pain many felt but the Fed wanted inflation down and was willing to do a lot more economic disruption/pain than this to get it.

Remember when Larry Summers said we'd need a painful recession and years of elevated unemployment to tame red hot inflation? Pepperidge Farm remembers.

 

[fskimospy]

Remember when Larry Summers said we'd need a painful recession and years of elevated unemployment to tame red hot inflation? Pepperidge Farm remembers.

I remember how everyone was going on about how Larry Summers was right about inflation (to some extent he was!) but nobody seems to mention it when he is then wrong about inflation shortly thereafter.

 

[darkswordsman17]

I haven't seen beef prices budge yet.

That's mostly because their attempt at pushing Republicans to prime people for increased prices due to woke mindvirus/mob has failed, but then there hasn't been a vegan apocalypse of people eschewing animals. We'll see once people experience the lab grown real meat patties, although that's more likely to just put ranchers raising the cattle out to pasture whilst the corporations turn to producing that stuff. I haven't kept up on it so I don't know if there's been any advances lately.

It helps that beef is one of the more regulated/monitored food channels, which happened because of the scare of mad cow disease. I'm sure the industry would like to change that but there doesn't seem to be much point and any savings it would get them would likely be undone with recalls and tarnished reputation (which I think the industry realizes enough to know better than to fuck around and give people more reason to eat less beef).

As long as Americans are chomping down burgers via fast food beef probably is gonna remain pretty stable.

I remember how everyone was going on about how Larry Summers was right about inflation (to some extent he was!) but nobody seems to mention it when he is then wrong about inflation shortly thereafter.

Hasn't he been wrong far more than right? I remember briefly hearing about him and then jack shit since, so I'm assuming he's just another dipshit economic oracle/prophet that time quickly shows is just a fraud that got lucky or had inside information one time, but routinely just flings shit at the wall and most of it doesn't stick.

 

[Roger Wilco]

Attitudes toward inflation are shifting.

Inflation expectations plunge in closely watched University of Michigan survey

www.cnbc.com

 

[Lost_in_the_HTTP]

Are my 5% interest bank accounts going away?

 

[Dave_5k]

Are my 5% interest bank accounts going away?

5% savings accounts will stick around as long as 1-month US Treasuries stay at 5.5% (and overnight fed funds rate remains at 5.25%-5.5%)

When federal reserve starts cutting rates, bank accounts will rapidly follow.

Longer term Treasuries imply market thinks that rates will fall - but not quickly. Debt markets implying expectation that fed will cut rates starting spring 2024 (to perhaps 0.5% lower a year from now, but still on average forecast to stay over 4% rates in very long term trading). Of course the market is always wrong, its just a matter of how much and in which direction

 

[purbeast0]

I've said it on other threads and people don't believe me.

I haven't felt any real inflation at all. Most everything I buy has either stayed the same, only risen very slightly, or in some cases has gone down. The only thing of note that has really gone up is insurance premiums and that isn't 'inflation' related. It's more loss related due to storms and other disasters. AND, I've found ways to get extra discounts to minimize that effect.

With the higher interest rates on savings accounts, I'm better off in some ways.

How do you exist without eating food?

 

[manly]

https://www.cnn.com/2023/12/08/economy/november-jobs-report-final/index.html

More bad economic news, when will sub-4% unemployment end???

/s

 

[Fenixgoon]

https://www.cnn.com/2023/12/08/economy/november-jobs-report-final/index.html

More bad economic news, when will sub-4% unemployment end???

/s

You see, it's bad when the jerb creators have to compete for wage slaves workers.

Only when workers devour each other in a race to the bottom can we truly be successful /s

 

[Lost_in_the_HTTP]

How do you exist without eating food?

I've got 2 - 3 month's food on hand, maybe more. Other than basic staples (milk, eggs, etc.) I may not have to buy food for quite some time.

Found whole milk today for 99 cents a gallon (close dated today's date). Bought 3 gallons. I'll separate it out into quart containers and freeze it where what I don't use will last at least a few months.

Got 2 dozen large eggs today for $1.59 dozen.

Got 4 or 5 packs of 8 large burger buns last week for $1.20 each and a couple of packs of regular size for 60 cents.

.

 

[soundforbjt]

It’s getting bad...stock market hit a new high of 37,000 yesterday...trump warned us that if Biden was elected the stock market would crash.

 

[Fenixgoon]

It’s getting bad...stock market hit a new high of 37,000 yesterday...trump warned us that if Biden was elected the stock market would crash.

I'm starting to think that republicans are full of shit. But you know, both sides lie and all!! /S

 

[HomerJS]

US oil production is at record levels. Bidens war on fossil fuels is failing bigly. Or could that just be another Fox News creation??

Doubters Beware: U.S. Oil Production Is Setting New Records

U.S. oil production is running at an all-time high, and on pace to set a new annual production record this year.

www.forbes.com

 

[GodisanAtheist]

Honestly if things get unkinked and running smoothly in 2024, Biden is going to win this thing in a landslide.

For all the high faluting bollocks in ATPN threads, the old "It's the economy, stupid" will always be the biggest factor in any election (if it's bad).

 

[K1052]

Public perception is going to lag the metrics especially on inflation but it's starting to happen. Mortgage rates falling, rents falling, grocery prices falling, and cheap gasoline are things people do eventually acknowledge.

Meanwhile Trump is claiming gasoline is $8 a gallon.

 

[Jaskalas]

Public perception is going to lag the metrics

Good thing we are getting good signals now. 11 months ahead of the election.
Wonder if that is enough time for the lag effect.
One thing people will feel immediately tho is the cheaper gas. If it stays under $3, Biden would have a far stronger chance.

 

[Pens1566]

Good thing we are getting good signals now. 11 months ahead of the election.
Wonder if that is enough time for the lag effect.
One thing people will feel immediately tho is the cheaper gas. If it stays under $3, Biden would have a far stronger chance.

I would say 4-6 months would be about the length of time it'll take to filter down. And then, assuming nothing goes wrong, it should continue on through the election.

 

[Amused]

And... word coming in of coming interest rate cuts:

https://www.cnn.com/2023/12/14/investing/what-the-feds-looming-rate-cuts-would-mean-for-you/index.html

 

[Lost_in_the_HTTP]

Apparently people bought like crazy in November.

 

[K1052]

Good thing we are getting good signals now. 11 months ahead of the election.
Wonder if that is enough time for the lag effect.
One thing people will feel immediately tho is the cheaper gas. If it stays under $3, Biden would have a far stronger chance.

Biden is refilling the SPR, at profit, while oil prices are low. He could release again if the Saudis get cute close to the election.

Not letting the Israel/Gaza situation spiral into a major regional war is also good policy in this regard.