That’s not the complication. What has made the NBER unwilling to label this a recession up to now was the job numbers. You can’t be in a recession if everyone can easily get a job. Now that the job numbers are declining and layoffs are going on they will likely declare it a recession.
Using the stock market to measure a recession has to account for continually rising rates at which money is rented. If you can see pretty massive cases of consumer level inflation while businesses struggle, you already have a hole money is leaving.
Watching the evergrande saga unwind over the course of years should give an idea to the extent of run time it will take to see results, especially when it is in the interest of investors to prop up value.
That’s part of CPI. Housing is like one third of it. The only time wages were higher vs. the inflation was during the pandemic, and that’s not a fair comparison since a lot of people lost their jobs so the average wage was affected
The average person now is much better off than in 2019 and it’s not even close
They’re wealthy enough to be able to absorb the increased cost without noticing while going “ACK-shually” to anyone who isn’t wealthy enough to aborsb the cost increase without noticing. Arm chair economists are fucking cancer.
Oh yeah, I’m sure clown is technically correct about the term and definition of recession. The people losing are definitely the people who are being priced out of groceries and homes. Acting like everything is fine and the economy is great is pretty fucking tone deaf.
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How do you feel like it’s a recession? And why do you think most people feel that way?
Obviously, recessions don’t happen based on anecdotal information, but that doesn’t mean it can’t feel that way to some individuals.
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Sure, but that’s not what recession means.
Another proof that economists are not disinterested and instead work for the banks.
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I get what you’re talking about, but you can’t just make up your own definitions based on anecdotal evidence.
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I agree that those things are hard if you’re not already a homeowner or you need to buy a new car, but those things don’t constitute a recession.
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That’s not the complication. What has made the NBER unwilling to label this a recession up to now was the job numbers. You can’t be in a recession if everyone can easily get a job. Now that the job numbers are declining and layoffs are going on they will likely declare it a recession.
Not while the economy has been expanding for the last 4 quarters and shows no signs of contraction in this quarter or next they won’t.
Using the stock market to measure a recession has to account for continually rising rates at which money is rented. If you can see pretty massive cases of consumer level inflation while businesses struggle, you already have a hole money is leaving.
Watching the evergrande saga unwind over the course of years should give an idea to the extent of run time it will take to see results, especially when it is in the interest of investors to prop up value.
https://tradingeconomics.com/united-states/wage-growth
Wages up more than 5% annually
https://www.bls.gov/cpi/
Inflation 3.2% annually, 4.8% when not counting food and energy
Sorry, the economy is good for the worker and not in any recession
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That’s part of CPI. Housing is like one third of it. The only time wages were higher vs. the inflation was during the pandemic, and that’s not a fair comparison since a lot of people lost their jobs so the average wage was affected
The average person now is much better off than in 2019 and it’s not even close
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They’re wealthy enough to be able to absorb the increased cost without noticing while going “ACK-shually” to anyone who isn’t wealthy enough to aborsb the cost increase without noticing. Arm chair economists are fucking cancer.
You are both arguing from an anecdotal pov and he has data to back up his argument.
Someone is winning and it ain’t you.
Oh yeah, I’m sure clown is technically correct about the term and definition of recession. The people losing are definitely the people who are being priced out of groceries and homes. Acting like everything is fine and the economy is great is pretty fucking tone deaf.
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That’s not true, inflation-adjusted wages are here:
https://www.bls.gov/charts/usual-weekly-earnings/usual-weekly-earnings-over-time-total-men-women.htm#
You can see we’re up in comparison to 2019, and even if this chart cuts off 2023, we’re also up since 2022 anyway
Not an argument