24 hours of bad news for US economy

[Allybeboba]

LIAR.

What I quoted was the lead of the article when it was posted. You don't get to lurk 24 hours until your alt account gets banned, then have the audacity of accusing me of cherry-picking when
a) you picked one of the two articles, and
b) the information is still in there

You're not just being disingenuous, you're not just lying, you're not just being a hypocrite, you're now also making personal attacks with all three of those. Play by the rules or get the hell off these forums.

From the first article my friend.
http://www.reuters.com/article/uk-gl...KBN1A901B?il=0
This is the title of the article."Euro settles near two-year highs; outlook bullish"
The first three sentences of the article are below.
'The euro rose to a 23-month high against the dollar on Monday as investors remained bullish after latest business growth data for July pointed to only a mild slowdown, suggesting the euro-zone economy was still growing at a relatively strong clip.
IHS Markit's Euro Zone Flash Composite Purchasing Managers' Index for July, seen as a good guide to economic growth, fell to 55.8 from June's 56.3, still comfortably above the 50 level that separates growth from contraction.
The data calmed some concerns that the euro's strength this year has hurt growth prospects in the euro zone.'

It is actually you that re making personal attacks my friend by calling me names.

Have a wonderful day everyone.

[Breccia]

From the first article --

You don't get to make accusations when you can't stay current. The authors of Reuters reversed the order of appearance of the material after I linked it here. Ask literally anyone who was here before you. No, go ahead, do it. They'll back me up on this. That headline was real when I quoted it. That quote was exact. You don't get to accuse me of fabrication unless you can back that shit up. Which you can't, because I don't make shit up.

You know what? Read the article you just linked. Hell, here's a screen shot.



Three hours ago.

Click on your own damn link. Look at the top. Bam.

So unless you're accusing me of time travelling, you have proof the article was edited. And the information was still in it!

Apologize. NOW.

[Allybeboba]

You don't get to make accusations when you can't stay current. The authors of Reuters reversed the order of appearance of the material after I linked it here. Ask literally anyone who was here before you. No, go ahead, do it. They'll back me up on this. That headline was real when I quoted it. That quote was exact. You don't get to accuse me of fabrication unless you can back that shit up. Which you can't, because I don't make shit up.

You know what? Read the article you just linked. Hell, here's a screen shot.



Three hours ago.

Click on your own damn link. Look at the top. Bam.

So unless you're accusing me of time travelling, you have proof the article was edited. And the information was still in it!

Apologize. NOW.

No reason to get upset my friend. Thank is a copy of your link.

[Breccia]

Since I have proven that this personal attack against me is baseless and false, I shall now return to the thread. Since 24 hours isn't even up yet (hell it's still 12), more bad news.

U.S. home sales stumble as prices hit record high

U.S. home resales volumes fell more than expected in June as a dearth of properties pushed house prices to a record high.

The National Association of Realtors said on Monday existing home sales dropped 1.8 percent to a seasonally adjusted annual rate of 5.52 million units last month.

May's sales pace was unrevised at 5.62 million units. Economists polled by Reuters had forecast sales falling 1.0 percent to a 5.58 million-unit rate. Sales were up 0.7 percent from June 2016.

An acute shortage of properties has hampered monthly sales. The shortage of properties has led to bidding wars, which have culminated in house price increases outpacing wage gains.

Last month, the number of homes on the market slipped 0.5 percent to 1.96 million units. Supply was down 7.1 percent from a year ago. Housing inventory has dropped for 25 straight months on a year-on-year basis.

As a result, the median house price jumped 6.5 percent from a year ago to an all-time high of $263,800 in June. It was the 64th straight month of year-on-year price increases.

The PHLX index of housing stocks .HGX fell, underperforming a broadly weaker U.S. stock market. Prices for U.S. Treasuries bonds slipped while the U.S. dollar rose slightly against a basket of currencies after the data was published.

Homebuilders are struggling to plug the inventory gap amid rising costs of lumber. Homebuilding is also being constrained by shortages of labor and land.

A report last week showed housing starts rebounding 8.3 percent to a 1.22 million-unit pace in June, but still below their historic average of 1.5 million units, a rate realtors say would eliminate the housing shortage.

The two reports suggest that housing subtracted from gross domestic product in the second quarter after contributing almost half a percentage point to the economy's annualized 1.4 percent growth pace in the first three months of the year.

Last month, sales fell in the Northeast, West and South regions, but rose in the Midwest. At June's sales pace, it would take 4.3 months to clear the stock of houses on the market, up from 4.2 months in May. A six-month supply is viewed as a healthy balance between supply and demand.

Houses typically stayed on the market for 28 days last month, down from 34 days a year ago. Houses spent fewer days on the market in Seattle, Salt Lake City, San Jose, San Francisco and Denver.

Demand for housing is being driven by a tight labor market, marked by a 4.4 percent unemployment rate, which is boosting employment opportunities for young Americans. But the tight labor market has not spurred faster wage growth.

Annual wage growth has struggled to break above 2.5 percent, sidelining first-time home buyers, whose share of home sales has barely shifted. They accounted for 32 percent of transactions last month, well below the 40 percent share that economists and realtors say is needed for a robust housing market.

Higher home sales aren't bad for everyone, true. But the bolded parts are especially interesting in a larger US economy sense. Not only was growth only 1.4% last quarter -- yes, I linked that earlier -- but it may subtract this quarter. Also note that home sales in June are about half normal, and lumber prices are mentioned. Didn't Trump start a trade battle over lumber? Like, a bunch of tariffs, 20 percent or so?

I suggest anyone who wants to stay current read it while it's fresh.

[jdbond592]

No reason to get upset my friend. Thank is a copy of your link.

Common sense ..is not so common. Show him! I mean you showed him!

Now that we have made sure that US economy is just great (stupendous!), lets move on to other important things..

[Belize]

Somewhat OffT but home prices are ridiculous.

I live where houses are at some of the cheapest in the country (or at least Texas) comparative to income, and it's still absurd.

The U.S. desperatly needs to adapt their own version of the Condo. All the benefits of an apartment, without pissing money away renting.

[Allybeboba]

[QUOTE=Breccia;46633021]Since I have proven that this personal attack against me is baseless and false, I shall now return to the thread. Since 24 hours isn't even up yet (hell it's still 12), more bad news.

[QUOTE]

The thing is my friend, I didn't personally attack you where as you actually did personally attack me by calling me names.


For the moment some areas just happen to be in a sellers market. Naturally prices are going to rise..

[Edge-]

Somewhat OffT but home prices are ridiculous.

Median home price in the area I live in is around $1M. If it was at the national median, I could actually afford to make a down payment on an alright place that needs some work, but where I live those are the types of places that are priced around the median -_-

And the US has condos.

[Breccia]

The dollar recovered 0.2 percent today, but it has not been a good six months overall. The dollar is down against the Euro, Yuan, Yen, AUD, Rupee, CDN, Brazilian Real, the Shekel, the Krona, the Mexican Peso (HOW???) and basically everything else of note from this site.



"Basically" means I did see one exception. Guess which one that is, comrade.

EDIT: Wait, I found another one. The dollar is not falling against the Iranian Rial. It is actually holding steady. Against Iran. Wow.

[Adam Jensen]

So if Trump is so willing to claim credit to how well the economy is going, can we blame him for how poor the economy is going?

[Orbitus]

So if Trump is so willing to claim credit to how well the economy is going, can we blame him for how poor the economy is going?

Trumpkins seem to think that anything good is attributed to Trump and anything bad is attributed to anyone but him. So, no, you can't blame to cheese flavored douchebag.

[Felya]

Somewhat OffT but home prices are ridiculous.

I live where houses are at some of the cheapest in the country (or at least Texas) comparative to income, and it's still absurd.

The U.S. desperatly needs to adapt their own version of the Condo. All the benefits of an apartment, without pissing money away renting.

I bought my house 3 years ago at 285k. Got my tax evaluation last week and the land alone went up 100k. That's nearly a 10% bump every year... this house, as much as I like it, wasn't worth 285k as it was... the market was/is just that insane. We were outbid twice before it, one of which I am very glad we were. 325k for a single floor, 2 bedroom, 1 bath... that was smaller than some apartments I lived in. The neighborhood was insane though and I bet it would have been a great investment, but we were looking for a house to live in for at least 10 years. It's also the sort of neighborhood, where if there will be a tech bubble burst, prices will collapse.

My commute, despite only 5 mile difference, is around an hour longer each way. I heart working from home.

[Breccia]

So if Trump is so willing to claim credit to how well the economy is going, can we blame him for how poor the economy is going?

In the case of the dollar falling against nearly every currency on Earth, yes. That's almost certainly due to lower confidence in the US as an economy. Legislation is not necessary to drive down confidence by, say, proposing a load of tariffs and leaving the Paris Accord.

[Toppy]

All this news about the failing economy, about the dying middle class, about the collapsing infrastructure, and the general uncaring most have for it all makes me wonder why I still bother living. One day I'm just going to drive off that creaking bridge on my way to work and by a happier person for the darkness that envelops me.

[haxartus]

This is an extremely simple problem.

Basically, the working population doesn't have the skills that the market requires - too many people work unskilled jobs and too few people can work skilled jobs. So, you end up moving unskilled jobs overseas and importing people with skilled jobs form other countries.

What needs to happen is that all effort should be put in improving education so the skills of the working population are adequate for the market. This means a few things:

1. High school education should be relevant. Maybe reduce hours for things like philosophy and put an emphasis on math and technology.

2. College should be accessible. Maybe not the Ivy League private colleges, but public colleges should be good enough and affordable.

3. There should be programs to retrain people for jobs that are relevant for the market, with adaptable hours (for example, a college that you can visit in the evening, after you finish working your main job).

What is NOT going to work: Forcing companies with legislation to pay more for unskilled work.
Everything is so globalized by now that most major companies have offices in all kinds of countries. Which means that they can fire all of their unskilled US employees and hire them in a different country with different laws. Google, for example, has an office in 20 European countries, 16 Asian countries, 6 countries in Latin America and 5 African countries. If you make laws harsh enough, they will mostly leave the US and you will lose billions of tax revenue.