Credit Card Shutdowns Begin: The First Sign of Economic Collapse
Another recession warning and this one is related to brewing problems with unemployment. The September payroll report has put mainstream focus back on a soft- or no-landing scenario, but we’ve been there before not long ago. Meanwhile, apart from the unreliable payroll figure everything else continues to point to bigger trouble, including Americans who have stopped using their credit cards.
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ABC News Blockbuster jobs report flexes economic strength, defying Americans’ lukewarm attitudes
https://abcnews.go.com/Business/blockbuster-jobs-report-flexes-economic-strength-defying-americans/story?id=108887637
Challenger, Gray & Christmas Job Cuts Flat in September 2024 from August; YTD Surpasses 2023
https://www.challengergray.com/blog/job-cuts-flat-in-september-2024-from-august-ytd-surpasses-2023/
Robert Shimer Reassessing the Ins and Outs of Unemployment
https://home.uchicago.edu/~shimer/wp/reassess.pdf
Twitter: https://twitter.com/JeffSnider_EDU
45 Comments
Every crash/collapse brings with it an equivalent market chance if you are early informed and equipped, I've seen folks amass up to $1m amid crisis, and even pull it off easily in a favorable economy. Unequivocally, the bubble/collapse is getting somebody somewhere rich
The avg. American is having a tough time, I know I am not alone. There are others in same position as me. By certain statistics: 22% of americans have no retirement savings. 64% are worried that they will not have money in latter years while 47% of adults who are not yet retired think they have to work part-time in retirement. How can I best grow the 100k I have saved seperately outside retirement access which of course had depleted over the years?
Rundown comes after shutdown
It’s amazing really. We have a financial crisis, caused by greedy, reckless financial institutions. Congress passes legislation requiring those institutions to be less greedy and reckless. The institutions then lobby to have those restrictions removed, usually in the name of “remaining competitive”. This leads to another financial crisis. It’s completely predictable, and we have been doing this dance since the Great Depression almost 100 years ago.
Hey Jeff, remember when you said a nickel of Contango in the oil market was "signaling something massive" on Feb 6?
USO +11, SPY +75, and CL is seventy cents in Backwardation currently.
You know nothing!
"revised downward" is the mantra for federal statistics. We used to call this lying but we're not allowed to laugh at the Emperor's wiener any more…
Its hard to tell if its actually going to happen this time, because of these boys on youtube out here crying wolf for years.
Another correlation not causation video, another wrong prediction. Credit card interest rates have reached record highs, making borrowing more expensive, and the lag effect of the people maxing credit cards at record rates has finally caught up with them. Rates go down, companies revised earnings to the upside so I think you should admit the recession might never come, regardless of how many nay sayers are outthere.
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The silent depression is taking people to live in their cars and buy groceries with credit cards.
Capital Creator sitting idle
We can multiply this broadly speaking
The economic growth is directly related to the energy consumption of a country. Put it simply, growth is tightly related to fossil fuel consumption. Fossil fuel is food for the machines and machines are what make everything in an economy.
Fossil fuel, besides durably affecting the climate, are also finite, in a finite world.
The aberrant concept of infinite growth in a finite world must end, and it will regardless, that is mathematical.
Thanks
Some experts… never say who they are. If they are experts, we must believe them, not my lying eyes
Credit cards aren't being used because so many people are out of work or worried about it imo. I haven't been using mine very much for two years since I was laid off back then and am still looking for work….
Once credit goes away all prices will normalize, no more credit , or those that qualify have to borrow at 20%,
credit card usage rises, recession. credit card usage falling, recession. I don't understand it anymore
You know it's getting bad when Americans start spending prudently.
Globalization is over… We're in a transition period.
Holdor, Holdor, Holdor
Ive never gotten so many 0% cc offers in my life last 12 months….
Doom and gloom, doom and gloom, the sky is falling… ok… when?
Restaurant worker. Businesses are cutting employee hours and customers tipping less. The American people are going to need to tighten their belts. Dark times ahead.
I can’t wait to see how far that jobs report gets revised downwards 😂
Will Jeff " Gloom and Doom" Snyder ever just throw in the towel. He is becoming laughable.
Oddly enough the hurricanes might stimulate the economy. Too bad inflation isn't slowing down. Going to be the most costly natural disasters ever.
Wouldn't credit card usage go up when they are struggling in a recession?
Have you been right about anything in 2 years?
ABC "News" .. that's basically straight out of the politburo
SPX ath. Good times. Lmfaooo
Two more weeks!
Lol. Gonna keep going till it happens. Just so he can say he was right.
ADD the market just keeps going up…why is that?
Get out now recession coming soon
Every crash/collapse brings with it an equivalent market chance if you are early informed and equipped, I've seen folks amass up to $1m amid crisis, and even pull it off easily in a favorable economy. Unequivocally, the bubble/collapse is getting somebody somewhere rich
The figures are not a true reflection of the state of the economy, they are mostly false as the whole system is rigged for results.
why would you have a credit card that creates personal debt?
Just found out I'm gay as fudge 😢
Most likely the credit cards are tapped out.
I wish they would quit sending the credit card solicitations by mail.
Nothing to buy, everything is the same. The worldly view ain’t good enough for me anymore.
If they can lie about job numbers, what can they not lie about? Insanity.
Well, 30% apr is ridiculous.