Wall Street closed lower (SPY -0.2%) but off its session lows on low volume. Crude Prices are in the 49 handle, the US dollar has slipped to mid 96's and gold is back where it started (1257). Indicators are mildly bearish in the short-term and very bearish in the 2 week outlook.
WASHINGTON (Reuters) - U.S. employment growth eased for the third straight month in September and the jobless rate rose, but the slowdown was not expected to prevent the Federal Reserve from raising interest rates later this year.
(Reuters) - U.S. stocks fell on Friday after a "flash crash" in sterling fueled Brexit worries and a weaker-than-expected September jobs report did not sway expectations for a Federal Reserve interest rate hike by year-end.
NEW YORK (Reuters) - Cleveland Federal Reserve President Loretta Mester said current U.S. economic data, including the September payrolls report released on Friday, were consistent with the U.S. central bank considering an increase in interest rates.
WASHINGTON (Reuters) - World finance leaders issued fresh warnings about economic stability risks on Friday amid worries about a massive U.S. fine for Deutsche Bank destabilizing Germany's largest bank, a sharp fall in the British pound and weak global growth.
WASHINGTON (Reuters) - European Central Bank interest rates will stay low until euro zone economic growth picks up in a convincing way, ECB head Mario Draghi told finance ministers and central bank governors from the world's 20 biggest economies (G20) at on Thursday, a G20 source said.
FRANKFURT (Reuters) - Serious human rights concerns have been raised by a Reuters report that Yahoo had scanned the emails of hundreds of millions of users at the request of a U.S. intelligence service, a United Nations' human rights advocate said on Friday.
DETROIT (Reuters) - Volkswagen AG is recalling about 281,500 Volkswagen and Audi brand vehicles in the United States in three separate recalls, each due to fuel leaks but with different causes, according to a regulatory filing on Friday.
(Reuters) - Google's new "Pixel" smartphone is off to a fast marketing start with $3.2 million in television ads in two days since it announced the upcoming launch, and ad executives expect Google to spend hundreds of millions more to keep up with rivals Samsung Electronics and Apple Inc .
DOHA/FRANKFURT (Reuters) - Deutsche Bank has secured backing from its largest investor and is seeking advice from other banks as it scrambles to restore market confidence undermined by a demand by U.S. authorities for up to $14 billion over mis-selling allegations.
Authored by EconomicPrism's MN Gordon, (annotated by Acting-Man's Pater Tenebrarum),
Larded Up and Larded Over
We've been waiting for the U.S. economy to reach escape velocity for the last six years. What we mean is we've been waiting for the economy to finally become self-stimulating and no longer require monetary or fiscal stimulus to keep it from stalling out. Unfortunately, this may not be possible the way things are going.
As Milton Jones once revealed: "A month before he died, my grandfather covered his back in lard. After that, he went downhill quickly" (his other grandfather drowned in a bowl of cheerios). A similar fate may await the larded up US economy.
In short, the U.S. economy may never reach "escape velocity" unless it is first allowed to crash. It has been too larded up and larded over with debt for any real sustainable growth to take root. More evidence, to this effect, was revealed this week.
For example, the International Monetary Fund (IMF) anticipates the U.S. economy will expand by just 1.6 percent this year. That's about one percent less than last year's estimated growth. In other words, the rate of economic growth in the United States isn't increasing; ra ...
It will likely not come as a big surprise that at a time when US personal savings are once again declining, perhaps as a result of soaring health insurance costs, that US consumers are forced to borrow increasingly more to make ends meet. And, as expected, the latest consumer credit report confirmed this, when moments ago the Federal Reserve announced that in August, total US credit surged by $25.9 billion on a seasonally adjusted basis, smashing expectations of a $16.5 billion increase, and the third biggest monthly jump since 2001.
The spike was driven by a major jump in non-revolving credit, while revolving, or credit card, debt also spiked substantially in the last full month of summer.
Broken out, revolving credit rose by $2.9 billion...
... while non-revolving credit increased by a whopping $20 billion,the third highest monthly increase this decade.
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