These Are Signs Of A Robust Labor Market?
Been very busy the past few days and haven’t had time to read your posts. Will try to catch up soon.
Oh, and that trillion-dollar-plus on credit cards? I’d love to see a breakdown on the data - how much of it was spent in grocery stores, how much of it was cash advances and balance transfers to pay for past-due student loan payments or medical bills? How much was spent on travel, and of that amount, how much was spent on ‘revenge travel’ (because they were locked down for years) and how much was spent on ‘spree’ travel (because we’re going to have to file for bankruptcy anyway, so we might as well see Paris first)? I’ll bet this kind of data is hard to find. But if anyone could dig it out from the aggregate, it would be you, Mr. Kust!
I’ve noticed an anomaly this summer and I’m wondering if other people are seeing it where they live. Sure, it’s anecdotal, but if many people are seeing it, it may add up to something.
I live in a lovely part of town, full of lakes and parks and one-of-a-kind 1920s homes that have been lovingly restored. For the past 24 years, I’ve walked almost daily through these neighborhoods and admired the extensive gardening and landscaping that people have continuously created. Then suddenly this summer, I’ve walked past whole blocks where people have let their lawns go to seed, their flower gardens die, their landscaping fall into ruin. I’ve wondered, how much of this is because people are struggling with inflationary expenses? How much is because they are vaccine-injured and not able to do the work to maintain their yards? How much is because they are dispirited and no longer care about creating beauty for their neighbors? Sure, we’ve had a hot summer with some drought, but not enough to account for the die-off I’m seeing. How about you other readers - are you seeing signs of difficulty like these? Do you think it is a sign that things are much worse than the government is telling us?