Existing home sales are on track for a dismal year, likely dropping 18% and on course for the worst year since at least 2008’s Great Recession and possibly the worst since 1995.
And while prices may soften in 2024, single-family homes will remain out of reach for many Americans, National Association of Realtors Chief Economist Lawrence Yun said Tuesday in the real estate organization’s annual summit.
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A new survey reveals inflation is still the primary concern for Americans by a wide margin, and the public is beginning to turn on big government and recognize government spending and globalism as the culprits behind a dwindling standard of living.
This comes at a time when the country is poised to choose between another four years of excessive spending and an evaporating middle-class or return to an America First philosophy that strengthens the middle-class and structures international policy in our favor.
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U.S. retail sales rose 0.3% in November compared to the previous month, the Commerce Department said Thursday, despite the Dow Jones estimate that sales would decline by 0.1%.
The 0.3% estimated increase in U.S. retail and food service sales outpaced inflation from October to November, which was 0.1%. The retail sales are also up 4.1% when compared to the same time last year, the department said, which is still above the inflation rate of 3.1% from November 2022 to November 2023.
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New data from China shows the country’s economy is still failing to recover from the loss of growth it has seen since the COVID-19 pandemic, according to The Wall Street Journal.
While China’s economy did grow in November in a number of key areas, it was lower than economists’ expectations and was bolstered by a comparison from last year, when the country still maintained strict COVID-19 restrictions, according to the WSJ. Retail sales, which supports the key growth factor of domestic consumption, only rose by 10.1% year-over-year compared to the 12.9% growth that was expected, and fixed-asset investment rose 2.9% from January to November, as opposed to expectations of 3%.
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The Federal Reserve on Dec. 13 held the Federal Funds Rate—the rate at which banks lend to each other—steady at 5.25 percent to 5.5 percent, as the consumer inflation once again cooled to 12-month average level of 3.1 percent, according to the latest data compiled by the Bureau of Labor Statistics.
Leading the cooldown were drops in energy prices as gasoline dropped 6 percent in November, following a 5 percent drop in October.
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Electric vehicle manufacturer Tesla filed a safety recall for over 2 million vehicles with federal regulators following a two-year investigation into the company’s autopilot feature, according to an announcement from the National Highway Traffic Safety Administration (NHTSA) on Wednesday.
The Tesla recall covers 2.03 million vehicles, including the Model 3, Model Y, Model X and Model S, made between Oct. 5, 2012 and Dec. 7, 2023, over concerns with their autopilot feature enabling driver misuse through a lack of engagement while operating the vehicle, according to a document from the NHTSA. The recall covers nearly all Tesla vehicles in the U.S. and is one of many actions taken by the NHTSA around Tesla’s autopilot feature, with the agency contending that the feature’s name is misleading as drivers still have to be engaged during its use, according to The Associated Press.
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The House Select Committee on the Chinese Communist Party released a report Tuesday proposing the U.S. revoke China’s permanent normal trade status.
The new report supports three overarching policy objectives: resetting the terms of U.S.-China economic engagement, stemming the flow of U.S. capital and technology to China’s military and building U.S. economic might with allies. Toward that end, the report outlines approximately 150 policy recommendations including new tariffs, disclosure requirements for American companies with ties to China, and strengthening U.S. research security.
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Inflation ticked slightly down year-over-year in November but continued to remain well above the Federal Reserve’s target, according to the latest Bureau of Labor Statistics (BLS) release on Tuesday.
The consumer price index (CPI), a broad measure of the prices of everyday goods, increased 3.1% on an annual basis in November, compared to 3.2% in October, according to the BLS. Core CPI, which excludes the volatile categories of energy and food, remained high, rising 4.0% year-over-year in October, compared to 4.0% in October.
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The national debt continues to rise sharply to record levels during the ongoing debate in Congress over the next federal spending bill.
The federal government has already piled another $383 billion onto the debt so far into the 2024 fiscal year, which began on October 1.
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The Senate Banking Oversight Committee met with top U.S. bank CEOs on Wednesday about the possible effects of new regulations, proposed in July, that would raise capital requirements, titled Basel III endgame, according to CNBC. The new restrictions would not tackle problems that caused the most recent banking crisis earlier this year and would disproportionately affect smaller borrowers, like average Americans, by tightening credit conditions and restricting access to affordable debt in the form of mortgages, credit cards and more, experts told the DCNF.
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The rapidly growing debt of the U.S. federal government has hit another milestone, topping more than $100,000 per person.
While the U.S. population and the U.S. national debt are large numbers that are difficult to calculate, the rough debt estimate and rough population estimate end up at about $100,000 of federal debt per person in the U.S.
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The total number of government employees in the U.S. is edging close to a new record, only being outdone by one other month in the country’s history, according to data from the Bureau of Labor Statistics (BLS).
The U.S. added 49,000 government jobs in November, with 32,000 of those being local and 17,000 of those being federal, bringing the total number of government employees to 22,967,000, according to the BLS. The number of total government employees in November is only outdone by one other month, with 22,996,000 people being employed by the government in May 2010 as a result of temporary hiring used to perform the census that year, according to the Federal Reserve Bank of St. Louis (FRED).
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California’s budget deficit has nearly tripled since last year, culminating in the largest revenue discrepancy the state has ever seen, according to a report from the state’s Legislative Analyst’s Office (LAO).
The state’s budget deficit ballooned to $68 billion this year after recording a deficit of $24 billion last year, owing to an unprecedented tax-revenue shortfall, according to the LAO report. The deficit is the highest in dollar terms that the state has ever seen, but not as a percentage of overall spending, according to Politico.
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Across the country, towns and cities of various sizes envisioned an electrified public transit system that could shuttle residents with vehicles that produced no carbon-filled exhaust.
Many of those communities purchased buses from Silicon Valley-based Proterra, which was able to produce 550 buses over its 19-year existence before it went bankrupt in August.
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The U.S. added 199,000 nonfarm payroll jobs in November as the unemployment rate ticked down to 3.7%, according to Bureau of Labor Statistics (BLS) data released Friday.
Economists had anticipated that the country would add 180,000 jobs in November compared to the 150,000 jobs that were added in October and that the unemployment rate would remain at 3.9%, according to Reuters. The number of jobs added in the month was boosted due to the resumption of work by autoworkers and actors who participated in the recent strikes.
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The labor market continues to soften, with 199,000 jobs created last month, well below the recent average. Real job creation is far lower than this topline number suggests. Nearly 50,000 jobs were unproductive government jobs, continuing the trend of disproportionately high government job growth. The return of striking auto workers accounted for about 30,000 jobs. And 77,000 jobs were created in healthcare, which is a quasi-government industry. That leaves only about 40,000 jobs created in the real economy.
Real wages continue to stagnate, growing at the same rate as core inflation following significant declines in the first two years of Biden’s presidency. As usual, job creation in previous months was revised down in today’s report. Nearly one million more Americans are unemployed since April.
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U.S. private-sector employers added 103,000 new hires in November versus 106,000 workers in October, according to Nov.’s ADP® National Employment Report, a collaboration with the Stanford Digital Economy Lab.
Consider what is occurring in a slice of service sector employment.
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Unlike public sector unions, which are inherently corrupt and need to be outlawed, private sector unions have a vital role to play in American society. But these unions have become coopted by the same special interests they were originally formed to oppose. The political agenda of America’s unions is almost exclusively leftist, and being part of America’s institutional “Left” is not what it used to be.
The biggest misconception in American politics today is that the political Left is fighting corporate power. Leftists may still attack corporate profits and demand corporations pay their “fair share,” but on every major issue affecting the economic freedom and prosperity of working families in America, these presumed antagonists are actually in perfect alignment.
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The Biden administration has increasingly relied on a law intended to shore up national defense in order to enact its economic agenda, boosting green energy initiatives and increasing production of certain goods to address economic issues.
President Joe Biden once again used the Defense Production Act (DPA), a law established in 1950 to give the president authority over domestic industries necessary for the national defense thanks to demands caused by the Korean War, in late November, this time to invest $35 million in domestic manufacturing on medicine components to address shortages, according to a statement from the White House. The use of the DPA is one of many following President Donald Trump’s expansion of the act during the COVID-19 pandemic in order to increase the production of equipment related to national health.
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About 4,000 auto dealers from all 50 states have signed a letter to President Joe Biden saying electric vehicles are “stacking up on our lots” as the demand for electric cars has “stalled.”
“BEVs [battery electric vehicles] are stacking up on our lots,” the auto dealers stated in the letter. “Last year, there was a lot of hope and hype about EVs. Early adopters formed an initial line and were ready to buy these vehicles as soon as we had them to sell. But that enthusiasm has stalled. Today, the supply of unsold BEVs is surging, as they are not selling nearly as fast as they are arriving at our dealerships – even with deep price cuts, manufacturer incentives, and generous government incentives.”
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New home sales in the U.S. dropped last month as mortgage rates have soared.
According to the U.S. Census Bureau, new home sales fell 5.6% in October, more than expected.
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Ford Motor Co. announced on Thursday that labor costs following a recent major union deal will cost the company around $900 per vehicle by 2028.
Ford, along with other major U.S. automakers General Motors and Stellantis, faced a six-week-long strike by the United Auto Workers (UAW) starting in September, with all three companies recently voting to approve new contracts through 2028. The company expects the new labor agreement to cost an extra $8.8 billion over the course of the contract due to wage increases of around 25%, accelerated wage progression and cost-of-living adjustments as stipulated in the contract, according to a press release from the company.
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International investors have pulled billions out of China as the country’s economy continues to stumble and relations with the U.S. fail to ease, according to The Wall Street Journal.
Since August, international investors trading in China’s top exchanges in Shanghai and Shenzhen have pulled out more than $24 billion through a trading link in Hong Kong, according to the WSJ, the largest net outflow of foreign funds since the link was created in 2014. The MSCI China Index, which serves as a tool for investors to gauge expected returns in the country, has fallen 10% this year as China’s economy reports lackluster growth amid a real estate crisis and relations with the U.S. fail to significantly improve.
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Growth in consumer spending fell to the lowest point since March as Americans’ savings fall from the all-time highs seen during the COVID-19 pandemic, according to the Bureau of Economic Analysis (BEA).
Consumer spending, measured by the personal consumption expenditure (PCE), increased by $41.2 billion in the month of October, an increase of 0.2%, less than the 0.7% increase that was seen in September as Americans cut back, accordingto the BEA. The cooling in spending follows a huge decline in the amount of savings Americans collectively hold, falling from over $1 trillion in May to $768.6 billion in October, far from the all-time high of almost $6 trillion in April 2020, according to the Federal Reserve Bank of St. Louis.
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Just to maintain the same standard of living that Americans had at the beginning of President Joe Biden’s term, households have to spend an additional $11,434 per year, according to CBS News.
Since January 2021, when Biden first took office, inflation has risen 17%, far outpacing the 2% per year that the Federal Reserve aims for, while average hourly wages have only increased 13.6%, according to the Congressional Joint Economic Committee’s (JEC) state inflation tracker. As a result, more Americans reported that they are struggling financially than they did before the COVID-19 pandemic as persistent inflation continues to take its toll, according to CBS News.
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Despite a concerted effort by many institutions, government entities, and other left-wing forces to push “diversity, equity, and inclusion” (DEI) initiatives on private businesses, 2023 saw a greater decrease in such measures than previous years.
As reported by the Daily Caller, the total number of businesses with a designated DEI budget dropped to 54% in 2023, down four points from 58% in 2022. In the same period of time, the number of organizations with a DEI strategy declined by 9%. Both of these statistics were compiled by the consulting firm Paradigm.
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As 2023 is winding down to a close, the U.S. trade in goods deficit with the world is down $101 billion for the first nine months of the year to $802 billion, an 11.2 percent decrease so far, with still three months of data left to collect for the year, according to the latest data from the U.S. Census Bureau.
Simultaneously, existing home sales measured by the National Association of Realtors are down to a seasonally adjusted annual rate of 3.79 million, a 16.7 percent decrease from its Feb. 2023 level of 4.5 million, and are averaging 4.16 million for the past 12 months. Overall, existing home sales are down the past 12 months by almost 32 percent from their 2021 high of 6.12 million. That’s a lot.
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Applications for mortgages ticked up to a six-week high for the week ending on Nov. 17 in a sign that the housing market might become more accessible to average Americans following rising prices and high mortgage rates, according to the Mortgage Bankers Association (MBA).
The number of mortgage applications increased by 3% compared to a week earlier when seasonally adjusted, according to a press release from the MBA. The increase in volume follows a decline in the average interest rate for a 30-year fixed-rate mortgage, which fell to 7.41% from 7.61% in the same time period.
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Newly released survey data shows that small businesses are pessimistic about their retail sales going into the holiday season.
The Main Street Merchant Report released Tuesday by Alignable, a network of thousands of small businesses, are not optimistic about their sales for small businesses this weekend.
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A new economic analysis of the U.S. economy projects a recession around the corner.
An international nonprofit, The Conference Board, has released its Leading Economic Indicators report, which projects into the next year for the U.S. economy. That analysis, among other things, projects high inflation, high interest rates and declining consumer spending.
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Thanksgiving dinner shoppers will get a bit of a break in the pocketbook this year.
Illinois shoppers participating in the annual American Farm Bureau Federation’s (AFBF) Thanksgiving Cost Survey reported the average cost of a traditional Thanksgiving meal is down slightly compared to last year.
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Charitable foundations funded by credit card companies and managed by their executives are pouring millions of dollars into liberal advocacy organizations, tax filings show.
The American Express Foundation and the Visa Foundation, philanthropic arms of two of the largest credit card companies in the world, gave grants to several major left-wing groups between 2019 and 2021. Executives from Visa and American Express sit on the boards of their respective foundations, both of which have taken millions from the corporations that established them.
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The commercial real estate sector is facing the possibility of a substantial number of bankruptcies that could ultimately hamper economic recovery and threaten the wounded banking industry, according to experts who spoke to the Daily Caller News Foundation.
Overall 30 day+ delinquencies on commercial mortgage-backed securities (CMBS), meaning the number of borrowers for commercial properties that failed to make a required payment in at least the last 30 days, increased from 2.96 percent from one year ago to 4.63 percent as of October, according to a report from market research group Trepp. The delinquencies are indicative of danger in the commercial real estate sector, as they indicate that many of those could become bankruptcies, threatening an already hurting banking industry and exacerbating any economic downturn, according to experts who spoke to the DCNF.
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After the Fifth Circuit U.S. Court of Appeals’ order last week, the Bureau of Ocean Energy Management (BOEM) announced that it scheduled Lease Sale 261 in the Outer Continental Shelf in the Gulf of Mexico for December 20.
In September, a federal judge ruled the Biden administration must go through with offshore lease sales in the Gulf of Mexico by September 27 as originally planned and under original conditions. The Fifth Circuit concurred but amended the ruling, pushing back the lease sale date to November 8.
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On Saturday, X owner Elon Musk announced that he would sue the left-wing publication Media Matters after the group smeared his social media site as anti-Semitic.
As reported by Breitbart, Musk declared in a post on the site, formerly known as Twitter, that “the split second court opens on Monday, X Corp will be filing a thermonuclear lawsuit against Media Matters and ALL those who colluded in this fraudulent attack on our company.”
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Wall Street is moving to buy up U.S. farmland in hopes that it will be a safe bet to hedge against inflation and concerning economic conditions, according to Reuters.
Investment funds have accumulated over a million acres of farmland in the U.S., a small part of the 900 million acres in the U.S. but significant for the market when looking at the pace of acquisitions, according to Reuters. The move from investors is drawing the concern of some, including lawmakers, who see the quick constraint on supply as a barrier for the next generation of farmers who can’t buy at the elevated price.
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Roughly six months after visiting with British leaders in London, Gov. Ron DeSantis announced this week Florida is expanding its business partnerships with the United Kingdom.
The governor announced on Tuesday that he and the UK Secretary of State for Business and Trade Kemi Badenoch, MP, signed a memorandum of understanding to increase trade and bilateral investment, strengthen business ties and grow academic partnerships.
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The United Auto Workers union members narrowly voted to ratify its contract with General Motors.
GM’s ratification tracker shows workers approving the contract on a 54.7% vote with nearly 36,000 votes in support, an unofficial number. The vote will end one-third of the auto strike that’s lasted about six weeks.
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United Auto Workers union members ratified a new five-year collective bargaining agreement with Mack Trucks covering about 3,900 employees at facilities in Pennsylvania, Maryland and Florida.
“The new agreement guarantees significant wage growth and delivers excellent benefits for our employees and their families,” Mack President Stephen Roy said in a statement. “At the same time, it will safeguard our competitiveness and allow us to continue making the necessary investments in our people, plants and products.”
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Both annualized consumer and producer inflation decreased in October from 3.7 percent to 3.2 percent and from 2.2 percent to 1.3 percent, respectively, according to the latest data from the Bureau of Labor Statistics, amid a drops in oil prices.
On the consumer side, gasoline prices dropped 5 percent in October and are down 5.3 percent over the past twelve months.
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The price of shelter increased substantially in October despite topline month-to-month inflation remaining flat, dashing many Americans’ dreams of buying a home, according to The Wall Street Journal.
Inflation decelerated to 3.2% in October, down from 3.7% in September, owing to substantial deflation in the price of energy, but the shelter sector individually had prices increase by 5.5% for the year. Since the beginning of 2021, when President Joe Biden first took office, home prices have risen 29%, rents are up 17% and mortgage rates have neared 8%, according to the WSJ.
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One of the U.S.’ top banks will begin massive layoffs on Wednesday in a corporate overhaul as the company seeks to trim its operating expenses to levels more in line with its competitors, according to CNBC.
Citigroup will begin cutting employees on Wednesday, with new terminations continuing to be announced through next week, affecting some chiefs of staff, managing directors and lower-level employees, according to CNBC. Following the initial round of layoffs, more employees in less senior positions are expected to be dismissed in February, with the layoffs being expected to be fully completed by March 2024.
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The influx of migrants across the country’s southern border could cost taxpayers $451 billion, a report released Monday by the U.S. House Homeland Security Committee says.
The fourth report released by the committee says that the tab includes housing, education, property damage done by migrants, law enforcement and health care costs.
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The seasonally adjusted inflation rate for October 2023 remained unchanged from the previous month and sits at 3.2%, according to the Labor Department’s Consumer Price Index Report released Tuesday.
The rate increased by 3.2%, compared to October 2022. In September, inflation was at 3.7% compared to the same time the previous year.
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A manufacturer of luxury electric vehicles (EVs) lost more than $227,000 on each car it sold in the third quarter.
Lucid Motors, headquartered in California, sells four EV models, ranging in price from $74,900 to $249,000, according to its website. The company reported a net loss of $630.9 million in the third quarter, excluding its overhead costs, which comes out to a loss of more than $227,000 on each car it sold, according to its financial filings and The Wall Street Journal’s calculations.
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The “Big Three” — Ford, General Motors, and Stellantis — have had a tough go of things lately. The recently concluded strikes by their employees were perhaps the most visible indication that all is not roses in U.S. Autoland, but there is a larger problem. That problem is summarized by the following headline from the Wall Street Journal: “Automakers Have Big Hopes for EVs; Buyers Aren’t Cooperating.”
The financial results of weak EV sales have been devastating for the Big Three. Ford reported a third-quarter operating loss of $1.3 billion in its EV division. Since it sold 20,962 EVs in the third quarter, the per-unit loss on each of those vehicles is an eye-popping $62,016. Ouch!
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A U.S. media outlet with financial ties to organizations led by members of alleged Chinese Communist Party (CCP) influence operations announced it was shutting down on Monday.
The China Project (TCP), a multimedia group renowned for its China reporting, blamed “politically motivated attacks” and “enormous legal costs” for a “funding shortfall” resulting in the company’s decision to close. In 2022, the Daily Caller News Foundation identified numerous organizations headed by members of the CCP or CCP influence operations that had partnered with or financially sponsored the outlet.
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The U.S. government’s debt is projected to pass $50 trillion in a decade, growing $5.2 billion every day, according to an analysis from the Bank of America.
The U.S. public debt currently is more than $33.6 trillion and is expected to reach $54 trillion by 2033 amid “fiscal excess in the 2020s,” Bank of America investment strategist Michael Hartnett said, according to Business Insider.
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The Securities and Exchange Commission’s (SEC) has been slammed with comments from supporters and critics of its proposed climate disclosure rule.
The release of the final rule has been continually delayed, but its publication is anticipated in the next few months. Congressional Democrats are urging for it to be done sooner rather than later.
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When radicals used the sad death of fentanyl addict and opioid abuser George Floyd to burn down America’s cities in summer 2020, they earned nothing but praise from many of our country’s biggest corporations.
Overnight, America’s corporate giants became footsoldiers in the Left’s “woke” revolution, tut-tutting their customers’ LGBTQ “microaggressions,” pouring millions of dollars into the Marxist-led Black Lives Matter, and condemning the “systemic racism” of the country that birthed them.
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