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📈 Macroeconomics

Total household debt rose by 1.3% to reach $17.29 trillion in the third quarter of 2023

Total household debt rose by 1.3% to reach $17.29 trillion in the third quarter of 2023 led by Mortgage, Credit Card, and Student Loan Balances.

Household Debt and Credit Developments in 2023Q3: * Aggregate household debt balances increased by $228 billion in the third quarter of 2023, a 1.3% rise from 2023Q2. * Balances now stand at $17.29 trillion and have increased by $3.1 trillion since the end of 2019, just before the pandemic

Consumer Credit September

U.S. Revolving credit (credit cards) grew From August to September by $3.1 billion and increased at an annual rate of 8.6%.

Consumer credit increased at a seasonally adjusted annual rate of 0.4% during the third quarter. Revolving credit increased at an annual rate of 8.6%, while nonrevolving credit decreased at an annual rate of 2.4%. In September, consumer credit increased at an annual rate of 2.2 percent.

October 2023 Senior Loan Officer Opinion Survey on Bank Lending Practices

October 2023 Senior Loan Officer Opinion Survey on Bank Lending Practices: Banks Signal Tighter Standards & Weaker Demand for All Loan Types.

Wut Mean?: * Banks reported tighter lending standards and reduced demand for commercial and industrial loans to all firm sizes in Q3 2023. * There was a decline in demand and stricter standards for all commercial real estate loan categories. * Residential real estate loans saw increased lending restrictions, except for government mortgages,

THE EMPLOYMENT SITUATION — OCTOBER 2023

BLS: Unemployment holds at 3.9% with a minimal shift in jobless figures. Hourly earnings climb to $34.00, more fuel for the inflation fire!

Highlights: * Total nonfarm payroll employment increased by 150,000 in October. * The unemployment rate remained stable at 3.9%. * Job gains were seen in health care, government, and social assistance. * Employment declined in manufacturing due to strike activity. * The household survey showed little change in the unemployment rate (3.9%

FOMC Statement

Federal Reserve issues FOMC statement: the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent.

TLDRS: * The Fed decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. * They will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in its previously announced plans. * "The Committee is strongly committed

ADP National Employment Report

Inflation Alert! ADP National Employment Report: Private Sector Employment Increased by 113,000 Jobs in October; Annual Pay was Up 5.7% for stayers, 8.4% for job changers.

Wut Mean?: * Private sector employment increased by 113,000 jobs in October. * The jobs report provides a high-frequency, near real-time measure of U.S. employment based on actual payroll data from over 25 million U.S. employees. * No single industry dominated hiring; education and health care took the lead from

EMPLOYMENT COST INDEX – SEPTEMBER 2023

Inflation Alert! Bureau of Labor Statistics: Seasonally Adjusted, Employment Costs Jump Fastest & Highest Recorded in Data Series. More Fuel For Rate Hikes & For Rates to be Held Higher For Longer. South Park Called It!

Wut Mean? Total compensation costs for civilian workers (includes wages, salaries, and benefits of workers in the private sector and in state & local governments—increased 1.1% 3-month seasonally adjusted and 4.9% seasonally adjusted, over the past 12 months the Bureau of Labor Statistics reported this morning. This