In the biggest drop since 1947, U.S. worker productivity plummeted as inflation skyrocketed for businesses trying to buy raw materials and parts.
Meanwhile the Fed is increasing rates into the slowdown – classic stagflation. Only this time, it’s on purpose.
In another shocking headline showing the intentional destruction of the American economy, Biden is reportedly buying back oil to fill the strategic petroleum reserve at very high prices, throwing additional costs on the economic dumpster fire. He released all the cheap oil Trump had acquired at record low prices recently.
Do you get what the OBiden administration is doing now?
Continuing Jobless Claims (Apr 22) printed at 1.384M vs 1.4M consensus estimate.
Initial Jobless Claims (Apr 29) printed at 200k vs 180k estimate.
Initial Jobless Claims 4-week average (Apr 29) printed at 188k.
Nonfarm Productivity (Q1) PREL printed at -7.5% vs -5.4% estimate.
Unit Labor Costs (Q1) PREL printed at 11.6% vs 9.9% estimate.
EIA Natural Gas Storage Change (Apr 29) printed at 77B vs 68B estimate.