Joe Biden keeps claiming we have a “strong” economy. Really? Then why did he pass an “Inflation Reduction Act”?
The left has gone so far as to deny we are in a recession, they actually tried to define the word. But they will have a hard time redefining what the New York Fed just revealed.
Business activity in New York state suffered a severe and unexpected crash in August…
The New York Fed’s Empire State Manufacturing Survey index of general business conditions plunged 42.4 points to negative 31.3.
This is the second largest monthly decline on record and among the lowest levels in the survey’s history.
And that’s not even the half of it. While business is plummeting, house building is following close behind.
The pandemic housing boom is over. Welcome to the housing recession.
That was the message from the National Association of Home Builders on Monday. The NAHB/Wells Fargo housing market index unexpectedly dropped six points to a reading of 49, below the breakeven point indicating a deteriorating market.
The New York Fed’s Empire State Manufacturing Survey revealed that “general business conditions” went from 42.4 to -31.3.
Gee, that sounds like things aren’t going so well for the U.S. economy. Which is what we’ve all been seeing for the last year and a half.
This tells us that demand for goods and services is rapidly declining, no doubt thanks to inflation’s massive increase in costs. (And the going supply chain problems, unchecked by Biden.)
But the worst came from the National Association of Home Builders. For months, the housing market was out of control.
People eager to move out of blue cities were buying up houses faster than they could hit the market. That was spurred on by the Fed’s idiotic choice to keep interest rates low.
But that bubble has already burst. The Fed hiked up interest rates several times recently. And as inflation hammers Americans’ pocketbooks, few are willing to take the risk and buy a new home.
That has resulted in a massive drop in new house projects. Thanks to Biden’s inflation, home builders are charging much more due to rising costs.
And with Americans suffering from inflation themselves, fewer are interested in buying a house.
How’s that “build back better” coming along, Joe?
- The Fed’s Empire State Manufacturing Survey revealed business conditions plunged this month.
- The National Association of Home Builders released a report showing the housing market is in decline.
- This comes as more signs prove Biden is responsible for a historic recession.