Join us on Twitter spaces for today’s Bulls, Bears & Blochain show, where we’ll be tackling some of the most pressing topics in the financial world.
Be sure to join the conversation as we discuss:
- The latest jobs report and its implications for the economy
- The current state of US households and their financial health
- SEC Chair Gary Gensler’s controversial approach to crypto regulation
Don’t miss this opportunity to engage with industry experts and fellow enthusiasts as we dissect these crucial issues.
Let’s dive right in!
The JOBS Report
$META is expected to conduct another mass round of layoffs tomorrow, up to 4,000, per Vox.— unusual_whales (@unusual_whales) April 18, 2023
The Job Openings and Labor Turnover Survey (JOLTS) report is a monthly survey of businesses that measures the number of job openings, hires and separations. This report is important because it gives us insight into the health of our labor market.
The headline number in this month’s report was 245k new claims for unemployment insurance versus 240k last month–a slight improvement over expectations but nothing to write home about.
The continuing claims were up by 61k to 1.87m which suggests that there still may be some weakness in our economy even though we’ve been seeing some improvement recently in other economic data points such as industrial production and consumer spending numbers coming out lately from various sources like ISM Manufacturing Indexes showing growth across all sectors including transportation equipment manufacturing which saw its highest level of activity since 2006 according to Reuters reporter Kate Gibson who covers these areas daily at @KateGibson8_.
US Households in Good Shape?
APOLLO: “US households are in excellent shape .. household leverage is currently at levels last seen in the early 1980s .. If the unemployment rate rises, consumer spending will slow down, but the starting point for US households is very strong.” [Slok] pic.twitter.com/f1uhS6KhTL— Carl Quintanilla (@carlquintanilla) April 20, 2023
The question is: Are these numbers skewed by the upper 10%.? Unless the numbers are presented as median and shows a distribution, it hides the fact that a lot of people right no have little to no wealth.
If you match this with the increasing debt levels, it really shows a skewed picture. What are your thoughts? Leave a comment here on this blog post.
Consumer Credit Card Debt
The New York Fed’s latest report on household credit card debt is based on anonymized Equifax data. The report found that in 2022’s final quarter, record-smashing credit card debt balances were recorded across all age groups and income levels.
The average balance for consumers aged 18 to 24 was $7,500; those aged 25 to 34 owed an average of $8,300; those aged 35 to 44 had an average balance of $9,800; and those aged 45-54 carried around $12,200 on their cards.
The highest average amount owed–$15,000–was seen among people aged 55-64 who have been using their plastic longer than any other age group in the country (and therefore have more time to rack up debt).
Whatha Hiding, Gary??
CAUGHT RED HANDED: SEC Chair Gary Gensler blamed crypto for Signature Bank's failure during his congressional testimony.— Coinage (@coinage_media) April 19, 2023
Today, NY Department of Financial Services Superintendent Adrienne Harris refuted that in front of the same committee:
"It is not the case that the failure… pic.twitter.com/1dwhRx5ZlD
Members of the House Financial Services Committee’s Republican faction have expressed disapproval towards Securities and Exchange Commission (SEC) Chair Gary Gensler’s stance on cryptocurrency companies, claiming that it contradicts current legislation.
The committee’s Republicans, through a jointly-signed letter, contend that applying National Securities Exchange (NSE) regulations to digital assets is inappropriate, given that cryptocurrencies serve functions beyond investment.
The letter also asserts that Gensler’s recurring calls for industry players to “come in and register” constitute a deliberate distortion of the SEC’s regulatory framework.
Join us on Bulls, Bears & Blockchain
Let's go! Another great 🐂🐻⛓️ Twitter space today at 5:30pm EST. Bulls, Bears, & Blockchain with your host@robnelsonlive & our market masters @jonnajarian @MXLESQ & @AlexMascioli cover TradFi, Crypto, & Web3, there’s nothing more comprehensive.https://t.co/Gm90VfJgPD pic.twitter.com/Jgo5WnwFx5— Revolution Radio @getRevRadio (@getrevradio) April 20, 2023
With so much at stake, it’s crucial to stay informed and involved in these discussions.
Join us today at 5:30 pm EST on our Twitter Spaces, where we’ll delve deeper into each topic, exploring the implications of Gensler’s policies and the future of the crypto landscape. Don’t miss this opportunity to engage with experts and make your voice heard in this critical conversation.