{"id":1473772,"date":"2024-06-27T11:20:00","date_gmt":"2024-06-27T15:20:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1473772"},"modified":"2024-06-27T11:20:00","modified_gmt":"2024-06-27T15:20:00","slug":"11-signs-that-the-us-economy-is-in-far-worse-shape-than-most-people-think","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/11-signs-that-the-us-economy-is-in-far-worse-shape-than-most-people-think\/1473772\/","title":{"rendered":"11 Signs That The US Economy Is In Far Worse Shape Than Most People Think"},"content":{"rendered":"

11 Signs That The US Economy Is In Far Worse Shape Than Most People Think<\/span><\/p>\n

\n

Authored by Michael Snyder via The Economic Collapse blog,<\/em><\/a><\/p>\n

Unless you are living under a bridge or you are eagerly drinking the kool-aid that the mainstream media is dishing out, you probably understand that the economy has been struggling.\u00a0<\/strong> Survey after survey has found that the American people are deeply dissatisfied with how the economy has been performing, and as a result it has become the number one issue this election season.\u00a0 But even though a large portion of the population is not happy about how things have been going, the truth is that the situation is far more dire than most people realize.\u00a0<\/p>\n

Just this week we have received quite a bit of very troubling news, and the outlook for the months ahead is very bleak.\u00a0 <\/strong><\/p>\n

<\/a><\/p>\n

The following are 11 signs that the U.S. economy is in far worse shape than most people think\u2026<\/p>\n

#1<\/strong>\u00a0Just like in 2008, delinquencies are on the rise.\u00a0 In fact, credit card delinquencies have now reached the highest level that we have seen\u00a0in more than 10 years<\/a>\u2026<\/p>\n

Meanwhile, more consumers aren\u2019t making loan payments on time. Credit card delinquencies have hit their highest level in over a decade, and auto delinquencies are also spiking. This could prove to be yet another tripwire for the stock market, as consumer spending accounts for about 70% of U.S. economic activity.<\/p>\n

#2<\/strong>\u00a0The commercial real estate crisis just continues to escalate.\u00a0 An article\u00a0that originally appeared in the New York Times<\/a>\u00a0claims that major Wall Street banks have \u201cbegun offloading their portfolios of commercial real estate loans hoping to cut their losses\u201d\u2026<\/p>\n

Some Wall Street banks, worried that landlords of vacant and struggling office buildings won\u2019t be able to pay off their mortgages, have begun offloading their portfolios of commercial real estate loans hoping to cut their losses.<\/p>\n

It\u2019s an early but telling sign of the broader distress brewing in the commercial real estate market, which is hurting from the twin punches of high interest rates, which make it harder to refinance loans, and low occupancy rates for office buildings \u2014 an outcome of the pandemic.<\/p>\n

#3<\/strong>\u00a0When banks get into trouble, they start shutting down branches.\u00a0 So far this year, U.S. banks have closed\u00a0more than 400 branches<\/a>\u00a0all over the country\u2026<\/p>\n

US banks closed 51 branches across the country in the first three weeks of June.<\/p>\n

The figures suggest banks are committed to increasingly offering their services online and axing costly bricks-and-mortar locations.<\/p>\n

More than 400 bank branches have closed so far in 2024.<\/p>\n

#4<\/strong>\u00a0Big companies are laying off workers from coast to coast.\u00a0 For example, approximately 500 Texas truckers just lost their jobs when a large logistics company\u00a0abruptly shut their doors for good<\/a>\u2026<\/p>\n

A truck and logistics company has abruptly shut \u2013 affecting 2,000 workers \u2013 just three years after being bought by private equity.<\/p>\n

Out of the blue, staff at US Logistics Solutions were given news on Thursday that they were out of a job and would also not get their paychecks on Friday.<\/p>\n

Around 500 were truck drivers, and the rest a mixture of warehouse, dock and office workers at the Humble, Texas- based company.<\/p>\n

#5<\/strong>\u00a0The Dallas Fed Services Index has now been in negative territory\u00a0for 25 months in a row<\/a>\u2026<\/p>\n

This is the 25th straight month of contraction (sub-zero) for the Dallas Fed Services index and judging by the respondents\u2019 comments, there is a clear place to point the finger of blame<\/p>\n

#6<\/strong>\u00a0The \u201crestaurant apocalypse\u201d just continues to intensify.\u00a0 This week, we learned that Hooters has suddenly decided to permanently shut down\u00a0close to 40 \u201cunderperforming\u201d locations<\/a>\u2026<\/p>\n

The Atlanta-based sports bar chain, Hooters, abruptly shuttered dozens of \u201cunderperforming\u201d restaurants across the U.S., as it joins a growing list of eateries facing the harsh realities of inflation and changing consumer habits, according to reports.<\/p>\n

Nation\u2019s Restaurant News (NRN) reported that word began to spread on Sunday evening that Hooters locations in places like Bryan, Texas; Lakeland, Florida; and Louisville, Kentucky were closing abruptly, with nearly 40 restaurants in the U.S. shutting their doors.<\/p>\n

#7<\/strong>\u00a0Retail chains continue to go belly up at a staggering rate.\u00a0 Today, it was being reported that two large retailers in the Northeast have made a decision\u00a0to file for bankruptcy<\/a>\u2026<\/p>\n

Two sister chains that sell sporting goods have filed for bankruptcy as retailers continue to struggle.<\/p>\n

Bob\u2019s Stores, which sells athletic and casual clothing, and outdoor gear retailer Eastern Mountain Sports together have 50 stores across the northeast of America.<\/p>\n

#8<\/strong>\u00a0We just learned that consumer confidence in the U.S.\u00a0dropped lower this month<\/a>\u2026<\/p>\n

US consumer confidence teetered slightly in June as Americans grew a little warier about the future, new data released Tuesday showed.<\/p>\n

The Conference Board\u2019s latest consumer confidence index dipped to 100.4 in June from a downwardly revised level of 101.3 in May.<\/p>\n

#9<\/strong>\u00a0The initial consumer confidence reading has been revised down\u00a0in 7 of the last 8 months<\/a>.<\/p>\n

#10<\/strong>\u00a0Housing in the U.S. is now more unaffordable\u00a0than it has ever been before<\/a>\u2026<\/p>\n

The housing cost burden has hit a record, according to a new report from Harvard\u2019s Joint Center for Housing Studies.<\/p>\n

Home prices are now 47% higher than they were in early 2020, with the median sale price now five times the median household income, according to the study.<\/p>\n

#11<\/strong>\u00a0As I discussed\u00a0yesterday<\/a>, the homeless population in the city of Chicago\u00a0tripled<\/a>\u00a0from January 2023 to January 2024\u2026<\/p>\n

The number of Chicagoans living in city shelters or on city streets tripled between January 2023 and January 2024, according to the annual survey used by federal officials to track homelessness, city officials announced Friday.<\/p>\n

Those at the bottom of the economic food chain are being hit the hardest by the harsh economic conditions that we have been experiencing.<\/p>\n

Homelessness, poverty, hunger and theft are all on the rise, and many of those that serve struggling communities say that they are being absolutely overwhelmed because they simply do not have sufficient resources to meet all of the needs.<\/strong><\/p>\n

Sadly, I am entirely convinced that this is just the beginning.\u00a0 I believe that conditions\u00a0will eventually become much harsher<\/a>\u00a0as the economy continues to deteriorate during the months ahead.<\/p>\n

But Joe Biden and his minions insist that everything is just great.<\/strong><\/p>\n

In fact, they would like you to believe that the economy is \u201cbooming\u201d right now.<\/p>\n

You can believe that if you want, but the cold, hard numbers that we keep getting directly contradict the endless stream of propaganda<\/strong> that we are constantly being fed.<\/p>\n

*\u00a0 *\u00a0 *<\/p>\n

Michael\u2019s new\u00a0book\u00a0entitled\u00a0\u201cChaos\u201d<\/a>\u00a0is available\u00a0in paperback<\/a>\u00a0and\u00a0for the Kindle<\/a>\u00a0on Amazon.com,\u00a0and you can subscribe to his Substack newsletter at\u00a0michaeltsnyder.substack.com<\/a>.<\/em><\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nThu, 06\/27\/2024 – 07:20<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/personal-finance\/11-signs-us-economy-far-worse-shape-most-people-think<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

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