Internet dot-com companies of the 90s' 'till Y2K are the cryptos, NFTs, SPACs, and R/E blind bid of the 2020s.
When it comes to history, its rhyme vs repeat here.
— Prashanth C (Pro) (@PrashanthcPro) May 6, 2022
More than 20% of NASDAQ Biotech Index’s members are trading for less than cash … figure like this hasn’t existed in data going back to 2002
@Bloomberg pic.twitter.com/fFeoUm8cWz— Liz Ann Sonders (@LizAnnSonders) May 6, 2022
All of this hawkish rhetoric is telling the Fed "More pain please".
Their humiliation at the hands of morons ENSURES this crash will be cataclysmic. pic.twitter.com/lV3e79uXHE
— Mac10 (@SuburbanDrone) May 7, 2022
First death cross on the Global Dow since March 2020.
If only there was a sign. pic.twitter.com/NUqiaCWUBL
— Mac10 (@SuburbanDrone) May 7, 2022
Inflation-adjusted earnings are falling fast, jobs report shows
Wage growth is falling further behind inflation, meaning that workers’ real wages are falling rapidly.
Average hourly earnings for all employees on private nonfarm payrolls rose by 0.3% in April, a bit lower than economic forecasters had expected, according to data released Friday from the Bureau of Labor Statistics. Nominal earnings have increased 5.5% on an annual basis.
That earnings growth rate is well below inflation. Although inflation numbers are not yet available for April, the Consumer Price Index grew at 8.5% in the year ending in March.
To sum up: Real earnings appear to be falling by a few percentage points, although it’s difficult to make an apples-to-apples comparison.
The White House Council of Economic Advisers under President Joe Biden acknowledged the bad news about earnings.