'More than 230 American companies have filed for bankruptcy through April, the highest level over the first four months of any year since 2010.' t.co/KTVjH2UGQK pic.twitter.com/5Vbw3EK64T
— Jesse Felder (@jessefelder) May 18, 2023
US Leading Economic Indicators Tumble For 13th Straight Month, “Weaknesses Were Widespread”
The Conference Board’s Leading Economic Indicators (LEI) continued its decline in April, dropping 0.6% MoM (in line with the 0.6% decline expected).
The biggest positive contributor to the leading index was stock prices at 0.16
The biggest negative contributor was average consumer expectations at -0.26
This is the 13th straight monthly decline in the LEI (and 14th month of 16) – the longest streak of declines since ‘Lehman’ (22 straight months of declines from June 2007 to April 2008)
“The LEI for the US declined for the thirteenth consecutive month in April, signaling a worsening economic outlook,” said Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board.
“Weaknesses among underlying components were widespread—but less so than in March’s reading, which resulted in a smaller decline.
Only stock prices and manufacturers’ new orders for both capital and consumer goods improved in April.
Importantly, the LEI continues to warn of an economic downturn this year.
The Conference Board forecasts a contraction of economic activity starting in Q2 leading to a mild recession by mid-2023.”
Despite ‘soft landing’ hype, the LEI is showing no signs at all of ‘recovering’, hitting its lowest since Dec 2017 (outside of COVID)
Living In Biden’s Economy! US Existing Home Sales In April Crash -23.16% Since Last Year, EHS Down -3.4% Since March (Median Price Of EHS Down -2.09% YoY As Inventory Remains MIA)
Living in Biden’s economy. The ongoing train wreck is slow motion.
US existing home sales tanked -23.16% year-over-year (YoY) as the economy slows and The Fed tightens.
On a month-over-month (MoM), existing home sales declined -3.4% in April from March to 4.28 million SAAR.
The median price of existing home sales fell -2.09% from March to April (MoM) as inventory for sales remains depressed.
