Bidenomics in action: November leading economic indicators down
In a press release released on Thursday, December 22, the Conference Board announced:
LEI for the U.S. Declined Again in November
“The US LEI fell sharply in November, continuing the slide it’s been on for most of 2022 after peaking in February,” said Ataman Ozyildirim, Senior Director, Economics, at The Conference Board. “Only stock prices contributed positively to the US LEI in November. Labor market, manufacturing, and housing indicators all weakened -- reflecting serious headwinds to economic growth. Interest rate spread and manufacturing new orders components were essentially unchanged in November, confirming a lack of economic growth momentum in the near term. ”Conference Board Leading Economic Index® (LEI)for the U.S. decreased by 1.0 percent in November 2022 to 113.5 (2016=100), following a decline of 0.9 percent in October. The LEI is now down 3.7 percent over the six-month period between May and November 2022 -- a much steeper rate of decline than its 0.8 percent contraction over the previous six-month period, between November 2021 and May 2022.
Wait! There's more (negative Bidenomic news!)
Most components contributed negatively to the US LEI
The trajectory of the US LEI continues to signal a recession
Other than that, things are fine and Biden's "economic plan is (definitely) working" in ways that only those who believe in Bidenomics, i.e., Democrats who will spend, spend, spend other peoples' money to distribute to themselves and their believers. Others can go you know where.
Now quick, buy some milk and bread before the prices go up again under Bidenomics. And hope the tooth fairy pays for them.