That’s Bidenomics! US Leading Indicators Decline For 22nd Straight Month, Back To March 2006 Levels

Confounded Interest ^ | 02/20/2024 | Anthony B. Sanders

[Kaiser8408a]

That’s Bidenomics for you!

The Conference Board’s Leading Economic Indicators (LEI) continued its decline in January, dropping 0.4% MoM (notably worse than the -0.1% MoM expectations), and December’s 0.1% declin e was revised down to a 0.2% decline.

The biggest positive contributor to the leading index was stock prices (again) at +0.10 The biggest negative contributor was average workweek at -0.18 This is the 22nd straight MoM decline in the LEI (and 23rd month of 25) – equaling the longest streak of declines since ‘Lehman’ (22 straight months of declines from June 2007 to April 2008)

“The U.S. LEI fell further in January, as weekly hours worked in manufacturing continued to decline and the yield spread remained negative,” said Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board.

“While the declining LEI continues to signal headwinds to economic activity, for the first time in the past two years, six out of its ten components were positive contributors over the past six-month period (ending in January 2024).

While the Conference Board seems optimistic, we are struggling to see any signs of hope! tumbling back below the peak in March 2006…

And on a year-over-year basis, the LEI is down 7.0% (down YoY for 19 straight months) – still close to its biggest YoY drop since 2008 (Lehman) outside of the COVID lockdown-enforced collapse (but starting to inflect)…

The annual growth rate of the LEI remains deeply negative and decoupled from Real GDP…..

And hence the ‘soft landing’ mission is accomplished… so no need for rate-cuts? (Except for the banking crisis that looms in March).

Meanwhile, the Biden family (sort of like The Sopranos, but less ethical) are getting wealthier.

[Kaiser8408a]

That's Bidenomics!

[ClearCase_guy]

I have never seen an economy boom so much.

[mykroar]

December’s 0.1% decline was revised down to a 0.2% decline.

As per usual.

[Red Badger]

If the economy gets any better we’re gonna all be on welfare.

Then who’s gonna pay for all those illegals hotels?................

[Reno89519]

22 month decline and yet we are not in a recession? The only way that is not possible is the invasion of millions of illegals given federal benefits, undermining Americans, forcing up rental costs, etc.

[fwdude]

"Unexpected!!!" drink

[Zathras]

2006 was bad.
I know GWB and the GOP were going to loose bad.
The only thing keeping Biden going is the MSM

[silent majority rising]

The les that speaks for him says there is no inflation, and no unemployment. Prosperity just around the corner, Chicken in every pot, Peace in our time....

[silent majority rising]

The les that speaks for him says there is no inflation, and no unemployment. Prosperity is just around the corner, Chicken in every pot, and Peace in our time...Oh yeah, my favorite, no crime! Just declare all felonies misdemeanor...works every time. Figures never lie, but liars figure...