Economy Thread

[Ann]

So the jobs report showed massive improvement after the administration warned it was gonna be bad. 

 

[Foxx]

3 hours ago, Ann said:

So the jobs report showed massive improvement after the administration warned it was gonna be bad. 

 

That can't be. Psaki told us that all those people calling in sick were unemployed...

[Ann]

And it's only going to get worse...
 

 

[Ann]

US producer prices surge 9.7% from a year ago
 

Wholesale inflation in the United States surged again last month, rising 9.7% from a year earlier in a sign that price pressures remain high at all levels of the economy.
 

The Labor Department said Tuesday that its producer price index — which measures inflation before it reaches consumers — jumped 1% from December. Excluding volatile food and energy prices, wholesale inflation rose 0.8% from December and 8.3% from January 2021.
 

</snip>

[Foxx]

Of course he did.

 

[Billsandhorns]

On 3/1/2022 at 2:06 PM, Foxx said:

Of course he did.

 

Took Trump years to fill it back up and just like everything else Biden touches, it turns to shit

[Foxx]

...

 

[Foxx]

They're saying $200 by months end.

 

[Foxx]

...

 

[Ann]

All due to policies by the Biden administration.  But hey, no mean tweets.

 

 

[Foxx]

Nickel soared today. 82% to $52,700 a metric ton.

[Koko]

15 hours ago, Foxx said:

Nickel soared today. 82% to $52,700 a metric ton.

 

BBC World Service mentioned today that Nickel trading was suspended after it hit $100,000 per ton.

[Foxx]

23 minutes ago, Koko said:

 

BBC World Service mentioned today that Nickel trading was suspended after it hit $100,000 per ton.

 

Unreal.

[Foxx]

But... what about the zombies??

 

[Foxx]

Traders Are Now Betting On $200 Oil By The End Of The Month

Quote

When some options traders bet in September 2021 that oil could reach $200 a barrel oil by the end of this year, those headlines were mostly in the “oddly enough” category. Now that prices hit $130 early on Monday, $200 oil by the end of March is not so unthinkable, as even major investment banks predict that a Russian oil ban would easily send prices to $150 and possibly to $200.   

 

And now options traders have significantly increased bets that oil could hit $200 as early as this month. Traders would profit from those call options if oil prices were to rally to those levels.

 

According to ICE Futures Europe data compiled by Bloomberg, more than 1,200 contracts were traded on Monday for the option to buy Brent Crude future for May at $200 per barrel. ...

 

[Foxx]

A reuters article on Yahoo.

 

LME forced to halt nickel trading, cancel deals, after prices top $100,000

Quote

... The LME raised margin requirements for nickel contracts by 12.5% to $2,250 a tonne and suspended nickel trading on all venues for at least the rest of the day.

 

The LME announced that all trades will be voided from midnight until 8:15 a.m. on Tuesday when trading stopped and added that it was considering a closure of several days.

 

"People will be asking if this really a functioning market... This is meant to be a market of last resort and people can't get inventories to deliver against positions," said Colin Hamilton, managing director of commodities research at BMO Capital Markets.

 

The LME also deferred physical delivery of maturing contracts and announced it would temporarily stop publishing official and closing nickel prices.

 

"The LME will actively plan for the reopening of the nickel market, and will announce the mechanics of this to the market as soon as possible." ...

 

[Ann]

Wages down, inflation up...

 

 

 

Inflation rose 7.9% in February, as food and energy costs push prices to highest in more than 40 years

•     The consumer price index for February rose 7.9% from a year ago, the highest level since January 1982.
•     Excluding food and energy, both of which moved sharply higher during the month, core inflation still rose 6.4%, in line with expectations but the highest since August 1982.
•     Gas, groceries and shelter were the biggest contributors to the CPI gain. Auto prices eased.
•     Worker paychecks fell further behind, as inflation-adjusted earnings dropped 0.8% in February, contributing to a 2.6% decline over the past year.
   

</snip>

[Billsandhorns]

I read somewhere that actual inflation is closer to 10%

[Ann]

U.S. Inflation Quickens to 8.5%, Ratcheting Up Pressure on Fed

• Consumer prices rose 1.2% from February, half due to gasoline
• Food, shelter, airfares stay elevated in broad-based gain
  
  </snip>

[Ann]

Producer prices rose 11.2% from a year ago in March, the biggest gain on record

 

- The producer price index, which measures prices paid by wholesalers, rose 1.4% in March and 11.2% from a year ago, both records for data going back to 2010. 
- Prices for final demand goods led with a 2.3% monthly rise, while services prices gained 0.9%. 
- Wednesday's release comes the day after the BLS reported the consumer price index for March surged 8.5% over the past year.