Fitch Ratings slashes the U.S. long-term foreign currency issuer default rating from AAA to AA+. Ouch. The last time this happened was in 2011. Fitch alluded to “expected fiscal deterioration over the next three years,” soaring debt, and erosion of governance. “The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management,” […]
Archives for August 2023
Bidenomics: Manufacturing recession continues, U.S. labor market slows
It was not exactly a great day for the U.S. economy. Let’s break it down on Tuesday. The S&P Global Manufacturing Purchasing Managers’ Index (PMI) for July came in at 49, up from 46.3 in June and matched the consensus estimate. The problem? This was the eighth month of contraction out of nine. The Institute […]