- Global equities lost $14 trillion in value in 2022 for their second-worst year on record. Traditionally safe U.S. Treasuries also lost 17%, during the same period, and alternative investments like bitcoin lost even more, ending the year down roughly 60%.
- Since the pandemic, the net worth of households in the bottom fifth by income increased by 17% compared to a loss of -7.1% for the top fifth - a consequence of the falling stock market and recent tech-sector layoffs targeting higher-income workers.
- Recent studies show that concerns that computer automation would lead to job losses have mostly proven incorrect. Just one of the 270 jobs in the 1950 census has become eliminated due to computer automation: an elevator operator.
- In October, nearly 32% of U.S. home purchases were paid for fully in cash, the highest amount in 8 years. Rising mortgage rates have motivated wealthy buyers to avoid loans by paying in cash.
Reuters- "How 2022 Shocked, Rocked and Rolled Global Markets"
WSJ- "Get Ready for the Richcession"
Vox CEPR- "How Computer Automation Affects Occupations: Technology, Jobs, and Skills"
Redfin- "Shares of Homes Bought With All Cash Hits Highest Level Since 2014"
Economic Calendar
Monday:
New Year holiday. None scheduled.
Tuesday:
S&P U.S. manufacturing PMI (final) (Dec), Construction spending (Nov)
Wednesday:
ISM manufacturing index (Dec), Job openings (Nov), Quits (Nov), FOMC minutes, Varies Motor vehicle sales (SAAR) (Dec)
Thursday:
ADP employment report (Dec), Initial jobless claims (Dec), Continuing jobless claims (Dec), Trade deficit (Nov), S&P U.S. services PMI (final) (Dec)
Friday:
Nonfarm payrolls (Dec), Unemployment rate (Dec), Average hourly earnings (Dec), Labor force participation rate, ages 25-54 (Dec), ISM services index (Dec), Factory orders (Nov), Core equipment orders (Nov)
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