No Recovery: Real Median Household Income Continues Its Decline

There is no recovery, not yet at least, except for the one percent.

“You’re really struck by the unevenness of the recovery. The top end took a whack in the recession, but they’ve gotten back on their feet. Everyone else is still down for the count.”

Lawrence Katz, Professor of Economics, Harvard

There is a lot of wishful thinking and perception management going around, but the bailouts and tax breaks are flowing upwards in this predatory economy.

I know. Let's have another bubble, for old time's sake.

The economic hitmen have come home.

This is from John Williams:

Real Median Household Income Is at Its Lowest Level Since 1995. Consumer income remained in contraction during 2011, with both real (inflation-adjusted) median household income and real median individual income sinking on an annual basis. Given consumers lack of ability to expand their borrowing in order to make up for shortfalls in income, the chances of there having been a full economic recovery since 2009 (as reflected in the GDP), or of a recovery pending in the immediate future, are nil.

Gold Daily and Silver Weekly Charts - Pre-FOMC Bear Raid

PHYS raised $392 million to buy more gold bullion, the wiseguys pulled a Dr. Evil strategy in the metals market today, and Ray Dalio, one of the top fund managers in the US, said now is the time to move your financial assets into gold and tangible assets.

Details can be found in the Intraday commentary on the metals here.

 

SP 500 and NDX Futures Daily Charts - FOMC Announcement Tomorrow

Fairly inconsequential day, except for a few intraday 'wiggles' and an end of day pop higher.

PPI and initial unemployment claims in the morning before the bell, and FOMC announcement at 12:30 in the afternoon.