This is a YouTube video titled "Cracks Starting to Show in the Economy?" containing a monologue or presentation discussing recent revisions to job creation numbers, unemployment rates, and credit card delinquencies as indicators of economic stress, recorded in October 2023. The content focuses on economic data analysis and its implications for mortgage rates and overall economic health.
We've talked about how big of a deal the jobs and unemployment numbers are for mortgage rates. And each month they come out with new reports. Mortgage rates react well. They've been kind of misreported the last few months. Let's take a look. So in August, for example, the jobs numbers showed 187,000 jobs created. They just revised that down to 170,000. Back in June they said it was a strong 209,000 jobs created. They revised it to 185 and then they just re revised it to 105. July, same thing. 187,000 got revised down to 157,000. So it's showing weaker, weaker job job numbers. This actually took our six month average of jobs from 200,000amonth down to 150,000amonth. Then unemployment rate was at its lowest in April at 3.4. It started to go up. It's at 3.8% now. And you look at credit card delinquencies as well, which is a sign of her stress in the economy. Those under 30 are 9%, 9% are delinquent on their credit cards. Those under 40 with serious delinquencies is 8%. So cracks all the way around. Some of these jobs numbers weren't as strong as they once thought to be. I think this was.
