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Via SchiffGold.com,

The president touted a manufacturing renaissance. However, economic indices show US manufacturing entering a Dark Age. Home sales are not looking bright, either.

Peter explains in his recent podcast:

Peter is referring to the Philadelphia Fed Manufacturing Index, which tracks changes in business activities like how many people are hired, the rate of new orders, and the prices businesses are paying and receiving for goods. 

A negative reading indicates contraction.

January’s readings were dark:

The sector is struggling far from its touted renaissance.

And it’s not just the Philly data that shows this.

The NY Empire State Manufacturing Index plunged to -43.7 in January 2024.

The housing market is also looking gloomy.

Despite lower mortgage rates, existing home sales are declining:

Homes aren’t selling because people (and banks) can’t afford the high-interest rate mortgages, even though they have come down:

At the same time, existing homes aren’t selling. The people who are in them have low mortgages and aren’t motivated to sell. As economic conditions worsen, people will have to seek other means to get by on their mortgage.