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Wolf Richter
us-average-of-cars

Average Age of Cars & Trucks in Operation Rises to Record, as New Vehicle Sales & Miles Driven Plunged

The average age of all cars and light trucks in operation in 2022 rose to a new record of 12.2 years, according to S&P Global Mobility today. The metric tracks the average age of vehicles...

congress-US-Fed-liabilities-treasury-general-account-marketexpress-in

Let’s See How Close to Zero Congress Will Let it Get this Time

The balance in the US government’s checking account, the Treasury General Account (TGA) at the Federal Reserve Bank of New York, plunged by $240 billion since the end of July, to $297 billion, according to...

global-corporate-debt-gdp

The Countries with the Most Monstrous Business Debts: US in 22nd Place Despite Massive Spike During the Pandemic

The debt of US nonfinancial businesses had already surged in recent years, but when the Pandemic hit, businesses went on a borrowing binge as the Fed has repressed interest rates to record lows even for...

businesses-pandemic-marketexpress-in

Signs Are Everywhere: Businesses Have Changed Permanently as a Result of the Pandemic

One of the biggest permanent changes coming out of the Pandemic is that businesses have invested in technologies that have long been available, but that hadn’t been deployed because there was no visible need to...

services-marketexpress-in

To Put it Succinctly about Services: Everything Drops, incl. Jobs, but Prices & Wages Rise

This is another moment in the Weirdest Economy Ever, driven by stimulus, forbearance, bailouts, record money printing, record government-deficit spending, exuberant financial markets, and record low costs of funding: For companies in the service sector,...

tesla-toyota

Double-WTF Chart of the Year Update: Tesla Becomes Most Valuable Automaker, Blows by Toyota

Shares of Tesla jumped 3.9% this morning to $1,130, which gave the automaker a market value of $210 billion. It thereby finally surpassed Toyota, the formerly #1 most valuable automaker in the world, whose shares...

wtf-oil-traders-marketexpress-in

Holy WTF Moly: WTI May Contract Collapses to Negative -$37

It’s not often that we’re served up a WTF moment like this. Just about a couple of hours ago, I published my article about US crude-oil benchmark grade West Texas Intermediate (WTI) and how the...

luckin-marketexpress-in

Another U.S. IPO of a Chinese Company Goes Bust in 11 Months

Luckin Coffee is a Chinese coffee chain, founded in 2017, that had sold American Depositary Shares (ADS) to the US public in an IPO in May 2019, thereby extracting $561 million from US investors. Each...

amazon-com-marketexpress-in

How Amazon Gains Control & Domination

Amazon just gave us an update on how rapidly its own delivery system is replacing UPS, the US Postal Service, FedEx, and other carriers in delivering packages from an Amazon fulfillment center to the door...

startup

When Was Peak-Insanity of the Unicorn-Startup Bubble That’s Now Imploding?

WeWork was just late to the defenestration party. Everyone – including infamously me – has been trying to pinpoint the exact moment when the magnificent startup-unicorn-bubble broke, and I mean not just broke but imploded...

fed-rate-cuts

Fed Didn’t See Economic Reasons to Cut Rates, Admits Cutting for Other Reasons: My Fancy-Schmancy “Fed Hawk-o-Meter”

The Fed did a lot of heavy breathing over “trade uncertainty” and “trade tensions” during the September 17-18 FOMC meeting, according to the minutes, released this afternoon. The word “trade” was mentioned 26 times in...

crude-oil

Drama in the Oil Markets, But This Isn’t 2007 Anymore

The attacks on Saudi Arabia’s largest oil-processing plant at Abqaiq and its second-largest oil field in Khurais on Saturday knocked out about 5.7 million barrels a day of output – about half of Saudi production...