From Billionaires to Plastic Debt: A Wealth of Economic Insights

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Fueling Upset Wallets

Last week, gas prices rose to their highest levels of the year at $3.82 per gallon. Only in 2022 do they appear higher.

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Workforce Takes Timeout: Decade's Best

The number of U.S. workers on vacation increased to the highest level in over a decade. Additionally, the percentage of employed people working on any given day is at its lowest since at least 2003.

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China's Goldilocks

China has now reached middle-income status, with a per capita income surpassing $16,000, placing it above Brazil and significantly higher than India. For comparison, the U.S. per capita income in 2020 was $63,000.

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Billionaire Spotlight: Stars on the Bloomberg Stage

The Bloomberg Billionaires Index reveals that the world's top billionaires are almost entirely from the United States, with the exception of Frenchman Bernard Arnault – founder and chairman of LVMH, the world's largest luxury goods company.

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Trade Titans: Exports Trump Imports

China, Russia, and Norway rank as the top 3 countries that export more than they import. In contrast, the United States imports significantly more than it exports and stands alone among net importing countries.

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Port Imports Set to Surge

The import cargo volume at leading container ports is expected to reach its highest levels in nearly a year, and the forecasts are promising (compared to 2022) as we move into the peak season.

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Political Products Raise Concerns

Americans are uneasy about consumer politics. Nearly 60% believe it's inappropriate for companies to take stands on political issues.

Companies taking stands on political, social, or cultural issues is especially distasteful among lower and middle-income Americans. Living closer to the margins appears to trigger a more pragmatic (less ideological) approach to purchases.

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Charging Sentiments: Steady as Allegations

As the indictments pile up against former President Trump, the share of Americans who think Trump should be charged with a crime remains stable. While the percentages of Democrats and Republicans are as expected, the group to watch is Independents – and they remain split.

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GDP Dollars Dished: 44%

The U.S. is now spending 44% of GDP per year – approximately the same level as during WWII. In 2020, the U.S. spent a record-shattering 54% in one year.

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Fueling Security: Imports Under Scrutiny

One way to measure U.S. energy security is import dependency – combining both crude oil net imports and petroleum product net imports (gasoline or diesel). Since 2016, energy security has improved, and the U.S. has become a net exporter of crude oil and petroleum products.

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Drive for Jobs Hits Bumps

Transportation unemployment is on the rise, exceeding the national average. It was higher than the overall unemployment rate, which stood at 3.8% (dark blue line), a difference of 1.1 percentage points from the transportation sector at nearly 5.0% (light blue line).

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Looks Lead in Leadership?

In manufacturing, women compared to men believe that appearances play a role in how their leadership skills are judged.

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Car Crafting: Minerals Electrify

The minerals and metals needed to build conventional and electric (EV) cars.

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Plastic Debt Peaks Up

Credit card debt is on the rise, contributing to the increase in total household debt, which has reached a record high of $17.06 trillion.

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