Happy Friday the 13th!!
If you live and work in the United States and didn’t get a raise of 2.9% this year, you’re actually making less than you did last year.
The CPI data released yesterday showed a rather nasty increase bringing the rate of inflation to just under 3%.
Unfortunately for American workers, the average hourly earnings that were published a week ago showed a growth of only 2.7%.
That means that all the increases American’s received in their salaries over the last year have been completely wiped out by inflation.
So, is the US economy really doing great?
eToro, Senior Market Analyst
Stocks are Fearless Running out of Gold New Crypto Billionaire
Please note: All data, figures & graphs are valid as of July 13th. All trading carries risk. Only risk capital you can afford to lose.
US Treasury Secretary Steven Mnuchin was again playing down the trade war:
Perhaps with Trump out of town at the moment, Steven may even get away with this remark. Of course, if Trump or any other White House official decides to downplay Mnuchin’s remarks, it wouldn’t be the first time.
Regardless of all the above, the markets are having a green day with most stock indices showing gains. Outperforming by far is the Nikkei 225 in Japan, which is up 1.79% today. Despite a sizable gap down on Wednesday morning, it’s having a fantastic week.
The metals slide continues. If you’ve been reading diligently over the last week, you’ll know that I’ve been looking for an explanation for this.
Yesterday, one finally approached me and the answer was a lot closer to home than I expected. My esteemed colleague and regional manager of eToro’s Arabic department, George Naddaf, explains that due to outstanding tariffs which