It’s Just The Facts: October 2021

  1. GET ME OUT – 3 out of 4 American adults surveyed (74%) say they would sell out of the US stock market if equities suffered a “moderate or big decline.”  3,000 adults were surveyed in late summer 2021 (source: Vise).
  2. JOBS – As of 8/31/21, the lowest unemployment rate of any US state was 2.2% in Nebraska, while the highest jobless rate was 7.7% in Nevada.  The national unemployment rate was 5.2% (source: Department of Labor).
  3. STUFF GOING NOWHERE – 73 vessels were anchored and awaiting entry into the ports of Long Beach and Los Angeles on Sunday 9/19/21, an all-time record.  An additional 37 vessels were drifting in the ocean within 20 miles of Long Beach and Los Angeles, but far enough offshore to prevent them from successfully dropping an anchor (source: Marine Exchange of Southern California).
  4. SAME FOR YOU? – The total household net worth in America is up +47% in the last 4 years and is up +89% in the last 8 years.  The total US household net worth was $74.8 trillion as of 6/30/13, was $96.2 trillion as of 6/30/17 and was $141.7 trillion as of 6/30/21 (source: Federal Reserve).
  5. REDUCED, NOT ELIMINATED – Social Security trustees announced on 8/31/21 that unless financial changes are implemented, the payment of Social Security benefits would drop to 76% of their originally promised levels beginning in 2033 through the year 2095 (source: Social Security Trustees 2021 Report).
  6. PRINT AND PURCHASE – The Fed’s balance sheet reached $7.96 trillion as of 10/13/21, up from $3.76 trillion as of 1/08/20.  The first US pandemic death occurred in the week before 1/11/20 (source: Federal Reserve).
  7. BULLSEYE ON THEIR BACKS – There were 724 billionaires in the United States as of 4/06/21 (source: Forbes World’s Billionaires List).
  8. WHEN WILL THEY SPEND IT? – An estimated $3.3 trillion of additional cash has been accumulated in bank accounts by American households since the beginning of the pandemic, i.e., cash that would have previously been spent (and not saved) if the pandemic had not occurred (source: Longview Economics).
  9. DOUBLE IN THIRTY YEARS – It would take $1,999 in September 2021 to have the same purchasing power as $1,000 in September 1991 (source: CPI Inflation Calculator, Bureau of Labor Statistics).
  10. NOT ALL INCOME – The maximum taxable wage base subject to the social security payroll tax will be $147,000 in calendar year 2022.  An estimated 84% of earnings of all US taxpayers will be subject to the social security payroll tax next year, a levy that is 6.2% for employees and 6.2% for employers (source: 2021 Trustees Report).
  11. YOU KNOW WHY – 35 million Americans got the flu during the 2019-2020 flu season, i.e., November 2019 through May 2020.  Just 2,000 Americans got the flu during the 2020-2021 flu season (source: The Atlantic).
  12. HERE AT HOME – The US population grew by +7.4% during the decade of the 2010s (2010-2019), our nation’s lowest percentage growth rate in any decade since the 1930s (source: Census Bureau).

Courtesy of Mortgage Market Guide