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Cory’s Chart Corner
Great chart from @crescatkevin on growing delta between CCCs and BBBs. Carry-on as if everything is normal!
The second indicator is widening CCC vs. BBB credit spreads.
Credit markets are generally quicker to pick up on deteriorating corporate cash flows than equity markets. While the S&P 500 Index has been hitting new all-time highs over the past six months, US triple-C credit
Monthly Archives: January 2024
Employment cycling down
Unemployment spikes as recessions begin, but before that, early warning signs are fewer job openings and a shorter work week. The latest December jobs report showed spreading cyclical weakness. Year over year, Indeed job postings fell 15% in 2023. See … Continue reading
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Outlook weakening under equity market optimsim
January US Empire Manufacturing reading this morning was -43.7, much worse than the -5 estimated and much weaker than during the 2008 financial crisis/great recession. January Empire Manufacturing Index plunged to -43.7 vs. -5 est. & -14.5 prior; interestingly, index … Continue reading
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Rate cuts come as demand-driven economy slows
The Bank of Canada’s (BOC’s) Business Outlook Survey for the fourth quarter of 2023 found that 40% of Canadian companies were experiencing a slowdown in sales. Indicators of future sales – including order books, advance bookings, and sales inquiries – … Continue reading
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