Top-of-mind economic news as we start the week:
— The net worth of U.S. households rose to a record $154 trillion in the 2nd quarter, on stock and real estate rebound; cash balances continued falling and debt rising.
— Workers switching jobs in June – Aug. were getting similar pay to those staying put, another sign the U.S. labor market is losing steam.
— New U.S. homebuyers in July will be paying a record 36.5% of median household income for principal & interest, up from 24% in 2021 (if using a 30-year fixed-rate mortgage).
— Chinese exports fell 8.8% in August compared with a year earlier, while imports dropped 7.3%, as China continues to struggle with a post-pandemic slowdown.
— Maine lobster fishers are expanding into the seaweed business due to climate change; 90% of seaweed is currently grown overseas.
