Bank Credit Growth Slows To -0.5% YoY, Every Monthly Payrolls Print In 2023 Has Been Revised Lower

Under Bidenomics, bank credit growth fell by 0.5% YoY. Recent data reveals that the perceived robustness of the Bidenomics economy is short-lived, with figures typically revised downwards after initial positive announcements. This trend is evident in the U.S. labor data, where every monthly payrolls report in 2023 has seen subsequent downward revisions. Future revisions to payrolls also seem likely.