For the holiday weekend, in his latest weekly Flow Show note (available to pro subs) BofA CIO Michael Hartnett has taken a break from his traditional format and instead - in a note titled "BBQ Sauce" to commemorate America's favorite summer activity - has summarized some of the most remarkable, outrageous and interesting financial observations of the first half of 2023 in 20 bullets and a handful of charts.
Below, we summarize the highlights:
- 3.4%...US unemployment Apr’23 lowest since 1969 (all-time low 0.7% in April 1929);
- 20.8%...China's youth unemployment May'23 at record high;
- $2.1tn…US budget deficit past 12 months (8% of GDP) largest in 60 years outside of war or recession;
