Authored by Wolf Richter via WolfStreet.com,
Breath-taking differences in a vast country.
The Census Bureau released another data trove this week for 2016, based on the American Community Survey. Among many other data points, the survey details median household incomes by geographic location, such as by metro area, county, or state. And they show just how enormous the income differences in the US are from city to city.
On Thursday, just as the S&P hit its latest all time high, the broad US equity index surpassed the 266% increase recorded during the 1949 to 1956 bull market from its March 2009 "generational lows", in the process becoming the 3rd strongest bull market - artificial and central bank-driven as it may be - in history.
It also prompted Citi to calculate the odds of an imminent market correction (one starting in the next 3 months) at 45%.
Update: it took about 10 minutes for the White House to deny the WSJ report, with the NYT and Bloomberg reporting that a White House spokesman has denied the WSJ story claiming US might stay in Paris accords, saying "position hasn't changed." Bloomberg confirms the White House comment, stating that there is "no change" in the US position on the Paris Deal, and that US will withdraw unless presented with "more favorable terms."
So much for “American first.”
As tensions between the US, its regional allies and North Korea escalate to levels unseen since the end of the Korea war, more Americans are saying they would support some form of military action against the country as a “last resort” should the US’s “diplomatic efforts” fail to convince the regime to surrender, or at least arrest, its nuclear program, according to a Gallup poll.
Shortly after the UN Security Council "strongly condemned" North Korea’s “highly provocative” ballistic missile launch over Japan on Friday, Kim Jong Un vowed he would complete his nation's nuclear program despite escalating international sanctions. On Saturday, state-run news agency KCNA quoted the leader, who said that North Korea is nearing its goal of "equilibrium of real force” with the U.S. and claimed that North Korea's nuclear program is nearly complete.