US Foodstamp Usage Rises To New RecordSubmitted by emalvini on Sat, 10/06/2012 - 12:12
US Foodstamp Usage Rises To New Record
Submitted by Tyler Durden
10/05/2012 18:27 -0400
While the 0.4% perfectly unmanipulated and totally coincidental swing in the unemployment rate in an Obama favorable direction one month before the election came at a prime time moment for the market, one hour ahead of the open, setting the market mood for the rest of the day (which despite all best efforts still closed red, valiant efforts by Simon Potter and the FRBNY's direct pipe to Citadel notwithstanding), there was one other, far more important data point released by the government's department of agriculture, sufficiently late after the market close to impact no risk assets. That data point of course was foodstamps (or the government's Supplemental Nutrition Assistance Program, aka SNAP), and we are confident that no readers will be surprised to learn that foodstamp usage for both persons and households, has jumped to a new all time record.
At 46,681,833 persons hooked on SNAP, the July number crossed the previous record posted a short month before, as the foodstamp curve continues 'plumbing' newer and greater heights each month.