When a group of engineers and researchers gathered in a warehouse in Mukilteo, Wash., 10 years ago, they knew they were onto something big. They were building a battery — a vanadium redox flow battery — based on a design created by two dozen U.S. scientists at a government lab. The batteries were about the […]
Category: Business
American credit card debt at all-time high
Americans are piling up credit card debt as they struggle to keep up with the high cost of living. US household debt surpassed $16 trillion for the first time ever during the second quarter, the New York Federal Reserve said Tuesday.Even as borrowing costs surge, the NY Fed said credit card balances increased by $46 […]
Recession arrives as US economy shrinks again
The U.S. economy shrank in the spring for the second consecutive quarter, meeting the criteria for a so-called technical recession as raging inflation and higher interest rates forced consumers and businesses to pull back on spending. Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 0.9% on an […]
Consumer Confidence Crashes as housing market decline begins
Sales of new single-family homes in the U.S. dropped by 8.1 percentage points in June according to Census Bureau’s data, plunging hopes that the housing market might avoid an imminent slowdown on the same day as new statistics reveal July’s consumer confidence also fell more than expected. New home sales had seen a modest increase […]
This week’s economic reports are ‘moment of truth’ for Biden
Every week is a tough week for this White House right now. But as he recovers from his Covid-19 infection, President Joe Biden faces a new moment of truth this week about an economy that is stuck in an identity crisis and buffeted by unpredictable outside forces — and his White House knows it, as […]
White House & Yellen change definition of recession
The White House Council of Economic Advisers said on July 21 that even if Friday’s advance estimate of the country’s GDP is negative, it’s still “unlikely” to be indicative that the country is in a recession. Recessions refer to two consecutive quarters of negative economic growth. In a blog post, the council of economic advisers […]
1 Year After Biden Said It Would Be ‘Temporary’ inflation is out of control
The one-year anniversary of Joe Biden’s promise that inflation in the U.S. would not be long-term has been reached with costs continuing to spiral and a poll showing Americans’ distrust of the president’s ability to ease the strain on their wallets. Biden said on July 19, 2021, the price rises that followed the easing of […]
Netflix is on the ropes. This week will determine its future
Netflix, once a darling of Wall Street, is suddenly on the ropes. The streaming giant will report its second-quarter earnings on Tuesday, and it’s shaping up to be one of the most consequential moments in the 25-year history of the company. Netflix is having a terrible year. In April, the company reported that it had […]
Inflation Has Peaked, Insist Democrats
After months of various Democrats insisting inflation has peaked, House Speaker Nancy Pelosi (D-CA) said that Wednesday’s Consumer Price Index, which skyrocketed to 9.1 percent in June, was probably the real peak. Pelosi told reporters on Wednesday, “I think we’re peaking. I think we’re going to be going down from here.” The June CPI numbers […]
Inflation problem just got a lot worse for Biden
President Joe Biden’s inflation problems have become a lot worse as the annualized U.S. rate of inflation rose to 9.1 percent in June, according to new figures released by the Bureau of Labor Statistics early on Wednesday. That represents “the largest 12-month increase since the period ending November 1981,” according to BLS. That rate is […]
Everybody Hates Self-Checkout, So why is it everywhere?
“Unexpected item in the bagging area.” “Please place item in the bag.”“Please wait for assistance.”If you’ve encountered these irritating alerts at the self-checkout machine, you’re not alone. According to a survey last year of 1,000 shoppers, 67% said they’d experienced a failure at the self-checkout lane. Errors at the kiosks are so common that they […]
US Postal Service rate increases take effect
The next time you mail through the United States Postal Service (USPS), it’s going to cost you extra. The USPS’ rate hike, upping First-Class Mail prices by 6.5%, took effect Sunday, according to the agency. When the USPS made its announcement in April it noted that the 6.5% increase would still be below inflation, which […]