The Federal Reserve made history on Wednesday, approving a third consecutive 75-basis-point hike in an aggressive move to tackle the white-hot inflation that has been plaguing the US economy. The supersized hike, which was unfathomable by markets just months ago, takes the central bank’s benchmark lending rate to a new target range of 3%-3.25%. That’s […]
Tag: economy
US jobs growth slows in August
US employers added 315,000 new jobs in August, far fewer than in July, as fears rise that the labour market is heading for a slowdown. The jobless rate rose to 3.7% from 3.5%, according to the figures from the US Labor Department. The report comes on the back of recent data which showed the world’s […]
GDP shrank in second quarter, signaling US recession
The U.S. economy shrank at slightly slower pace in the second quarter than previously reported, but continued to meet the criteria for a so-called technical recession as raging inflation and higher interest rates weighed on spending. Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 0.6% on an […]
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 […]
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 […]
Trump says, Get ready for a depression
Former President Donald Trump has warned that the nation could enter an economic depression due to the fiscal policies of President Joe Biden. Trump made the remark during a “Save America” rally in Prescott Valley, Arizona, on Friday night. The former president said that the country’s highest inflation rate in decades could lead to a […]
Most Americans believe economy is now collapsing
More than half of Americans think the U.S. has already entered a recession, new polling shows. The latest IBD/TIPP Economic Optimism Index published on Friday found that 53 percent of Americans think the economy has gone into a recession, and 25 percent say they’re unsure. Only 20 percent believe the country is not in a […]
Biden says economy under Republican control of Congress – would be much worse.
With less than six months before the midterm congressional elections, Biden is talking about the economy – a lot. It is the top issue on voters’ minds and, worryingly for Democrats, one of the biggest political liabilities for the president and his party. In recent days, Biden has sought to tell a textured story about […]
Did Biden’s $1.9T stimulus cause inflation, or save economy?
Is President Joe Biden to blame for the nation’s skyrocketing inflation? With midterm races in full swing, Republican candidates are pointing a finger at the $1.9 trillion American Rescue Plan, which Biden spearheaded and Congress passed in March 2021 with no Republican votes. It was billed as the final steroid shot needed to propel the […]
US economy shrank 1.4% in 1st quarter of 2022; worst performance in 2 years
The U.S. economy cooled markedly in the first three months of the year, as snarled supply chains, record-high inflation and labor shortages weighed on growth and slowed the pandemic recovery. Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 1.4% on an annualized basis in the three-month period […]
Largest tax hike in history being pitched by Biden
President Biden made a renewed push on Monday to galvanize congressional Democrats to overhaul the nation’s tax code and dramatically raise rates on corporations and ultra-wealthy Americans. The president laid out the tax hikes as part of his $5.8 trillion budget blueprint for federal spending in fiscal 2023, which begins in October. Under his proposal, […]
Ukraine war hits farmers as Russia cuts fertilizer supplies
Before the Ukraine conflict, farmers across the world were struggling to buy enough fertilizers, some of which more than doubled in price last year. Higher natural-gas prices hampered production of the ammonia needed for nitrogen fertilizers, while power outages at Chinese fertilizer plants and Hurricane Ida in the U.S. curtailed global production. War in Ukraine […]