FedEx warned that a global recession could be coming, as demand for packages around the world tumbles. Shares of FedEx (FDX) plunged 21% Friday — the biggest one-day drop in its history — after the company warned late Thursday that a slowing economy will cause it to fall $500 million short of its revenue target. […]
Tag: inflation
Soaring electricity bills are inflation flashpoint
Inflation cooled a bit last month, thanks in part to falling gasoline prices, but for many families, there’s another major strain on their household budget: soaring electricity bills. Take Bernice Brown, a retiree in Tuscaloosa, Ala.. In both July and August, her power bill topped a jaw-dropping $400. “It’s been damaging to be honest,” she […]
Inflation rose faster than expected in August; Dow tanks
Inflation rose more than expected in August, continuing to create severe financial pressure for U.S. households even as the cost of gasoline fell. The Labor Department said Tuesday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 8.3% in August from a year ago. […]
The 2nd Elizabethan era ends with UK economy in turmoil
The death of Queen Elizabeth has come at a bad time for the United Kingdom. Against a backdrop of soaring inflation, a slumping currency and the worst cost-of-living crisis in decades, the country has lost one of its few markers of continuity and stability. The government of Prime Minister Liz Truss, who on Thursday unveiled […]
Economic pain ahead warns Fed’s Powell
Federal Reserve Chairman Jerome Powell on Friday delivered a stark message on the state of the U.S. economy at the annual central bank gathering in Wyoming: Inflation remains painfully high, and cooling it will require forceful action that could soon bring “pain” to households and businesses nationwide. In his hotly anticipated speech at the Kansas […]
Biden allies oppose student loan forgiveness plan
President Biden’s move to cancel student debt was long-expected — but the scope of the effort was not. The expectation of $10,000 in student loan cancellation was widely reported in the lead-up to Wednesday’s news, but the final package included an additional $10,000 in forgiveness for Pell Grant recipients. The administration also laid out a […]
California Edict: no gas-powered cars after 2035
California is poised to set a 2035 deadline for all new cars, trucks and SUVs sold in the state to be powered by electricity or hydrogen, an ambitious step that will reshape the U.S. car market by speeding the transition to more climate-friendly vehicles. The California Air Resources Board will vote Thursday on the policy, […]
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 […]
New home sales tumbled 12.6% in July
New home sales tumbled 12.6 percent in July, reporting a new record low after reaching their lowest level since April 2020 last month, according to data released on Tuesday by the Census Bureau. The numbers reveal that the housing market is “in a sorry state,” a Pantheon Macroeconomics expert told Newsweek. The economic research consultancy […]
President Biden is expected to announce college loan forgiveness today
President Biden is expected to announce a much-anticipated loan forgiveness program Wednesday, sources familiar with the plan told the Associated Press. Americans are poised to foot a nearly $300 billion deal with President Biden’s expected announcement on Wednesday to forgive thousands in federal student loan debt and extend a repayment pause to next year. According […]
New apartment builds ease pressure on rents
A jump in apartment construction in the U.S. may help provide some relief to renters who’ve faced soaring prices — eventually. This year, 420,000 apartments are expected to be delivered nationwide, according to a study by listing service RentCafe. It would be the second year in a row that the industry tops 400,000 units, a […]
The Inflation Reduction Act doesn’t live up to the hype
The Democrats are celebrating the passage of the Inflation Reduction Act over unified Republican opposition, claiming that the legislation is a historic breakthrough. Sadly, it’s not. Though the new legislation takes some steps in the right direction on climate and drug prices, it falls far short of what is needed. The Democrats, with control over […]