Target reported profit plunged 90% in the second quarter, falling far short of expectations, as inflation-weary customers pulled back on spending on nonessential items. Retailers, including Target, have been forced to cut prices on general merchandise, such as clothing, electronics and home goods, because of excess inventory of goods. Consumers had to shift more of […]
Tag: inflation
Will the Inflation reduction act have any impact on Inflation?
With inflation raging near its highest level in four decades, the House on Friday gave final approval to President Joe Biden’s landmark Inflation Reduction Act. Its title raises a tantalizing question: Will the measure actually tame the price spikes that have inflicted hardships on American households? Economic analyses of the proposal suggest that the answer […]
California Residents go to Mexico for Groceries
Some California residents have crossed the border to Mexico to buy cheaper groceries as many continue to struggle with the current status of the U.S. economy, even though the inflation rate has slightly decreased to 8.5 percent in July after a record high 9.1 percent in the month prior. Despite the dip in the inflation […]
Food Prices Are Skyrocketing
Inflation may be slowing overall, but food prices are still sky-high. .Over the last 12 months, grocery prices soared 13.1% — the largest annual increase since the year ending in March 1979, the Bureau of Labor Statistics said Wednesday. The prices of nearly every grocery item have ballooned over the past year. The cost of […]
Joe Biden’s Latest Approval Rating Lowest for Any President
Joe Biden approval ratings have sunk to an all-time low in the most recent Gallup Poll, with just 38 percent of people happy with the job the president is doing. The July survey is the first time that Biden’s approval rating has fallen below 40 percent in Gallup’s monthly polls since he took office in […]
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 […]
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 […]
Why is there an economic crisis in Sri Lanka?
A state of emergency has been declared in Sri Lanka, and President Gotabaya Rajapaksa has fled the country. His departure follows months of mass protests over soaring prices and a lack of food and fuel. The country’s foreign currency reserves have virtually run dry, and it has already missed debt interest payments. The price of […]