Amazon plans to cut more than 18,000 jobs, the largest number in the firm’s history, as it battles to save costs. Most of the job losses will come from its consumer retail business and its human resources division. Boss Andy Jassy cited the “uncertain economy” for the cuts, saying it had “hired rapidly over several […]
Tag: inflation
IMF head warns 1/3 of world in recession in 2023
A third of the global economy will be in recession this year, the head of the International Monetary Fund (IMF) has warned. Kristalina Georgieva said 2023 will be “tougher” than last year as the US, EU and China see their economies slow. It comes as the war in Ukraine, rising prices, higher interest rates and […]
U.S. Stocks Finish Worst Year since 2008
Stocks are closing out 2022 with more losses, giving the S&P 500 its worst year since 2008. The benchmark index fell 0.3% Friday, the last trading day of the year, leaving it down 19.4% for the year. The technology-heavy Nasdaq and the Dow also fell and ended the year in the red. The Fed’s battle […]
U.S. Housing market locked in a deep freeze
The sharp increase in mortgage rates has cast a chill on the housing market. Many buyers have paused their search; they can longer afford home prices they were considering a year ago. Sellers are also wary of listing their homes because of the high mortgage rates that would loom over their next purchase. “People are […]
Congress unveils $1.7 trillion omnibus bill
Federal lawmakers made public a massive $1.7 trillion omnibus spending bill on Tuesday. The release of the bill, which spans 4,155 pages, comes after negotiations between Senate Republicans and House and Senate Democrats. To stave off some government funding running out, lawmakers have until the end of the week to pass the proposed legislation. Some […]
Welfare outpaces median income in some states
The labor force participation rate was 62.1% last month, notably lower than the 63.4% mark it was at before the coronavirus pandemic struck the United States in March 2020. There are numerous reasons that unemployed Americans aren’t entering the workforce, including ongoing fears of COVID-19, disabilities such as “long COVID,” and other care responsibilities. One […]
Savings at the gas pump spent at supermarket
Americans are saving money at the gas pump, only to spend it in the produce aisle. Gasoline and grocery prices moved in opposite directions last month, as the overall inflation rate declined slightly. Consumer prices in November were up 7.1% from a year ago, compared to an annual increase of 7.7% the month before. It […]
Thanks Inflation! Thanksgiving up 20% this year
Thanksgiving dinner will cost a whopping 20% more than it did last year, according to a new survey released Wednesday by the American Farm Bureau Federation. A feast for 10 with 12 menu items including a turkey, stuffing, cranberries, and pumpkin pie mix will cost $64.05 on average — up $10.74 from last year. That […]
A nationwide rail strike is still on the table
Remember earlier this fall when the country came within hours of a nationwide rail strike? We could soon see a repeat of that scenario. The nation’s freight rail companies and some of their workers have yet to settle on a new contract after three years of negotiations. You could be forgiven for thinking — Wait, […]
Rising housing costs create senior homelessness
On a recent rainy afternoon in this small town just outside Glacier National Park, Lisa Beaty and Kim Hilton were preparing to sell most of their belongings before moving out of their three-bedroom, two-bathroom rental home. Hilton, who was recovering from a broken leg, watched from his recliner as friends and family sorted through old […]
US diesel crunch means ‘stock up on food’
A shortage of diesel in the US has set alarm bells ringing for many experts, who are flagging higher prices for goods and risks to food supply as truckers pay more for fuel. Inventories of diesel have sunk far below emergency levels, and EIA data showed US had only 25 days’ supply of diesel left […]