First Republic Bank customers lined up to withdraw their money Saturday as fears of a more significant banking crisis have spread throughout the industry. In what looks an awful lot like the lead-up to the banking crisis in 2008, trading in several regional U.S. banks was halted on Friday amid a massive sell-off after the […]
Tag: recession
50% of U.S. say they’re worse off than last year
Following a year marked by record inflation, rising interest rates and a volatile stock market, many Americans found themselves in a worse financial situation at the start of 2023. In fact, 50% of Americans said they are worse off than they were a year ago, according to a Gallup poll conducted in January, only the […]
US car debt piling up, many owe more than car’s worth
Chris Martin knew he needed a bigger car as the birth of his fourth child approached, but he and his wife were already $14,000 underwater on their two vehicles. So the couple proposed an unusual two-for-one deal with an Atlanta-area auto dealer in 2020: trading in both of their vehicles so they could afford a […]
Americans are spending, despite inflation
Something unexpected is going on in the U.S. economy. Inflation remains high, yet many Americans went on a spending spree last month, eating out at restaurants and shopping for cars. In ordinary times, that additional spending would be welcome news to an economy that’s heavily dependent on consumer dollars. But there’s a catch: All that […]
Layoff landslide from tech companies in 2023
Companies across the tech industry have announced layoffs, affecting thousands of workers in the first few weeks of 2023. Sales at top tech firms have retreated from the blistering pace attained during the pandemic when billions across the world were forced into isolation. Customers stuck at home came to rely on delivery services like e-commerce […]
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 […]
Tech bubble bursts: tens of 1000s laid off in 2022
The tech industry has enjoyed seemingly unstoppable growth over the past five years, but in 2022 it finally hit an immovable object: a slowing worldwide economy. Tech companies big and small have eliminated tens of thousands of jobs this year as executives cite inflation, rising interest rates and lower sales in digital advertising as all […]
Amazon prepares for mass layoffs as sales slow
Amazon is preparing to cut thousands of office jobs amid slowing sales and concerns about an economic downturn, according to reports. The reductions could affect roughly 3% of office staff at the e-commerce giant – or about 10,000 people – US media reported, citing anonymous sources. The cuts are expected to affect divisions such […]
US Credit Card Debt is a $1 Trillion Problem
Americans could hold nearly $1 trillion in collective credit card debt before the end of the year, thanks to inflationary rises in everyday costs and interest rates. For the second quarter of 2022, Americans’ credit card debt rose 13 percent from the same period last year to $887 billion, according to the Federal Reserve Bank […]
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 […]
Recession alarm bells ring-Biden plugs his ears
The Biden administration does not believe the U.S. is in a recession and is not preparing for one, according to White House officials, despite economic indicators suggesting a recession could be on the cards. White House Chief of Staff Ron Klain told MSNBC on Thursday that “we are not in a recession. I want to […]