The US economy falling into recession within the next 12 months is a virtual certainty, according to the latest Bloomberg Economics forecast model released on Monday. The dire projection surfaced just weeks before national midterm elections that will determine control of Congress. Just one week ago, an embattled President Biden insisted a recession was unlikely […]
Tag: recession
The global economy is in chaos & the worst is yet to come
America is driving the West’s response to the war in Ukraine. But U.S. officials are struggling to project a global response to a worldwide economic slowdown. A sense of dread surrounded meetings of finance ministers and central bankers in Washington this week, amid one of the most foreboding moments for the world economy in years. […]
Inflation surges in September
Inflation ran hotter than expected in September as persistent prices continued to squeeze U.S. households and worsen a political headache for President Biden with just one month until midterm elections. The Labor Department said Thursday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose […]
Wholesale Prices Increase 8.5% in September
U.S. producer prices increased more than expected in September amid strong gains in the costs of services and goods, suggesting inflation could remain uncomfortably high for a while. The producer price index (PPI) for final demand rebounded 0.4% last month, the Labor Department said on Wednesday. Data for August was revised lower to show the […]
Used cars are unaffordable
High prices and rising interest rates are putting used cars out of reach for a growing number of car shoppers. That’s bad news for CarMax, the nation’s largest used car dealer. CarMax reported Thursday that its earnings plunged 54% as the number of cars it sold in the quarter fell 6.4% compared to a year […]
A bad year for Wall Street gets even worse
September is usually a bad month for investors, with the S&P 500 falling on average by about 1%, according to Howard Silverblatt, a senior analyst with S&P Dow Jones Indices. But this September, it fell by more than 9%. That makes this the worst September since 2002, when it fell by 11%. It’s another bleak […]
Is the US Fed to blame for World Recession?
Markets are a mess, and not just in the United States, where the three major stock indexes are down more than 20% each from their highs. “Everything is starting to take a big hit,” says Edmund Shing, the global chief investment officer at BNP Paribas Wealth Management. Around the world, markets are reeling with unpredictability. […]
Recession fears mount as stock market tanks
A wave of heavy selling driven by investors’ concerns that the global economy could fall into recession rocked major stock indexes around the world Friday. The Dow Jones Industrial Average, the S&P 500 and the Nasdaq each lost more than 1.5% on Friday, with the Dow closing at its lowest level since late 2020. The […]
Fed Ex not the only corp to sound a warning bell
Corporate America is starting to brace for a recession. Economic bellwether FedEx (FDX) stunned Wall Street last week with a massive earnings warning and tepid outlook for the global economy. FedEx’s bad news overshadowed a more promising development on Thursday, the agreement between railroad operators and unions to avoid what could have been a crippling […]
Young Brits have 1 thing on their minds and it’s not the royal family
Queen Elizabeth II’s death and funeral have dominated news headlines for nearly two weeks, thanks in large part to Britain’s lengthy national mourning period. Some of the people lining up to visit the queen’s casket and staking out spots along the funeral route described the moment as offering a much-needed dose of community and positivity […]
What happened to 2 dollar bills?
Inflation has made it hard to buy much with a buck these days. $1 pizza has disappeared. Dollar stores aren’t dollar stores anymore. So wouldn’t it make more sense to start paying with $2 bills instead? It’s considered a curiosity to some and scorned by others in the United States. The myths around the $2 […]
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. […]