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 […]
Tag: recession
Target profit dives 90% , inflation-weary shoppers pull back
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 […]
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 […]
American credit card debt at all-time high
Americans are piling up credit card debt as they struggle to keep up with the high cost of living. US household debt surpassed $16 trillion for the first time ever during the second quarter, the New York Federal Reserve said Tuesday.Even as borrowing costs surge, the NY Fed said credit card balances increased by $46 […]
No Democrat President Has Survived a Recession Since FDR
News that the U.S. has unofficially entered recession spells political danger for Joe Biden, with no Democrat president having been re-elected after a recession began in their term of office since Franklin D. Roosevelt. Figures from the Commerce Department released on Thursday showed U.S. Gross Domestic Product (GDP) fell by an annualized rate of 0.9 […]
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 […]
White House & Yellen change definition of recession
The White House Council of Economic Advisers said on July 21 that even if Friday’s advance estimate of the country’s GDP is negative, it’s still “unlikely” to be indicative that the country is in a recession. Recessions refer to two consecutive quarters of negative economic growth. In a blog post, the council of economic advisers […]
Wholesale Gas & Crude prices are falling, Will we see relief at the pump?
Wholesale gas prices are falling, but experts are warning Americans about getting too excited ahead of the summer driving season. “Domestic gasoline demand dipped recently, which took some of the pressure off of pump prices. About 80% of stations are now selling regular for under $5 a gallon,” AAA spokesperson Andrew Gross said in a […]
Experts say the US is already in a recession
Amid soaring inflation, the prospects of the year getting worse economically have been growing with experts warning that the U.S. is already in a recession. While a recession is technically a contraction of gross domestic product (GDP) across two consecutive quarters, some experts say such a definition is too simplified. A government report has shown […]
‘Catastrophe’ from global food shortage imminent warns UN chief
The head of the United Nations warned Friday that the world faces “catastrophe” because of the growing shortage of food around the globe. U.N. Secretary-General Antonio Guterres said the war in Ukraine has added to the disruptions caused by climate change, the coronavirus pandemic and inequality to produce an “unprecedented global hunger crisis” already affecting […]
Biden may be sending you a ‘Gas Rebate’ card soon
President Joe Biden signaled Monday that he would be open to sending Americans gas rebate cards to help offset soaring gas prices in the U.S. Speaking to reporters in Rehoboth Beach, Delaware, the president said the rebate cards are “part of what we’re considering, that’s part of the whole operation,” according to CNN. Biden also […]
Consumers are buying less and switching to store brands
Decades-high inflation is changing US consumers’ grocery habits. Kroger, the nation’s largest grocery store chain, said Thursday that budget-constrained shoppers were buying fewer items in stores, favoring Kroger’s cheaper store brands instead of name brands, and switching from beef to pork.“Rising inflation has consumers rethinking their shopping and eating habits,” Kroger (KR) CEO Rodney McMullen […]