In August, new jobs stood at 20,000, way less than the 60,000 jobs the Golden State averaged in the last year. On the other side of slowing job growth, layoffs are now increasing.
The legendary investor is one of the Cassandras of Wall Street. His warnings are closely watched in this time of uncertainty.
- Business Insider
Wharton professor Jeremy Siegel says Jerome Powell is making one of the biggest policy mistakes in the Fed's 110-year history, and it could lead to a major recession
Siegel criticized the Fed's "inability to recognize that inflation is easing" as it continues to push interest-rate hikes
(Bloomberg) -- The shift to working from home drove more than half of the increase in house and rent prices during the pandemic and will likely drive up costs and inflation going forward as the shift becomes permanent, according to research from the Federal Reserve Bank of San Francisco. “The transition to remote work because of the COVID-19 pandemic has been a key driver of the recent surge in housing prices,” economists Augustus Kmetz and John Mondragon, of the San Francisco Fed, and Johannes
The dollar's sustained rise is increasing the risk of global stagflation and recession, according to Mohamed El-Erian, the president of Queens' College at Cambridge University.
After years of delay, the E.U. is finally trying to stand up to Orban's anti-democratic rule in Hungary
- Business Insider
Wharton professor Jeremy Siegel says the Fed's rate hike campaign is so extreme that recession risk is much higher than risk of the central bank 'waffling' on inflation
"Honestly, Chairman Powell I think should offer the American people an apology for such poor monetary policy he's pursued," Jeremy Siegel said.
- The New Voice of Ukraine
The Organisation for Economic Co-operation and Development (OECD) says Russia’s full-scale invasion of Ukraine has led to a greater economic downturn than previously expected, the Reuters news agency reported on Sept. 26.
Many states had a budget surplus in 2022 or excess money from COVID relief aid. This means a windfall for many taxpayers who can expect one-time direct deposits in plenty of time for the holiday...
Analysts at the mutual fund giant Vanguard estimate the likelihood that the U.S. will drop into a full-blown recession sometime during the next 12 months at 25%, and some time during the next 24 months at 65%. The Vanguard analysts … Continue reading → The post Vanguard Says There's a 65% Chance of a Recession – Here's What to Do appeared first on SmartAsset Blog.
Although the federal government has not revealed plans to issue any further stimulus checks, several states are issuing tax refunds to residents as a result of surplus budget funds in 2022. Student...
- LA Times
The Fed isn't giving the economy time to absorb its rate increases before imposing more pain. That could leave people jobless for no reason.
- ABC News
Congress has just three legislative days remaining to avert a fast-approaching government shutdown at the end of the week, and much of its ability to keep the government running will depend upon whether lawmakers can navigate an impasse over energy policy. In the few days that remain, Senate Majority Leader Chuck Schumer will try to lead the Senate in passage of a short-term funding bill that is expected to include Sen. Joe Manchin's energy permitting reform legislation. Schumer struck a deal with Manchin to include energy permitting reform, a top priority for the West Virginia moderate Democrat, on a must-pass piece of legislation before the end of the fiscal year on Sept. 30 in order to secure Manchin's crucial support for Democrats' keystone Inflation Reduction Act.
At Ulaanbaatar's Naiman Sharga money exchange market, elderly women stand in the street waving wads of money at passers-by, encouraging them to change foreign currency to Mongolian tugriks.
Privatizing Social Security is an alternative to the current pay-as-you-go government program, with pros and cons depending on whom you ask.
- Business Insider
BlackRock says markets will get 'Fed up' with too much tightening as growth slows, with Powell showing the most resolve since Paul Volcker
Fed rate hikes show "an impressive resolve and a commitment rarely seen at the central bank since the days of Chairman Paul Volcker," BlackRock said.
Federal Reserve officials have a busy week of speeches ahead. Investors are desperate for more information on the future of rates.
‘Financial markets are throwing in the towel’: Recession fears escalate as Fed slams brakes on the economy
The likelihood of sharply higher interest rates has tilted the odds toward another recession within a year, economists say. Yet some still hold out hope the U.S. can muddle through with a period of slow growth instead of outright decline.
- Yahoo Finance
Republicans think tax cuts and deregulation will fix everything. Not inflation.
- The Hill
Lawmakers don’t have much time to avert a government shutdown and have many problems to solve before they can get there. We’ll also look at why the Federal Reserve is trying to put people out of work and a new rule that may help you save money on plane tickets. But first, check out the…
- The Des Moines Register
Gov. Kim Reynolds has controlled $2.7 billion in federal COVID-19 aid. Here's how she's spending it.
The biggest chunk has bolstered the state's unemployment trust fund. Aid has also gone to businesses, hospitals, nonprofits, county fairs and more.