Dallas City Council warned of inflation impact on city budget
Dallas may have a tighter budget next fiscal year due to a huge increase in the living wage as well as higher fuel costs.
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- Motley Fool
Suze Orman Insists It's Time to Cut Expenses. Here's How
Meanwhile, the Federal Reserve is implementing a series of interest rate hikes in an effort to slow inflation and bring living costs down to more manageable levels. If consumers start cutting back, less money will be going into the economy.
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- MarketWatch
Inflation is forcing Americans to change their diets: ‘We make vegetable soup’
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- Quartz
Indian startups laid off over 10,000 employees in the first six months of 2022
Indian startups are cutting costs after investors like Sequoia and Matrix Partners India warned them against unsustainable cash burn.
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The US is paying for a wasted decade in economic policy
Rising prices and the Fed’s efforts to combat them have put the economy in a tight spot. A recession looms if the global economy doesn’t catch some breaks in the form of unclogging supply chains, extra production of oil and gas, or a deal to let Ukraine export more wheat. The causes of today’s rising prices aren’t necessarily avoidable, but it is possible, even easy, to imagine the US economy being in a better position to deal with this pressure.
- Business Insider
A key economic bellwether just fell into a bear market - and it's happened before every recession in the last 30 years
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- Bloomberg
Summers Urges Fed to Avoid 1970s Error of Easing Amid Recession
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Aurora Cannabis Follows Tesla in Buzz-Killing Trend
There have been a slew of high profile layoff announcements in recent weeks as CEO's prepare for what they expect to be a tough economic road ahead. While the electric vehicle maker will increase its hourly worker headcount -- those Model 3s aren't going to build themselves after all -- the layoffs will affect about 3.5% of the company's workforce. This round of layoffs comes just weeks after the company laid off 150 employees, including executive-level employees at its Drama Series, Spectacle and Event TV, and Comedy Series Divisions.
- The Telegraph
Russia to default for first time in a century as payment deadline looms
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Cost of living: People cut back on food shopping as price rises bite
Retail sales fell 0.5% in May as households cut spending in supermarkets due to the rising cost of living.
- Barrons.com
Oil Prices Slip After Powell Raises Possibility of Recession
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Fears are growing that the economy has or will start shrinking, but you can still take steps to help get you through tough financial times.
- The Telegraph
House prices to fall in the West as rising rates and cost of living crisis collide
The pandemic property boom across the developed world is coming to an abrupt halt as climbing mortgage rates bring an end to record prices.
- Fortune
‘The whole market is in danger of collapsing’: Germany warns of a ‘Lehman moment’ if Russia cuts off natural gas to Europe
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- LA Times
Why Sri Lanka's economy collapsed and what's next
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- Detroit Free Press
Michigan Senate approves $100 million incentive for Ford, clearing last legislative hurdle
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- MoneyWise
Biden's gas tax holiday might save you $6 a month, fueling calls for inflation stimulus checks instead
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- Business Insider
Investors should watch the Nasdaq 100 and Chinese stock markets to know if the Fed will pull off a soft landing for the economy, says Fundstrat's Tom Lee
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- Reuters
Latin America's leaders are waging 'war' on inflation; so far they're losing
Latin America's leaders have pulled no punches in the battle against inflation. The region has some of the highest interest rates in the world, with Mexico's central bank making a record rate hike this week. The resource-rich region's struggle to tamp down prices, despite the aggressive tightening of monetary policy, sends a warning globally about how tough inflation busting will be.