Economist: Not in a recession, despite decreasing disposable income
University of Michigan economics professor Don Grimes said many of his colleagues will say we're not in a recession, but he called the current economic times "recession-like."
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MoneyWiseHere are the world's top 5 most liveable cities in 2022 — none are in the US and one is in 'the land that inflation left behind'
The US is the land of the free. But your money could go further elsewhere.
- Fortune
Switzerland is pretty pricey, but not the most pricey. These are the 10 most expensive cities to work abroad in 2022
Inflation has made remote employees worried about their purchasing power.
- Reuters
Philippines President Marcos vetoes economic zone bill championed by sister
In one of his first legislative acts, newly-inaugurated Philippines President Ferdinand Marcos Jr has vetoed a bill sponsored by his lawmaker sister that would have created a special economic zone north of the capital, the presidential office said on Saturday. Marcos, 64, who took office on June 30 after winning the May election by a landslide, has inherited over $200 billion in government debt driven by his predecessor's pandemic response and the impact on the economy. "Fiscal prudence must be exercised particularly at times when resources are scarce and the needs are abundant," Marcos said in a letter on Friday addressed to Congress.
- GOBankingRates
Stimulus Check Updates To Know for July 2022
Despite all the talk about a fourth round of federal stimulus payments, summer is here and the check is still not in the mail. Lawmakers have proposed several plans to help America cope with inflation...
- LA Times
Prepare to pay more for gas in California starting today as tax increases
Gas prices in California will go up about 3 cents on July 1 due to the state's excise tax on gasoline, which is adjusted each year.
- Yahoo Finance
These are the best and worst state economies
A new study from WalletHub ranked the 50 U.S. states and D.C. by economic performance and health.
- Fortune
The economy probably just plunged into a recession, according to a real-time data tracker used by a key Federal Reserve bank
Elon Musk and Cathie Wood have said we're already in a recession. More and more Wall Street banks see it. Now one of America's central banks seems to agree.
- Business Insider
Larry Summers warns a recession sparked by a self-fulfilling process is looking more likely now
"The risks of a 2022 recession are significantly higher than I would have judged six or nine weeks ago," Summers told Bloomberg.
- Bloomberg
Germany Risks a Cascade of Utility Failures, Economy Chief Says
(Bloomberg) -- Germany should prepare for deeper cuts in Russian gas supplies because President Vladimir Putin is pursuing a conscious strategy of driving up prices to undermine European unity, Economy Minister Robert Habeck said.Most Read from BloombergJPMorgan Sees ‘Stratospheric’ $380 Oil on Worst-Case Russian CutUS Court Ruling May Take 70,000 Truckers Off Road, Spur JamsCrypto Meltdown Claims Rolex and Patek Philippe as VictimsJPMorgan’s Aronov Ignores the ‘Cash Is Trash’ Chorus: Q&AThe Whe
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U.S. factory activity slows to two-year low as clouds gather over economy
U.S. manufacturing activity slowed more than expected in June, with a measure of new orders contracting for the first time in two years, signs that the economy was cooling amid aggressive monetary policy tightening by the Federal Reserve. The survey from the Institute for Supply Management (ISM) on Friday also showed a gauge of factory employment contracting for a second straight month, though an "overwhelming majority" of companies indicated they were hiring. The slowdown in manufacturing followed moderate consumer spending growth in May along with weak housing starts, building permits and factory production, which left some economists anticipating that the economy contracted again in the second quarter following a slump in gross domestic product in the first three months of the year.
- Yahoo Finance
Bond market prices in Fed U-turn as recession risks rise
Fed Chairman Jerome Powell admitted that there is “no guarantee” that the central bank can avoid a hard recession, introducing market fears that the Fed may not follow through on its plans to raise rates to 3.8%.
- The Telegraph
China snubs Boeing to strike huge new deal with Airbus
China has snubbed troubled aircraft maker Boeing after three of its national flag carriers placed orders worth $37bn (£31bn) with rival Airbus.
- Business Insider
A bear market in stocks has historically signaled a peak in inflation - but that doesn't mean the pain is over for investors, says a Wall Street investment chief
"The negative wealth effect certainly exists, and it is a powerful thing," The Leuthold Group's Doug Ramsey said.
- Idaho Statesman
‘$0.72 remaining’: Idaho lieutenant governor balances office budget after shortfall
The lieutenant governor deferred most of her last paycheck.
- INSIDER
Senate Democrats are edging closer to a deal with Manchin to resurrect Biden's economic agenda. They'll face Sinema next.
Democrats crafted a new surtax on millionaires after Sinema stopped them from rolling back Trump tax cuts. Insider learned it's just been killed.
- Bloomberg
Larry Summers Says Risk of 2022 Recession Climbing, May Damp Inflation
(Bloomberg) -- Former Treasury Secretary Lawrence Summers said that there’s an increasing risk the looming recession he’s anticipated will start sooner, in 2022, and that inflation may cool as a result.Most Read from BloombergJPMorgan Sees ‘Stratospheric’ $380 Oil on Worst-Case Russian CutUS Court Ruling May Take 70,000 Truckers Off Road, Spur JamsCrypto Meltdown Claims Rolex and Patek Philippe as VictimsThe Wheels Have Come Off Electric VehiclesNetflix Crashes After ‘Stranger Things 4’ Finale R
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Guggenheim warns U.S. economy likely entered recession during the second quarter
A note published by Guggenheim economist Matt Bush showed how the U.S. economy has slowed over the past few weeks.
- Bloomberg
World’s 6th Biggest Economy Hit By EM Investor Exodus
(Bloomberg) -- Investors reeling from the brutal emerging markets selloff over the past six months again fled the rupee as India’s currency hit new lows, prompting the government to curb gold imports and oil exports to arrest a widening deficit. Most Read from BloombergJPMorgan Sees ‘Stratospheric’ $380 Oil on Worst-Case Russian CutUS Court Ruling May Take 70,000 Truckers Off Road, Spur JamsCrypto Meltdown Claims Rolex and Patek Philippe as VictimsJPMorgan’s Aronov Ignores the ‘Cash Is Trash’ Ch
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NC lawmakers budget $225M for Toyota's Phase II that could create 5,000 jobs
North Carolina lawmakers appear to be trying to convince Toyota to expand its operations coming to northern Randolph County beyond what’s been announced. The budget agreement legislative leaders announced earlier this week contains a section that would appropriate $225 million to a project that would create 5,000 jobs by 2034 and involve $4.7 billion in private investment in Randolph County. The state support would be conditioned on a company meeting the conditions set in last year’s budget bill that amounted to a second phase of a manufacturing project set to receive state incentives to get started.
- FX Empire
USD/JPY Weekly Price Forecast – US Dollar Running Out of Momentum?
The US dollar has spiked during the trading week again, as the Japanese yen continues to get pounded by almost everything. That being said, we are forming the second shooting star in a row.