The economy has shrunk for a second-straight quarter - but does that mean we're in a recession? Not necessarily.
Dr. Mehmet Oz, a TV personality who is running as a Republican in Pennsylvania’s open U.S. Senate seat, had a video of himself going grocery shopping go viral on Twitter (TWTR) this week. The video, which was originally posted in April, is Oz going to a grocery store getting items for a crudité platter while complaining about high food prices.
So far this year, 10,000 Arizonans learned they have to pay back their unemployment to the Arizona Department of Economic Security, due to no fault of their own.
The prediction, while vague, is direr than those of most other executives, including Goldman Sachs chief David Solomon and BlackRock’s Larry Fink.
When July inflation figures came out last week, economists and federal policymakers cheered. Compared to June, overall consumer prices were flat.
- LA Times
As financing dries up and debts come due, a cash crunch leaves thousands of homes unfinished, in a crisis with implications for the global economy.
There have been three rounds of stimulus checks issued since the onset of the pandemic, but another round is sorely needed by many. States are rising to the occasion, however, not every state is...
Should Social Security be eliminated as a federal entitlement program? Or would that ‘end the program as you know it’?
Under the current structure, Social Security and Medicare budgets are automatically approved and paid out, but under Wisconsin Republican Sen. Ron Johnson’s plan, Congress would have the chance to review and edit these programs’ budgets every year. “If you qualify for the entitlement, you just get it no matter what the cost,” Johnson said during an interview on “The Regular Joe Show.” “What we ought to be doing is we ought to turn everything into discretionary spending so it’s all evaluated so that we can fix problems or fix programs that are broken, that are going to be going bankrupt.”
The short answer is not great, as its economy isn't as robust as thought and its housing market is under duress.
- The Hill
Construction activity for new U.S. homes decreased sharply in July, and the number of permits issued for new building projects also fell as higher mortgage rates and supply chain problems continued to drive what lawmakers are calling a national housing crisis. Seasonally adjusted housing starts dropped 9.6 percent to 1.45 million units in July from…
- Associated Press
Gov. Brian Kemp said Monday he will spend up to $1.2 billion in federal COVID-19 aid on payments of $350 apiece to more than 3 million Georgians who benefit from Medicaid, subsidized child health insurance, food stamps or cash welfare assistance. The move comes atop Kemp's proposals last week to spend $2 billion in state surplus, split between property tax rebates and a second round of income tax rebates, if voters choose him for a second term in November over Democratic challenger Stacey Abrams.
The rise in food and airline ticket prices in Nigeria over the past year continues to show up in the data. In July, Nigerians paid 19.64% more for goods and services than they did in the same month last year, according to the latest inflation report (pdf) from the National Bureau of Statistics today (Aug. 15).
China’s economic recovery slowed even further than expected in July, as Covid restrictions and a crumbling property market compound additional woes. Nearly all key economic indicators fell short of economists’ predictions, in data released Monday’s by China’s National Bureau of Statistics (NBS). The weak numbers prompted China’s central bank to unexpectedly trim key interest rates as well as drain money from the financial system Monday morning.
- Business Insider
Markets have misinterpreted the most recent statements from the Fed - and its likely the central bank will push rates past 4%, former New York Fed president says
Rate cuts wont come as soon as investors think, and the Fed still has a long way to go before reaching its 2% inflation target.
- Austin American-Statesman
The 87,000 figure includes hires across the agency, including IT and taxpayer services, not just enforcement staff as the claim suggests.
- National Review
Biden Signs $739 Billion Democratic Spending Bill into Law, Ignores Nonpartisan Analysts to Claim It Will Fight Inflation
President Biden on Tuesday signed Democrats' massive spending bill into law, calling it the "biggest step forward on climate ever."
Politicians and economists haven't realized that the old social contract that venerated markets above all has been irreparably damaged by crisis upon crisis.
How can I earn positive returns while the economy stalls? Here are 3 proven recession-resistant stocks to keep you ahead of the game
We're in a recession. Prep your portfolio accordingly.
- The Telegraph
Inflation crisis wipes out 16 years of pay growth FTSE 100 edges higher after inflation data Ben Marlow: Our out-of-touch water watchdog is drowning in denial Sign up here for our daily business briefing newsletter
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