Unemployment hell — that's what people are calling a months-long backlog in processing claims. Meanwhile, they are at risk of losing everything.
- Business Insider
Lumber prices are plummeting again after hitting news lows for the year as US housing market continues to cool off
Lumber is pulling back sharply below its 2021 peak so far this year, falling 5% on Friday alone.
‘We’re heading into a housing recession’: Here’s what the NAHB CEO sees in real estate right now — and why it spells trouble for the economy
This CEO is connected — and worth listening to.
- The Hill
The Senate voted along party lines Saturday afternoon to advance a sweeping bill to reform the tax code, tackle climate change and lower the cost of prescription drugs, taking a big step closer to giving President Biden a major victory before the November midterm elections. The Senate voted 51-50 to proceed to the 755-page bill, after Vice President…
There are different ways of evaluating whether the economy is good or bad without making up new definitions of recession.
While the majority party has mostly succeeded in defeating Republican attempts to change the package in a “vote-a-rama,” a GOP tax amendment is threatening to disrupt their plans.
- Business Insider
The last 2 recessions have skewed the market's expectations, and a coming downturn may not be as mild as some expect
Economists told Insider they didn't think a recession would be as severe as 2008 or 2020, but that also doesn't mean it will be "mild."
(Bloomberg) -- China’s trade surplus rose to a record as exports grew faster than expected, easing some concerns over waning global demand and providing support for an economy battling sporadic Covid outbreaks and property woes.The nation’s trade balance climbed to about $101 billion in July, surpassing the previous record set in June, according to government figures released Sunday. That’s the highest in data compiled since 1987. Exports in dollar terms grew 18% from a year earlier, beating eco
At the onset of the coronavirus pandemic, the American economy immediately fell into recession, with unemployment spiking to 14.8%, the highest since records began in 1948. In response, the U.S....
- The Hill
Senate Majority Leader Charles Schumer (D-N.Y.) on Saturday unveiled the updated text of the Inflation Reduction Act, which now spans 755 pages after a late round of negotiations with Sen. Kyrsten Sinema (D-Ariz.) to protect manufacturers from tax increases and impose an excise tax on stock buybacks. Schumer’s office announced that the Congressional Budget Office…
- Associated Press
China’s export growth continued to rise in July, sending trade surplus to a record high, according to government data. China’s exports grew 18% to $333 billion compared to the same period last year, and were up from 17.9% in June, according to data from China’s customs. China’s total trade surplus reached an all-time high of $101.3 billion in July, breaking the record set in June.
- USA TODAY
Some economists argue soaring inflation is so toxic that it's worth fighting it with sharp rate hikes even at risk of recession. Others disagree.
Senate Democrats are getting closer to passing the Inflation Reduction Act of 2022. After a series of procedural votes late Saturday, the Senate looked poised to approve the bill as soon as today. The proposed legislation aims to fund clean energy initiatives, lower heathcare costs and create new jobs, among other things.
- The Hill
Sen. Mike Rounds (R-S.D.) on Sunday said there could be “more serious economic issues coming very shortly” for Americans, pointing to news the economy shrank in the last two quarters and that wages are not keeping up with inflation. “What you’re actually seeing, we believe, might be a precursor to what’s to come,” Rounds told…
One of the most powerful forces in the market is the fear of missing out, commonly referred to as FOMO. FOMO impacts the retail investor who grows frustrated as he watches others celebrating their great success in a roaring market, and it also impacts professional money managers that fear underperforming their benchmark indices more than anything else. The problem with FOMO is that it is a prelude to a lack of discipline and poor decision-making.
July unemployment rate, at 3.5%, equals pre-Covid low. Corporate borrowers rush bond offerings to market, indicating they see higher rates—not an economic downturn—in the future.
“There are more people working than at any point in American history,” Biden said of the new report, adding it signals recovery from pandemic job losses.
Labor market is surprisingly strong, but quitting jobs has slowed in these sectors — why that could hurt workers’ bargaining power
Low-wage workers’ confidence in the labor market appears to be fading, and their real wage growth is slowing down.
- The Telegraph
If the longest recession since the financial crisis and deepest fall in living standards since the 1960s were not bad enough, Britain is also facing economic humiliation on the international stage – if you believe Government critics.
The payrolls report should have caused stocks to tumble. Instead, the S&P 500 lived to fight another day.
(Bloomberg) -- A blowout US jobs report for July means the Federal Reserve will probably need to keep going with the most aggressive rate hikes in decades to curb demand and inflation, according to economists. US employers added 528,000 jobs last month, more than all estimates, the unemployment rate fell to a five-decade low of 3.5%, and wage growth accelerated, the Labor Department said. “The good news is people can get jobs, the bad news is that inflation remains too high and our No. 1 priorit