Indiana residents facing new gas tax increase with inflation at its highest in 40 years
Here 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.
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.
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.
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
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.
- LA Times
The new $307.9-billion budget includes $9.5 billion in gas refunds, $1.4 billion in utility payment assistance and funding to combat climate change, among other items.
- Business Insider
"The risks of a 2022 recession are significantly higher than I would have judged six or nine weeks ago," Summers told Bloomberg.
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
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 Clarion Ledger
The tax cut is the culmination of years of negotiations and does not go as far as many Republican leaders had wanted.
- The Telegraph
China has snubbed troubled aircraft maker Boeing after three of its national flag carriers placed orders worth $37bn (£31bn) with rival Airbus.
(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 CutCrypto Meltdown Claims Rolex and Patek Philippe as VictimsThe Wheels Have Come Off Electric VehiclesNetflix Crashes After ‘Stranger Things 4’ Finale ReleaseUS Court Ruling May Take 70,000 Truckers Off Road, Spu
(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 CutCrypto Meltdown Claims Rolex and Patek Philippe as VictimsThe Wheels Have Come Off Electric VehiclesNetflix Crashes After ‘Stranger Things 4’ Finale ReleaseUS Court Ruling May Take 7
- USA TODAY
Consumers cutting spending faster than expected due to inflation sends alarm bells about the economy. Some now see recession sooner rather than later.
- Idaho Statesman
The lieutenant governor deferred most of her last paycheck.
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.
Manufacturing activity was the lowest it had been since June 2020, while shortages for materials like aluminum abated, the ISM Manufacturing Index showed.
- 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.
(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 CutCrypto Meltdown Claims Rolex and Patek Philippe as VictimsThe Wheels Have Come Off Electric VehiclesNetflix Crashes After ‘Stranger Things 4’ Finale ReleaseUS Court R
Weakening consumer confidence and inflation expectations are among the data that suggest a recession is increasingly likely over the next year or so.