Making it through the week has become increasingly harder as inflation rates and rising costs show no signs of letting up soon. With a potential recession on the way, Richmonders said they're making adjustments to their budgeting, but economy experts have warned it could make matters worse.
The swiftness with which the coronavirus pandemic wiped out the U.S. economy in early 2020 was breathtaking. Seemingly overnight, the U.S. unemployment rate shot up to an all-time record of 14.7% in...
- Lexington Herald-Leader
Here’s what went into the WalletHub list where Kentucky ranked 42nd in the country for its economy. Although the state performed below the national average overall, it got a top-10 ranking in one category.
- Business Insider
New Yorkers need a net worth of $1.4 million to be 'financially comfortable' and $3.4 million to be considered 'wealthy,' survey says
To be considered "wealthy" in New York, you need a net worth of $3.4 million — over one million more than the national average, Charles Schwab found.
On June 30, California approved an inflation relief package -- one which will see 23 million residents of the state receive a direct payment of up to $1,050. The $17 billion inflation relief package...
Jimmy Carter's former treasury secretary urges Biden to axe his economic agenda and focus on cutting the national debt to fight inflation
W. Michael Blumenthal told The New York Times that the president should take "painful steps" to combat inflation.
Since World War Two the U.S. economy has never shrunk for two quarters in a row without a recession being declared. But an exception to the rule could happen soon.
Fears of a U.S. recession moved from the worry stage to the reality stage late last week, according to a Federal Reserve tracker that says the recession has already begun. See: 10 Things You Should...
The chaos is the outcome of a series of questionable policy decisions taken by the government over the years, combined with persistent macroeconomic challenges and global market disruption.
"We aren't dealing with erratic decisions but with economic warfare, completely rational and very clear," said Germany economy minister Robert Habeck.
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 Telegraph
City banks defy Brussels to out-earn French rivals PM urged to back bid for factory at heart of Britain’s food supply FTSE 100 rises 1pc Matthew Lynn: Biden’s global tax plan is sinking rapidly — and good riddance Sign up here for our daily business briefing newsletter
Energy prices spiked after Russia invaded Ukraine in February, unleashing inflation demons across the globe.
U.S. crude prices fell below the $100 mark for the first time since early May Tuesday, setting up a near-term tumble for domestic gas prices - but further cementing the case for a near-term recession.
- USA TODAY
Consumers should get used to paying higher prices. If inflation eases, that just means prices aren't rising as fast but they're still rising.
Germany, Europe’s largest economy, registered its first monthly trade deficit since 1991 in May. Known as an export powerhouse, the figures are a reflection of both softening demand abroad and increased prices of imported goods, particularly energy, after Russia’s invasion of Ukraine. The surprise readings show how much the surge in oil and commodity prices, as well as rising borrowing costs, are upending the global economy.
President Joe Biden inherited an underfunded, overextended Social Security program that was already crowded with aging baby boomers as dwindling funds dried up before the pandemic stressed the system...
- Idaho Statesman
Members of Congress and the public remain concerned that there is too much illegal immigration into the U.S. But the data suggest otherwise, Peter Crabb argues.
- Business Insider
Expect a 'procession of recessions' across many of the world's major economies within the next year, Nomura says
There are "increasing signs that the world economy is entering a synchronized growth slowdown," analysts at Nomura wrote in a research note.
LONDON (Reuters) -The Russian government will be able to compel businesses to supply the military with goods and make their employees work overtime under two laws to support Moscow's war in Ukraine that were approved in an initial vote in parliament on Tuesday. The measures will effectively place Russia on a war economy footing, nearly 19 weeks into the invasion which it describes as a "special military operation". Russia invaded Ukraine on Feb. 24 but was repelled in an initial attempt to take the capital Kyiv and has sustained heavy losses in men and equipment while making only gradual progress in the east of the country, where it completed the capture of the Luhansk region on Sunday.
- Business Insider
Citi sees oil prices at $85 a barrel by the end of 2022 even if an "increasingly likely" recession is avoided, as Russia keeps pumping but demand slows.