Florida’s unemployment numbers for June show more people are getting jobs and more jobs are becoming available.
You're planning to retire and have your sights set on a warm climate. Specifically, you want to settle down in the South, but you need to find new hometown that's affordable on a fixed income. As of...
- Business Insider
JPMorgan CEO Jamie Dimon told wealthy clients there's a chance the US is heading into 'something worse' than a recession, report says
Jamie Dimon told clients he estimated a 20% to 30% chance of a "harder recession" and a 20% to 30% chance of "something worse," Yahoo reported.
Travel and dining are nearly back to 2019 levels, but the slow pace of returning office workers isn't even close, according to this BofA Global chart.
- 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.
- In The Know by Yahoo
The man took to Reddit to vent about the situation. The post Man’s friend asked him to co-sign a home loan and now wants to move in with him appeared first on In The Know.
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.”
- Motley Fool
More retirees who collect Social Security benefits are going to owe taxes on that retirement income this year and next compared with prior years. Why is surging inflation increasing taxes for older Americans? Inflation is currently at a 40-year high, with a consumer price index in June showing that goods and services cost 8.6% more than they did a year ago.
- The Telegraph
Navigating the maze-like showroom that is an Ikea store has always been notoriously difficult. But last weekend, hundreds of shoppers in Shanghai found themselves barging their way past security guards just to get out of the doors at the Xuhui district outlet.
The short answer is not great, as its economy isn't as robust as thought and its housing market is under duress.
SHANGHAI (Reuters) -China's central bank unexpectedly cut a key interest rate for the second time this year and withdrew some cash from the banking system on Monday, to try to revive credit demand to support the COVID-hit economy. Economists and analysts said they believe Chinese authorities are keen to support the sluggish economy by allowing a widening policy divergence with other major economies that are raising interest rates aggressively. The People's Bank of China (PBOC) said it was lowering the rate on 400 billion yuan ($59.33 billion) of one-year medium-term lending facility (MLF) loans to some financial institutions by 10 basis points (bps) to 2.75%, from 2.85%.
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).
- 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.
- Business Insider
Here are the 3 things the Fed needs to do to stick a soft landing and avoid a recession, according to Goldman Sachs
"The bad news is that high inflation is broad-based, measures of the underlying trend are elevated, and business inflation expectations remain high."
- 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.
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.
Japanese Prime Minister Fumio Kishida on Monday instructed his ministers to draw up additional steps to cushion the economic blow from rising living costs in a package due to be compiled next month. As part of the measures, Kishida said he has ordered the government to hold off on raising the price of imported wheat it sells to retailers in October - a move that would essentially subsidise households to cope with surging commodity prices. In a meeting on steps to combat rising living costs, Kishida also said he has instructed the trade ministry to come up with additional plans to curb rises in fuel and electricity bills.
China’s central bank kicked off the week with a big surprise: cutting a key lending rate by 10 basis points—despite signaling just a few days before that it had no immediate plans for rate cuts.
With the recent slowdown in inflation, the Federal Reserve is faced with a conundrum ahead of a plan next month to double the rate at which it is shrinking its massive $8.9 trillion balance sheet. The move to accelerate quantitative tightening (QT), as it's referred to, is meant to further drain pandemic-era stimulus from the financial system and increase borrowing rates for long-dated assets to weaken inflation. The double tightening, however, makes it harder for the Fed to achieve a "soft landing" in which the economy slows but avoids a recession.
(Reuters) -Oil prices settled lower on Monday after disappointing Chinese economic data renewed concerns of a global recession that would be expected to reduce fuel demand. Brent crude futures settled down $3.05, or 3.1%, to $95.10 a barrel after dropping 1.5% on Friday.