April Inflation Rates Show Modest Slowdown, Providing Hope for Return to Normal Levels
The Labor Department’s data, released on Wednesday, revealed a 4.9% annual increase in consumer prices for April. This marks the smallest year-over-year growth since May 2021, and it exceeded economists’ predictions of a flat 5% inflation rate. This marks the first time annual inflation has landed below 5% in two years, extending a monthslong slowdown […]
Continue reading President Biden and Congressional Leaders Meet to Discuss Federal Debt Ceiling Standoff
President Joe Biden is set to meet with House Speaker Kevin McCarthy and other key legislators on Friday to discuss the federal debt ceiling. This comes after their meeting earlier this week, where McCarthy stated that leaders would meet with Biden again on Friday. The White House and congressional Republicans are in a standoff over […]
Continue reading US Government Warns of Possible Economic Catastrophe as Debt Ceiling Deadline Approaches
The United States could run out of money to pay its bills as early as June 1 if Congress fails to raise or suspend the debt ceiling, according to Treasury Secretary Janet Yellen.[0] This warning comes earlier than previously thought and has prompted President Joe Biden to call on congressional leaders to discuss the issue.[1] […]
Continue reading US Economy Struggles as Recession Looms: Impact on Politics and Elections
The US economy is showing signs of struggling, with GDP growing at an anemic rate of 1.1% in the first quarter of 2023.[0] This slow growth, coupled with concerns about inflation and the threat of recession, has led some economists to predict that a recession may be on the way.[0] Former Treasury Secretary Lawrence Summers […]
Continue reading April Jobs Report: Mixed Results for US Economy
The US economy added 253,000 jobs in April, and the unemployment rate fell slightly to 3.4%, according to the Bureau of Labor Statistics. While the job gains were slightly lower than the six-month average of 290,000, the unemployment rate matched a 54-year low.[0] The report also showed that the wage growth increased by 0.5% on […]
Continue reading JPMorgan Chase Acquires Assets of First Republic Bank in Second-Largest Bank Failure in US History
JPMorgan Chase & Co. has acquired most of the assets of First Republic Bank in a deal announced on Monday, just after the federal government seized control of the troubled regional bank. First Republic was bought by JPMorgan Chase after regulators took control of the bank. First Republic was seized by regulators on Monday morning […]
Continue reading JPMorgan Chase & Co. Acquires First Republic Bank in Second-Largest US Bank Failure
On Monday, JPMorgan Chase & Co. announced its acquisition of First Republic Bank, a San Francisco-based bank that had been struggling for weeks amid concerns about its profitability.[0] After depositors withdrew over $100 billion in the first quarter of 2023, regulators seized the bank and quickly sold the majority of its operations to JPMorgan. The […]
Continue reading China’s Industrial Profits Fall by 21.4%: Recovery Remains Lopsided with Production Lagging Behind Consumption
China’s industrial firms’ profits fell 21.4% year-on-year to 1.52 trillion yuan ($220 billion) in the first three months from 1.93 trillion yuan a year ago, according to official data.[0] This was a much bigger decline than expected and follows a 22.9% decline in the first two months of 2023.[1] According to the data, China’s recovery […]
Continue reading Navigating the Possibility of a Recession in the United States: What You Need to Know and How to Prepare
The possibility of a recession in the United States has been a topic of discussion among economists for some time now. While many economists still predict a recession later this year, a survey conducted by the National Association of Business Economics found that 54% of economists at companies and trade groups put the odds of […]
Continue reading Bank of England Economist Urges Brits to Accept Higher Inflation Instead of Trying to Recover Historic Drop in Living Standards
Bank of England Chief Economist Huw Pill has urged Brits to accept that they are poorer due to higher inflation instead of trying to recover a historic drop in living standards.[0] Speaking on the “Beyond Unprecedented” podcast, Pill said that people and businesses have responded to higher bills and costs by asking for higher wages […]
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