Some traders who were once excited about the potential for cryptocurrencies to surge in value and turn small investments into fortunes have begun abandoning crypto in favor of AI stocks, with one former crypto investor telling The Wall Street Journal that he feels like a “caveman who found fire.”
The workforce participation rate among men ages 16 through 54 – the prime working age span – has fallen to 66.8 percent, the lowest since 1948, according to the Bureau of Labor Statistics.
Investors once again are shrugging off concerns that AI will wipe out the software industry and that AI-related stocks are overvalued and buying back into tech shares, the Financial Times reported.
To sell its latest round of 30-year treasury bonds last week, the U.S. treasury had to offer the highest interest rate since 2001.
In July, U.S. retail sales fell 0.6 percent, measured in dollars, marking the first retreat in nine months and the largest drop in 14 months.
The prices factories charge wholesalers and similar customers for their products were unchanged in July after falling 0.1 percent in June.
Despite the Iran War’s turmoil, U.S. inflation slowed to 3.4 percent last month after running at 3.5 percent in June and 4.2 percent in May.
Retail sales in July slipped 0.6 percent from June’s level, the commerce department reported last week, to mark the first decline in sales since last October.
Americans added $21 billion to their credit card balances over April, May, and June this year, bringing the total debt to $1.26 trillion in this year’s second quarter, just shy of last year’s record $1.28 trillion, the Federal Reserve Bank of New York reported.
Elon Musk’s trillion-dollar payday has emboldened other corporate boards to increase pay for their own chief executives, according to a report by the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO).