Validating analysts’ our forecasts cited in “Future Rate Hikes Will Be Smaller” in this issue, on 21 November the Bank of Israel (BoI) increased its base interest rate by a half-point, not the three-quarters of a point that analysts had expected.
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FUTURE RATE HIKES WILL BE SMALLER
Central banks’ future rate hikes will be smaller, analysts say, because recent large rate boosts are showing signs of taming inflation—and because signs are growing that a worldwide economic recession is looming.
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WHEN THE ECONOMY FALLS JOBS GO WITH IT
Inflation and interest rate hikes are causing companies in many sectors to lay off employees. To illustrate the employment trends and the socioeconomic implications, each week we list job losses.
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AS FORECAST: “DIMMING HOPE” THAT PRE-COVID DEMAND FOR OFFICE SPACE WILL RETURN, WSJ SAYS
Workers are returning to companies’ central offices but not in the numbers that pertained to before the COVID War. There is “dimming hope that office buildings will ever refill,” The Wall Street Journal noted.
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BIG TECH DUMPS OFFICE SPACE
Since the Internet Revolution began in the 1990s, major technology firms have gobbled up prime office space in Austin, Baltimore, Boston, Detroit, Nashville, Los Angeles, New York, San Diego, San Francisco, and other centers of innovation.
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MORTGAGE RATES FALL MOST IN 41 YEARS
In the week ending 17 November, the average U.S. interest rate for a 30-year, fixed-rate mortgage was 6.61 percent, the Federal Home Loan Mortgage Corp. (Freddie Mac) reported, falling from 7.08 percent the week before and plunging at the steepest pace since 1981.
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INTEREST RATES RISE, HOME SALES FALL
In October, the number of existing U.S. homes sold declined for the ninth consecutive month, dropping by 5.9 percent from September and down 28.4 percent from a year earlier, the National Association of Realtors (NAR) reported.
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40 PERCENT LESS LABOR NEEDED TO BUILD EVs
Making an electric car (EV) requires 40 percent less labor than building a fossil fuel car, James Farley, Ford Motor CEO, said last week at a Detroit auto industry conference.
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INFLATION BLUES: CONSUMERS SPEND LESS WITH MAJOR RETAILERS
Kohl’s, Macy’s, and Target all reported business sagging in this year’s third quarter.
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PENTAGON: FIVE SIDES, FIVE YEARS OF AUDIT FAILS
If it was a private small- to medium-sized business, its owners just might be fined by the IRS or other government agencies, or face jail time.