On 14 September, the European Central Bank (ECB) raised its key interest rate for the 10th time in as many meetings, bumping it by a quarter point to an even 4 percent, the highest since the euro currency was introduced in 1999.
Author: admin (Kendrick Williams)
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OIL SUPPLIES WILL REMAIN SHORT OF DEMAND
Since January, oil production cuts by the Organization of Petroleum Exporting Countries have subtracted 2.5 million barrels a day from the world’s oil supply, the International Energy Agency (IEA) has calculated.
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WHEN THE ECONOMY FALLS JOBS GO WITH IT
This is the 54th week that we have been reporting job losses. And as we note in this Trends Journal, the outlook for hiring workers for the holiday season is at a Panic of ’08 low.
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WELLS FARGO EXECUTIVE RECEIVES NO JAIL TIME FOR CRIME
Carrie Tolstedt, former head of Wells Fargo’s community banking division, was sentenced to three years’ probation, including six months’ home confinement, last week for her role in the bank’s 2016 scandal in which more than two million credit cards and bank accounts were created for existing customers without their knowledge.
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MANHATTAN’S APARTMENT RENTS AT RECORD HIGH
The median apartment rent in New York City’s Manhattan borough remained at $4,370 in August, maintaining the record set in the month before, according to brokerage Douglas Elliman and appraisal firm Miller Samuel.
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RECESSION COMING? RETAILERS HIRING FEWEST SEASONAL WORKERS SINCE PANIC OF ‘08
U.S. retailers plan to hire the smallest number of seasonal workers since 2008 because of higher labor costs and uncertainty over consumers’ holiday spending, according to a report by outplacement firm Challenger, Gray & Christmas (CGC) obtained by Reuters.
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WORLD’S LARGEST LITHIUM DEPOSIT DISCOVERED IN NEVADA. BIG DEAL?
Inside an extinct Nevada volcano, geologists have found what may be the world’s largest lithium deposit, which they estimate to be between 20 and 40 million tons.
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DRIVERS DROPPING AUTO INSURANCE
In this year’s second half, the share of U.S. households with at least one uninsured vehicle rose from 5.2 percent to 5.7 percent, data service J.D. Power reported.
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MORTGAGE RATES UP. WHAT’S NEXT?
The U.S. Federal Reserve’s high interest rates, abetted by inflation, are keeping U.S. mortgage interest rates above 7 percent.
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U.S. CONSUMERS CONTINUE TO PILE UP HUGE CREDIT CARD DEBTS
U.S. households added $43 billion to their credit cards in this year’s second quarter, according to WalletHub.