Yet again, JPMorgan Chase, America’s biggest bank by assets, has been charged by federal regulators with failing to abide by rules governing oversight of billions of dollars’ worth of trades the bank and its clients have made.
Category: TRENDS ON THE U.S. ECONOMIC FRONT – Mar 19 2024
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ALMOST HALF OF U.S. PARENTS FINANCIALLY AID ADULT CHILDREN, STUDY SAYS
Forty-seven percent of U.S. adults with Millennial or Gen Z children are helping them financially, a Savings.com survey found.
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TECH LAYOFFS PROMPT “SENSE OF IMPENDING DOOM” AMONG VICTIMS
Since 1 January, more than 200 tech businesses have laid off more than 50,000 workers, the most since the dot-com crash in 2001, data website Layoffs.fyi reported. Alphabet, Amazon, Cisco, eBay, Meta, Microsoft, SAP, and Unity Software all have cut jobs.
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“REFERENCE PRICES” BLIND CONSUMERS TO A STRONG U.S. ECONOMY
U.S. inflation peaked at 9.1 percent in June 2022 and has fallen steadily since then, landing at 3.2 percent in February, almost a two-thirds reduction.
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HOME FORECLOSURES UP 8 PERCENT IN FEBRUARY
In February, lenders foreclosed on 32,938 U.S. homes, 8 percent more than a year earlier, data service ATTOM reported, although the number was a percentage point lower than in January.
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INTEREST PAYMENTS OVERWHELMING U.S. CONSUMERS
The proportion of late-paying car loans and credit card accounts have climbed to their highest in more than a decade, Morning Brew reported.
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U.S. INFLATION RAN AT 3.2 PERCENT IN FEBRUARY
In February, consumers paid 3.2 percent more for goods and services than they did a year earlier and 0.4 percent more than in December, the U.S. Bureau of Labor Statistics (BLS) reported last week.
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ECONOMIC UPDATE – MARKET OVERVIEW
Since last week, the only real news on the market front is what the Fed will say tomorrow about the future path of interest rates. Indeed, cheap money is The Street’s main concern. The cheaper the money, the easier it is to borrow and gamble.