PG&E, California’s largest utility, has acknowledged 62 wildfires in high-threat areas have been ignited by its disrupted power lines so far this year, compared with 65 in all of 2023.
Category: TRENDS ON THE U.S. ECONOMIC FRONT – Aug 27 2024
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AMEX STOCK DROPS AS ANALYSTS WARN OF WEAK CONSUMER SPENDING
American Express’s share price shrank 2.8 percent on 21 August after Bank of America (BoA) analysts warned of weak consumer spending.
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GREEN FUEL STARTUPS FLAME OUT
Many ventures creating clean energy received funding under 2021’s Infrastructure Investment and Jobs Act but have been unable to sustain their momentum.
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STARTUPS’ FAILURE RATE SOARS
Over the past 12 months, business startups failed at a rate 60 percent higher than the 12 months prior, according to Carta, which provides services to young companies.
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GEN X: DUE TO RETIRE BUT CAN’T AFFORD TO
The oldest of the 65-million-member Generation X—born from 1965 to 1980—will turn 60 next year, putting them within sight of retirement age.
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DOLLAR TAKES A BEATING AS FED READIES INTEREST RATE CUT
On 20 August, the U.S. dollar fell to its lowest level this year as investors prepared for the U.S. Federal Reserve to cut its key interest rate next month.
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LABOR DEPARTMENT GIVES MONEY JUNKY FRIENDS INSIDE INFORMATION
News that the U.S. Labor Department had slashed the number of jobs created from April 2023 through last March reached a handful of Wall Street firms 15 minutes before the report became public.
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LABOR DEPARTMENT CUTS 12-MONTH JOB GAINS BY 818,000
The U.S. economy created 818,000 fewer nonfarm jobs from 1 April, 2023, through 31 March of this year than previously estimated, the labor department reported in its yearly revision of employment figures.
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POWELL: THE TIME HAS COME
U.S. Federal Reserve chair Jerome Powell virtually guaranteed the central bank will cut its key interest rates when it meets in mid-September.
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ECONOMIC UPDATE – MARKET OVERVIEW
What in the world is going on? Go to the Financial Times, Wall Street Journal, CNN, BBC, etc., and read all about it.