The NASDAQ, home to most U.S.-listed tech stocks, slumped 3.8 percent last week, its seventh consecutive week closing down and its longest losing streak since 2001 after the dot-com euphoria came to an end. Cisco’s share price tossed 13 percent last week after the company projected poor profits for this quarter. Dell was off 11...
Category: TRENDS ON THE U.S. ECONOMIC FRONT
Post
TOP 2022 TREND, DRAGFLATION: ECONOMIC LEADERS BRACE FOR DOWNTURN
As we have been reporting, there is growing consensus among government and the corporate “Bigs” that economic growth will slow as prices continue to rise, pushing the world closer to a global recession that will reduce living standards around the world. “Higher food and energy prices are having stagflationary effects, depressing output and spending and...
Post
ECONOMIC AND MARKET OVERVIEW
The decades-long financial fraud game is coming to an end. The government money pumping schemes that artificially prop up economies they locked down to fight the COVID War has dried up. And, now, with interest rates rising the money junkies on The Street are in panic. Speaking of which, since the Panic of ’08, the...
Post
SOARING DIESEL PRICES HURT TRUCKING COMPANIES IN U.S. AND GLOBALLY
Diesel, the fuel used by truckers across the U.S., has seen its price soar in the past two months by more than $1.50, putting a strain on trucking companies and likely prolonging inflationary pressures on the economy. The national average has climbed to $5.62 a gallon, the U.S. Energy Information Administration said. The amount marks...
Post
EMPLOYERS: “COME BACK TO THE OFFICE.” WORKERS: “I WANT TO WORK FROM HOME”
Apple Together, a group that consists of 1400 current and former employees at Apple, sent an open letter to the computer giant to voice its opposition to forcing workers back to the office when tasks can be accomplished from home. “Stop treating us like school kids who need to be told when to be where...
Post
BIDEN TOUTS FED’S EFFORTS TO CONTROL INFLATION
President Joe Biden emphasized his support for the U.S. Federal Reserve’s effort to control inflation by raising interest rates and emptying its bond portfolio, indicating he will not charge the Fed a political price for boosting borrowing costs. Bringing down inflation is his administration’s “top economic challenge,” Biden said in his remarks, after polls show...
Post
U.S. CASINOS BACK IN THE CHIPS IN MARCH
U.S. casinos reported a monthly record $5.31 billion in revenue in March as gamblers streamed back to slots, wheels, and tables, according to the American Gaming Association (AGA). Players surrendered $819 million to slot machines alone during the period, the AGA noted. The first quarter’s revenue also set a record, with gamblers losing a net...
Post
TECH INDUSTRY NOSE DIVE
Carvana, the online auto dealer with its towering car “vending machines,” has laid off 12 percent of its staff. Doordash’s business is off 49 percent this year. Affirm, a leader in buy-now-pay-later, has lost three-quarters of its clicks since last year. Business at Shopify, once seen as a fierce Amazon competitor, is down by two-thirds....
Post
NO SLUMP IN PRICES AT THE PUMP
Average gasoline prices nationwide reached $4.483 a gallon on 16 May, the American Automobile Association (AAA) reported, with diesel prices climbing to $5.56. Both prices set all-time records. California, usually the costliest place in the U.S. to buy gas, posted an average price of $5.87. Brent crude oil’s price rose 2.3 percent on 13 May...
Post
MORTGAGE REFINANCING COOLS
The volume of applications to refinance mortgages plunged 40 percent in this year’s first quarter, compared to a year earlier. Rising interest rates added perhaps hundreds of dollars to monthly payments, ending homeowners’ interest in cashing out their equity and instead leaving refinancing to those who find it necessary. Mortgage interest rates rose 1.5 percentage...