Heatwaves, droughts, and floods threaten the world’s wheat harvest this year, as the Ukraine war and Western sanctions already have shrunk the world’s supply of food staples and set record prices, as well as acute shortages, in many parts of the world. We have documented the world’s food crisis in “Soaring Food Prices Hit Poor...
Tag: may 17 2022
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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...
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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...
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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...
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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...
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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....
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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...
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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...
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AMERICANS KEEP PILING UP DEBT
Americans added $266 billion to their debts in this year’s first quarter, with credit card balances rising and mortgage debt climbing, bringing total household debt to $15.84 trillion, according to 10 May data from the Federal Reserve Bank of New York. That total debt is $1.7 trillion higher than the last quarter of 2019, just...
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INFLATION AT WHOLESALE LEVEL HIT 11 PERCENT IN APRIL
The U.S. Producer Price Index, which tracks the prices that manufacturers charge for the products leaving their factories, grew to 11 percent in April, year over year, slightly slower than the 11.5 percent notched in March, the Bureau of Labor Statistics reported. Month over month, gasoline prices were up 1.7 percent and groceries gained 1.5...