The number of workers U.S. employers plan to lay off shot up to 153,704 in October, a 183-percent surge from September and 175 percent more than a year earlier, outplacement firm Challenger, Gray & Christmas reported.
Tag: U.S. Economy
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U.S. HOUSEHOLD DEBT RISES TO A RECORD $18.4 TRILLION
Debts owed by American households climbed to $18.4 trillion in the third quarter, the most ever, according to the Federal Reserve Bank of New York. Student debt also set a record at $1.65 trillion.
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ECONOMIC UPDATE – MARKET OVERVIEW
Yes, the rich are getting richer, and the middle class is shrinking. And as for young Americans having trouble finding decent paying jobs, this is part of a mega-trend that is shaping the economic future.
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CONSUMER SENTIMENT NEARS RECORD LOW
Americans’ outlook on the nation’s economy is within reach of a record low set during the COVID War, the University of Michigan’s twice-monthly survey of consumer sentiment discovered.
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KRAFT HEINZ REPORTS SALES SLUMP, CUTS OUTLOOK
Pennsylvania food conglomerate Kraft Heinz reported third-quarter sales in its North America market fell 3.8 percent compared to a year earlier.
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APARTMENT GLUT DUE TO EXTEND, SLOWING RENT INCREASES
Apartment rents are falling in key markets and increasing at their slowest rate in more than a year in others as the glut of flats is taking longer to work through than had been expected, the Financial Times reported.
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SEPTEMBER U.S. HOME SALES RETAIN AUGUST’S STRONGER PACE
In September, the National Association of Realtors’ (NAR’s) pending home sales index returned a reading of 74.8, the same as August’s pace, which rose from 71.8 in July.
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FED CUTS RATE, WILL RE-ENTER THE BOND MARKET
By a vote of 10 to 2, the U.S. Federal Reserve’s Open Market Committee cut its policy interest rate by a quarter point on 29 October, dropping it to 4 percent, its lowest level in three years.
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NEW POLL CONFIRMS CONSUMERS’ DARK MOOD
The lingering trade war and government shutdown dragged consumers’ outlook lower last month, The Conference Board’s most recent poll found.
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MARKETS’ ‘FRAGILITY EVENTS’ REACH A RECORD NUMBER
The number of days this year on which individual companies’ stock values have gained or lost $100 billion or more reached a record 119 last week, the Financial Times reported.