The CEOs of Goldman Sachs and Morgan Stanley are among U.S. financial industry leaders warning that the country’s equity markets are increasingly likely to see a sharp correction.
Tag: U.S. Economy
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BUILDERS UNABLE TO SELL NEW HOUSES WITH 4-PERCENT MORTGAGES
Mortgage rates as low as 4 percent are still not motivating enough buyers to commit to home ownership, indicating the American housing market has more troubles than just too-high interest rates, The Wall Street Journal reported.
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RETAIL HOLIDAY HIRING IS THE LEAST SINCE THE GREAT RECESSION
Retailers will hire 265,000 to 365,000 seasonal workers this holiday season, the fewest since at least 2010, according to the National Retail Federation (NRF). Last year, stores took on 422,000 temps as holiday help.
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U.S. BANKRUPTCIES GREW BY DOUBLE DIGITS IN OCTOBER
Last month, households and businesses filed 54,019 bankruptcy claims, up 12 percent year on year and 8 percent from September, according to Epiq, a leading bankruptcy tracking service.
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U.S. JOBS MARKET: LAYOFFS OUTPACE HIRING
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.
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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.