Thirty-seven percent of U.S. businesses outside of the financial industry are in serious trouble, according to a report by the U.S. Federal Reserve.
Tag: U.S. economy
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TOP TREND 2023, OFFICE BUILDING BUST: EMPTY OFFICES MULTIPLY IN SILICON VALLEY
As we had long noted, it was the Geeks who were the first to fight the COVID War by ordering their employees not to come to work because they would get/spread the virus. Now, the Silicon Valley bonanza that they created with the dawn of the Internet Revolution has turned to dusk.
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FEDEX SALES DROP 10 PERCENT IN THIRD QUARTERLY DECLINE
Fedex sales fell 10.1 percent to $21.9 billion in its fiscal fourth quarter ending 31 May, the company reported. Its share price dipped 1 percent on news of the shipper’s third consecutive quarterly decline.
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REMOTE WORKERS MORE FOOTLOOSE NOW THAN PRE-COVID
Before the COVID War, working at home was a rare privilege and most who enjoyed it were comfortable being close to the office when they needed to stop in.
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U.S. HOME PRICES FALL BY MOST SINCE 2012
The median U.S. home price sank by 3.1 percent in May in the largest year-over-year drop since December 2011, the National Association of Realtors (NAR) reported.
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YELLEN AGREES WITH CELENTE: MORE BANKS WILL MERGE
More banks will merge this year as their costs rise, operating margins shrink, and other institutions offer higher interest rates to depositors, U.S. treasury secretary Janet Yellen said at last week’s conference in Paris on global debt and climate issues.
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HARD TIMES AHEAD FOR PRIVATE LENDERS, MOODY’S WARNS
The private credit industry—lenders other than banks, such as private equity firms—is confronting its “first serious challenge” as tens of billions of dollars in loans made at the height of a booming economy are coming due amid slumping global business activity, Moody’s Analytics said.
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EVICTIONS SKYROCKET AFTER COVID-ERA PROTECTIONS EXPIRE
Since the federal ban on COVID-era evictions ended on 21 October, 2021, evictions have shot up across the U.S. and by as much as 50 percent in some cities.
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THE AMERICAN DREAM TURNING INTO A NIGHTMARE
A key component of the traditional “American Dream” is the ideal that anyone can climb from poverty to prosperity by their own hard work.
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FED PROBABLY WILL HIKE RATES MORE SLOWLY, POWELL SAYS
After raising interest rates 10 times in as many meetings, the U.S. Federal Reserve’s Open Market Committee is likely to move rates higher less often, Fed chair Jerome Powell told the House financial services committee on 21 June.