Inflation and interest rate hikes are causing companies in many sectors to lay off employees. To illustrate the employment trends and the socioeconomic implications, each week we will list job losses.
Tag: U.S. economy
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DESPITE INFLATION, AMERICANS STILL PAYING PREMIUM PRICES TO TRAVEL
In July through September, cruise line Royal Caribbean booked twice as many 2023 reservations than in the previous quarter this year. Corporate travelers are booking car rentals at a brisk pace. Hotels are seeing more guests, even as room rates rise with inflation.
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HOME PRICES SHARPLY SLOW THEIR RATE OF INCREASE
In October, the median selling price of a U.S. single-family home was $398,500, up 8.6 percent from a year earlier. That rate of increase is almost half that of this year’s second quarter, when prices were rising at a 14.2-percent annual rate.
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CORPORATE BONDS TAKE A BEATING AS INTEREST RATES RISE
From 1 October 2021 through 9 November this year, an index following investment-grade corporate bond prices lost about 20 percent of its value, The Wall Street Journal reported.
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BUSINESS OFFICE BUST: MAJOR DEVELOPERS ON HOLD
Commercial real estate developers including Brookfield Asset Management, Kilroy Realty, and Vornado Realty Trust have halted progress on major new office projects, The Wall Street Journal reported.
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ECONOMIC UPDATE – MARKET OVERVIEW
As the data prove, and as we have reported, hard facts and figures don’t count. In the 12 months following each of the 40 midterm elections in the U.S., the S&P 500 has gained an average of 15 percent.
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HOUSING MARKET MIGRANTS MOVE FARTHER FROM HOME
People who relocated during the 12 months ending 30 June moved a median distance of 50 miles from their previous residence, according to a National Association of Realtors (NAR) survey of 4,850 home buyers.
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CONSUMER CONFIDENCE IN HOUSING MARKET SINKS TO NEW LOW
In October, only 16 percent of consumers said they think now is a good time to buy a home, a monthly survey by the Federal Home Loan Mortgage Corp. (Fannie Mae) found.
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STRONG JOBS REPORT FUELS FEARS OF ANOTHER SHARP FED RATE HIKE
In October, U.S. businesses took on another 261,000 workers, beating analysts’ estimate of 200,000 but also booking the lowest monthly pace of hiring since December 2020.
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FED HIKES RATE 75 BASIS POINTS: AS FORECAST, SMALLER RISES MAY COME SOON
As we noted, we got it half wrong. Since “It’s the economy, stupid,” we had forecast that President Joe Biden would pressure the Federal Reserve not to raise interest rates 75 basis points last week to help boost the equity markets and voter sentiment prior the mid-term elections.
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