Sixty-five percent of U.S. adults who qualify as middle class say they struggle financially and expect to do so for the rest of their lives...
Tag: U.S. Federal Reserve
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U.S. ECONOMY TACKS ON ANOTHER 272,000 JOBS IN MAY
Employers took on another 272,000 workers last month, the U.S. Labor Department reported, well above the average of 232,000 over the preceding 12 months and the 190,000 that economists had expected.
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CONSUMER BLUES: KOHL’S REPORTS WEAKER SALES
The Kohl’s department store chain reported sales fell 4.4 percent in its most recent quarter, a decline 10 times worse than analysts had forecast.
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PENDING HOME SALES FALL TO THEIR FEWEST IN FOUR YEARS
In April, the number of signed contracts for the purchase of existing homes fell 7.7 percent compared to March, plunging to its lowest volume since April 2020 at the beginning of the COVID War, the National Association of Realtors (NAR) reported.
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HAPPY DAYS NOT HERE AGAIN. GDP REVISED DOWN
The U.S. GDP grew 1.3 percent in this year’s first quarter, not the 1.6 percent in an earlier flash estimate, the Commerce Department said last week. It is the lowest growth rate since the second quarter of 2022.
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DRAGFLATION: GDP GOING DOWN, REAL INFLATION STILL HIGH
The U.S. inflation rate in April stayed at its March level of 2.7 percent, the Commerce Department reported last week.
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SOME FED OFFICIALS UNSURE IF INFLATION CAN BE SLOWED FURTHER
Inflation’s pace slowed steadily through the last half of 2023 but has been stuck at around 3.5 percent for much of this year.
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GLOBAL DEBT SETS NEW RECORD AT $315 TRILLION
In this year’s first quarter, nations took on another $1.3 trillion in debt, pushing the worldwide total to $315 trillion, the Institute of International Finance (IIF) reported.
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CANADA CENTRAL BANK RATE CUTS LIMITED BY FED, BANK CHIEF SAYS
The Royal Bank of Canada (RBC) is planning to cut its interest rates in the near future to energize the country’s economy.
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STRONG DOLLAR POSES DANGER TO GLOBAL ECONOMY
As the U.S. Federal Reserve keeps its interest rates near a 20-year high to combat persistent inflation, the dollar continues to sap value from other currencies and creates a danger for the global economy, The New York Times reported.