JPMorgan CEO Jamie Dimon has warned about a potential economic slowdown even while noting that the American economy is growing, and both the job market and consumer spending remain healthy. “Geopolitical tension, high inflation, waning consumer confidence, the uncertainty about how high rates have to go, and the never-before-seen quantitative tightening and their effects on…
JPMorgan CEO Warns of Looming Risks for Economy
July 15, 2022
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Fed Report Reveals Nationwide Economic Slowdown, Increased Fear of Recession
July 14, 2022
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Beige BookBusiness & Marketsconsumer spendingeconomic recessioneconomyhigh inflationinflationjob growth slowsrecessionUS
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The Federal Reserve’s most recent Beige Book report has raised concerns about inflation and a slowdown of the economy, including an impending recession. The Beige Book—the shorthand name for the Summary of Commentary on Current Economic Conditions by Federal Reserve District—provides an update on economic conditions in each of the Fed’s 12 districts and is released…
Red-Hot Inflation Drives Up Prices of Everyday Essentials
July 14, 2022
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Business & Marketseconomic policieseconomyhigh gas priceshigh inflationhigher food pricesinflationUSUS News
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Soaring inflation is pushing up prices of food, energy, and other essential commodities, putting more financial strain on American citizens, with many households spending considerably more of their income on groceries compared to a year ago. The 12-month Consumer Price Index (CPI), a measure of inflation, hit a record 9.1 percent in June, according to…
Americans’ Inflation Expectations Hit Record High: New York Fed
July 12, 2022
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Americans’ short-term inflation expectations have reached a new high, according to the latest data from the June 2022 Survey of Consumer Expectations by the Federal Reserve Bank of New York. “Median one-year-ahead inflation expectations increased to 6.8 percent, from 6.6 percent in May, marking a new series high,” the Fed said on July 11, detailing…
Gold Prices Hits Lowest Level in Nine Months
July 12, 2022
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Gold prices weakened in Tuesday trade to its lowest level in nine months, while the dollar strengthened ahead of the crucial U.S. inflation data release. Spot gold prices fell to $1,722.36 per ounce during early trade on July 12, the lowest since Sept. 30. It later recovered and was trading at around $1,734 by 5:16…
US Housing Affordability Index Drops to Worst Measurement in 16 Years
July 11, 2022
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Business & Marketseconomyfamily incomehigh inflationhousing affordabilityinflationmortgage interest ratesreal estateUSUS Real Estate
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Housing affordability in the United States declined in May 2022 according to the National Association of Realtors (NAR), falling to its lowest level in 16 years. NAR’s Housing Affordability Index (HAI) was recorded at 102.5 in May, down from 108.1 in April and 148.2 in May 2021, data from the organization shows (pdf). This is…
Americans’ Real Wages Decline Due to Rising Inflation
Even though Americans have seen sizable wage growth over the past year, real wages have actually dipped during the period due to soaring inflation, which is presently at four-decade high levels. “In June, average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents, or 0.3 percent, to $32.08. Over the past…
Job Openings Decline in May but Remain at Elevated Levels
July 7, 2022
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Business & Marketseconomic recessioneconomyhigh inflationhiresinflationjob openingsjob vacanciesrecessionU.S. unemployment rateUSUS News
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U.S. employers posted fewer jobs in May, signaling a weakening economy despite the fact that job openings continue to remain at high levels. “On the last business day of May, the number and rate of job openings decreased to 11.3 million (-427,000) and 6.9 percent, respectively. The largest decreases in job openings were in professional…
Turkey Inflation Hits Highest in 24 Years, CPI Increases Almost 80 Percent Annually
July 4, 2022
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Inflation in Turkey has hit multi-decade highs as policies implemented by President Tayyip Erdogan continue to take a toll on the country’s economy. The Consumer Price Index (CPI), a measure of inflation, rose by 78.62 percent annually and 4.95 percent monthly in June, according to a July 4 press release by the Turkish Statistical Institute….
Americans Change July 4 Plans Due to Gas Prices: Poll
July 4, 2022
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Business & MarketseconomyGasBuddyhigh gas priceshigh inflationinflationJuly 4 celebrationSocial IssuesUSUS News
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A significant proportion of American citizens have been forced to change their Fourth of July plans because of high gas prices, according to a recently released Emerson College Poll. One in three respondents of the poll has changed their travel plans due to rising fuel costs, the poll states. Eighteen percent changed their plans due…
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