A recent report states that many small business owners are failing to pay rent on time due to rising rental amounts, with sectors like education and manufacturing struggling the most. Rents rose for the fifth straight month in June for small businesses, according to a June 28 report by the small business network Alignable based…
Consumer Spending Grows by Just 0.1 Percent in May, Inflation Remains High
U.S. consumer spending stalled in May to the lowest growth rate this year as inflation remained elevated. Consumer spending or personal consumption expenditures (PCE) only rose by 0.1 percent in May, according to a June 30 news release (pdf) by the U.S. Bureau of Economic Analysis (BEA). This is the lowest growth rate so far…
Walgreens to Close 450 Stores
Pharmacy chain Walgreens Boots Alliance (WBA) has announced plans to shut 450 stores worldwide to reduce costs as the company struggles with poor financial performance. As part of the cost-cutting measures being implemented at the company, Walgreens is looking to “optimize our locations and opening hours, and expect to close an additional 300 locations in…
China’s Factory, Service Sectors Stumble as Economic Malaise Broadens
BEIJING—China’s factory activity declined for a third straight month in June and weakness in other sectors deepened, official surveys showed on Friday, adding pressure for authorities to do more to shore up growth as demand falters at home and abroad. Services sector activity for June also recorded its weakest reading since the Chinese regime abandoned…
American Banks Closed 273 Branch Locations in May
June 30, 2023
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At least 273 bank locations closed across the United States in May, while 46 opened that month. Many major banks have announced that they’re closing down branches in 2023, as more and more customers are making deposits via their phones or to keep tabs on their balances, all without leaving their homes. Others still rely on…
Average Long-Term US Mortgage Rate Rises to 6.71 Percent in First Increase After 3 Straight Drops
June 30, 2023
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LOS ANGELES—The average long-term U.S. mortgage rate rose this week, snapping a three-week pullback after reaching a high for the year in early June. Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan rose to 6.71 percent from 6.67 percent last week. A year ago, the rate averaged…
An Inflation Gauge Tracked by the Federal Reserve Falls to Its Lowest Point in 2 Years
WASHINGTON—An inflation index that is closely monitored by the Federal Reserve tumbled last month to its lowest level since April 2021, pulled down by lower gas prices and slower-rising food costs. At the same time, consumers barely increased their spending last month, boosting it just 0.1 percent, after a solid 0.6 percent gain in April….
Wall Street Opens Higher as Apple Hits Record High, Inflation Cools
June 30, 2023
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U.S. stocks opened higher on Friday, setting up Wall Street for a strong quarterly performance, as Apple shares hit record high and signs of easing inflation offered relief to investors worried about more interest rate hikes. The Dow Jones Industrial Average rose 147.50 points, or 0.43 percent, at the open to 34,269.92. The S&P 500…
Joby Aviation Gets FAA Approval to Start Flight Tests of Electric Air Taxi
June 30, 2023
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Joby Aviation received approval from the Federal Aviation Administration (FAA) for test flights of its electric air taxi after receiving a $100 million investment from South Korea’s SK Telecom. Joby announced on June 23 that the federal aviation regulator gave the nod to start tests of its flying air taxi, as the innovative design steps…
US Weekly Jobless Claims Post Biggest Drop in 20 Months as Economy Shows Stamina
June 30, 2023
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WASHINGTON—The number of Americans filing new claims for unemployment benefits fell last week by the most in 20 months, the latest sign of the economy’s resilience that could push the Federal Reserve to resume raising interest rates in July. The unexpected decline in applications reported by the Labor Department on Thursday reversed a recent jump,…
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