Truck drivers and larger carriers are facing a tough business environment, which may get worse than it did during the Great Financial Crisis, according to a report. Freight demand has deteriorated over the last year due to a sluggish economy, and per-mile rates for drivers have plunged since the pandemic-era boom in 2021, which brought a…
Truckers Face Bad Business Environment and Experts See It Getting Worse
What Voters Fear Most if Debt Ceiling Talks Fail and Default Comes Knocking
Even though both President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) have said in recent days they don’t believe the debt ceiling negotiations will end in a fiasco and trigger an economically damaging debt default, markets are jittery and voters nervous as they mull the implications of America failing to meet its debt obligations….
US Inching Towards Recession as Leading Index Declines Again in April
May 19, 2023
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Business & MarketsConference Board Leading Economic Index (LEI)economic recessioneconomyrecessionUSUS News
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The American economy is signaling growing signs of slipping into a recession as the Leading Economic Index (LEI) continued its monthly decline in April, predicting a deterioration in the economic outlook. The Conference Board’s LEI for the United States fell by 0.6 percent in April following a 1.2 percent decline in March, according to a…
American Household Debt Surpasses $17 Trillion for the First Time
Americans’ household debt surpassed a historic $17 trillion for the first time ever, the Federal Reserve Bank of New York reported (pdf) May 15. Total consumer debt in the United States hit $17.5 trillion in the first quarter of 2023, an increase of $148 billion, or 0.9 percent from the fourth quarter of 2022. That debt…
TuSimple to Restructure US Business, Lay Off 30 Percent Staff
TuSimple Holdings Inc. said on Thursday it will cut 30 percent of its workforce in the United States under a restructuring as the autonomous driving technology company looks to preserve its balance sheet amid a funding crunch in the sector. The shares of the company fell more than 8 percent in premarket trading. The San…
Stock Market Today: Global Stocks, Wall Street Futures Rise on Hopes for US Debt Deal
BEIJING—Global stock markets and Wall Street futures rose Thursday on hopes U.S. political leaders can reach agreement to avoid a potentially disastrous default on government debt. London and Paris opened higher. Shanghai, Tokyo, and Hong Kong advanced. Oil prices edged lower. “Markets are now fully pricing an in-time resolution of the crisis,” said Clifford Bennett…
Target Predicts Over $1 Billion in Losses From Theft, Forecasts Gloomy 2nd Quarter as Consumers Pull Back
Target predicted a gloomy second-quarter forecast as consumers pull back from non-essential purchases such as electronics and home goods, due to inflation. However, the retailer maintained its full-year profit expectations as total sales rose 0.5 percent, in its May 17 quarterly earnings report. The company’s poor forecast follows poor numbers from Home Depot, which is predicting…
Retail Sales Come in Below Expectations After 2 Months of Declines
U.S. retail sales rose slightly in April but fell below expectations after two months of declines. Retail sales are primarily goods and are not adjusted for inflation, while changes in the category are widely followed as an indicator of consumer spending. Last month’s overall retail sales rose 0.4 percent last month at $686.1 billion, instead…
ANALYSIS: Stanford Professors Fear Half of US Banks Approaching Insolvency, as Navarro Blames ‘Biden’s Inflation’
May 16, 2023
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Business & MarketsCompanieseconomic policieseconomyFederal ReserveFirst RepublicnavarrorecessionSVBUSUS banksUS News
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In a recent analysis, professors Anat Admati, Martin Hellwig, and Richard Portes present a scathing critique of the U.S. banking sector’s systemic issues, brought into focus by the 2023 banking crisis. Their analysis, in particular, centers around the failure of Silicon Valley Bank (SVB) and First Republic Bank, highlighting the systemic issues afflicting U.S. banks….
Former Silicon Valley Bank CEO Apologizes for Bank’s Collapse in Senate Testimony
Former chief executive of Silicon Valley Bank (SVB) Greg Becker issued a public apology before a Senate committee on Tuesday. Becker expressed deep remorse for the devastating impact suffered by SVB’s employees, clients, and shareholders during the recent financial turmoil that led to the bank’s collapse. “I never envisioned myself or SVB being in this…
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