Big banks in the United States are getting ready to deal with shrinking profits due to factors like an overall difficult economic environment, despite the fact that interest incomes have risen over the past year. JP Morgan Chase, Citigroup, Bank of America, Wells Fargo, Goldman Sachs, and Morgan Stanley are the six largest lenders in…
American Banks Prepare for Decline in Profits, 17 Percent Drop Predicted for Top Six Banks in the Fourth Quarter
January 10, 2023
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US Expected to See More Unemployment and Slower Hiring This Year
January 5, 2023
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Business & Marketsbusiness outlookeconomic policieseconomic recessioneconomyFed Rate Hikejob cutsrecessionU.S. unemployment rateUS
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The unemployment rate in the United States is set to worsen further as businesses are predicted to add fewer workers in the course of this year based on a quarterly Economic Indicator poll by Bankrate. The U.S. unemployment rate is expected to be at 4.6 percent a year from now, according to survey results published…
One-Third of Countries Will Fall Into Recession in 2023, Rest Will ‘Feel Like Recession’: IMF
January 2, 2023
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Kristalina Georgieva, managing director of the International Monetary Fund (IMF), recently predicted that many nations would go into recession next year, with the United States potentially able to avoid it. The IMF is expecting 2023 to be a “tough year” for the world economy, even “tougher than the year we leave behind,” Georgieva said on…
Goldman CEO Says Jobs Cuts Coming, Jobless Claims Rise in US
December 30, 2022
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Goldman CEO David Solomon admitted that the bank is planning to cut jobs due to economic reasons—a decision that comes as other big banks are also considering similar options and the United States is seeing an increase in unemployment claims. In his year-end message to staff, Solomon said that the firm is working on a…
‘The Mother of All Economic Crises Looms,’ Warns Economist Nouriel Roubini
December 6, 2022
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Business & Marketsdebt burdenseconomic crisiseconomic policieseconomic recessioneconomyglobal economic crisisInvestmentNouriel RoubinirecessionUSUS News
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Economist Nouriel Roubini has warned about an impending economic crisis in the global economy that policymakers will likely not be able to handle. Following the explosion of leverage, borrowing, and deficits in recent decades, the world economy is now moving towards an “unprecedented confluence” of financial, debt, and economic crises, Roubini warned in a Dec….
Experts Say Cooling US Housing Market Isn’t in Same Neighborhood as 2008 Price Plunge
It’s one of those moments that lead many Americans to grit their teeth whenever it’s mentioned: the 2008 housing market crash. Few events in recent decades have instilled homeowners with more dread than the notorious housing bubble burst that year. A combination of cavalier lending policies and high market inventory stemming from the subprime mortgage…
Americans Worried About the Economy Plan to Spend Less on Christmas Gifts: Survey
November 25, 2022
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Business & Marketsconsumer sentimenteconomic recessioneconomyhigh inflationHoliday Shoppingpersonal financepersonal savings raterecessionuniversity of michigan surveyUS
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U.S. citizens, worried about the state of the economy, are now planning to spend less on buying holiday gifts and cut down on shopping this holiday season. According to a survey by the University of Michigan, consumer sentiment declined 15.7 percent year-on-year to 56.8 in November. On a monthly basis, it fell by 5.2 percent….
Gas on Thanksgiving Was $1.19 Higher Than When Biden Took Office
November 25, 2022
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The gas price for this year’s Thanksgiving was, on average, $1.193 higher than when President Joe Biden assumed office on Jan. 20, 2021, indicating an increase of nearly 50 percent over a period of 22 months. The national regular gasoline price from GasBuddy, as of Nov. 24, was $3.586, compared to $2.393 when Biden was…
Factory Activity Shrinks, Employment Index Falls Into Recession Territory for First Time Since Pandemic
November 22, 2022
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A regional index of manufacturing activity in the fifth district showed a decline for the second straight month, according to a recent report by the Federal Reserve Bank of Richmond, indicating economic recession in the overall economy. “The composite manufacturing index remained negative but edged up from -10 in October to -9 in November,” said…
Jeff Bezos Reveals How He Plans to Spend His Vast Fortune, Advises Everyone to ‘Take Some Risk Off The Table’
Amazon founder Jeff Bezos said that he plans to give away most of his wealth during his lifetime to causes such as climate change and humanity projects, but withheld from divulging specific details. “The hard part is figuring out how to do it in a leveraged way,” Bezos said during a recent CNN interview. “It’s…
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