American consumer confidence for July, hit its lowest level since February 2021, as deep concerns over higher inflation and rising interest rates, suggest poor economic growth in the early part of the third quarter. The Conference Board released its July 26 Consumer Confidence Index, which reflects current business conditions and potential developments for the months ahead….
American Consumer Confidence Slips Further in July, for Third Consecutive Month
July 27, 2022
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Biden: ‘We’re Not Going Into a Recession’
July 26, 2022
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President Joe Biden insists that the United States is not slipping into an economic recession, a view that is being pushed strongly by the White House ahead of the soon-to-be-released Q2 GDP numbers. “We’re not going to be in a recession, in my view,” Biden said in a virtual meeting on the semiconductor bill on…
Wholesale Price Inflation Explodes to Near-Record 11.3 Percent
July 14, 2022
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U.S. inflation rates, according to the Producer Price Index (PPI), rose a shocking 11.3 percent for the year ending in June, close to the 11.6 percent record high in March, according to a July 14 Bureau of Labor Statistics report. The PPI index, which measures the wholesale prices of goods that are eventually passed down to consumers, rose 0.4 percent…
Headwinds Hit US Manufacturing as Demand Cools, While New Orders and Employment Drop
July 2, 2022
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U.S. manufacturing activity fell in June, but more than expected, as new orders contracted for the first time in two years, according to a survey from the Institute for Supply Management (ISM). ISM’s manufacturing figures dropped to 53.0 in June from 56.1 in May, the weakest results since June 2020, but the ISM index is…
US Consumer Spending in Q1 2022 Revised Sharply Downward, a Bad Sign for the Economy
U.S. consumer spending was down in the first quarter of 2022, according to revised figures from the U.S. Bureau of Economic Analysis (BEA) on June 29, a sign that the economy is showing signs of weakening growth. When adjusted for inflation, consumer spending increased by 0.5 percent in the first quarter, well below the previous estimate…
New Study Estimates 72 Percent Chance the Fed’s Rate Hikes Will Trigger Recession by 2024
The chance that the American economy will fall into a recession by early 2024 has risen to 72 percent, according to a study published on June 15 by Bloomberg Economics. The report came out just as the Federal Reserve made its largest hike in interest rates since 1994 in an attempt to cool down inflation. In…
US Average Gas Prices Drop 56 Cents In Past Week, While Falling Below $5 A Barrel
June 18, 2022
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U.S. gas prices dropped below $5 on June 17, alleviating pain at the pump for drivers across the nation after the average price per gallon hit an all-time high in the first half of this month. “LIVE: WE DIVE UNDER FIVE! The national average has fallen back under $5 per gallon and stands at $4.99 per gallon. For the first…
US Average Gas Prices Drop Below $5 Per Gallon
June 18, 2022
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U.S. gas prices dropped below $5 on June 17, alleviating pain at the pump for drivers across the nation after the average price per gallon hit an all-time high in the first half of this month. “LIVE: WE DIVE UNDER FIVE! The national average has fallen back under $5 per gallon and stands at $4.99 per gallon. For the first…
White House Downplays Economic Concerns, Claims Nearly 80% Americans ‘Financially Comfortable’
June 8, 2022
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White House press secretary Karine Jean-Pierre tried to defend President Joe Biden’s handling of the economy by downplaying the results of a Wall Street Journal survey which showed that 83 percent of respondents felt the country’s economy was “poor or not so good.” When a reporter asked about the survey during a June 7 press…
Americans Deeply Pessimistic About Economy: WSJ Poll
June 6, 2022
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Americans are increasingly pessimistic about the state of the nation’s economy, with 83 percent responding that the situation is “poor or not so good,” with blame being divided on partisan lines, according to a new Wall Street Journal-NORC poll (pdf) released on June 6. The poll was released as the country is facing the worse inflation rate…
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