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Bank of America analyst warns ‘recession shock’ to hit US economy
A Bank of America analyst warned that the US economy is deteriorating fast and could push the country into a recession just three days after Deutsche Bank predicted the fall to come in 2023 as the Federal Reserve tightens interest rates to tame surging inflation. BofA chief investment strategist Michael Hartnett wrote in a note […]
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As inflation bites, higher-income consumers are cutting back, too
Miami, Florida, Brickell City Center shopping mall with Apple Store, Chanel and escalators. Jeff Greenberg | Universal Images Group | Getty Images With as much as 60% of US consumers living paycheck to paycheck, it’s not a surprise to see that the spending cutbacks have started. Even with a strong job market and wage gains, […]
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Here are the signs the job market is hot for workers
A « Now Hiring » advertisement in a store window in Bay Shore, New York, on March 24, 2022. Steve Pfost/Newsday RM via Getty Images Claims for unemployment insurance last week fell to their lowest level in more than 50 years — yet another sign workers are reaping the benefits of a hot labor market. Americans filed […]
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Global government debt set to soar to record $71 trillion this year: Research
People wearing protective face masks wait at a bus stop with a display of the current national debt amid the coronavirus disease (COVID-19) pandemic in Washington, January 31, 2022. Sarah Silbiger | Reuters LONDON — Global sovereign debt is expected to climb by 9.5% to a record $71.6 trillion in 2022, according to a new […]
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Inflation fears force Americans to rethink financial choices: Survey
Robyn Beck | dpa | Getty Images Surging inflation has Americans reconsidering how they spend their money. The Consumer Price Index, which measures a wide-ranging basket of goods and services, jumped 7.9% in February from 12 months prior. Prices are going up on everything from the food you put on the table to the gas […]
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Manhattan residential real estate sales hit record $7.3 billion in first quarter
Luxury high-rise apartments are viewed across Central Park South near Columbus Circle in the Manhattan borough of New York. Robert Nickelsberg | Getty Images Manhattan residential real estate sales topped $7 billion in the first quarter, marking the strongest-ever start to a year as the market shows no signs of slowing, according to new sales […]
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Social Security retirement age reaches 67. Some say it may go higher
Many Americans eagerly look forward to a time when they can stop working and officially set their status to « retired. » But when asked what age they anticipate that could be, there isn’t a consensus. The average age when people say they hope to retire is 62, according to one survey. That is also the age […]
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The Fed may get more aggressive to fight inflation. How to prepare
For most Americans, the surging cost of living is weighing heavily on their wallets. « Wage growth has failed to match the dizzying pace of rising prices, which the Federal Reserve has effectively identified as ‘monetary policy enemy No. 1,’ » said Mark Hamrick, senior economic analyst at Bankrate.com. After the Fed raised interest rates for the […]
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The Great Resignation is still in full swing. Here’s what to know
A Now Hiring sign is displayed at a restaurant in Arlington, Virginia, on March 16, 2022. Stefani Reynolds | dpa | Getty Images The pandemic-era trend known as the « Great Resignation » remains a prominent feature of the labor market, as favorable conditions lead workers to quit their jobs at near-record levels in search of better […]
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Top FDA official says fully vaccinated Americans may need more Covid shots this fall
Nathan Jacobs, of Boston gets his Covid Booster shot from Sassy Yogurtian at City Hall on December 9, 2021 in, in Boston, MA. Stuart Cahill | Media News Group | Getty Images People in the US might need another Covid booster shot this fall as public health experts expect immunity from the vaccines to wane […]
