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“US job growth solid in December; unemployment falls to 3.5%” The U.S. economy maintained a strong pace of job growth in December, with the unemployment rate falling to 3.5%, but higher borrowing costs as the Federal Reserve fights inflation could see the labor market momentum slowing significantly by mid-year. Nonfarm payrolls increased 223,000 last month, the Labor…
Jobs report shows signs of a cooling economy — as well as its resiliency The final jobs report of 2022 showed U.S. employment growth slowing under the weight of higher interest rates and stubborn inflation, but not enough to derail a historically strong labor market. The U.S. added 223,000 jobs in December and brought the…
“‘Contrarian’ hedge fund betting on economic slump scores 163% return: ‘Everything is going down’” An upstart hedge fund achieved a whopping 163% return last year by betting Fed rate hikes would cause economic chaos, according to a report Wednesday. Investment manager Neal Berger’s Contrarian Macro Fund, which controls about $200 million in assets, placed bearish…
“‘Big Short’ investor Michael Burry warns ‘another inflation spike’ is coming” Hedge fund wizard Michael Burry kicked off the new year with another dire prediction about the US economy, warning this week that a recession is already underway and another spike in inflation is likely in the near future. Burry, the CEO of Scion Asset…
“Will the Fed blink in 2023 and extend our economic agony?” We Americans can foresee two significant economic risks in 2023. The first one is a probability that the Federal Reserve will get weak-kneed and stop raising interest rates before inflation is truly under control. The second risk is that Congress will continue to spend…
Five ways to prepare for an uncertain 2023 economy For the U.S. economy, 2022 was a wild and somewhat painful year. And 2023 could be even more intense. A year of stubbornly high inflation, rapid interest rate hikes and war-driven energy shock have weakened the U.S. economy. While the job market remains remarkably strong, many…
“US luxury housing market hits sharpest skid on record: data” Even high-end luxury homes aren’t immune from the US housing market’s ongoing slump, according to the latest data released by real estate firm Redfin this week. Sales of luxury homes – defined as properties that are estimated to be in the top 5% based on…
Christmas shoppers putting fewer gifts under the tree as recession looms If the Christmas tree looks larger this year, the reason may be the smaller pile of gifts beneath it. Retail analysts expect Americans to spend roughly the same amount on holiday gifts this year as last. Yet, because of inflation, the money will buy…
“The Fed is playing with fire with its continued interest-rate hikes” The stock market’s thumbs down to last week’s Federal Reserve policy meeting should serve as a stark reminder to the Fed of the serious financial-market risks it’s running by clinging to its hawkish monetary-policy stance. By committing itself to continued interest rate hikes even…
“Is this Janet Yellen’s demise? A new Treasury secretary is due” Treasury Secretary Janet Yellen sure looks like she’s got the backing of the “Big Guy,” aka Joe Biden, to remain as steward of the $25 trillion US economy. There are continued denials by the White House flack that Yellen is about to be jettisoned,…