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“Latest inflation spike shows Biden, Fed boss won’t stop recession: experts” Experts fear a recession is nearly unavoidable after the Friday release of federal data showing decades-high inflation in May revealed that President Biden, Federal Reserve chair Jerome Powell and other top policymakers are nowhere near achieving their goal of lowering prices. Economists and investors…
“Record-high US inflation has analysts gloomy” Economists seeking a sign that the country’s financial health was turning a corner were left reeling after the federal government released data indicating that inflation rose at a pace not seen in more than four decades. Consumer prices surged 8.6% last month from 12 months earlier, faster than April’s…
“JPM’s chief economist, others disagree with Dimon’s ‘hurricane’ warning” JPMorgan Chase boss Jamie Dimon’s view of a looming “hurricane” for the US economy has some notable dissenters, including his bank’s own chief economist Bruce Kasman, who sees clearer skies. Kasman said Monday that there is “no real reason to be worried about a recession,” arguing…
“OnlyFans models, sex workers feel pinch of sluggish economy” The plunging economy has been hard on one particular sector — sex workers who say that decades-high inflation has forced their clients to cut back on discretionary spending. Allie Rae, a 38-year-old Massachusetts woman who left her $84,000-a-year nursing job to earn a monthly six-figure income…
“US economy added robust 390,000 jobs in May despite inflation, recession fears” US employers added a healthy 390,000 jobs in May, extending a streak of solid hiring that has bolstered an economy under pressure from high inflation and interest rates. Last month’s gain reflects a still-healthy job market despite concerns that the economy will weaken…
“JPMorgan CEO Jamie Dimon warns an economic ‘hurricane’ is coming” JPMorgan Chase boss Jamie Dimon urged investors Wednesday to prepare themselves for turbulence in the market in the weeks ahead – warning that extraordinary financial circumstances were creating a potential “hurricane” for the economy. Dimon, the head of the largest US bank, said factors such…
“Elon Musk welcomes recession: ‘Bankruptcies need to happen’” Elon Musk believes it would be beneficial for the US economy to go into a recession and that “some bankruptcies need to happen.” Tesla’s billionaire boss said that the domestic economy is in for a “rude awakening.” He also said that working from home has made Americans…
“Americans are likely facing a deeper-than-normal recession” Tolstoy famously wrote that all happy families resemble one another, but each unhappy family is unhappy in its own way. He might have said the same about unhappy economies — and added that there are all too many signs the US recession now in the works will likely…
“Lloyd Blankfein warns of ‘very, very high risk’ of recession” Former Goldman Sachs chief executive Lloyd Blankfein is warning there is a “very, very high risk” of recession — and said if he were still running a “big company,” he would “be prepared” for that possibility. In a “Face the Nation” appearance Sunday, Blankfein warned…
“Dow up, but stocks on track for 6th straight losing week” Wall Street found some relief on Friday as major stock indexes bounced from a brutal week of selling — but markets still ended lower for the sixth consecutive week. Rattled by a surprisingly stiff monthly inflation number and a cataclysmic selloff in cryptocurrencies this…