Ex-Fed insider: A full-blown recession is ‘almost certainly’ coming

Ex-Fed insider: A full-blown recession is 'almost certainly' coming

The problem is that the Fed began its quest to tame inflation late, leaving the central bank little choice other than to slam the brakes on the economy by drastically raising interest rates. “Almost certainly there will be a full-blown recession. If we’re not in one yet, I think we will be in the next … Read more

US weekly jobless claims rise to 260,000 ahead of nonfarm payrolls report

US weekly jobless claims rise to 260,000 ahead of nonfarm payrolls report

Initial claims for unemployment insurance totaled 260,000 last week, near the highest level since November amid a shift in the US labor market. The total for the week ended July 30 was in line with the Dow Jones estimate but a gain of 6,000 from the previous week’s downwardly revised level, the Labor Department reported … Read more

5 things to know before the stock market opens Thursday

5 things to know before the stock market opens Thursday

Here are the most important news items that investors need to start their trading day: 1. Stock futures are flat Traders on the floor of the NYSE, August 1, 2022. Source: NYSE 2. Walmart lays off corporate employees A shopping cart outside a Walmart store in Torrance, California, US, on Sunday, May 15, 2022. Walmart … Read more

Walmart lays off corporate employees after slashing forecast

Walmart lays off corporate employees after slashing forecast

Exterior view of a Walmart store on August 23, 2020 in North Bergen, New Jersey VIEW press | Corbis News | Getty Images walmart confirmed on Wednesday that it has begun to lay off corporate employees about a week after the company slashed its profit outlook and warned consumers had pulled back on discretionary spending … Read more

5 things to know before the stock market opens Wednesday

5 things to know before the stock market opens Wednesday

Here are the most important news items that investors need to start their trading day: 1. Stocks look to shake off back-to-back losses Traders work on the floor of the New York Stock Exchange (NYSE) on July 25, 2022 in New York City. Stocks rose slightly in morning trading as investors weigh the upcoming Federal … Read more

Consumer debt tops $16 trillion as inflation fuels credit card surge

Consumer debt tops $16 trillion as inflation fuels credit card surge

US household debt surpassed $16 trillion for the first time ever during the second quarter, the New York Federal Reserve said Tuesday. Even as borrowing costs surge, the NY Fed said credit card balances increased by $46 billion last quarter. Over the past year, credit card debt has jumped by $100 billion, or 13%, the … Read more

Horror author Stephen King testifies against $2bn Penguin merger | Arts and Culture News

Horror author Stephen King testifies against $2bn Penguin merger |  Arts and Culture News

The proposed deal could see the biggest book publisher, Penguin, take over Simon & Schuster, which is the fourth largest. By Sabrina WillmerBloomberg Published On 2 Aug 2022Aug 2, 2022 Best-selling horror author Stephen King tested against Penguin Random House’s proposed $2.18 billion acquisition of Simon & Schuster, saying it would weaken competition in the … Read more

5 things to know before the stock market opens Tuesday

5 things to know before the stock market opens Tuesday

Here are the most important news items that investors need to start their trading day: 1. Stock futures in the red Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, June 30, 2022. Brendan McDermid | Reuters US stock futures fell Tuesday, as investors worried about inflamed geopolitical … Read more

PerkinElmer, Boeing, Global Payments, Bumble and more

PerkinElmer, Boeing, Global Payments, Bumble and more

Displays outside the Nasdaq MarketSite are pictured as dating app operator Bumble Inc. (BMBL) made its debut on the Nasdaq stock exchange during the company’s IPO in New York City, New York, US, February 11, 2021. mike segar | Reuters Check out the companies making headlines in midday trading Monday. Boeing — Shares of the … Read more

Economist slams Facebook for fact-checking recession post

Economist slams Facebook for fact-checking recession post

A prominent economist has revealed that Facebook placed a fact-checking label on a post asserting that the US has entered a recession, giving it a “partly false” rating as President Biden continues to reject the grim assessment of the economy. Dr. Phillip Magness, the research and education director at the American Institute for Economic Research, … Read more