Economic events

Credit card balances jump 13% as inflation outpace wage growth

Wages are rising – but not enough to keep up with the rising cost of living. Although average hourly earnings are up 5.1% from a year ago, prices have been rising faster. The Consumer Price Index, which measures the average change in the prices of consumer goods and services, jumped a higher-than-expected 9.1% in June, …

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4.2 million people quit in June despite recession fears

A slowdown in the labor market is now underway: The number of job vacancies fell in June while near-record numbers of quits and hiring continued, according to the Labor Department’s latest job vacancies and labor turnover summary. The labor market recorded 10.7 million new jobs in June, down from 11.3 million in May but also …

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European markets make a cautious start to August trading; HSBC is up 6%.

LONDON – European stock prices fell on Monday to start the new month, as investors digested a fresh round of corporate earnings. The pan-European Stoxx 600 index partially hovered above the flat line by mid-morning, as banks added 1.9% while construction and materials stocks fell 0.4%. The mixed trade for European stocks comes after the …

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The White House goes on insulting to say that the United States is not in a recession

US President Joe Biden delivers remarks on the Inflation Reduction Act of 2022 at the White House in Washington, US, July 28, 2022. Elisabeth Frantz | Reuters WASHINGTON – The White House responded to negative GDP growth in the second quarter with a full list of events and a well-coordinated message: Despite what everyone says, …

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Here’s what a possible recession might mean for American consumers

Americans want to know: Is this a recession or not? Formally, the National Bureau of Economic Research defines a recession as “a significant decline in economic activity that spreads through the economy and lasts more than a few months.” In fact, the latest quarterly GDP report, which tracks the overall health of the economy, showed …

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Stock futures drop slightly after Fed surge, META stocks fall

Stock futures were slightly lower in overnight trading after markets saw a big rally on Wednesday after another 0.75 percentage point rise from the Federal Reserve. Futures related to the Dow Jones Industrial Average fell 27 points, or 0.08%. S&P 500 futures are down 0.12% and Nasdaq 100 futures are down 0.35%. Shares of Meta …

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It is possible that the US economy barely grew in the last quarter and may have contracted

Shipping containers are seen at a terminal inside the Port of Oakland as an independent truck driver continues to protest a new California law known as AB5, in Oakland, California, July 21, 2022. Carlos Barria | Reuters Economists expect that the economy barely grew in the second quarter, and some predict that it may have …

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Real estate stocks decline in Hong Kong, inflation rises in Australia

SINGAPORE – Hong Kong real estate stocks fell as Asia-Pacific markets were mixed on Wednesday. Inflation is rising in Australia and investors are looking forward to the Federal Reserve’s policy decision. Country Garden Real Estate Co fell 15.05 percent after it said it would raise 2.8 billion Hong Kong dollars ($360 million) by selling 870 …

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