Check out what’s clicked on FoxBusiness.com. President Biden said the United States has “never seen anything like Putin’s tax on both food and gas,” after the Labor Department announced on Friday that inflation hit a four-decade high in May. The Labor Department said Friday that the Consumer Price Index, a broad measure of the prices … Read more
Placeholder while loading article actions happy Friday! Below: The National Labor Relations Board rejects Amazon’s request to hold a hearing behind closed doors, and bipartisan semiconductor legislation faces an obstacle. Or not: Pelosi fears tech giants will exploit wrinkles in China’s competition bill, sources For weeks, consumer advocates have sounded the alarm that the trade … Read more
China’s business class is wrestling with it worst economic recession For decades, the government’s zero-Covid policy has shut down cities and kept potential clients at home. However, they don’t seem to agree on how high the complaint is — or even whether they should at all. A tech entrepreneur wrote in a large group chat … Read more
Stocks fell sharply on Thursday ahead of the release of a key inflation report as investors are concerned about the state of the US economy. The Dow Jones Industrial Average fell 638.11 points, or 1.94%, to close at 32,272.79 points. The S&P 500 fell 2.38% to settle at 4017.82, and the Nasdaq Composite fell 2.75% … Read more
Gasoline is approaching the $5 a gallon average across the United States, but while consumers are feeling the pain, prices haven’t yet reached the level that would push the economy into recession, economists said. Where this breaking point price lies is unclear. Some suggest that it may not be gasoline alone that would send the … Read more
Placeholder while loading article actions Most Americans expect inflation Things are only going to get worse next year and are adjusting spending habits in response to higher prices, according to Poll conducted by The Washington Post and George Mason University’s Schar School of Politics and Government. Inflation, which is approaching its highest levels in 40 … Read more
Fintech investment is slowing as concerns about rising inflation and the possibility of higher interest rates dampen economic sentiment. Elena Novello | moment | Getty Images AMSTERDAM – Fintech companies are halting initial public offering plans and slashing expenses as fears of an impending recession are causing a shift in investors’ view of the market. … Read more
A Social Security Administration official said seniors and others who depend on the benefits program are likely to receive a cost-of-living adjustment “closer to 8%” at the end of 2022 due to the current inflation rate, the highest in four decades. This increase would represent the largest cost-of-living adjustment, or COLA, since 1981. The average … Read more
The governor of Luhansk says that Severodonetsk is largely under the control of Russian forces. Ukrainian President Volodymyr Zelensky claimed that the city’s defenders were inflicting heavy losses on Russian forces. Russia and Turkey have expressed support for a safe passage in the Black Sea to allow Ukraine’s grain exports, but Kyiv has rejected the … Read more
Washington (AFP) – stagflation. It was the dreaded “bad word” of the ’70s. For Americans of a certain age, it evokes memories of the agonizing long queues at gas stations, shuttered factories, and President Gerald Ford’s so much derided “whip swell now” buttons. Stagflation is the most bitter economic pill: high inflation mixes with a … Read more
