Consumer sentiment in the United States sunk further as more Americans’ pessimism in the face of stubborn inflation that has driven up costs for basic goods deepens.
The payment are set to arrive to eligible households by July 1.
A recent survey by economists found that many predict a recession in the next year, a sharp contrast to the Biden administration which has played down warnings of a recession.
Stagflation is back in vogue as a term as the U.S. economy stares down the prospect of weak growth and high inflation. As the Fed moves to tighten interest rates, can it ward off stagflation without causing a recession?
The Federal Reserve raised interest rates in the largest rate hike enacted since 1994. The move comes as the U.S. faces rising inflation.
Both vehicle and gas sales significantly impacted May retail sales overall, driving the downturn for the month.
Prices for wholesale goods in the United States charged forward by 10.8% in May from the same time last year, the latest reminder that inflation is continuing to rampage across the economy.
The consensus among Fed watchers is that the FOMC will raise its key Fed Funds rate — a critical short-term rate — by 50 basis points, with some Fed watchers predicting a 75-basis-point hike.
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Stagflation is nothing new to the global economy, which went through two serious stagflation episodes in the second half of the 20th century.
Consumer sentiment in the United States experienced a nosedive as more Americans became pessimistic in the face of stubborn inflation that has driven up costs for basic goods.
Inflation rebounded in May with a 8.6% increase, the highest seen by the United States economy since December 1981. This surge has been driven by runaway energy costs and the rising price of food.
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A recent survey suggests that inflation severely affects personal financial stress and changes consumer spending habits, which is in line with more recent polling on the subject.
A new survey of chief financial officers found that about 73% predicted that a recession would hit the United States economy by the start of 2023.
The strength of the dollar may be temporary.
Thirty-six percent of respondents said they reduced their savings due to inflation.
Surging gas prices and high inflation are forcing Americans to scale back their vacation plans and think twice about where and how they travel this summer.
Demand for mortgages has declined to lows not seen since December 2018 as the market quivers before fears that the U.S. economy is on the brink of a recession.
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Americans reported their lowest confidence in the U.S. economy since the beginning of the COVID-19 pandemic amid rising inflation and a potential recession.
Consumer confidence in the U.S. economy dipped slightly in May as more Americans continue to express pessimism about inflation's toll on business conditions.