Deputy Secretary of Labor Julie Su said she was optimistic the economy will rebound, citing 9 million jobs created since President Joe Biden took office, and 372,000 new jobs in June. In an interview with the Washington Post last month, U.S. House Democrats earlier this month passed an ambitious piece of legislation, after hours of debate, aimed at curbing inflation, sending the $437 billion Inflation Reduction Act to President Joe Biden, who signed it on Monday. The latest report from the Bureau of Labor Statistics revealed an 8.5% spike in inflation from last July, a sign that the Federal Reserve’s interest rate hikes could be cooling inflation, one month after a 9.1% year-over-year spike in June. Then, over the past month, warning signs seemed to be tapering off. Bank of America issued a warning last month that “economic momentum has faded,” and a “mild recession” is possible by the end of the year. After the rate hike - the first of two from the Federal Reserve this summer - economists at S&P Global Ratings forecast a 2.4% drop in GDP by year’s end, a reverse in course from earlier forecasts of 2.4% growth. Those fears were reignited following Federal Reserve’s announcement in June to raise interest rates by 75 basis points, its largest rate hike in 28 years. may be headed toward recession following reports the economy contracted 1.6% in the first quarter of the year. May 21, 2022Used car seller Carvana CEO Ernie Garcia III sent an email to 2,500 employees - 12% of the company’s workforce - informing them they had lost their jobs, one week after freezing new hiring, as the company embraced for what looked like a looming recession in car sales, and reports of a “spendthrift” business style had come back to bite the company.
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