Economy Archives - Slay News

US Consumer Sentiment Falls to Near 10-Year Low in May

Consumer sentiment in the United States has fallen to an almost ten-year low in May, new data reveals. The drop was revealed in the final May edition of the University of Michigan’s Sentiment Survey, which was released on May 27. The index fell from 65.2 in April to 59.1 in…

Fed Study Reveals How Long Americans Expect Soaring Inflation to Persist

A New York Fed study has revealed how much longer Americans expect to keep suffering from soaring inflation. The Fed's research paper says U.S. consumers expect no relief from high prices in the near term. Analysts believe that the current bout of booming inflation will keep percolating for the next…

Twitter to Pay $150 Million for Improperly Selling Users’ Private Data

Social media giant Twitter has agreed to pay $150 million after it was caught improperly selling users' private information. The company is accused of selling the data of users to target advertising, without having informed them. The Justice Department and the Federal Trade Commission (FTC) announced the settlement. If approved…

Germany Narrowly Avoids Recession as Pandemic, Ukraine Invasion Weigh Heavily on Economy

Germany has narrowly avoided a recession in the first quarter as its economy comes under increasing pressure from the Ukraine invasion and the lingering impact of the pandemic. The war and the effects of pandemic restrictions are weighing on German economic activity. However, Europe’s biggest economy still managed to eke…

Report Reveals Inflation’s Growing Impact on Dining Habits

Soaring inflation is having a direct impact on people's dining habits, a new report has revealed. The report, from marketing insights firm Acosta, shows that consumers are feeling the bite of inflation. People are responding by dining out less or choosing more affordable restaurants and meal options. In its foodservice-specific…

Gas Price Jumps 33 Cents in 2 Weeks, Analysts Warn of $6 per Gallon by August

As the average gas price continues to soar in the United States, analysts are now warning that Americans could be paying $6 per gallon by August. According to the Lundberg Survey, the average price of regular-grade gasoline spiked 33 cents over the past two weeks to $4.71 per gallon. On…

Apple Projects Billions in Lost Revenue over Supply Constraints from China Due to Lockdowns

Apple is projecting billions in lost revenue to the supply constraints placed on the company during strict lockdowns in China. The Chinese Communist Party’s strict COVID-19 control policies have significantly limited Apple’s consumer product output, according to one of its suppliers. In April, Apple predicted that supply constraints would cost the…

Russia Shuts Down All Gas Exports to Finland

Russia has shut down all gas exports to neighboring Finland after the Nordic country refused to pay for Russian gas supplies in roubles. The Russian government announced the cut-off on Saturday, just days after Finland announced it is applying to join the North Atlantic Treaty Organization (NATO). On Friday, the Russian…

UK Consumer Confidence Hits Lowest Level since Records Began

Confidence among UK consumers has hit the lowest level since records began nearly five decades ago, according to a new report. The worrying drop in consumer confidence was revaled by business intelligence firm Growth from Knowledge (GfK). GfK’s long-running Consumer Confidence Index decreased two points to minus 40 in May.…

Wells Fargo CEO Warns Worst Is Yet to Come for Americans: ‘No Question’

The CEO of Wells Fargo Charles Scharf has warned that there's "no question" that life is going to get far harder for many Americans before it gets better. During a Wall Street Journal event this week, Scharf warned that the U.S. economy is about to get far worse. “It’s going…