Economy Archives - Page 10 of 17

White House: Americans Who Think We’re in a Recession Are Actually Just Confused

Americans who believe that the United States is in a recession are just confused, according to White House economic adviser Jared Bernstein. Bernstein claims that Americans who think the country has fallen into a recession are basically confused about the source of their economic pain. The top economic adviser to…

Inflation Forces 45% of Americans to Cut Groceries Spending, Poll Shows

The squeeze from inflation in the United States is forcing a huge percentage of Americans to cut back on their spending on groceries, according to a new poll. A recent survey from Suffolk University/USA TODAY (pdf) reveals that 45.3 percent of Americans have had to cut back their spending on…

Janet Yellen Denies US Economy Is in Recession despite Recessionary GDP Numbers

Treasury Secretary Janet Yellen has doubled down on the Biden administration’s view that America’s economy has not, in fact, fallen into a recession, despite the White House's own economic data proving otherwise. On Thursday, the Bureau of Economic Analysis (BEA) released data showing the U.S. economy met the rule-of-thumb definition…

Wealthy Joy Behar Tells Americans Not to Worry About Biden’s Recession: ‘Inflation Comes and Goes’

Joy Behar and her co-hosts on "The View" have tried to downplay Democrat President Joe Biden’s recession after the White House released data that showed two consecutive quarters of negative growth. The hosts were joined on the show by White House Press Secretary Karine Jean-Pierre. Jean-Pierre claimed that the latest…

U.S Economy Crashes into Contraction for First Time Since 2020

The United States economy has suffered a major downturn in July, crashing into contraction for the first time since the impact of the pandemic hit in 2020. The downturn has been led by a crash in service sector activity and a decline in manufacturing production. The plummet was revealed in…

Morgan Stanley Warns Bear Market ‘Not Over,’ Even If We Avoid Recession

American multinational investment bank Morgan Stanley has warned that the current bear market is "not over" amid recent positive signals. A brief bounce back in the stock market may be short-lived amid chronic inflation, according to analysts at Morgan Stanley and Goldman Sachs Group, Inc. The likelihood of a recession being on…

Retail Sales Rose in June but Down When Inflation Taken into Account

Retail sales in the United States saw a 1 percent rise in June but were down when the impact of inflation is taken into account. The change is largely due to higher prices for food and gas, led by inflation and not sales volumes. The news was revealed by the…

Economist Who Correctly Predicted Inflation Is Now Predicting More to Come

The economist who correctly predicted today's inflation is now warning that there's more to come. Hundreds of economists employed by the Federal Reserve were apparently blindsided by the current wave of inflation. Meanwhile, there were economists who got their predictions right. Not only have they got the overall inflation number…

Biden’s Inflation-Tackling Just ‘Theater,’ Top Republican on Ways and Means Committee Warns

The top Republican on the House Ways and Means Committee has warned that Democrat President Joe Biden’s efforts to tame soaring inflation are nothing more than a “political gimmick” and “theater.” Rep. Kevin Brady (R-TX), the Republican Leader on the House Committee on Ways and Means, argues that Biden's proposals—like rolling…

Bank of England Warns Lenders to Prepare for Coming Economic Storm

The Bank of England has issued a warning to lenders to prepare for a coming economic storm. In a warning Tuesday, the bank asserted that the global economic outlook has "deteriorated markedly." International institutions, such as the International Monetary Fund (IMF) and Organisation for Economic Co-operation and Development (OECD), say…