Category: #Economy
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48,000 University of California staff strike in the largest higher education strike in US history
The largest strike in the US since 2019 is currently underway across University of California campuses. 48,000 teaching assistants, postdocs, researchers and graders on the…
Mortgage applications plummet 14% as higher interest rates and Hurricane Ian crush demand
The highest mortgage rates in more than 20 years coincided with one of the deadliest hurricanes on record in the United States, both contributing to…
Jay Powell takes on the world
Federal Reserve Chair Jerome Powell is waging a relentless battle against inflation that threatens to leave a path of destruction on the global economy in…
Fears of Fed-induced pain grow, from global recession to deflation
The Federal Reserve is poised to deploy another supersized interest rate hike to fight the sharpest price surge in 40 years, a move that has…
Mortgage demand rises for the first time in six weeks despite sharply higher interest rates
Mortgage application volume increased last week for the first time in six weeks, according to the Mortgage Bankers Association, despite a rise in interest Source:…
The Fed Is Getting Even Tougher on Inflation. Here’s What To Watch First.
In August, central bankers and economic pundits from around the world descended on Jackson, Wyo., to hear the keynote speech at the Federal Reserve’s annual…
Covid caused huge shortages in US labor market, study shows
At least 500,000 people have permanently disappeared from the workforce, analysis says Research into the lingering effects of Covid-19 on the US workforce has confirmed…
Vietnam’s ‘unjust’ energy transition
The country is silencing those pushing the government to move faster towards clean energy. That’s a recipe for disaster. Source: https://www.aljazeera.com/opinions/2022/9/8/vietnams-unjust-energy-transition Droolin’ Dog sniffed out…
US farmers face plague of pests as global heating raises soil temperatures
Milder winters could threaten crop yields as plant-eating insects spread northwards and become more voracious, researchers say Agricultural pests that devour key food crops are…
Corporations, capitalism and conceptions of the self
What is capitalism? What is a corporation? What is the relationship between one’s desires for consumption, capitalist notions of the individual self, and the power…
Price controls are back
The inflation, energy and security shocks walloping the world economy are driving a kind of government intervention in markets last seen in the 1970s. Why…
Gas prices soar and pound and euro fall as Russia shuts Nord Stream pipeline
European countries scramble to store as much gas as possible before winter as they brace for shortages Gas prices surged on Monday and the pound…
G7 countries agree plan to impose price cap on Russian oil
Aim is to cut revenues for Moscow’s war in Ukraine but keep crude flowing to avoid price rises Russia-Ukraine war – latest updates The G7…
The Newest Drought Victim in Texas: Cotton
As droughts continue to sweep across the United States, Texas is in a precarious position. The state’s incredibly dry conditions are taking a toll on…
A US Freight Rail Crisis Threatens More Supply-Chain Chaos
Federal regulators and the White House have been scrambling to prevent poor service and a possible strike from jamming up a vital but often overlooked…
Warren ‘very worried’ the Fed will cause a recession
Sen. Elizabeth Warren expressed clear concern Sunday about the Federal Reserve’s push to counter inflation on CNN’s “State of the Union.” “What’s worse than high…
Gas prices are down, but Biden’s problem at the pump isn’t going away
As the Biden administration publicly promotes falling gas prices, behind the scenes, White House officials worry prices could rise again. Source: https://www.nbcnews.com/politics/white-house/gas-prices-are-bidens-problem-pump-isnt-going-away-rcna43810 Droolin’ Dog sniffed…
UK inflation hits 10.1%, driven by soaring food and fuel prices
ONS July figure shows further increase from 9.4% in June – rising to highest level since 1982 Analysis: A 13% peak for UK inflation looks…
Argentina hikes rate to 69.5% as inflation surges to 30-year high
Consumer prices soared 71 percent in July compared to a year ago, the government said on Thursday. Source: https://www.aljazeera.com/economy/2022/8/11/argentina-hikes-rate-to-69-5-as-inflation-surges-to-30-year-high Droolin’ Dog sniffed out this story…
Consumer prices rose by 8.5% year over year in July as the summer of inflation wears on
Inflation reached 8.5% in July, compared with a 40-year high of 9.1% in June, providing a measure of relief to consumers as gas prices fall. Source:…
U.S. employers added 528,000 jobs; unemployment falls to 3.5%
America’s hiring boom continued last month as employers added a surprising 528,000 jobs despite raging inflation and rising anxiety about a recession. July’s hiring was…
Home prices cooled at a record pace in June, according to housing data firm
Rising mortgage rates and inflation in the wider economy caused housing demand to drop sharply in June, forcing home prices to cool down. Source: https://www.nbcnews.com/business/real-estate/home-prices-cooled-record-june-according-housing-data-firm-rcna40903…
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