The world’s second largest economy reported shocking drops in retail sales and factory production, widely missing market expectations. Retail sales contracted 11.1% in April from a year ago, according to China’s National Bureau of Statistics on Monday. That was well below the 6.1% drop forecast in a Reuters survey of economists, and also much lower…
Tag: Economy
US pilot shortage forces airlines to cut flights, scramble for solutions
Airline pilots walk through the Ronald Reagan Washington National Airport on December 27, 2021 in Arlington, Virginia. Anna Moneymaker | Getty Images The United States is facing its worst pilot shortage in recent memory, forcing airlines to cut flights just as travelers are returning after more than two years of the Covid-19 pandemic. The crisis…
The SEC climate change rule sidesteps Congress and voters
The Securities and Exchange Commission’s recently proposed rule is so complex and far-reaching it could reorient the entire US financial system into one that prioritizes climate change over financial soundness. The rule risks turning the SEC into a quasi-environmental agency in which climate “experts” have greater influence than financial regulators focused on preventing fraud and…
Book Review: Billions: How a Gang of Wall Street Renegades Invented the Index Fund and Changed Finance Forever by Robin Wigglesworth
In Billions: How a Gang of Wall Street Renegades Invented the Index Fund and Changed Finance Forever, robin wigglesworth explores the rise of the index fund as an invention unlike any other in recent financial history. Taking the reader on a road trip through the history of financial markets, this readable book will be enjoyed…
Corporate America is tightening its belt
Companies are shedding workers as they adjust to a new post-pandemic normal. Why it matters: The upper hand that workers have gained over the past two years may be on the verge of weakening as economic uncertainty sets in. Catch-up quick: Used car dealer Carvana this week laid off 12% of its employees due to…
Personal finance education is gaining momentum across the US
Nine-year-old student Roberto Nieves Fernandez studies personal finance topics on his laptop using online resource center SmartPath. SMARTPATH More states are requiring students to take personal finance education courses before they graduate high school. There are currently 23 states that mandate a personal finance course for students, according to the 2022 Survey of the States…
California lays out plan to drastically cut fossil fuel use
SACRAMENTO, Calif. (AP) — New homes built in California starting in 2026 need to be powered by all-electric furnaces, stoves and other appliances if California is to meet its ambitious climate change goals over the next two decades, according to a state pollution-reduction plan released Tuesday. The roadmap by the California Air Resources Board sets…
Gas prices hit record high, analysts say ‘get used’ to it
The ongoing pain at the pump for Americans is getting even more brutal Friday — as gas prices reached a new record high. The national average for a gallon of regular increased to $4,432, according to AAA figures. That eclipses the previous all-time high set in mid-March when filling up tanks set drivers back an…
Senate confirms Powell for 2nd term as Fed fights inflation
WASHINGTON (AP) — The Senate on Thursday confirmed Jerome Powell for a second four-year term as Federal Reserve chair, giving bipartisan backing to Powell’s high-stakes efforts to curb the highest inflation in four decades. The 80-19 vote reflected broad support in Congress for the Fed’s drive to combat surging prices through a series of sharp…
Valiot’s AI Manufacturing Tech Promises Growth in Texas
AUSTIN, Texas, May 12, 2022 (GLOBE NEWSWIRE) — Valiot leaders and Texas government officials alike see the company’s AI-based value chain-oriented software as one that will bolster state growth, reshoring, and its overall GDP. Valiot CEO Federico Crespo and other members of his team met with Texas Secretary of State John Scott at the Texas…