Car repossessions rocketed higher in the first half of the year, a sign of rising consumer distress as the US Federal Reserve weighs interest rate cuts

Car repossessions surged in the first half of the year, reflecting growing consumer financial stress as the US Federal Reserve considers interest rate cuts. In 2024, repossessions have increased by 23% compared to the same period last year, according to Cox Automotive data. The rise in seizures, driven by high

JPMorgan, $JPM, and Citi, $C, now predict the Fed to cut rates by 50 bps in September, 50 bps in November, 25 in December

The Federal Reserve held interest rates steady Wednesday but hinted that it is nearer to easing monetary policy as it cited "some further" progress on inflation and Fed Chair Jerome Powell told reporters a September cut "could be on the table." "We think the time

The Sahm rule that is designed to signal the start of a recession has officially been triggered

The Sahm rule, which is used to indicate the onset of a recession, has officially been triggered. The rule reached 0.5%, meaning the three-month moving average of the unemployment rate is now 0.5% above the lowest point in the past year. Bank of America has provided historical context

Generative A.I. will upend the workforce, McKinsey says, forcing 12 million job switches and automating away 30% of hours worked in the U.S. economy by 2030

Mass unemployment and visions of a future where everyone can pursue their passions instead of traditional careers are often discussed in relation to the impact of generative A.I. While the specifics of how A.I. will reshape the workforce remain open to debate, experts and workers agree that significant

48% of influencers earn less than $15,000 annually

A report by The Wall Street Journal (WSJ) on Monday evening (June 17) delves into the challenges faced by those trying to earn a living through social media content creation. The report highlights the competitive nature of the field, noting data from Goldman Sachs that shows 50 million people currently

The number of Americans filing for jobless claims hit the highest level in a year

The number of Americans applying for unemployment benefits surged to its highest level in a year last week, reflecting ongoing challenges amid a period of elevated interest rates. For the week ending July 27, jobless claims increased by 14,000 to 249,000, up from 235,000 the previous week,

"Your cup of coffee is already expensive. It’s about to get even worse," per Bloomberg

Global coffee drinkers hoping for relief from rising prices are in for a bitter surprise: costs are set to increase further. Both premium arabica beans, preferred by coffee chains like Starbucks Corp., and the more affordable robusta variety have surged in price due to significant supply disruptions in countries like

72% of millennials are concerned they won’t be able to live comfortably and achieve a financially secure retirement

Young people are increasingly prioritizing financial stability over job satisfaction, largely due to years of economic challenges that have led them to focus on earning a steady paycheck and seeking promotions. A global survey of nearly 35,000 workers revealed that millennials are now the least likely to prioritize enjoying

"Immigration is boosting the US economy," per Paul Krugman

Immigration isn't taking jobs from Americans and is actually beneficial for the US economy, according to Nobel laureate Paul Krugman. In a New York Times op-ed, Krugman addressed economic concerns about immigration, citing claims from former President Trump that immigrants have been taking job gains away from native-born

US Senator Cynthia Lummis has introduced the BITCOIN Act to establish a strategic Bitcoin reserve

Senator Cynthia Lummis officially introduced the Bitcoin Strategic Reserve bill, proposing the creation of a reserve fund by the United States government for the decentralized asset Bitcoin. The bill aims to establish a "decentralized network of secure Bitcoin vaults" managed by the United States Treasury. It also mandates

The US Federal Reserve has held interest rates

Federal Reserve Chair Jerome Powell indicated on Wednesday that interest rates might be lowered as early as September if the U.S. economy progresses as anticipated. This decision positions the central bank near the conclusion of a prolonged fight against inflation, spanning over two years, and coincides with the lead-up

The Supreme-Leader of Iran, Ali Khamenei has ordered the Iranian Armed Forces to launch a direct strike against Israel

Iranian Supreme Leader Ayatollah Ali Khamenei ordered a direct strike on Israel during an emergency meeting of Iran’s Supreme National Security Council, according to a report by the New York Times on Wednesday. The order was issued in retaliation for the assassination of Ismail Haniyeh, a leader of the

A U.S. judge has ordered Wells Fargo, $WFC, to face a lawsuit alleging it defrauded shareholders by proclaiming its commitment to hiring diversity, even as it conducted sham job interviews of non-white and female applicants it had no plans to hire

A U.S. judge has ordered Wells Fargo, $WFC, to face a lawsuit alleging it defrauded shareholders by proclaiming its commitment to hiring diversity, even as it conducted sham job interviews of non-white and female applicants it had no plans to hire, per Reuters. A U.S. judge has ruled

Morgan Stanley, $MS, has named Tesla, $TSLA, as its new top pick in the U.S. auto sector, replacing Ford, $F

Morgan Stanley, $MS, has named Tesla, $TSLA, as its new top pick in the U.S. auto sector, replacing Ford, $F. Tesla (TSLA.O) shares surged nearly 6.3% on Monday after Morgan Stanley designated it as the "top pick" in the U.S. automotive sector, replacing Ford

University of Alabama has shuttered DEI offices, joining Texas and Florida schools

Three Alabama universities have shut down their diversity, equity, and inclusion (DEI) offices to comply with a new state law. The University of Alabama (UA) System, which includes the University of Alabama in Tuscaloosa, the University of Alabama at Birmingham, and the University of Alabama in Huntsville, announced on Tuesday

Texas officials say Meta, $META, agrees to $1.4 billion settlement over claims tech giant used biometric data without permission

Meta has agreed to pay a record $1.4 billion to settle a lawsuit with the state of Texas over the unauthorized use of biometric data by Facebook users, according to Texas Attorney General Ken Paxton. The lawsuit, filed by Paxton in February 2022, alleged that Meta collected and used

McDonald's, $MCD, reported a surprise drop in sales worldwide, its first decline in 13 quarters

McDonald's, $MCD, reported a surprise drop in sales worldwide, its first decline in 13 quarters. McDonald's reported a surprising decline in global sales on Monday, marking its first drop in 13 quarters. The decrease is attributed to cost-conscious consumers avoiding higher-priced menu items, such as Big

Short seller Andrew Left, who shorted GameStop, $GME, surrenders on securities fraud charges in L.A., due in court

The Department of Justice announced on Friday that Andrew Left, a securities analyst, trader, and television commentator on networks like CNBC and Fox Business, faces charges of securities fraud. He is charged with one count of engaging in a securities fraud scheme, 17 counts of securities fraud, and one count

39% of homes in the US don't have a mortgage

The current real estate market is heavily favoring the ultra-wealthy, who are making record numbers of all-cash purchases of luxury homes. This trend is occurring in one of the least affordable housing markets in the U.S. in decades, effectively shutting out younger generations from homeownership. It's been

39% of homes in the US don't have a mortgage

The current real estate market is heavily favoring the ultra-wealthy, who are making record numbers of all-cash purchases of luxury homes. This trend is occurring in one of the least affordable housing markets in the U.S. in decades, effectively shutting out younger generations from homeownership. It's been

Chipotle’s, $CMG, CEO has stated there will be plans to “retrain” and “re-coach” restaurant operators who may be skimping out on sizes

Chipotle CEO Brian Niccol announced this week that the company is committed to providing generous and consistent portion sizes across all its locations. This statement came after customers expressed concerns on social media, accusing the fast-casual chain of reducing the amount of ingredients in its popular burrito bowls. "There

Kamala Harris' campaign says it has raised $200 million

Kamala Harris raised $200 million in the week following her endorsement by Joe Biden, her team reported, indicating a surge of enthusiasm for her campaign. According to Harris for President, about 66% of the total donations came from first-time donors, reflecting what the campaign described as "unprecedented grassroots support.

Adults in their prime childbearing years are having fewer kids than the generations before them

Adults in their prime childbearing years are having fewer children than previous generations, with the U.S. fertility rate hitting a record low in 2023. While individual reasons for not having children vary, the rising cost of living is a significant factor for younger generations. According to a new report

The wealthiest 1% holds 49% of stocks, worth $19.73 trillion

The wealthiest 1% holds 49% of stocks, worth $19.73 trillion. Most Americans hold stocks indirectly through mutual funds, index funds, or retirement accounts like a 401(k). A smaller portion directly holds stocks by purchasing individual shares. According to the Federal Reserve, the following data shows how many U.

Millennials are now the least likely to care about finding day-to-day enjoyment from their work

Young people are increasingly prioritizing financial stability over job satisfaction, largely due to years of economic challenges that have led them to focus on earning a steady paycheck and seeking promotions. A global survey of nearly 35,000 workers revealed that millennials are now the least likely to prioritize enjoying