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August 18, 2022

RECESSION

Oil prices hold steady as recession worries offset lower U.S. stocks

Reuters
An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014. REUTERS/Todd Korol Register now for FREE unlimited access to Reuters.com Register Russia sees 38% rise in energy export earnings – document UK inflation hits double digits for first time since 1982 Saudi Arabia’s......

Homebuyers are backing out of more deals as high mortgage rates persist and recession fears linger

CNBC Real Estate
Contractors work on a home under construction in Antioch, California, on Tuesday, June 14, 2022. David Paul Morris | Bloomberg | Getty Images Rising costs and falling confidence in the U.S. economy are fast becoming a toxic cocktail for the housing market. As a result, a growing number of buyers......

Stocks and oil shaky, dollar firms amid recession fears

Reuters
European stocks edge up 0.1% on mining sector Markets overall subdued amid China growth fears Dollar gains as investors seek safety SINGAPORE/LONDON, Aug 16 (Reuters) – Stock markets struggled for direction on Tuesday as they grappled with worries over global growth, following weak Chinese and U.S. economic data that knocked......

‘Dangerous territory’: Investor Peter Boockvar warns recession is spreading to other parts of economy

CNBC
CNBC – For more and to sign up click here There may be no escape from recession. The latest reports on housing and manufacturing, according to investor Peter Boockvar, suggest it’s rapidly spreading to other parts of the economy. “People are not being sensitive enough to this economic slowdown and......

Goldman sees a ‘feasible but difficult path’ for the Fed to defeat inflation without a recession

CNBC
CNBC – For more and to sign up click here Construction workers outside the Marriner S. Eccles Federal Reserve Building, photographed on Wednesday, July 27, 2022 in Washington, DC. Kent Nishimura | Los Angeles Times | Getty Images The Federal Reserve’s path to bringing down runaway inflation while keeping the......

Homebuilders say U.S. is in a ‘housing recession’ as sentiment turns negative

CNBC Real Estate
A worker drills plywood on a single family home under construction in Lehi, Utah, on Friday, Jan. 7, 2022. George Frey | Bloomberg | Getty Images Builder sentiment in the market for single-family homes fell into negative territory in August, as builders and buyers struggle with higher costs. The National......

Biden’s created our bad new normal, and he’s loving it

NYPost
Post Editorial Board If this is “working,” we’d hate to see “not working.” But we expect no less from the author of our new normal, who’s as divorced from reality on the economy as he is on everything else.  Source – For more click here To Return to the Main......

Ultra-rich fueling sales of luxury brands despite inflation and recession fears

CNBC
CNBC – For more and to sign up click here Prices for food, gas and travel have soared over the past year –  but the rich appear to be shrugging it off and are still fueling sales at luxury companies, where sneakers can go for $1,200 and sports cars easily......

Oil prices on track for weekly gain as recession fears ease

Reuters
A pump is seen at a gas station in Manhattan, New York City, U.S., August 11, 2022. REUTERS/Andrew Kelly Register now for FREE unlimited access to Reuters.com Register MELBOURNE, Aug 12 (Reuters) – Oil prices dipped in early trade on Friday amid uncertainty on the demand outlook based on contrasting......

Danger ahead: The U.S. economy has yet to face its biggest recession challenge

CNBC
CNBC – For more and to sign up click here A person removes the nozel from a pump at a gas station on July 29, 2022 in Arlington, Virginia. Olivier Douliery | AFP | Getty Images You’d be hard-pressed now to find a recession in the rearview mirror. What’s down......

‘Gangbusters’ job growth adds more confusion to recession worries, economists say

CNBC
CNBC – For more and to sign up click here U.S. job growth blew past expectations in July, adding 528,000 jobs and officially reaching the point where we’ve recovered the 22 million jobs lost during the pandemic, according to the Labor Department. The volume of job gains, the largest in......

The jobs report suggests President Biden is right about a recession.

New York Times
The strong jobs report was welcome news for President Biden, who has insisted in recent weeks that the United States is not in recession, even though it has suffered two consecutive quarters of economic contraction. But the report also defied even the president’s own optimistic expectations about the state of......

Is the economy in a recession? ‘What you call it is less relevant,’ says one economist: Here’s ‘what really matters’

CNBC Real Estate
‘We should have an objective definition’ Officially, the NBER defines a recession as “a significant decline in economic activity that is spread across the economy and lasts more than a few months.” In fact, the latest quarterly gross domestic product report, which tracks the overall health of the economy, showed a second......

Elon Musk predicts mild 18-month recession, teases possible share buybacks

CNBC
CNBC – For more and to sign up click here Tesla CEO Elon Musk gestures as he visits the construction site of Tesla’s Gigafactory in Gruenheide near Berlin, Germany, August 13, 2021. Patrick Pleul | Reuters At the Tesla 2022 shareholders’ meeting on Thursday, investors asked CEO Elon Musk how......

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