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Economy

“From housing to energy to food, US inflation picks up…”

“…Thursday’s report from the Labor Department showed that overall prices rose 0.3% from November and 3.4% from 12 months earlier. Those gains exceeded the previous 0.1% monthly rise and the 3.1% annual inflation in November and were slightly above economists’… Continue Reading…

Economy

“Layoffs soared 98% in 2023 with employers in cost-cutting mode”

“…In 2023, companies planned 721,677 job cuts, a 98% jump from 2022, according to a new report from professional outplacement firm Challenger, Gray, and Christmas. The number marks the highest annual total since 2020. The year included several high-profile tech layoffs from… Continue Reading…

Economy, Personal Finance

“The “American Dream” costs far more than most people will earn over their lifetime”

“The “American Dream” costs about $3.4 million to achieve over the course of a lifetime, from getting married to saving for retirement, according to a recent analysis from financial site Investopedia. Meanwhile, median lifetime earnings for the typical U.S. worker stand at $1.7… Continue Reading…

Economy

“Canada’s surging cost of living fuels reverse immigration”

“The dream of making it big in Canada is turning into a battle for survival for many immigrants due to the high cost of living and rental shortages, as rising emigration numbers hint at newcomers being forced to turn their… Continue Reading…

Economy

“Washington blinks as debt costs begin to bite”

“…“If interest rates basically stay at their current levels, interest will be the second-largest government program in two years,” said Marc Goldwein, senior policy director at the Committee for a Responsible Federal Budget. “Only Social Security will be larger.” Voters… Continue Reading…

Business

“Ford to scale back plans for $3.5 billion Michigan battery plant as EV demand disappoints, labor costs rise”

“Ford Motor is scaling back plans for a $3.5 billion battery plant in Michigan as consumers shift to electric vehicles more slowly than expected, labor costs rise and the company moves to cut costs…” https://www.cnbc.com/2023/11/21/ford-scales-back-ev-battery-plant-in-michigan.html Ford sees the writing on the… Continue Reading…

Stocks

“Virgin Galactic stock surges 30% after announcing plan for cost savings”

“Virgin Galactic plans to pause spaceflight operations next year to focus resources on developing its next-generation Delta-class spacecraft, the company announced Wednesday. Shares of Virgin Galactic surged as much as 30% in heavy trading volume on Thursday from its previous close… Continue Reading…

Business

“Intel closes up 9% after earnings beat shows progress toward $3 billion in cost savings”

“Intel stock closed up 9.3% on Friday after the company beat Wall Street expectations for profit and sales. On Thursday, the chipmaker reported earnings per share of 41 cents, adjusted, versus the LSEG estimate of 22 cents. It posted $14.16 billion in revenue… Continue Reading…

Business, Economy

“Shrink and theft losses near $1 billion at Lowe’s — here’s how much they’re costing other retailers”

“Generally, the inventory losses are only a small fraction of the retailers’ net sales. They also pale in comparison to other factors squeezing margins, such as excessive discounting and promotions, according to a CNBC analysis of their balance sheets. While… Continue Reading…

Economy, Real Estate

“‘Cost of owning crisis’ as 50,000 fall into negative equity”

“Homeowners are facing a “cost of owning crisis” as rapidly falling house prices push tens of thousands into negative equity. The National Institute of Economic and Social Research (Niesr) said August’s sharp drop in house prices meant that 50,000 people had fallen into this predicament… Continue Reading…