By Natalie DeCoste Despite more people getting vaccinated and other signs of economic upturn, jobless claims have unexpectedly risen. Filings for initial jobless claims came in at 412,000 for the week ending June 12, an increase of 37,000 from the previous week’s revised level of 375,000. The claims once again went above the 400,000 mark for the first time [...]
By Natalie DeCoste High home prices may be around longer than expected as a new report from the National Association of Realtors brings to light significant problems in the housing market. The new report from the National Association of Realtors (NAR) was released on Wednesday, titled “Housing is Critical Infrastructure: Social and Economic Benefits of [...]
By Natalie DeCoste One of Big Tech's biggest critics, Lina Khan, has been named the Federal Trade Commission chair by President Joe Biden. Khan's appointment is a signal that the antitrust hammer may be coming down on Big Tech. President Biden announced the decision on June 15 following Khan's confirmation by the Senate earlier that day. [...]
By Natalie DeCoste The Labor Department reported a rapid increase in the rate at which producer prices are rising in its news release for May 2021. The Labor Department reported Tuesday that producer prices rose at their fastest annual rate in nearly 11 years in May. According to the report, there was a 6.6% annual increase in producer prices, [...]
By Natalie DeCoste The annual video game trade show Electronic Entertainment Exhibition, better known as E3, took on a virtual format this year because of the pandemic but still delivered some major news for the gaming industry. E3 was canceled last year due to the pandemic, making this the first E3 since 2019 and raising the stakes [...]
By Natalie DeCoste As inflation and the cost of consumer goods continues to rise, oil prices are at the highest levels they have been in more than two years. Brent was up 73 cents, or 1%, making it $73.42 per barrel, its highest since May 2019. Meanwhile, U.S. West Texas Intermediate gained 75 cents, or 1.1%, bringing [...]
By Natalie DeCoste With many restrictions lifted and businesses reopening, analysts are seeing more signs of economic recovery as total consumer spending continues to climb. The CEO of Bank of America, Brian Moynihan, said Monday that total consumer spending is currently up 20% in comparison to 2019. The value is calculated based on transaction volumes [...]
By Natalie DeCoste Cryptocurrency continues to gain traction in mainstream finance as some workers can now invest their 401(k) in cryptocurrencies. 401(k) provider ForUsAll Inc. will allow workers in plans it provides to invest up to 5% of their 401(k) contributions in bitcoin, ether, litecoin, and up to 50 other cryptocurrencies through a partnership with [...]
By Natalie DeCoste Fears of high inflation are growing as prices for consumer goods are rising at a pace not seen since 2008. The Consumer Price Index (CPI) rose 5% in May from a year earlier, the largest 12-month increase since a 5.4% increase in August 2008. The jump outpaced the 4.7% increase that economists expected. This month's rise is [...]
By Natalie DeCoste A dreaded day has come for burrito lovers. Chipotle has announced that it will be raising its prices across the board. The beloved Mexican fast-food chain announced on June 8 that it would increase the prices of its food by roughly 4% to cover the cost of increased wages for its workers. [...]
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