By Natalie DeCoste On Tuesday, the U.S. Senate passed one of the largest industrial bills in U.S. history in an effort to ensure that the country remains competitive with China in the tech industry. The bipartisan bill, S.1260, known as the U.S. Innovation and Competition Act, passed by a 68 - 32 vote. The bill was passed to [...]
By Natalie DeCoste Newly appointed head of the Securities and Exchange Commission (SEC) Gary Gensler has announced his intention to tighten rules around corporate insider use to avoid insider trading. During the Wall Street Journal’s CFO Network event, Gensler said he is seeking to revise the rules that regulate arrangements that corporate insiders use known as [...]
The world got a shock in the early hours of Tuesday morning as numerous major websites were hit with internet outages and sent offline. Thousands of government, news, and social media websites around the world experienced about an hour of internet outage linked to U.S.-based cloud company Fastly Inc. Websites including the British government, The [...]
By Natalie DeCoste The Biden administration reported that the estimate of losses on the federal government’s student loan portfolio had increased significantly. The administration reported in its proposed budget for the next fiscal year that losses on the federal government’s student loan portfolio would increase by $53 billion. The new number reflects lower repayment rates [...]
By Natalie DeCoste Consumers are spending more money on products and services as vaccination rates increase and states lift business restrictions across the country. According to the Commerce Department, consumer spending, the biggest source of economic demand in the U.S., rose 0.5% in April after a surge in March. The report showed that personal consumption expenditures (PCE) increased by $80.3 [...]
By Natalie DeCoste Electronics retailer giant Best Buy's earnings for the first fiscal quarter of 2021 showed significant consumer spending on electronics. The company announced its earnings for the 13-week first quarter ending May 1. The report showed that Enterprise Comparable Sales increased 37.2% from the same quarter the previous year. Much of this growth is attributable to the stimulus-fueled [...]
By Natalie DeCoste New U.S. jobless claims have fallen again, continuing a positive downward trend and signaling increasing strength in the labor market. For the week ending May 22, the Department of Labor reported that seasonally adjusted initial claims for joblessness came in at 406,000. This figure is a decrease of 38,000 from the previous week's [...]
By Natalie DeCoste The pandemic hit U.S. consumer confidence hard, but Americans’ faith in the economy began rebounding as vaccination rates have grown. Consumer confidence has taken a slight dip in May but remains near its highest point since the start of the pandemic. On Tuesday, the Conference Board reported that the Consumer Confidence Index [...]
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