The United Auto Workers (UAW) union has expressed concerns that government benefits given to major automakers for producing electric vehicles stay on the companies’ boards and do not reach workers’ wages. In a video posted on July 5, UAW President Shawn Fain said “the Big Three automakers—Ford, General Motors, and Stellantis—are taking billions of dollars…
Auto Union Says Workers Are Not Seeing Wage Increase Despite EV Government Benefits
Auto Union Says Workers Aren’t Seeing Higher Wages Despite EV Government Benefits
The United Auto Workers (UAW) union has expressed concern that U.S. government subsidies that have been steered to major automakers for producing electric vehicles haven’t improved workers’ wages. “The Big Three automakers—Ford, General Motors, and Stellantis—are taking billions of dollars in government subsidies to go electric, but those benefits aren’t trickling down to UAW members,” UAW…
US Tech Stock Valuations Highest Since 1990s’ Dot-Com Bubble: Bernstein
The valuations of American technology firms have risen to their highest level since the dot-com bubble in the late 1990s, driven by investor interest in artificial intelligence (AI) technologies, warned wealth management firm Bernstein. The stock prices of tech companies rose by 38 percent in the first half of 2023, which is the best performance…
The Fed’s Conundrum Continues: How Many More Rate Rises?
July 10, 2023
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Business & MarketsBusiness Columnistseconomic policieseconomyFederal Reserveinflationinterest ratesOpinionrecessionUSViewpoints
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Commentary We’re squarely in the dog days of summer, which in Hellenistic astrology is connected to bad luck, lethargy, and, of course, hot and humid weather. These are the days when economists and market watchers would love to shut down and go away for the summer. But for Chair Jerome Powell and the U.S. Federal…
Wall Street Starts New Week Lower Ahead of Inflation Data
Wall Street’s main indexes opened slightly lower on Monday as investors stayed cautious ahead of a key inflation report, while weak data out of China fanned worries of a looming economic slowdown. The Dow Jones Industrial Average fell 29.20 points, or 0.09 percent, at the open to 33,705.68. The S&P 500 opened lower by 4.72…
US Consumers Are Suffering in a Less Than Robust Economy
Commentary Keynesian policies are damaging what they were intended to support. No example is more evident than what’s occurring in the United States. A few years ago, in 2021, I had a conversation with the economist Judy Shelton wherein she said that the recovery would be much stronger without the stimulus package, and she was…
Dollar Recovers a Touch, Inflation Data Boosts Norway’s Crown, Hurts China’s Yuan
SINGAPORE/LONDON—The dollar regained ground on Monday, partly recovering from a knee-jerk reaction to Friday data showing U.S. job gains were the smallest in two-and-a-half years, while disappointing inflation figures in China weighed on the yuan and proxies. The dollar index, which tracks the greenback against a basket of major peers, was up 0.15 percent at…
Oil Eases on China, US Data, but OPEC+ Cuts Limit Fall
LONDON—Oil prices dipped on Monday after weak economic data from top consumers the United States and China, although expected crude supply cuts from Saudi Arabia and Russia limited losses. Brent crude futures fell 40 cents, or 0.5 percent, to $78.07 a barrel by 1005 GMT, and U.S. West Texas Intermediate crude was also off 40…
Stocks Take a Breath While Bonds Choke on China Disinflation Drag
July 10, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON/SYDNEY—Global stocks took a breath on Monday after a surprisingly low reading on Chinese inflation and ahead of data on U.S. inflation and corporate earnings later in the week. The pan-European STOXX 600 index rose 0.1 percent by 0840 GMT while US stock S&P futures declined 0.2 percent and Nasdaq futures fell by 0.3 percent….
Treasury Secretary Says US Recession ‘Not Completely Off the Table’
Treasury Secretary Janet Yellen said that a U.S. recession is still “not completely off the table” in the near future, but she claimed the country is on the right path in bringing down decades-high inflation. “It’s not completely off the table,” Ms. Yellen told CBS News’ “Face the Nation” on Sunday about a possible recession…
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