By Laura Davison From Bloomberg News Nearly 61 percent of U.S households paid no federal income taxes during pandemic-stricken year of 2020, because of declines in income and boosts to government subsidies that wiped away tax liabilities, according to data from the Urban-Brookings Tax Policy Center. The number of households owing nothing came in at…
Hiring Crunch Drags Down Small Business Revenues
Even as large corporations like Target are posting forecast-beating earnings and reporting little difficulty attracting talent, smaller businesses say they’re struggling to hire workers, hurting their bottom line. A new survey by Salesforce (pdf) shows that 53.3 percent of small and medium-sized businesses said staffing issues have been a drag on revenues. For those businesses…
Afghan Central Bank’s $10 Billion Stash Not All Within Reach of Taliban
LONDON/WASHINGTON—The insurgent Taliban took over Afghanistan with astonishing speed, but it appears unlikely that it will prove equally as fast in gaining control of most of the Afghan central bank’s roughly $10 billion in assets. The country’s central bank, Da Afghanistan Bank (DAB), is thought to hold foreign currency, gold, and other treasures in its…
Average New Home Loan Size Hit Record High in July
The average new home loan size rose to a record high in July as the housing supply crunch drove more prospective buyers to turn to newly-built homes, according to the Mortgage Bankers Association (MBA). Even as the number of mortgage applications for new home purchases fell by a seasonally unadjusted 4 percent between June and July, the…
UK Inflation Cools as Clothes Costs Fall but Petrol Hits 8-Year Highs
The UK’s rate of inflation cooled in July to 2 percent, down from near three-year highs of 2.5 percent in June, but was pushed higher by petrol prices hitting highs not seen for nearly eight years. The Office for National Statistics (ONS) said the Consumer Prices Index (CPI) is now in line with the Bank…
Retail Sales Fall In July, Driven by Sharp Drop In Auto Buying
U.S. retail sales fell more than expected in July, dragged down chiefly by weak buying of automobiles as chip shortages continued to squeeze supplies. Retail and food services sales fell 1.1 percent in July, following a revised 0.7 percent gain in June and a 1.7 percent drop in May, according to an advance estimate from…
UK Worker Numbers Rise Further Despite Furlough Support Winding Down
UK worker numbers have rebounded further in July as the labour market recovery continued despite the initial winding down of the furlough scheme, according to official figures. The Office for National Statistics (ONS) revealed that the number of UK workers on payrolls rose by 182,000 between June and July, although at 28.9 million it is…
US Dollar, Yen Gain After Weak China Data, Amid Unrest in Afghanistan
August 16, 2021
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NEW YORK/LONDON—The dollar rose on Aug. 16 against commodity currencies such as the Australian and Canadian dollars, while the safe-haven yen gained at a time of disappointing economic data from China, political tension in Afghanistan, and the spreading Delta virus weighing on risk appetite. The dollar’s gains came after recent losses from a slump in…
Stocks Are Up but Overall Outlook Is Far From Certain
Commentary The biggest news over the past week must include U.S. jobs growth. News of the nearly 1 million more jobs available in a month is certainly exceptional. Before 2020 when the United States achieved historically low unemployment rates, one-fourth or one-fifth of this was regarded as significant. The latest release called the Federal Reserve…
Average US Price of Gas Rises 3 Cents per Gallon to $3.25
CAMARILLO, Calif.—The average U.S. price of regular-grade gasoline jumped 3 cents over the past three weeks, to $3.25 per gallon. Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday that gas prices could stop climbing now that crude oil costs have started to fall. The price at the pump is a dollar higher than…
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