Economy

Travel spending slowing as consumers see ‘a no-win situation,’ analyst says

After more than two years of decreased traffic to dining, travel, and retail locations due to the pandemic, US consumers are back on the go — but at a slower pace than expected a few weeks ago. “Airfares are high, gas prices are high,” Morning Consult Travel & Hospitality Analyst Lindsey Roeschke told Yahoo Finance …

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The US won’t officially be in recession if GDP shrinks again — and here’s why

Since 1948 the US economy has never shrunk for two quarters in a row without a recession being declared, but an exception to the rule could happen soon. Gross domestic product, the official scorecard for the economy, is on track to contract in the recently ended second quarter. GDP also declined at a 1.6% annual …

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Sri Lanka is ‘bankrupt,’ says Prime Minister Ranil Wickremesinghe

Wickremesinghe told lawmakers that negotiations with the International Monetary Fund (IMF) to revive the country’s “collapsed” economy are “difficult,” because the South Asian nation of 22 million has entered the talks as a bankrupt country, rather than a developing one. “We are now participating in the negotiations as a bankrupt country. Therefore, we have to …

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Carter-Era Official Urges Biden to Ax Economic Agenda, Cut National Debt to Fight Inflation

A Carter administration official is offering President Joe Biden a piece of advice to combat inflation: He should abandon what’s left of his economic agenda and focus on reining in the national debt instead to bring down rising prices. “Inflation fighting comes first,” W. Michael Blumenthal, a former treasury secretary for President Jimmy Carter in …

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Upcoming jobs report will be ‘big market mover’: Investment expert

US Bank Wealth Management CIO Eric Freedman explains why he believes more people will return to the workforce within the next few months. US Bank Wealth Management CIO Eric Freedman argued on Tuesday that the jobs report, which will be released on Friday, will be a “big market mover.” Freedman explained on “Mornings with Maria” …

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Biden should chat with Bezos and his billionaire buddies

What do billionaires know about the economy, anyway? Some Democrats have a sneering tone toward the nation’s best entrepreneurs, as if they’re just trust-fund brats popping off on issues they know nothing about. President Biden, for instance, has found himself in a silly sniping contest with Amazon (AMZN) founder Jeff Bezos, who keeps dissing Biden’s …

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