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☆ We thought we avoided recession. Turns out we're not in the clear yet.
▼ + stars: | 2023-10-01 | by ( Cork Gaines | ) www.businessinsider.com time to read: +6 min

The US economy showed signs of a soft landing this summer. In September, the Federal Reserve buoyed those hopes by keeping interest rates unchanged for the first time since the first quarter of 2022. At the start of the rate increase, many borrowers, such as existing homeowners, had low mortgage interest rates locked in. As the economist David Rosenberg says, it typically takes six months for a recession to hit the economy after interest rates increase by this much. AdvertisementAdvertisementAnd while Powell said a soft landing is "possible," he also warned that it could be decided by factors "outside our control."

Persons: —, Taylor, Oppenheimer, Morgan, David Rosenberg, Eric Thayer, Janet Yellen, Jerome Powell, Powell Organizations: Service, National Association of Business Economics, Bank of America, Federal Reserve, JPMorgan, Costco, Bloomberg, Gas Locations: Monterey Park , California

☆ The US consumer is starting to crack
▼ + stars: | 2023-09-28 | by ( Cork Gaines | ) www.businessinsider.com time to read: +6 min

AdvertisementAdvertisementEven as interest rates skyrocketed over the past 18 months, a good job market and strong consumer spending kept the US economy moving. However, there are growing signs that the strength of the US consumer is starting to crack. Earlier this month, the Fed kept interest rates unchanged, as expected. At the start of the rate increase, borrowers, like existing homeowners, had low mortgage interest rates locked in. Even dollar stores are starting to feel the pressure of more measured spending after initially benefitting from inflation as wealthier people looked for more value.

Persons: —, Morgan Stanley, It'll, Jerome Powell, Powell, David Rosenberg Organizations: Service, Federal Reserve, San Francisco Fed, United Auto Workers, National Association of Business Economics, Bank of America, Conference Board, JPMorgan, Bloomberg, Costco Locations: Michigan

☆ Taylor Swift helped lift the US economy this summer with her Eras Tour — she can't get back to the states soon enough
▼ + stars: | 2023-09-17 | by ( Cork Gaines | ) www.businessinsider.com time to read: +7 min

After five months and 53 shows, the economic impact of Swift's "The Eras Tour" was monumental and non-stop. Consider the following:"Taylor Swift's 'Eras' tour is rewriting the playbook of entertainment economics," Chris Leyden, director of growth marketing at SeatGeek told CNN. "It's no surprise that people are flocking to this Eras Tour experience in what is increasingly an otherwise digital environment we live in." AdvertisementAdvertisementOne Swiftie who spoke with Insider called their "Eras Tour" trip "a little bit concert, a little bit vacation." — Taylor Swift, who is releasing a film version of "The Eras Tour."

Persons: Taylor Swift, Swift, Taylor, Chris Leyden, SeatGeek, She's, —, Omar Vega, Alice Enders, Grace Smith, Andrew Heilmann, Robert Douglas, Cork, Oppenheimer, Klaus Vedfelt Piper, Nancy Lazar, Lazar, Barbie, — Taylor Swift, Charlie Harding Organizations: Service, CNN, Bloomberg News, Enders Analysis, World Trade Organization, MediaNews, Denver, Getty, Moody's, Cork Gaines, Bloomberg, Global, Fox News Digital, WGA Locations: Wall, Silicon, Arlington , Texas, LA, —, Hollywood

☆ The economy's safety net is about to disappear thanks to an oncoming perfect storm
▼ + stars: | 2023-09-13 | by ( Cork Gaines | ) www.businessinsider.com time to read: +5 min

Consumer spending held up the US economy even as many worried about the prospect of a recession. Even as interest rates skyrocketed over the past 18 months, strong consumer spending kept the US economy moving. Higher rates start to biteLet's start with interest rates. Credit-card debt, in contrast, tends to move up and down with interest rates. That COVID cash stockpile helped support the economy despite rising interest rates and historically high inflation.

Persons: Barbie, Taylor Swift, David Rosenberg, Rosenberg, Morgan Stanley, Janet Yellen, Yellen, John David Rainey, Jamie Dimon, Dimon, We've, Piper, Nancy Lazar, Lazar Organizations: Service, Bloomberg, Federal Reserve, Credit, Federal Reserve Bank of New, CNBC, San Francisco Fed, Walmart, Fox News Digital Locations: Wall, Silicon, Federal Reserve Bank of New York, Ukraine

☆ Nikki Haley says America's retirement age is 'way too low' and needs to be increased, while also calling on cognitive tests for politicians over 75
▼ + stars: | 2023-08-25 | by ( Madison Hall | ) www.businessinsider.com time to read: +3 min

Nikki Haley, a Republican presidential candidate, said she wants to up the full retirement age. She proposed increasing the full retirement age for "people like my kids in their twenties." Asked by Joe Mathieu what is the "right age" she'd propose, Haley didn't have an exact answer but said that "65 is way too low" and needs to be increased in relation to the average US lifespan. While she mentioned 65 as too low, Congress upped the full retirement age in 1983 to 67 years old for anyone born in 1960 or later. According to a Quinnipiac poll from March 2023, nearly 80% of respondents opposed upping the retirement age even three years to 70 years old.

Persons: Nikki Haley, Haley, who's, they're, Joe Mathieu, she'd, Haley didn't, she's, Joe Biden, Donald Trump, Trump Organizations: Republican, Service, Bloomberg Markets, Security, Social Security, Democratic Locations: Wall, Silicon, Milwaukee, Quinnipiac, Montreal

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