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But how big will the ball be when it comes to its success and the impact on Las Vegas tourism? "If they can sell tickets for $100 during the day in Las Vegas, it could be a big success. The Las Vegas Sphere dressed as a jack-o'-lantern. Tickets for The Sphere Experience start at $90 each and go up to $250 for the best seats. For The Sphere Experience, there are three shows on most Mondays, Tuesdays, and Thursdays, with four on Sundays.
Persons: Darren Aronofsky, , Charles Bobrinskoy, Ariel Investments —, John Rogers, Bobrinskoy, Kevin Mazur, Taylor Swift Organizations: Las Vegas, Service, of, Ariel, Anadolu Agency, Getty, Bloomberg, Costco Locations: Las, Las Vegas
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
During the pandemic, more people with higher incomes started shopping at dollar stores. They keep shopping in dollar stores, but they spend more time in the aisles with the most important products. In mid-2022, both Dollar General and Dollar Tree reported increased sales and noticed a rise in high-income customers. But now, in addition to lower sales, Dollar General is dealing with an overflow of inventory. Alex Bitter/InsiderOther businesses benefited from inflationThis recent surge in wealthier customers is not limited to just dollar stores.
Persons: , Jeff Owen, Owen, Justin Sullivan, Mike Witynski, Witynski, General's, Todd Vasos, Alex Bitter, Chipotle Organizations: Shoppers, Service, Dollar, Wall Street, Wall Street Journal, CNN, Walmart
Rumors had been circulating that Taylor Swift was dating Kansas City Chiefs star Travis Kelce. Swift attended a Chiefs game on Sunday and left a huge impact on the NFL. Swift made a somewhat surprising visit to a Kansas City Chiefs game on September 24 as the guest of star tight end Travis Kelce. A Kansas City Chiefs fan holds up a sign asking if Taylor Swift is at the game. Maybe they just needed three hours of Taylor Swift in the stands.
Persons: Taylor Swift, Travis Kelce, Swift, , Taylor, Jason Hanna, Usher, Barnaby Lane, Kelce Organizations: Kansas City Chiefs, Chiefs, NFL, Service, Associated Press, Super, ESPN, Marketing Locations: Europe, London, Germany, Brazil, Spain
International tourism to China is still well below pre-pandemic levels. Tourism is one of several economic woes in China that could spill over into the global economy. Now add another problem — China's tourism industry is struggling to recover from the pandemic. AdvertisementAdvertisementThe China Tourism Association noted in May that "the number of visitors from Europe, America, Japan and Korea are all dropping, substantially," The Japan Times reported. China's problems could spill over into the global economyTrouble for China's economy could mean more bad news for the rest of the world.
Persons: , Fan Lei, Taylor, Grace Smith, Janet Yellen, Joe Biden, Tourism hasn't, They're Organizations: Tourism, Service, Street Journal, China Tourism Association, Japan Times, Tourists, Forbidden, US State Department, CNN, China Morning, MediaNews, Denver Locations: China, Ukraine, Europe, America, Japan, Korea, Forbidden City, Denver
Rumors have been circulating that Taylor Swift is dating Kansas City Chiefs star Travis Kelce. Swift attended a Chiefs game on Sunday and left the stadium with Kelce. A single "Eras Tour" concert brings in more in ticket sales than Kelce will earn the entire season. AdvertisementAdvertisementIn comparison, Swift brought in $13 million in ticket sales each night during the US leg of her concert tour. Taylor Swift at a Kansas City Chiefs football game.
Persons: Taylor Swift, Travis Kelce, Swift, Kelce, , Spotrac, Forbes, Jason Kelce, you've, Andrew Petcash, Jason Hanna, We'll, Taylor Organizations: Kansas City Chiefs, Chiefs, Kelce, Service, NFL, of Famer, Philadelphia Eagles, Nike, Kansas City Chiefs football
But there are signs that both supply and demand will bring prices back down in the coming months. AAA reported this week that the average price for a gallon of gas in the US was $3.88. AdvertisementAdvertisementAn atypical spike in pricesThe increase in gas prices is unusual, as we typically see some relief after the summer surge as demand wanes. If true, the worries about the impact of rising gas prices on consumer spending and inflation are overblown. AdvertisementAdvertisementIn recent years, with oil prices closer to $70 a barrel, gas prices have typically been close to $3 a gallon.
Persons: Mohamed el, Saudi Arabia's, Mohamed Oun, there's, Jorge León, Mike Wirth, we've, hasn't, Wirth, Grace Smith, David Kelly, We're, Kelly, Citi's, Ed Morse Organizations: Service, AAA, Allianz, Saudi, Reuters, Rystad Energy, US Strategic Petroleum Reserve, Biden, Strategic Petroleum Reserve Energy Department, Strategic Petroleum Reserve, Chevron, Bloomberg, Denver, MediaNews, Getty, Morgan Asset Management, Citigroup, CNN Locations: Russia, Saudi Arabia, Wall, Silicon, California, Clearwater Beach, Tampa , Florida, Libya, Ukraine, Brazil, Canada, Venezuela, Guyana
Apple's hybrid work pilot program is still going two years after it was first proposed. It started after employees pushed back against a plan to bring them back to the office three days per week. "So what we decided to do was run a pilot where people come into the office three days a week. Apple first announced the pilot program Cook spoke of in June 2021 as pandemic restrictions wound down and people came out into the sun squinting their eyes. In mid-2022, Cook told employees that the pilot program wasn't set in stone and expected aspects to be adjusted.
Persons: Tim Cook, Cook, Tayfun, , Marc Benioff Organizations: Service, CBS, Apple, Anadolu Agency, Getty, Employees Locations: Wall, Silicon, Cupertino , California, United States, Chengdu, Southwest China's Sichuan province
Mexico is now America's top trade partner thanks to US-China tensions and "nearshoring." AdvertisementAdvertisementMexico's infrastructure is not readyBeing a more attractive trade partner to the US is one thing. China is now Mexico's largest trading partner globally, and Mexico is already China's second-largest trade partner in Latin America. China's Foreign Direct Investment in Mexico is still small (about 1% of Mexico's Foreign Direct Investment) but it is its fastest-growing source of outside investment. If Mexico's economy is going to surge, it needs to be more than just a middleman.
Persons: Luis Torres, , Tesla, JULIO CESAR AGUILAR, Xi Jinping, Lintao Zhang, Kearney, Gerardo Esquivel Organizations: Service, Federal Reserve Bank of, Foreign, Investment, Bloomberg, Getty, Publishing Locations: Mexico, China, Wall, Silicon, Federal Reserve Bank of Dallas, Monterrey, Nuevo Leon, Nuevo León, Latin America, Yantai, Shandong Province, Mexican, United States
Another Texas high school has opened a swanky new football stadium that many colleges would envy. AdvertisementAdvertisementExample #2462 that high school football in Texas is different...Melissa High School (40 miles north of Dallas) just opened a $35 million football complex with a 10,000-seat stadium and a state-of-the-art indoor practice facility. A view of the Melissa High School football field's video board, as seen in WFAA drone footage. The Melissa High School football training facility and practice field seen in drone footage obtained by WFAA. In 2012, the school district in Allen, Texas, opened a $60 million football stadium for Allen High School.
Persons: Kenny Deel, elissa H, orth, ould, elissa, ike, rove, alf Organizations: Service, Melissa High School, FAA, ust Locations: Texas, Melissa , Texas, Wall, Silicon, Dallas, ife
There are positive signs that the US will avoid a recession. However, Janet Yellen warned about the economic impact of a government shutdown. But those good signs could be all for naught if the government can't avoid a shutdown. AdvertisementAdvertisementHowever, she did warn that if Congress can't avoid a government shutdown in the next two weeks, it could kill the economy's momentum. "It could have some impact," Yellen said when asked about the impact of a shutdown on the economy.
Persons: Janet Yellen, Yellen, We've, Kevin McCarthy, Andrew Caballero, Reynolds, Goldman Sachs, Goldman's, Jan Hatzius, Biden's Organizations: Service, US, Getty, House Republicans, Republican, CNBC Locations: Wall, Silicon
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
Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. AdvertisementAdvertisementAccording to the Social Security Administration, the average Social Security benefit is now $1,706 per month, more than $300 below the nearly record-high national median rent price of $2,052. AdvertisementAdvertisementA Wall Street Journal analysis of federal data found the US had at least 600 fewer nursing homes than it did in 2017. A Florida Housing Coalition study found the state had only 25 affordable and available rental units for every 100 extremely low-income renters. AdvertisementAdvertisementWithout COVID-19-relief resources, many older people are relying even more on their Social Security benefits.
Persons: Barbara DiPietro, Irfan Khan, Donald Whitehead Jr Organizations: Service, Department of Housing, Urban, Wall Street, Health Care, Homeless Council, Street, of California, Social Security Administration, Security, Medicaid, Florida Housing Coalition, National Coalition for, Homeless, Social Security, AARP Locations: Wall, Silicon, California, San Francisco, Florida, Florida . North Carolina, COVID
Mesquite, Texas, is set to open a plant to help fill the shortage of Ukraine's most important ammo. However, Mesquite's congressional representative, Lance Gooden, is among GOP reps who want to end US support for Ukraine in its war against Russia. Insider reported Ukraine may be firing more than 5,500 artillery shells daily, creating a global shortage. "What we need most is artillery shells, which are in short supply," Biden told the media. "The first thing on the list was, everywhere, the ammunition," Estonian Prime Minister Kaja Kallas told the media after a meeting with EU leaders and Ukraine President Volodymyr Zelenskyy.
Persons: Lance Gooden, Kevin McCarthy, Gooden, Alexander Helgar, Joe Biden, Biden, Kaja Kallas, Volodymyr Zelenskyy Organizations: GOP, US, Service, The New York Times, Dynamics, Times, Ukraine, Russia, Mesquite Chamber of Commerce, EU Locations: Mesquite , Texas, Ukraine, Wall, Silicon, Dallas, Russia, Mesquite, of Texas, Estonian
Consider the following:But as tensions rise between the US and China, Apple may be stuck in the middle. Visual China Group via Getty ImagesApple's dependency on China goes back 2 decadesChina was admitted to the World Trade Organization in 2001. The same year China joined the WTO, Apple began manufacturing in China. Apple turns its flirtatious eye to IndiaAs problems continue to mount in China, Apple is making a — perhaps long-overdue — shift to become less dependent on China. Apple is also increasing its production of iPhones in India but is still miles behind China in terms of both volume and speed.
Persons: Tim Cook, Apple, Luke Lloyd, Varney, Lloyd, Stuart Varney, Barack Obama, Donald Trump, Joe Biden, Evan Vucci, Tim Cook's, Goldman Sachs, Cook, Xi, There's Organizations: Apple, Service, Street Journal, China Development Forum, Visual China, Getty, World Trade Organization, WTO, Strategic Wealth Partners, Fox Business, Co, country's Communist Party, US, AP, Micron Locations: China, India, Wall, Silicon, South Carolina, AP China, iPhones
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
Chinese business owners and consumers told The New York Times they're concerned about the economy. China is dealing with declines in manufacturing and trade as well as record-high youth unemployment. Larry Summers said last week China's economic proespects had been "greatly exaggerated" in the past. Summers said China's economic prospects, previously considered very good, had been "greatly exaggerated," and that he think the US gross domestic product "will exceed China's for another generation." The Times reported consumers and business owners in China were worried because they could not see how the economic downturn would end.
Persons: Larry Summers, proespects, Li Yuan, Richard Li, Summers, Insider's Cork Gaines, Andy Wang, Xi Jinping, Wang Organizations: New York Times, Service, The New York Times, Times, US, Washington Post, Federal Reserve Bank of Dallas Locations: China, Wall, Silicon, Washington, Mexico, Austria
Justin Thomas and Tiger Woods are so close that Tiger considers JT part of his family. Thomas listed his 'starter' house in Jupiter, Florida, the home of many top golfers, including Tiger. The $3.5 million house has everything a wealthy young bachelor would want in a house. The property, dubbed Thomas' "starter house" by Golf Digest, was on the market for $3.5 million just months after he got married, and was listed by former golfer Johnny DelPrete of Douglas Elliman Realty. Thomas is considered Tiger Woods' closest friend on the PGA Tour and has even been referred to by Tiger as his "younger brother" and an "older brother" to Tiger's son, Charlie Woods.
Persons: Justin Thomas, Tiger Woods, Tiger, JT, Thomas, Johnny DelPrete, Douglas, Realty, Charlie Woods, it's Organizations: Tiger, Service, Golf Digest, PGA Locations: Jupiter , Florida, Wall, Silicon
The rise is in contrast to a growing number of countries that will experience population declines. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyIt was recently World Population Day. "The population growth is, of course, partly explained by improvement in level and access to public health," Amare said. Michael Herrmann, an economic adviser with the United Nations Population Fund, told Africa News that without proper planning, it could be difficult to care for, educate, and employ a population growing that fast. "They want to create full employment for the people, and a growing population can raise the stakes in these efforts.
Persons: António Guterres, it's, Tighisti Amare, Amare, Michael Herrmann, Hermann Organizations: Service, United Nations, Google, Africa, Chatham House, United Nations Population Fund Locations: Nigeria, Wall, Silicon, India, China, Japan, Germany, Pakistan, Indonesia, Texas, Africa, London
Russell Okung revealed that he lost over 100 pounds on a "water fast" after retiring from the NFL. Many former NFL players, especially linemen, lost weight with simple, less drastic diet changes. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementFormer NFL player Russell Okung weighed 310 pounds during his football career and recently lost over 100 pounds using a 40-day "water fast." When retirement comes, the processs of losing the weight can be just as complicated as gaining it.
Persons: Russell Okung, Organizations: NFL, Service, Football, USA
Justin Thomas and Tiger Woods are so close that Tiger considers JT part of his family. Thomas listed his 'starter' house in Jupiter, Florida, the home of many top golfers, including Tiger. The $3.5 million house has everything a wealthy young bachelor would want in a house. The property, dubbed Thomas' "starter house" by Golf Digest, was on the market for $3.5 million just months after he got married, and was listed by former golfer Johnny DelPrete of Douglas Elliman Realty. So it's no surprise that the house for sale is just three miles from Tiger's home on Jupiter Island.
Persons: Justin Thomas, Tiger Woods, Tiger, JT, Thomas, Johnny DelPrete, Douglas, Realty, Charlie Woods, it's Organizations: Tiger, Service, Golf Digest, PGA Locations: Jupiter , Florida, Wall, Silicon
Josh Childress is a former NBA player who has made more than $60 million in his career after graduating from Stanford. Josh Childress, a former NBA player who has made more than $60 million in his career after graduating from Stanford, is now playing professionally in Australia. Even though he's making less money now than when he played in the NBA, Childress says he has been able to avoid the financial problems that some other athletes have faced. "The first mistake is, people say, 'Okay, I've got $11 million,'" Childress said. So that million-dollar house that you thought you had $11 million, that you had $10 million more, that house then becomes more expensive.
Persons: Josh Childress, Childress, I've, You've Organizations: NBA, Stanford, Grit Media Locations: Australia
Nico Rosberg took the Sunreef 80 Eco, a luxury electric yacht, for a spin. Sunreef Yachts recently unveiled their second-generation Sunreef 80 Eco. The Sunreef 80 Eco solar panels are built into the body and mast of the yacht. Sunreef 80 Eco deck. Sunreef 80 Eco YouTube/Nico RosbergYou can watch the entire tour of the supertoy here.
Persons: Nico Rosberg, Rosberg, Elon Organizations: Sunreef Yachts, Sunreef, Eco
Nearly 800,000 Americans suffer permanently or die each year when doctors make diagnostic errors. The top five most misdiagnosed diseases — represented 38.7% of all misdiagnosed cases — were stroke, sepsis, pneumonia, venous thromboembolism (blood clots in veins), and lung cancer. According to the research, these diagnostic errors often occur when patients exhibit symptoms other than those most commonly associated with the disease. While adverse outcomes are still rare, according to Gupta, there are some simple questions patients can ask their doctor to lower their risk even further:What could be causing my problem? The good news, according to the research authors, is that only 15 account for more than 50% of the misdiagnoses.
Persons: there's, David Newman, Johns Hopkins, Jake Tapper, Sanjay Gupta, Gupta Organizations: Service, Johns Hopkins School of Medicine, American Cancer Society Locations: Wall, Silicon
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