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☆ Beijing refuses to admit its economy has broken down — and that's one reason officials are failing at fixing it, researchers say
▼ + stars: | 2024-02-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China's economy has struggled to regain post-pandemic traction. But Beijing hasn't conceded its economy is in trouble, which could be holding it back from fixing structural issues, says the Rhodium Group. Rhodium Group's researchers aren't quite sure about the rosy narrative of China's economy, calling it a "politicized picture of economic activity." After all, China's economy struggled to regain traction after a brief spurt post-pandemic, disappointing investors. By the second half of the year, confidence had broken down entirely," wrote the Rhodium Group researchers.

Persons: underscoring, Beijing hasn't, —, Daniel H, Rosen, Rachel Lietzow, Lietzow, Xi Jinping, haven't Organizations: Stock, Beijing, Service, White, National Economic Council, National Security Council Locations: China, New York, Beijing

☆ China is reportedly scrubbing the internet of negative coverage of its economy
▼ + stars: | 2024-02-02 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Reports this week from The New York Times and The Wall Street Journal detail efforts by Chinese authorities to scrub the internet of negative takes on the state of its economy. According to the NYT, The Ministry of State Security said in its official WeChat account that citizens should not believe the "false narratives" about the trajectory of China, and instead should believe in President Xi Jinping's vision. The WSJ similarly reported that some of the nation's top officials have reiterated the importance of promoting the "bright prospects of China's economy." The NYT said tech platform Weibo had restricted dozens of accounts from posting after they had shared bleak economic realities with other users. The platform also warned its users in November, the report said, not to be "maliciously pessimistic" about China's economy.

Persons: Xi, Li Xunlei Organizations: The New York Times, Ministry of State Security, Zhongtai Securities, Weibo Locations: China, Beijing

Evidence of a strong economy has so far been lost on a general public that still feels the pinch of inflation and worries about the uncertainty of life in 2024. Signs of a thaw in public opinion, but pessimism still dominatesA new CNN poll shows Biden still has a lot of convincing to do: Perception of the economy remains deep under water. However, if hiring remains strong and inflation keeps falling, it may become easier for Biden to convince voters he’s doing a good job strengthening the economy. CNN’s polling editor Ariel Edwards-Levy notes that about half the country, 48%, thinks the economy remains in a downturn. Their letter is proof that the fact of a strong economy is felt, if at all, in different ways.

Persons: Phil, Joe Biden’s, Biden, Donald Trump, “, Trump, Ariel Edwards, Levy, that’s, Sen, Elizabeth Warren, ” Warren, Democratic Sens, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse Organizations: CNN, Bureau of Labor Statistics, Trump, Federal, Fed, Democratic

☆ Trump criticizes Fed Chair Powell for considering interest rate cuts this year to 'help the Democrats' win elections
▼ + stars: | 2024-02-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +2 min

On a Friday morning interview with Fox News, Trump criticized Federal Reserve Chair Jerome Powell's handling of the economy, particularly regarding interest rates. "I think he's going to do something to probably help the Democrats, I think, if he lowers interest rates," Trump said, adding that "it looks to me like he's trying to lower interest rates for the sake of maybe getting people elected." While the committee's Summary of Economic Projections in December penciled in three interest rate cuts for this year, Powell said on Wednesday that it's highly unlikely those cuts will take place at the next meeting in March. The jobs data on Friday will support a decision to delay rate cuts until after March — the US economy beat expectations by adding 353,000 jobs. However, some Democratic lawmakers have been urging Powell to consider cutting interest rates sooner rather than later to give Americans financial relief.

Persons: Donald Trump's, Trump, Jerome Powell's, Powell, reappoint Powell, Elizabeth Warren, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse Organizations: Service, Fox News, Federal

☆ China's chances of staging an economic rebound this year look slim
▼ + stars: | 2024-02-02 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

China faces severe real estate woes, deflation, and an exodus of global investors. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementThe world has yet to witness any post-pandemic rebound in China, and Wall Street expects little to change in 2024. The ongoing exodus of global investors is evidence the bear case is intact, and the country's real estate sector continues to look more and more precarious. AdvertisementThat in turn has cratered sentiment, as Chinese households have the majority of their wealth tied to real estate.

Persons: —, DataTrek, Nicholas Colas, Jessica Rabe, Mike Edwards, Weiss, haven't, Edwards, Tracy Chen, Chen, Caesar Maasry, Goldman Sachs, Maasry Organizations: Service, Wall, Tech, Baidu, US, Business, Brandywine, Supply, Seng China Enterprises, Bloomberg Locations: China, Beijing

In a Sunday letter to Fed Chair Powell, shared first with CNN, Warren expressed alarm at how “astronomical” mortgage rates have made a bad situation worse and urged Fed officials to start cutting borrowing costs. “We urge you to consider the effects of your interest rate decisions on the housing market and to reverse the troubling rate hikes that have put affordable housing out of reach for too many,” Warren and fellow Democratic Sens. John Hickenlooper, Jacky Rosen and Sheldon Whitehouse wrote. “Come on, Fed! Turn it around and drop those interest rates,” Warren told CNN’s Kate Bolduan on Monday.

Persons: Sen, Sherrod Brown, Powell, ” Brown, Brown, Elizabeth Warren, Warren, ” Warren, Democratic Sens, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse, “, CNN’s Kate Bolduan, Read Organizations: Banking, Fed, CNN, Democratic

☆ Defaults skyrocketed last year to the highest tally since the start of the pandemic - and 2024 is set to bring more pain to corporations
▼ + stars: | 2024-01-31 | by ( Phil Rosen | ) www.businessinsider.com time to read: +1 min

Non-financial corporate defaults almost tripled from 2022 to 2023, Moody's said. In the fourth quarter of 2023, private-equity-backed companies led total defaults. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementDefaults among non-financial corporations nearly tripled in 2023 compared to the year prior, and Moody's Analytics expects the trend to continue in the new year. This story is available exclusively to Business Insider subscribers.

Persons: Moody's, — Organizations: Service, Business

☆ The US economy is crushing it compared to other rich countries
▼ + stars: | 2024-01-31 | by ( Phil Rosen | Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

US recession calls are still on the table, but the economy is still outpacing other rich nations. US GDP grew at a surprise 3.3% rate in the fourth quarter, beating estimates for 2.0%. The trend has held steady over the last several years, with the US leading in economic growth since the pandemic. Among countries that use the euro, the combined GDP grew at a 0.1% annualized rate in the third quarter of 2023. US GDP growth reflected increases in consumer spending, state and local government spending, and exports, among other increases, according to the BEA.

Persons: —, Russell Price, That's Organizations: Service, OECD, BEA, International Monetary Fund, Fed Locations: Canada, Italy, Japan, United Kingdom, France, Germany

☆ The world's 2 biggest economies are moving in starkly different directions
▼ + stars: | 2024-01-31 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This story is available exclusively to Business Insider subscribers. AdvertisementMeanwhile, on Monday, a Hong Kong court ordered the liquidation of China Evergrande, the world's most indebted real estate developer. "I expect that the Chinese market will bounce around, but that the bias is towards more pain since the problems are systemic in my opinion," Laffer Jr. said. "The US on the other hand should do well for the 2024 period — strong economy, strong employment, strong earnings, strong dollar."

Persons: —, That's, Arthur Laffer Jr, Laffer, Xi Jinping, Joseph Seydl, you've, Seydl, didn't, Alfredo Montufar, Helu, China Evergrande Organizations: Service, Real, Business, International Monetary Fund, Investments, JPMorgan Private Bank, Conference Board's China Center, CSI, Bloomberg Locations: China, US, Beijing, backtrack, deleverage, Hong Kong

☆ The US housing market has ended a 9-month streak of price gains
▼ + stars: | 2024-01-30 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The latest S&P Case-Shiller national home price index data published Tuesday — which offers the three-month average for September, October, and November closing prices — showed a moderate slowdown in price gains. "The streak of nine monthly gains ended in November, setting the index back to levels last seen over the summer months." However, each saw annual gains of 5.4% and 6.2%, respectively. The biggest annual price gains came in Detroit and San Diego, at 8.2% and 8%, respectively. "The rate has since fallen over 1%, which could support further annual gains in home prices."

Persons: —, Brian D, Luke, Freddie Mac, Bill Adams Organizations: Service, Business, Federal Reserve, Comerica Bank Locations: Detroit, San Diego, Miami, Tampa, Atlanta, Charlotte , New York, Cleveland, Portland

☆ Americans are getting closer to an interest rate cut — but it probably won't happen in the Fed's next big decision
▼ + stars: | 2024-01-30 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +5 min

Read previewThe nation's central bank is gearing up to make its first big decision of 2024 — and while it likely won't be the interest rate cut many Americans are hoping for, it's set to bring them closer to that relief. The Fed hinted at how many interest rate cuts Americans can expect this year in its December Summary of Economic Projections. New labor market data out this Friday will show how employment looked at the start of 2024, and some labor market experts already think 2024 will see a cooler job market . That continuing strength in the labor market does represent a slowdown from the hot post-pandemic recovery in 2022. "The Fed has already signaled its willingness to cut rates, and the market has responded accordingly," the lawmakers wrote.

Persons: —, it's, Jerome Powell, Powell, Nick Bunker, would've, Greg McBride, David Kelly, Kelly, Elizabeth Warren, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse Organizations: Service, Business, Federal, Federal Reserve, Spelman College, Labor Statistics, Fed, North America, Morgan Asset Management, Democratic Locations: Sens

☆ 2 reasons why Red Sea disruptions won't send inflation soaring again, according to Goldman Sachs
▼ + stars: | 2024-01-29 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Goldman Sachs doesn't expect an inflation spike in the US fueled by turmoil in the Red Sea. To be sure, Red Sea disruptions have caused freight costs to soar as much as 350%. AdvertisementShipping disruptions in the Red Sea have caused freight costs to spike, but the impact on inflation will remain muted, according to Goldman Sachs. Goldman Sachs Global Investment ResearchHowever, they maintained that goods inflation still won't see a meaningful uptick for two reasons. "Under reasonable pass-through assumptions, a 100% increase in the cost of sea freight therefore only raises core goods inflation by around 0.4pp and overall core inflation by around 0.1pp," the Goldman strategists said.

Persons: Goldman Sachs, —, Jan Hatzius, Hatzius Organizations: Service, Shipping, Goldman Sachs Global Investment Research, Goldman Locations: Red, Iran, Israel, Gaza, Suez, Asia, Europe, China, Southeast Asia, 0.4pp, 0.1pp

☆ Elizabeth Warren rips Fed for fueling affordability crisis in housing, calls for rate cuts
▼ + stars: | 2024-01-29 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —America has a housing affordability crisis and Elizabeth Warren blames Jerome Powell and his colleagues at the Federal Reserve. To fight inflation, the Fed spiked interest rates at the fastest pace since the early 1980s. However, the Fed’s war on inflation set off shockwaves in the housing market. The one-two punch of elevated borrowing costs and record-high home prices has made the housing market historically unaffordable. “High interest rates have aggravated the country’s crisis of housing access and affordability,” the Senate Democrats wrote.

Persons: Elizabeth Warren, Jerome Powell, Powell, Warren, ” Warren, Democratic Sens, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse, Freddie Mac, “, Tom Barkin didn’t, ” Organizations: New, New York CNN, Federal Reserve, CNN, Democratic, Democrats, Fed, National Association of Home Builders, Mortgage Bankers Association, National Association of Realtors, Richmond Fed Locations: New York, America, White

☆ It's time for the Fed to cut interest rates and bring relief to Americans who 'cannot afford to pay rent,' Elizabeth Warren says
▼ + stars: | 2024-01-29 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Sen. Elizabeth Warren joined some of her colleagues in pushing for the Federal Reserve to cut interest rates. AdvertisementAs Americans grapple with high housing costs, a group of Democratic lawmakers is urging the Federal Reserve to implement relief as soon as possible. While rent costs have decreased slightly over the past few months, "high interest rates mean higher mortgage rates for landlords, who may pass off these costs in the form of rent hikes for their tenants," the Democrats wrote. Powell has previously acknowledged the impact of interest rate increases on housing costs. "The Fed has already signaled its willingness to cut rates, and the market has responded accordingly," the Democrats wrote.

Persons: Sen, Elizabeth Warren, —, — John Hickenlooper, Jacky Rosen, Sheldon Whitehouse, Jerome Powell, Powell, they'll Organizations: Federal Reserve, Service, Democratic, Harvard's, for Housing Studies Locations: York

☆ American's housing shortage won't be solved for years to come
▼ + stars: | 2024-01-29 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Read previewThe tight housing market has shown recent signs of easing, but Moody's Analytics still anticipates Americans will face inventory snags for years to come. Based on data from the end of December, the monthly sales pace implies 3.2 months' of housing inventory, according to the National Association of Realtors. That shortage suggests a recovery in the housing market remains years away, the researchers said. "One good year of 'excessive' supply was only in its relative term when compared with affordability-constrained demand," Moody's researchers said. Ultimately, to Moody's, increasing housing inventory and rebalancing the market will take years of "joint effort and creativity" across the public and private sectors.

Persons: —, Nick Villa, Moody's Organizations: Service, Business, National Association of Realtors, NAR

☆ Reaction to Drone Strike on US Troops in Jordan
▼ + stars: | 2024-01-28 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +3 min

WASHINGTON (Reuters) - Three U.S. service members were killed and as many as 34 wounded, United States officials said on Sunday, after a drone attack in Jordan that they linked to Iranian-backed militants. REPUBLICAN FORMER PRESIDENT DONALD TRUMP"The drone attack on a U.S. Military Installation in Jordan, killing 3 American service members, and wounding many more, marks a horrible day for America ... This brazen attack on the United States is yet another horrific and tragic consequence of Joe Biden's weakness and surrender." MITCH MCCONNELL, US SENATE REPUBLICAN LEADER"Last night, the cost of failure to deter America's adversaries was again measured in American lives. CHUCK SCHUMER, US SENATE DEMOCRATIC LEADER"We mourn the deaths of the three service members killed by a drone attack in Jordan from an Iran-backed militant group.

Persons: JOE BIDEN, DONALD TRUMP, Joe Biden's, LLOYD AUSTIN, MICHAEL MCCAUL, MITCH MCCONNELL, CHUCK SCHUMER, HAKEEM JEFFRIES, Jordan, ISRAEL KATZ, ROGER WICKER, Biden, JACKY ROSEN, Susan Heavey, Kanishka Singh, Emily Rose, Hatem Maher, Heather Timmons, Matthew Lewis, Lisa Shumaker Organizations: WASHINGTON, United, DEMOCRATIC, REPUBLICAN, U.S, America, HOUSE, DEMOCRAT ON Locations: United States, Jordan, Iranian, Israel, Gaza, Iran, U.S, REPUBLICAN, Egypt, Hashemite Kingdom

☆ A China-Taiwan war simulation that assumes a Trump return to office in 2025 warns that Taiwan would be 'toast'
▼ + stars: | 2024-01-28 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +3 min

A war game stimulated a conflict between Taiwan and China if Donald Trump became president in 2025. AdvertisementWhat would happen if tensions escalated between Taiwan and China in 2025 during a potential second Trump administration? One war game simulation suggested the conflict would be swift — and ended with a troubling omen for Taiwan. "Taiwan was toast," Alexander C. Huang, an international relations director for Taiwan's KMT political party, told The New York Times' Nicholas Kristof. In interviews, Trump has repeatedly refused to explicitly say if he would come to Taiwan's defense if China invaded.

Persons: Donald Trump, Taiwan couldn't, —, Trump, Alexander C, Huang, Nicholas Kristof, Kristof, Donald Trump's, Stanley Rosen, Rosen Organizations: Taiwan, Service, KMT, New York Times, The, Strategic, International Studies, Trump, University of Southern, China Institute Locations: Taiwan, China, America, Washington, DC, Japan, University of Southern California's US, Hong Kong

☆ Activist Rubric nominates two directors at Xperi. Here’s how the firm may help enhance shareholder value
▼ + stars: | 2024-01-27 | by ( Kenneth Squire | ) www.cnbc.com time to read: +6 min

Business: Xperi is a technology company that develops software solutions and has the following four main business segments. Rubric is a deep value, long/short investor that will become active in situations that require it. The problem is a culture that is not focused on shareholder value. Accordingly, Rubric Capital nominated Conrad and Lacey for election as directors to the company's board at Xperi's 2024 annual meeting. There is a big difference between settling for two additional directors on a seven-person board and replacing two incumbent directors on a five-person board.

Persons: Xperi, David Rosen, Rosen, Tobii, Conrad, Lacey, Ken Squire Organizations: Smart, TiVo, SAC Capital, Tobii, 13D Locations: New York, Swedish

☆ The frozen housing market may be starting to thaw
▼ + stars: | 2024-01-26 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

The US housing market is showing renewed signs of life as 2024 begins. AdvertisementThe US housing market has been largely frozen for the last two years, but it's starting to show signs of a thaw as sales activity and mortgage applications pick up, and mortgage rates ease. AdvertisementPending home sales increased 8% in December. Mortgage applications have also picked up. "The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices," said Lawrence Yun, the chief economist for the NAR.

Persons: —, Odeta Kushi, Freddie Mac, Lawrence Yun Organizations: Service, National Association of Realtors, NAR, Federal Reserve

☆ News industry off to brutal 2024 start as mass layoffs devastate publishers, raising questions about future of journalism
▼ + stars: | 2024-01-25 | by ( Oliver Darcy | Jon Passantino | ) edition.cnn.com time to read: +8 min

The recent round of layoffs, while pronounced, are part of a much larger and unrelenting storm battering the journalism industry. Over the past 18 months, most news organizations have been forced to make difficult decisions to reduce their workforces. “I am sorry to say that I do not see turning around most legacy outlets,” Jeff Jarvis, the Leonard Tow Professor of Journalism Innovation at the Craig Newmark Graduate School of Journalism, told CNN. Dan Kennedy, a journalism professor at Northeastern University, noted some local news outlets have found financial sustainability. “There are reasons to be optimistic given the hundreds of independent local news organizations that have sprouted up in recent years,” he said.

Persons: Condé Nast, ” Jay Rosen, “, Jeff Jarvis, Craig Newmark, ” Jarvis, ” Rosen, Steve Bannon’s, Margaret Sullivan, Sullivan, ”, ” Sullivan, Jeff Bezos ’, Patrick Soon, Dan Kennedy, Shiong’s, Jeff Bezos, ” Kennedy, Rosen Organizations: CNN, Los Angeles Times, Business, Condé, Forbes, The New York Daily News, Washington Post, NPR, Vice Media, Sports, Vox Media, NBC News, CNBC, Gannett, Netflix, Columbia University, Google, Meta, New York University, Craig Newmark Graduate School of Journalism, America, Guardian, The Washington Post, The New York Times, “ Democracy, Jeff Bezos ’ Washington Post, Northeastern University, “ Billionaire, Minneapolis Star Tribune, Boston Globe, Journalists Locations: Covid, Jeff Bezos ’ Washington

☆ Microsoft's $3 trillion market cap milestone is the latest in a string of wins for Big Tech's elder statesman
▼ + stars: | 2024-01-25 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at Microsoft notching another big win by briefly reaching a $3 trillion valuation. It's an impressive run for a company often viewed as the least sexy in Big Tech. 3 things in marketsInstagram/grandmabetty33The stock market is looking gray, and that's a bad thing. A famed economist said you shouldn't confuse a booming stock market with a strong economy. Nobel economist Paul Krugman recently wrote about how consumers feel too optimistic about the economy due to the current stock market rally.

Persons: —, Ethan Miller, Phil Rosen, OpenAI, Ashley Stewart, Tim Matsui, Ashley, That's, it's, It'll, aren't, We're, Taylor, Paul Krugman, Patrick Pleul, Mark Zuckerberg, Marc Benioff chatted, Brad Barket, Jon Stewart, Stewart, Trevor Noah, Donald Trump, Jean Carroll's Organizations: Service, Microsoft, Apple, Amazon, Big, Rosenberg Research, AP Tesla, EV, Microsoft Windows, Walmart, Comedy Central, Bank of America, Intel, Visa, Southwest Airlines, Comcast Locations: Big Tech

The Ely Shoshone, Duckwater Shoshone, and the Confederated Tribes of the Goshute Reservation — a coalition representing about 1,500 enrolled tribal members — are lobbying the federal government to designate nearly 40 square miles (100 square kilometers) as Bahsahwahbee National Monument. He testified in a multi-decade legal battle alongside ranchers, local officials and environmental groups who all opposed the project by the Southern Nevada Water Authority. Protecting water for sacred trees is not something the agency had previously done, Sullivan said. Even if the land becomes a national monument, the water beneath Bahsahwahbee would remain under the state’s jurisdiction. The Southern Nevada Water Authority supports a monument designation that allows for the continuation of existing ranching and agricultural activities, said Bronson Mack, water authority spokesman.

Persons: ELY, — White, ”, Warren Graham, Mamie Swallow, Spilsbury, Charlene Pete’s, —, ” Pete, Ely Shoshone, Alvin Marques, David Charlet, ” Charlet, Adam Sullivan, Sullivan, Neal Desai, Bahsahwahbee, Graham, Bronson Mack, Avi Kwa, Joe Biden, Catherine Cortez Masto, Jacky Rosen, Deb Haaland, Cortez Masto’s, Monte Sanford, “ Organizations: Rocky, Ely Shoshone, Southern Nevada Water Authority, College of Southern, Nevada Division of Water Resources, Southern, Southern Nevada Water, National Park Service, National Parks Conservation Association, National Register of Historic Places, Land Management, The Southern, The Southern Nevada Water Authority, Nevada Legislature, United, Associated Press, Walton Family Foundation, AP, Press, Lilly Endowment Inc Locations: Nev, Nevada, Ely, Duckwater Shoshone, ”, Bahsahwahbee, Vegas, College of Southern Nevada, Southern Nevada, The, The Southern Nevada, Arizona, U.S, United States

☆ The housing market capped off its worst year of sales since 1995. Here's how affordability, inventory, and demographics have changed in 3 decades.
▼ + stars: | 2024-01-24 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Read previewHigh mortgage rates, lofty prices, and low inventory kept the US housing largely frozen in 2023, and home sales slumped to their lowest mark since 1995. Current owners have been reluctant to move off lower mortgage rates secured in prior years, stifling both buying and selling activity. AdvertisementAnd it's worth noting that even as mortgage rates in both years hovered around 7%, affordability has still worsened by a significant margin. NAR deputy chief economist Jessica Lautz highlighted in a note Monday that incomes have less power today compared to decades ago, as reflected in the real estate group's Housing Affordability Index. National Association of Realtors"All these factors have changed dramatically with limited housing inventory and the continual rise in home prices," she continued.

Persons: —, it's, hasn't, Jessica Lautz, Lautz, Zillow, Redfin Organizations: Service, Business, National Association of Realtors, NAR, National Association of Home Builders

☆ A key indicator shows Americans' financial stress is mounting
▼ + stars: | 2024-01-23 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

LegalShield's Consumer Stress Legal Index showed consumer financial stress is continuing to rise. LegalShield on Tuesday said its Consumer Stress Legal Index rose to 66.7 in December, up by 0.4 points from the prior month, showing that US consumers' financial stress is at its highest level since November 2020. AdvertisementUS consumer financial stress has soared to its highest in three years. "The rise in consumer stress in contrast to increased spending may point to an even sharper rise in household debt in the coming months." The increase in consumers' financial stress comes even as GDP growth has stayed strong, the labor market remains robust, and holiday retail spending was high.

Persons: —, Matt Layton Organizations: Service, National Association of Business Economics, Federal Reserve Bank of New Locations: Federal Reserve Bank of New York

LAS VEGAS (AP) — A proposed high-speed passenger train between Las Vegas and Southern California got another boost on Tuesday with Biden administration approval to issue $2.5 billion in tax-exempt bonds for the $12 billion project. The announcement benefiting the Brightline West project followed a $3 billion U.S. Department of Transportation grant in December and government authorization in 2020 for the company to sell $1 billion in similar bonds. "We appreciate the confidence placed in us by DOT and are ready to get to work,” Brightline founder and Chairman Wes Edens said in a statement. The 218-mile (351-kilometer) Brightline West project aims to whisk passengers at 186 mph (300 kph) or more in electric trains on new tracks along the Interstate 15 corridor — cutting in half a four-hour freeway trip between Las Vegas and suburban San Bernardino County near Los Angeles. No date has been announced for work to start, but officials have said it might be operational by the Summer Olympics in Los Angeles in 2028.

Persons: Biden, ”, Wes Edens, Sen, Jacky Rosen Organizations: LAS VEGAS, . Department of Transportation, Brightline Holdings, Los Angeles . Planners, Nevada -, Nevada U.S, Democrat, Summer Locations: Las Vegas, Southern California, Florida, U.S, Miami, Orlando, San Bernardino County, Los Angeles, Nevada, Nevada - California, Congress

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