The Credit Crunch is Changing Banks’ Tune About the Cannabis Industry
When Noah Carey founded his company in 2015, no banks worked with the cannabis industry. But now he is seeing financial institutions that once balked at the underserved market have a change of heart — in part because of the recent banking crisis. Carey’s company,...
The pandemic saw a boom in Black-owned businesses. What will happen to them if there’s a recession?
Photo by Microsoft 365 on Unsplash Imani Watts and Alex Hadley, both 24, had always been interested in thrifting and fashion. In the spring of 2020, they had a chance to take over a space where a thrift shop had to shut down because of the pandemic, and turned their...
Construction Jobs Continue To Grow Despite Interest Hikes
Ajax Paving Industries, Florida LLC couldn’t be any busier this year. The company is bagging multiple contracts for re-building interstate highways and roads in Florida as the fast growing state sees skyrocketing development from building roads and airports to homes...
April Hiring in the U.S. Remains Strong Amidst Economic Uncertainty
Hiring numbers once again eclipsed economists’ projections in April, indicating a stubbornly resilient labor market defying high interest rates, elevated inflation, and banking industry turmoil. The U.S. economy added 253,000 jobs last month, according to data...
Five Things to Watch for in April’s Retail Sales Report
The Census Bureau will release data on retail sales for April on Tuesday, with most economists predicting a weak report for the month. High prices and slowing wage growth will continue to dampen spending, which economists expect will either post a modest increase or...
How The U.S. Is Retooling its Auto Industry to Go Electric — and What Stands in the Way
Roscoe has worked at the Sterling Heights Stellantis plant for 12 years, building the Ram1500 TRX pickups. In the coming years, he’s cautiously optimistic about building and tinkering with a new beast: the EV, as auto plants in Michigan and beyond reorient their...
Five Things to Watch Out For In April’s Consumer Price Index Report
The Labor Department will release April’s Consumer Price Index Wednesday–a measure of prices for goods and services–amid sticky inflation, a robust job market, and the recent banking turmoil. Bloomberg is forecasting April’s inflation will remain at 5% but see...
Five Things to Watch as the Personal Income and Outlays Report Comes Out
Photo by Alexander Grey on Unsplash After beginning this year hot, the economy began to slow in February, with U.S. consumers spending less and inflation easing. On Friday, The Bureau of Economic Analysis will release its Personal Income and Outlays report, showing if...
Five Things to Watch Out for in the Upcoming Case-Shiller Report
US home prices have been declining steadily for the past seven months, a sign that the housing market is contracting as the Federal Reserve raises interest rates to combat inflation. The new Case-Shiller indicator which will be released on Tuesday, is expected to show...
Springtime Home Buying Kicks Off As Home Prices and Mortgage Rates Continue to Cool Down
The prices of single-family homes across the U.S. continued to decline in January, for the seventh month in a row, just as mortgage rates continued to cool across the country. Nationally seasonally adjusted monthly home prices declined 0.2%, according to the S&P...
Unaffordable Rent in Baltimore Pushes Tenants To Take Extreme Measures
As rents have skyrocketed across the country in recent years, tenants have been forced to take extreme measures to hold onto their homes: borrowing money from family and friends, taking out high-interest payday loans and running up their credit card balances to pay...
Manufacturing Contracts Further As Consumers Continue Shift Back To Spending on Services
The U.S. manufacturing sector shrank at its fastest rate since the COVID-19 pandemic after new orders dropped and production slowed as more consumers shifted their spending back into services. The Institute for Supply Management (ISM) on Wednesday released its monthly...
U.S. Remittances Skyrocket, Sets Record High Amid Economic Headwinds
Despite Covid shutdowns and economic volatility, U.S. immigrants find ways to send money abroad to help families.
How lower tax credits are worsening the ability of low- and middle-income families to weather inflation
When Heaven Richardson received her tax refund of $3,000 last year, she had enough to put some away into an emergency fund and some away for a special occasion. She had money to rent out a hall for her daughter’s second birthday party along with extra gifts. The theme...
After Months of a Tight Labor Market, Economists Expect a Gradual Slowdown of Job Growth
After months of an extremely hot labor market, federal data on jobs and unemployment to be released next week will likely show a labor market that’s finally beginning to cool. Economists expect the report from the Labor Department to show 240,000 jobs added in March....