Economy

09 May 2024, 16:34

Many Americans have no idea how much they need to save for retirement — and the calculus is getting even more complicated

Knowing how much to save for retirement is already a gamble. Inflation and the uncertainty of Social Security are making it even harder to calculate.

09 May 2024, 16:33

The West is freaking out that China is making too much stuff, and it looks like China might be starting to agree

The West has been complaining that China is overproducing goods and dumping them on the global markets, incurring the ire of Beijing.

09 May 2024, 15:52

Golden visas attracted wealthy Americans to Southern Europe. Then their housing crisis followed.

Generous visa programs in Southern Europe have boosted economies and attracted huge real estate investments. Now some countries are walking them back.

09 May 2024, 15:33

If you're 58 or younger, you're facing shrinking Social Security checks

Gen Xers were already worried about their financial insecurity. Enter Social Security.

09 May 2024, 02:54

An escalating cold war between US and China would be a blow to global growth, IMF official says

The IMF predicts that the global economy could incur costs equivalent to as much as 7% of the world's GDP in the worst-case scenario

08 May 2024, 23:39

China is in the middle of its own retirement crisis as many older people cannot afford to stop working

China is expecting 300 million people to reach retirement age in the next 10 years, close to the size of the whole US population.

08 May 2024, 22:05

Bankruptcies are spiking as companies lose hope of rate cuts

April notched the highest number of bankruptcies in a year as businesses give up on a quick Fed pivot, S&P Global reported.

08 May 2024, 21:44

Businesses add $90 billion in surprise 'junk fees' each year, and it's starting to backfire

Businesses add more than $90 billion a year in "junk fees" to bills, per the White House Council of Economic Advisers. Consumers are pushing back.

08 May 2024, 21:43

Key student-debt relief programs are at risk if Congress doesn't boost Education Department funding, 25 Democratic lawmakers say

Following a botched FAFSA rollout and rocky return to student-loan repayment, Elizabeth Warren is calling for more cash for Federal Student Aid.

08 May 2024, 20:58

Millennial vs. boomer budgets: How spending has changed for young adults in the last 30 years

Young adults are spending less on alcohol, beef, and mortgage interest and more on fresh produce, rent, and healthcare.

08 May 2024, 17:45

The US needs immigrants to fill jobs, but can't house them. Nowhere makes this more clear than New York City.

As the US handles an uptick in asylum-seekers, pressure is mounting to solve the housing crisis.

08 May 2024, 17:45

A Gen Xer struggles to afford housing and groceries, but her income is about $100 too high to get help

Melinda Binkley, 56, has tried to apply for safety net programs before but she's told her household makes too much money, usually by less than $100.

08 May 2024, 16:58

The US dollar is so strong that China's central bank, among others, just keeps loading up on gold

Not just China, but other central banks including Turkey and India are loading up on gold, amid a stronger US dollar.

08 May 2024, 14:13

If it feels like NYC is richer, you're right. One in every 24 residents is a millionaire.

The ranking may be further proof that New York is increasingly becoming a place for only the wealthy, as the cost of living in the city skyrockets.

08 May 2024, 10:11

A 'proper' economic downturn is looming, which could trigger steep rate cuts as soon as this year, economist says

"We believe we are heading into a proper downturn that will require a proper easing cycle," Manulife's chief economist Frances Donald said.

08 May 2024, 10:09

Interest rates still might not be high enough to quell inflation, Minneapolis Fed president says

Housing inflation prompts questions about how restrictive monetary policy actually is, Minneapolis Fed President Neel Kashkari said Tuesday.

08 May 2024, 09:35

A soft landing will be tough to achieve, and inflation has hit lower-income Americans hard, Citi CEO Jane Fraser says

"It's hard to get a soft landing," Citi's CEO Jane Fraser told CNBC on Monday. "We're hopeful, but it is always hard to get one."

08 May 2024, 09:32

Inflation-hit Germans are demanding a legal cap on the price of a doner kebab. They're not joking.

German Chancellor Olaf Scholz said he is asked by young people about the price of a donor kebab "everywhere I go."

08 May 2024, 09:32

US inflation will soar if America doesn't undergo reindustrialization, investment manager says

The US has a "massive" trade deficit at a time when world trade is becoming fragmented, Richard Bernstein said.

08 May 2024, 09:28

A recession in early 2025 could send the stock market tumbling 30%, strategist says

A recession in late 2024 or early 2025 could send the S&P 500 tumbling to around 3,600, BCA's Roukaya Ibrahim said.

08 May 2024, 09:27

Google is co-funding a guaranteed basic income trial that gives families $12,000 a year to help keep them housed

Google's philanthropic arm is co-funding a $2.8 million guaranteed income pilot aimed at reducing homelessness in and around San Francisco.

08 May 2024, 09:23

This college town is experimenting with giving low-income entrepreneurs and gig workers $12,672, no strings attached

A guaranteed basic-income program in Ann Arbor is giving small business owners $528 a month, no strings attached.

08 May 2024, 09:22

As high-paying jobs become harder to get, more Americans are looking to Uber and Lyft for extra income

Gig work like ride-hailing is becoming more popular, per a Bank of America report. A cooling job market could be the reason.

08 May 2024, 09:21

A Florida Gen Xer who earned over $300,000 secretly working multiple remote jobs shares why he's 'far from rich'

A Gen Xer in Florida says making over $300,000 didn't make him feel rich.

08 May 2024, 09:19

China's footprint in global supply chains will grow no matter who wins the US presidential election: analysts

A research group doesn't expect either Biden's or Trump's trade policies to reduce China's role in global production networks significantly.

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