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Tag: recession

Imports to the Port of Los Angeles, America's largest maritime shipping hub, dropped 17% in August.
Imports to America’s Largest Maritime Hub Dropped a Staggering 17% Annually in August
Imports to the largest maritime shipping hub in America fell 16.8 percent year over year and almost the same month over month, confirming fears that both the United States and the world economy are entering...
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Wells Fargo CFO Says There Will Be Stress as Economy Slows
Wells Fargo & Co is seeing loan growth moderating after strong growth so far this year and witnessing downward pressure on mortgage revenue as consumers feel the effect of higher interest rates, its chief financial...
Europe Heading for Recession as Cost of Living Crisis Deepens
The euro zone is almost certainly entering a recession, with surveys released on Monday, Sept. 5 showing a deepening cost of living crisis and a gloomy outlook that is keeping consumers wary of spending. While...
Toronto University students live in homeless shelters because they can't afford rent amid the housing bubble
33% of Toronto Homeless Shelter Residents are Students Who Can’t Afford Rent
A third of all residents in one Toronto-area homeless shelter are students who are unable to afford rent in the city’s massively inflated housing bubble, a staff member told the media. The shocking figure was...
UK Grocers are dropping best before dates in an effort to reduce costs amid the cost of living crisis
UK Grocers Doing Away With ‘Best Before Dates’ Amid European Crisis
As every type of economic calamity hits Europe, such as droughts and excruciatingly high energy prices, several grocery chains have announced they will begin removing best before dates from products. Aug. 24 reporting on the...
20% of US households are past due on utility bills.
Almost 20% of US Households Past Due on Utility Bills
Nearly a fifth of American households are past due on utility bills, states an NGO, as the world enters an economic situation somewhere between a recession and a depression. The National Energy Assistance Directors Association (NEADA)...
A UK Supermarket chain launched a microloan program to keep business going amid inflation.
UK Supermarket Starts Issuing Microloans to Pay for Groceries
British supermarket Iceland has introduced a — for the time being — interest free microcredit system for those having difficulties making ends meet, but critics warn of the potential downsides of the plan. The plan...
The chipmaking industry is set to be hit with a major downturn as demand from the middle class vanishes in inflation.
Chipmakers Facing Dark Days as Middle Class Suffers
The chipmaking industry has finished its boom and is heading towards a potential bust as the middle class, which serves as the engine for much of the sector’s demand, suffers the consequences of inflation.  One...
Europe's Rhine River is down to 1.5 feet amid record drought, affecting the shipment of energy and food.
Rhine River Just 1.5 Feet Deep in Some Areas as Heatwave Scours Europe
The Rhine River, a major thoroughfare via Germany that connects the Netherlands, France, and Austria, is running dry, causing major disruptions to both European industry and energy supplies. The massive heat wave that rocked much...
India has lost extensive swaths of its rice crops due to drought this year.
India, 40% of Global Rice Exports, Has Lost 13% of 2022’s Crops to Drought
As the global food crisis continues to accelerate, India, the world’s largest trader of rice, has lost 13 percent of its plantable area this year due to extensive droughts. Mukesh Jain, Director of an India-based...
A new UK utilities payment boycott protest has hit 90,000 supporters.
UK Utilities Payment Boycott Protest Garners 90,000 Supporters
A recently organized UK protest movement claims more than 90,000 people have pledged to stop paying their utility bills on Oct. 1 as super-inflated European energy prices are crippling the middle class. According to website...
Shoplifting and violent crime are trending as inflation and the cost of living spiral higher.
Shoplifting and Violent Crime on the Rise as Cost of Living Spirals Out of Control
Violent crime and shoplifting have been on the rise in the U.S. since the onset of the Coronavirus Disease 2019 (COVID-19) lockdown and mandate regime, with officials accusing pandemic-related stress and slackened crime laws as...