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News & Articles By Belle Carter
01/26/2023
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By Belle Carter
Government watchdog: Over $60B lost to pandemic unemployment benefits fraud
The Government Accountability Office (GAO) has stated in a report that more than $60 billion was lost to unemployment insurance fraud during the Wuhan coronavirus (COVID-19) pandemic. According to the government watchdog’s report made public on Jan. 23, state workforce agencies proved $4.3 billion were fraudulently claimed. Moreover, at least $45 billion in transactions, while not […]
01/18/2023
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By Belle Carter
To increase or not to increase: Republicans and Democrats clash over $31.4 trillion debt ceiling
Treasury Secretary Janet Yellen notified the country’s lawmakers last week that Congress needs to decide whether or not to proceed with the increase of the $31.4 trillion national debt limit. According to Yellen, the U.S. will hit its cap on Thursday, January 19. Once that happens, she will not be able to issue new debt without […]
01/06/2023
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By Belle Carter
Gold prices soar to 6-month high, widely expected to go higher in coming months
Prices of gold soared to a six-month high in the early hours of Tuesday, Jan. 3, according to trading data. CNBC reported that the precious metal’s cost peaked just below $1,850 per troy ounce before easing off to trade around $1,838. U.S. gold futures were up one percent at $1,844.10. Analysts believe the rally will continue throughout the year. The news portal also cited […]
12/29/2022
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By Belle Carter
Economists: Over $31 trillion national debt could lead to slow-moving economic demise
The Department of the Treasury announced in October that the national debt blew past $31 trillion. Analysts say this is due to years of fiscal splurging and heightened by the Wuhan coronavirus (COVID-19) pandemic. Some economists are worried that it could lead to a slow-moving economic demise. (Related: US national debt hits $31 TRILLION for the first time.) […]
11/23/2022
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By Belle Carter
Japan’s central bank won’t hike interest rates amid highest inflation in 40 years
The Bank of Japan (BOJ) said it would not raise interest rates amid the Land of the Rising Sun’s 40-year-high inflation, insisting on an easy monetary policy. Reuters reported that the nationwide core consumer price index in Japan went up by 3.6 percent compared to a year earlier. It also marked the highest surge since […]
11/11/2022
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By Belle Carter
Used car prices DROP 10.6% year-over-year in October – the worst decline in nearly 14 years
The once soaring used car prices are now plunging, thanks to the Federal Reserve continuing to hike interest rates in a bid to battle inflation. As per the Manheim Used Vehicle Value Index, a gauge of wholesale market prices for used vehicles, the wholesale used-vehicle prices for October declined by about 10.6 percent on a year-over-year basis – the […]
11/09/2022
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By Belle Carter
Turkey’s inflation hits 24-year high, but Erdogan insists there’s no need to raise interest rates
Turkey’s inflation rate has hit 85.51 percent in October 2022, the highest in 24 years. But Turkish President Recep Tayyip Erdogan remains adamant that the Central Bank of the Republic of Turkey (CBRT) doesn’t need to raise interest rates. According to a Nov. 3 report by the Turkish Statistial Institute (TurkStat), food prices were 99 percent […]
11/02/2022
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By Belle Carter
Australia’s central bank may aggressively increase interest rates as inflation hits 32-year high
Analysts expressed concerns that the Reserve Bank of Australia (RBA) may be forced to aggressively increase interest rates as inflation hit a 32-year high. According to the Australian Bureau of Statistics (ABS), the current inflation rate of 7.3 percent is more than one percent higher than last year’s 6.1 percent. It is the highest since 1990 and almost […]
10/26/2022
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By Belle Carter
Shipping cost from Asia to US West Coast drops 84% year-over-year as consumer demand plunges
The current season is turning to be a dull one for the transportation-logistics industry as economic activities in the ports of Los Angeles and Long Beach in Southern California, the heart of U.S. supply chain congestion, began to dampen. This led to a massive drop in the cost of shipping containers. In September 2021, the average […]
10/18/2022
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By Belle Carter
US power consumption to reach record high as economic activity resumes
America’s power usage is expected to soar higher as economic activity resumes and weather continues to be hot and dry. According to the Short-Term Energy Outlook (STEO) released by Energy Information Administration (EIA) Wednesday, Oct. 12, power demand will increase to 4,034 billion kilowatt-hours (kWh) in 2022 from the 3,930 billion kWh in 2021. That compares with an eight-year […]
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