While the US has made it through the Great Depression and a number of recessions, the COVID-19 pandemic has put a new twist on the experience. According to Business Insider, the lowest-earning households have taken the biggest hit to their incomes, in terms of percentage of income lost. However, upper-income consumers have made the deepest spending cuts in total dollar amounts. That's because they have so much budgetary fat to trim.
On Thursday, US stocks fell 320 points. The drop comes even as weekly jobless-claims data came in better than expected. Business Insider reports that weekly jobless claims fell by more than 30,000 from the previous week, to 860,000. Tech stocks led the decline. Investors continued to process Federal Reserve Chairman Jerome Powell's comments expressing uncertainty about the economic recovery. Powell also said the Fed didn't expect to raise interest rates until at least 2023.
According to a survey this week from the National Retailers' Federation less Americans will celebrate Halloween. Just 58% of Americans surveyed say they will celebrate Halloween. However, average Halloween spending per person is expected to hit a record high of $91.12 this year Business Insider reports that Halloween spending serves as a proxy for holiday shopping. The survey points to a strong season for retailers this year, according to DataTrek.
Business Insider reports that billionaire Richard Branson is looking to raise $400 million. A filing showed that Branson is looking to raise the money in a special purpose acquisition company. VG Acquisition Corp is the name of the new company. It intends to sell 40 million units at a price of $10 per unit. The company said it plans to search for targets that operate in consumer-facing industries in US and Western Europe.
For some people, the phrase 'compound interest' conjures up dim memories of a high school teacher droning on in a quiet afternoon class. But according to Business Insider contributor Jen Glantz, being unaware of the magical leverage of compound interest cost her plenty. That is, until she discovered that compound interest is basically interest on your interest. She immediately changed up her savings strategy.
A contract from Greater Manchester's Trafford Council leaked today asks care homes to accept patients from hospitals who are Covid positive just hours after they've been discharged. A care home insider said it would endanger the health of staff and vulnerable residents.
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Congress Member of Parliament, Manickam Tagore has given Adjournment Motion notice in Lok Sabha over Facebook's interference in 2014 elections and after that. "I had given an Adjournment Motion to honorable Speaker for a decision on the interference of Facebook India in 2014 elections and after that. Hate speeches have been promoted in Facebook. The government which is silent, can't run away from it."
Queen Elizabeth has overseen fourteen Prime Ministers throughout her reign. Although the monarch is politically neutral, she develops strong relationships with those at the head of the government. Report by Mooresn. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
The Justice Department, which has been conducting an antitrust investigation of Alphabet Inc's Google, plans to bring a lawsuit against Google as soon as this month, according to two sources familiar with the probe, who said the focus remains on search and advertising. Conway G. Gittens reports.
According to Reuters, the U.S. Supreme Court handed President Donald Trump a significant defeat on Thursday, ruling that his administration did not give an adequate explanation for its plan to include..