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US wholesale prices continued to balloon at the fastest rate on record in October, portending further pressure on household budgets as rising costs ripple through the world’s largest economy.
US Transportation Secretary Pete Buttigieg has acknowledged that the national supply-chain breakdown, which intensified during his unannounced two-month paternity leave, will continue to keep store shelves empty next year.
The percentage of Americans living in poverty rose from a record low last year, with 3.3 million additional people being impoverished as Covid-19 restrictions wiped out more than a decade’s worth of economic gains.
California’s population fell by 182,083 people in 2020, the state’s first decline on record, as residents were increasingly unable to afford rising home prices amid Covid-19 lockdowns that torpedoed jobs.
Self-proclaimed President-elect Joe Biden has chosen a budget director, Neera Tanden, who once argued the US should ease funding shortages for left-wing social programs by making countries like Libya pay for being bombed.
Los Angeles County has tightened its crackdown on surging Covid-19 cases by banning outdoor dining, leaving many restaurateurs with little hope of survival after trying to tailor their businesses to previous pandemic restrictions.
US stocks are facing a second straight day of losses, after President Donald Trump threatened to unleash a new barrage of retaliatory tariffs on China over the coronavirus crisis.
US President Donald Trump’s renewed attack on Beijing over the coronavirus crisis has sunk the Chinese national currency, the yuan, to a one month-low, while global markets also dipped lower.
Bond investors have started to debate whether the United States is heading into a deflationary spiral, even after trillions of dollars of stimulus has been injected into the coronavirus-hit global economy.