Business Update – 22 June 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
After bad end to last week, stock futures see slight improvement
The stock market showed hints of improvement on Monday. Emerging after last week’s freefall, investors questioned if last week’s selloff had gone far enough to price in concerns about rising rates and slowing growth.
Gas prices ease a little over the weekend
After weeks of steady increases, gas prices remained below the $5 per gallon threshold on average. There are rumblings that the White House is considering a gas rebate.
Biden considers gas tax holiday
Speaking of gas savings, President Biden said that he hopes to have a decision by the end of this week as to whether there will be a gas tax holiday this year. The gas tax adds 18.4 cents total per gallon of gasoline.
Mild but lengthy recession predicted
Investment bank Nomura predicts that the Fed’s interest-rate hikes will push the US into a mild but lengthy recession this year that will cause the economy to shrink in 2023.
Air travel woes continue nationwide
Airlines canceled 2,237 flights and delayed over 10,000, according to tracking service FlightAware, over the Father’s Day and Juneteenth double holiday weekend. The airlines say that widespread staff shortages are to blame.
Apple Store votes to unionize
An Apple Store in a Baltimore suburb has voted to unionize – a first for the technology giant’s retail operations. Experts say there are still plenty of hurdles to overcome before the result is official.
Bitcoin and others continue to wobble
Bitcoin hovered just above the $20,000 threshold on Monday. The cryptocurrency industry was on edge as investors feared that problems at major crypto players could unleash a wider market shakeout.
Oil slides after earlier gains
Oil prices dipped on Monday, reversing earlier gains. Investors worried about slowing global economic growth, fuel demand, and tightening supply.
Michigan becomes the 14th state to mandate personal finance education before high school graduation
The new legislation requires that all high school students take a course in personal finance before they graduate. It will go into effect for students starting eighth grade in the 2023-24 school year.
Housing market cooler than before, but still hot
Higher mortgage rates and still-rising home prices continue to keep the housing market hot, though it has eased a bit from the intensity we saw at the peak of the pandemic.
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