Business Update – April 12, 2023
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Fed expected to raise rates in May
Amid the most recent economic data, analysts are trying to predict what it all means for interest rates in the coming months. Watch Yahoo Finance’s Jared Blikre and Seana Smith discuss what could be next here.
US economy adds 236,000 jobs in March, unemployment rate falls to 3.5%
The US economy added 236,000 jobs in March, which is slightly lower than expected and a significant decrease from the previous months. While the job market is still strong, the lower numbers might prompt the Federal Reserve to slow down on interest rate hikes and avoid a potential recession.
Tupperware shares plunge on concerns about its future
Tupperware’s shares fell almost 50% following a regulatory filing warning that there is “substantial doubt” the company can continue. The struggling company is seeking financing to stay afloat and exploring potential layoffs and real estate savings.
Crypto exchange CEOs approved multimillion-dollar expenses with emojis
The co-CEOs of cryptocurrency exchange FTX used a group chat to make decisions on a range of topics, including hiring and expenses, with executives – using emojis to vote on proposals.
Report: banks lose money on mortgages for the first time since 2008
Banks lost money on each mortgage financed last year due to increased financing costs and decreased housing demand, marking the first negative profit in data going back to 2008, according to a report by the Mortgage Bankers Association.
House committee chair concerned by Tesla deals in China
The Chair of the US House of Representatives Committee on Oversight and Reform has expressed concern over Tesla’s deals in China, particularly with Chinese technology firms, citing national security risks. The Committee has requested documents from the company related to its operations in China and any agreements or partnerships with Chinese firms.
Consumers feel access to credit is getting harder
The Federal Reserve Bank of New York’s survey revealed that US consumers perceive credit access to be more difficult. The share of respondents reporting it’s harder to obtain credit than a year ago reached the highest level since the survey began in 2013.
Do you need $1 million to retire?
Current attitudes, especially among Millennials and Gen Z, suggest that you do. Watch Yahoo Finance Live break down the facts here.
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