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Washington DC , the U.S. government is closing out a winning trade. President Joe Biden opened the country’s strategic petroleum reserve in 2022 in an effort to lower prices at the pump and wean Europe off Russian gas. After selling more than 200 million barrels to refiners in the mid-$90s, the Energy Department is now refilling in the mid-$70s.
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Trenton NJ, New Jersey is set to become one of a handful of states with a minimum wage of at least $15/hour on January 1, 2024 when the rate increases to $15.13/hour, surpassing the goal set by Governor Murphy and the Legislature in 2019.
Continue reading New Jersey Set to Raise Minimum Wage January 1, 2024
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Ridgewood NJ, in November, the key measure of underlying inflation favored by the US Federal Reserve showed minimal growth and even dipped below the policymakers’ 2% target according to one metric. This trend suggests a successful soft landing orchestrated by Fed Chair Jerome Powell and supports the central bank’s shift towards potential interest-rate cuts in the coming year. Despite this, consumers expressed optimism about an improvement in inflation in the latest December reading from the University of Michigan, released on Friday, contributing to a strong rebound in overall sentiment. However, the housing market faced an unexpected setback in November as US new-home sales declined, indicating a potentially challenging path to recovery in this sector.
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Ridgewood NJ, the Federal Reserve held the line with interest rates on Wednesday holding its key interest rate steady for the third straight time .
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Ridgewood NJ, the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1 percent in November on a seasonally adjusted basis, after being unchanged in October, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.1 percent before seasonal adjustment.
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Ridgewood NJ, an Amazon spokesperson confirmed via email that Venmo will no longer be accepted on the e-commerce giant’s website or app, adding that “Customers can still use nearly a dozen other payment options, such as debit cards, credit cards, checking accounts, or installments to pay for their orders.”
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Ridgewood NJ, Moody’s issued a warning on China’s credit rating, indicating concerns about the economic impact of bailing out local governments and state-owned enterprises, as well as managing the property crisis in the world’s second-largest economy. The credit rating agency downgraded the ‘outlook’ on China’s A1 debt rating from “stable” to “negative” within a month of a similar move for the United States. Historically, approximately one-third of issuers have experienced downgrades within 18 months of a negative rating outlook.
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Ridgewood NJ, in October, inflation showed signs of further moderation, as indicated by the Federal Reserve’s preferred price gauge.
Continue reading Fed’s preferred gauge shows Inflation Cools to lowest level since 2021
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Trenton NJ, a year ago, historic inflation resulted in one of the most dismal outlooks from New Jersey businesses in recent memory.
But NJBIA’s 65th annual Business Outlook Survey for 2024, released today, shows a leveling off from the overall negativity from New Jersey’s business community amid a slow retreat from record-setting inflation.
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Ridgewood NJ, E-commerce spending on Black Friday surged by 7.5% compared to the previous year, setting a new record at $9.8 billion in the United States, as reported by Adobe Analytics. This increase underscores the preference of budget-conscious consumers for seeking the best deals, predominantly online.
Continue reading E-commerce Black Friday Spending surged by 7.5% compared to 2022
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Ridgewood NJ, a special purpose acquisition company (SPAC) is a business entity devoid of commercial operations, created exclusively to generate capital through an initial public offering (IPO) with the intention of acquiring or merging with an existing company.
Continue reading What Could Possible Go Wrong With That : SPAC’s or “Blank Check” Companies
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Washington DC, the Producer Price Index for final demand fell 0.5 percent in October, seasonally adjusted, after advancing 0.4 percent in September, the U.S. Bureau of Labor Statistics reported today. The October decline is the largest decrease in final demand prices since a 1.2-percent drop in April 2020. On an unadjusted basis, the index for final demand rose 1.3 percent for the 12 months ended in October.
Continue reading US Producer Price Index Declines 0.5% in October, biggest drop since 2020
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Washington DC, (8:34am)the Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in October on a seasonally adjusted basis, after increasing 0.4 percent in September, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.2 percent before seasonal adjustment.
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Ridgewood NJ, WeWork, facing a massive debt load and significant losses, is planning to file for bankruptcy as early as next week, with the possibility of a Chapter 11 petition filed in New Jersey, according to sources. The flexible workspace provider’s shares plunged by 32% following this news, marking a significant setback for a company once valued at $47 billion in 2019. The filing for bankruptcy reflects the challenges WeWork has faced in recent years, particularly after its failed attempt to go public in 2019, and highlights the difficulties of its business model in the commercial real estate sector.
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Washington DC, the Federal Reserve leaves rates unchanged , issues the following statement:
