Recession

In Q1 2023, real gross domestic product (GDP) increased 2% annually, but some experts forecast recession by the end of the year. Still, many Americans say they have a plan to weather a financial crisis.

KPMG will reportedly shed around 5% of its U.S. employees amid economic headwinds and historically low attrition, a spokesperson for the Big Four accounting giant said on Monday.

A Federal Reserve governor said ongoing interest rate hikes are possible until inflation is closer to the institution's 2% objective. Meanwhile, Americans have been struggling with high interest rates and inflation, reports said.

Costco customers are switching from pricier meats like steak and beef to chicken, pork and even canned meats, which has historically indicated recession concerns, the CFO said.

The International Monetary Fund initially predicted Germany and Britain alone to suffer recessions as inflation remains high across Europe and spending drops in response.

Applications for jobless benefits inched higher last week but previous weeks of data were revised lower after Massachusetts rooted out unemployment fraud.

Consumer debt reached a record of $17.05 trillion in Q1 2023. Many Americans still deal with high inflation and are seeking help from their financial institutions, reports say.

Higher interest rates have forced a credit crunch as banks slow lending, creating a backlash in capital and resource-starved business sectors like manufacturing.

Former Dallas Fed President and CEO Robert Kaplan called for a "hawkish pause" on rate hikes as they "disproportionately hurt" small and mid-size businesses.

With many companies announcing massive layoffs and others on hiring freezes, the class of 2023 is entering an uncertain job market.

The Federal Reserve is expected to hike interest rates for the 10th time amid signs the economy is slowing and once red-hot inflation is starting to cool.

New Biden administration mortgage rules that could result in highly qualified borrowers scores paying higher fees is drawing comparisons to the 2008 financial crisis.

Berkshire Hathaway’s Charlie Munger said on Monday that a storm is brewing in commercial property market, as property prices fall and banks deal with bad loans.

The Treasury Department said Monday that the deposits of former customers at collapsed First Republic Bank are safe because the banking system remains sound and resilient.

The workforce reductions are in addition to the 2,500 manufacturing jobs the company said it would eliminate in January. 3M had 92,000 employees at the end of 2022.

McDonald's customers kept at it last quarter despite inflation and higher prices at the fast food giant.

Americans are optimistic about their financial prosperity, and 79% are confident they will achieve it within the next decade, according to a Santander survey.

Tesla single stock exchange-traded funds (ETFs) are becoming popular for investors in the volatile stock after being introduced on Wall Street in July 2022.

Deloitte says it’s taking personnel actions where necessary and is reportedly cutting 1,200 jobs

Major private equity firms including Apollo and Blackstone are struggling to fundraise as easy money dries up and REITs begin to crumble.