Larry Summers sounds the alarm bell on inflation – before Trump even takes office
==========

Larry Summers warned about inflation risks to the White House in spring 2021; inflation surged, leading to high interest rates; Summers cautioned again on November 12, 2024, that inflation risks remain underestimated; he criticized the Fed's recent rate cuts; consumer prices rose 2.4% year-over-year as of September 2024; forecasters expect October's inflation rate to rise to 2.6%; Summers expressed concern over Trump's potential inflationary policies, including aggressive tariffs and mass deportations, which could lead to labor shortages and higher prices.

#LarrySummers #Inflation #FederalReserve #Trump #Economy #InterestRates #Biden #Tariffs #LaborMarket #EconomicPolicy

https://www.erienewsnow.com/story/51784842/larry-summers-sounds-the-alarm-bell-on-inflation-before-trump-even-takes-office 

 The jobs number surpassed everyone's expectations. Cue the complaints about the Fed
==========

The Federal Reserve cut interest rates by 50 basis points in September 2024; job market data released on October 5, 2024, exceeded expectations; analysts criticized the Fed's decision, questioning the need for the rate cut; Seema Shah and James Knightley argued for rate hikes instead; Fed Governor Michelle Bowman dissented, preferring a smaller cut; the Fed acknowledges uncertainty in economic forecasts; optimism exists as inflation nears the 2% target and job gains remain strong; Gina Bolvin expressed increased bullishness on the economy.

#FederalReserve #InterestRates #JobMarket #Economy #Criticism #Inflation #Analysis #Data #Employment #FinancialNews

https://www.erienewsnow.com/story/51563458/the-jobs-number-surpassed-everyones-expectations-cue-the-complaints-about-the-fed 

 Over 400 economists and ex-officials endorse Kamala Harris
==========

More than 400 economists and former US policymakers endorse Kamala Harris; endorsement includes left-leaning economists and former officials from Democratic administrations; notable endorsers include Brian Deese, Jason Furman, Bill Daley, Penny Pritzker, Robert Reich, and Alan Blinder; endorsement emphasizes choice between Trump's trickle-down policies and Harris's opportunity economy; Harris to unveil new policies in Pennsylvania on September 25, 2024; Trump to speak on tax plan in Georgia on September 24, 2024; endorsement warns Trump's policies could reignite inflation and harm economic stability; straw poll shows 80% of business leaders expect Harris to win despite close race; Harris building support from business community, including JPMorgan Chase CEO Jamie Dimon.

#KamalaHarris #Economists #Endorsement #DonaldTrump #Economy #2024Election #Policy #BusinessLeaders #Inflation #Politics

https://www.erienewsnow.com/story/51491868/over-400-economists-and-ex-officials-endorse-kamala-harris 

 'The sky is not falling': US economy added 142,000 jobs in August
==========

The US economy added 142,000 jobs in August 2024, surpassing July's revised low of 89,000; unemployment rate decreased to 4.2% from 4.3%; economists expected a gain of 160,000 jobs; job growth has slowed over the past year; the US has added jobs for 44 consecutive months; significant job gains in health care (+44,100), leisure and hospitality (+46,000), and construction (+34,000); manufacturing lost 24,000 jobs; fears of recession were deemed overblown; the Federal Reserve is expected to cut rates at its September 17-18 meeting; Black worker unemployment has risen faster than the overall rate.

#UsEconomy #JobGrowth #Unemployment #FederalReserve #LaborMarket #August2024 #EugenioAlemán #RachelSederberg #KoryKantenga #MichelleHolder

https://www.erienewsnow.com/story/51374357/the-sky-is-not-falling-us-economy-added-142000-jobs-in-august 

 Pennsylvania Supreme Court justice in courtroom for brother's federal sentencing for theft, bribery
==========

John Dougherty, a former Philadelphia labor leader, is being sentenced for bribing a City Council member and stealing nearly $600,000 from the union he ran. His brother, Pennsylvania Supreme Court Justice Kevin Dougherty, was present in the courtroom. John Dougherty was convicted in December of embezzlement, conspiracy, and other counts. He used the electricians' union as his personal bank account and source of jobs for family and friends. He also bribed a City Council member. Prosecutors argued for a lengthy prison term, while supporters testified about Dougherty's charitable works and union advocacy. U.S. District Judge Jeffrey L. Schmehl is expected to hand down the sentence later. Dougherty's lawyers argued for a reduced sentence, citing his work on behalf of organized labor and his care for his gravely ill wife.

#JohnDougherty #KevinDougherty #Bribery #Theft #Union #Sentencing

https://www.erienewsnow.com/story/51029070/pennsylvania-supreme-court-justice-in-courtroom-for-brothers-federal-sentencing-for-theft-bribery 

 Even high-income Americans are shopping more at discount retailers
==========

High-income Americans are increasingly shopping at discount retailers. The trend is driven by factors such as economic uncertainty, changing consumer preferences, and the availability of high-quality products at lower prices. According to a report, nearly 40% of households with incomes above $100,000 shopped at discount stores in 2020, compared to 27% in 2019. This shift in shopping behavior is not limited to lower-income households but is also seen among wealthier consumers. The COVID-19 pandemic has further accelerated this trend, with more people seeking value and savings in their purchases. Discount retailers like Walmart, Target, and Costco have seen a surge in sales and are attracting a broader range of customers. The article highlights that this shift in consumer behavior has significant implications for traditional retailers and luxury brands, who may need to adapt their strategies to cater to changing consumer preferences.



https://www.erienewsnow.com/story/50859226/even-high-income-americans-are-shopping-more-at-discount-retailers 

 Analysts are feeling good about the stock market because of this economic signal
==========

Analysts are optimistic about the stock market due to a softening economy and accelerating corporate profits. The Dow plunged by over 600 points after the Purchasing Managers Index for May came in higher than expected, suggesting that the Federal Reserve won't be cutting interest rates. Despite concerns about higher interest rates impacting corporate profits, 97% of S&P 500 companies have beat earnings-per-share estimates, with earnings up 7% since last year. Bank of America analysts believe that a slowing economy and accelerating earnings backdrop historically lead to a strong second half of the year for stocks. However, there may be extreme market swings when economic data comes in stronger than expected. The US Personal Consumption Expenditures index for April and notable earnings reports from companies like Salesforce and Dell are upcoming events to watch. Additionally, US home prices reached a record high in March, reflecting the housing market's affordability crisis. Apple is reportedly looking to partner with OpenAI to incorporate generative AI into its iPhone lineup, aiming to enhance interaction and personalization in response to competition from Google and Samsung.

#StockMarket #Economy #CorporateProfits #InterestRates #Earnings #PurchasingManagersIndex #FederalReserve #S&p500 #UsPersonalConsumptionExpendituresIndex #HomePrices #GenerativeAi #Iphone

https://www.erienewsnow.com/story/50842270/analysts-are-feeling-good-about-the-stock-market-because-of-this-economic-signal 

 Class of 2024: How's your job search going?
==========

The article discusses the job search experiences of the Class of 2024. It provides insights into the current job market for recent graduates and highlights the challenges they face in finding employment. The article does not mention specific names, numbers, or dates.



https://www.erienewsnow.com/story/50807524/class-of-2024-hows-your-job-search-going 

 Private equity finds its next bet: college admissions
==========

Private equity firms are taking majority stakes in college entrance exam companies, causing concern among education advocates. ACT Inc., the nonprofit behind the ACT exam, has partnered with private equity firm Nexus Capital Management and will move its test into a for-profit company. The move is expected to bring cash infusion and opportunities for growth, but critics worry about decreased transparency in the testing process. Private equity-owned companies can obfuscate their operations and have control over the entire process, including curriculum development. The ACT will become a public benefit corporation, but critics remain skeptical. Private equity investment in education services has been increasing, as testing companies face financial losses and a decline in testing requirements by colleges. The College Board, which administers the SAT exam, has also seen a decrease in revenue and has partnered with a private equity-owned company. Education advocates call for government regulation and increased funding to address the issues with standardized testing.

#PrivateEquity #CollegeAdmissions #Act #NexusCapitalManagement #Transparency #StandardizedTesting #Education

https://www.erienewsnow.com/story/50680457/private-equity-finds-its-next-bet-college-admissions 

 Pennsylvania House Passes Artificial Intelligence Disclosure Bill
==========

The Pennsylvania House passed legislation (H.B. 1598) on April 10 that would require a disclosure on content generated by Artificial Intelligence. State Rep. Bob Merski, a co-sponsor of the bill, believes that the legislation is needed to protect the public as the proliferation of false information becomes more widespread. The bill does not ban the use of AI but would require those using it to add a disclosure that the content was generated by Artificial Intelligence. The bill also criminalizes AI-generated child pornography. The bill now heads to the state Senate for consideration.

#Pennsylvania #ArtificialIntelligence #DisclosureBill

https://www.erienewsnow.com/story/50661222/pennsylvania-house-passes-artificial-intelligence-disclosure-bill 

 Opinion: Why a booming economy isn't helping Biden
==========

The article discusses the opinion that despite a booming economy, President Biden is not benefiting politically. The author argues that while the economy is performing well, there are other factors such as inflation, supply chain issues, and rising gas prices that are negatively impacting Biden's approval ratings. The article also mentions the recent decline in consumer confidence and the potential impact on the upcoming midterm elections. The author suggests that Biden needs to address these concerns and take action to regain public trust.



https://www.erienewsnow.com/story/50606805/opinion-why-a-booming-economy-isnt-helping-biden