In Short
- Wall Street analysts predict a 40% chance of a U.S. recession in 2023.
- Gas prices in the U.S. have dropped below $5 per gallon for the first time since April.
- New York has banned the sale of soft bullet-resistant vests.
Economy, Supply Chain, Energy
New Prediction: Wall Street analysts say there’s a 40% chance the U.S. will enter a recession in 2023. According to experts, GDP growth is expected to slow almost to zero, inflation may stabilize around 3%, and the Federal Reserve might raise interest rates above 4%. This suggests a challenging economic landscape ahead.
U.S. gas prices have fallen below $5 a gallon, marking the first time since April. President Biden is considering a gas tax holiday, with a decision expected by the end of the week. The proposal would suspend the 18.4-cent federal gas tax and the 24.4-cent diesel tax. While some worry that oil companies might keep the savings, new studies suggest consumers would see most of the benefits—though the amount is still relatively small.
Several states are expanding tax-free shopping periods. However, research shows these holidays often just shift consumer spending rather than boosting the economy. Do you take advantage of tax holidays? Are they worth it?
A leaked memo revealed that Amazon could face a labor shortage by 2024. To avoid this, the company may need to increase wages or invest more in warehouse automation. This highlights growing challenges in the logistics sector.
Germany is turning back to coal as it cuts ties with Russian gas. Meanwhile, Russia has significantly reduced gas supplies to Europe. Germany is accelerating its transition to renewable energy sources, but the shift is not without challenges.
Extreme Weather
The Po River in Italy, the country's largest, is drying up, revealing a World War II-era barge that sank in 1943. The Guardian reports that concerns are rising over the impact of the drought on agriculture, wildlife, and daily life.
Jacobabad, Pakistan, is one of the hottest cities in the world. It has experienced temperatures above 100°F (37°C) for 51 consecutive days since March, with one day hitting a scorching 123.8°F (51°C). Experts warn that such extreme heat could become a year-round reality in the future, posing serious health and environmental risks.
Severe monsoons in India and Bangladesh caused widespread destruction, killing 116 people in lightning strikes, floods, and landslides. Infrastructure like bridges, cell towers, and power lines were damaged, cutting off communication for millions and forcing hundreds of thousands to evacuate.
The Rest
New York has introduced a ban on the sale of soft bullet-resistant vests, citing public safety concerns. For those interested in personal protection, here’s a guide on what to look for and how to prepare.
A tourist was found dead in Death Valley National Park after his car ran out of gas. He was discovered 2.5 miles from his vehicle and just 30 feet from the highway. Learn what to do if you ever find yourself in a similar situation.
American Airlines will stop flying to Toledo, OH, and Ithaca and Islip, NY, on September 7 due to a pilot shortage. This decision reflects ongoing staffing challenges in the aviation industry.
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