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 are now forecasting a 40% probability that the U.S. will enter a recession in 2023. Their outlook includes near-zero GDP growth, inflation stabilizing around 3%, and the Federal Reserve raising interest rates above 4%. This signals a potential slowdown in economic activity and tighter monetary policy.
US Gas Prices Drop Below $5/Gallon: For the first time since April, gas prices have dipped below $5 per gallon. President Biden is considering a temporary gas tax holiday, which would suspend the 18.4-cent federal gasoline tax and 24.4-cent diesel tax. While some critics worry that oil companies might keep the savings, new studies suggest consumers would still benefit, albeit modestly.
Some states are extending tax-free periods to ease consumer spending. However, research indicates these holidays may only shift purchase timing rather than boost overall economic activity. Do you take advantage of tax holidays? Is it worth it?
Amazon Faces Labor Shortage: A leaked internal memo suggests Amazon could face a worker shortage by 2024. To avoid this crisis, the company may need to increase wages or invest more in warehouse automation.
Germany Turns to Coal as Russia Cuts Gas Supplies: Faced with reduced Russian gas, Germany is temporarily relying on coal to meet energy needs. Meanwhile, the country is also accelerating its transition to renewable energy sources. Here’s how they’re doing it.
Extreme Weather
The Po River in Italy, the country's largest river, has started to dry up, revealing a World War II-era barge that sank in 1943. Experts are increasingly concerned about the impact of prolonged droughts on water resources and ecosystems.
‘We worry about it disappearing’: Alarm grows over Italy’s drought-hit Po River https://t.co/d7372OZE1T
— The Guardian (@guardian) June 17, 2022
Jacobabad, Pakistan, is one of the hottest cities on Earth. It has experienced temperatures above 100°F (37°C) for 51 consecutive days since March, with one day hitting an extreme 123.8°F (51°C). Experts warn that such conditions could become the norm for 10 months out of the year in the future due to climate change.
Monsoons in India and Bangladesh Caused Widespread Damage: Severe monsoon rains led to deadly floods, landslides, and lightning strikes, killing 116 people. Infrastructure was severely damaged, cutting off communication for millions and forcing large-scale evacuations.
The Rest
New York City has announced a ban on the sale of soft bullet-resistant vests. If you're interested in personal protection, here's a guide on what to consider and how to prepare.
A tourist was found dead in Death Valley National Park after running out of gas. He was discovered 2.5 miles from his car and just 30 feet from the highway. Learn how to stay safe if you ever find yourself in a similar situation.
American Airlines is ending flights to Toledo, Ohio, and Ithaca and Islip, New York, on September 7 due to a pilot shortage. This decision highlights ongoing challenges in the aviation industry.
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