The housing market is currently facing significant challenges, with sales of previously owned homes hitting a 30-year low. In May, existing home sales were essentially flat, dropping by 0.7% from April to a seasonally adjusted annualized rate of 4.11 million units. This represents a 2.8% decrease from the previous year. The sluggish sales pace can
The Supreme Court recently made a decision in the case of Moore v. United States, upholding a federal tax on certain foreign investments. This ruling brought up questions about the constitutionality of a potential wealth tax. The case centered around a Washington state couple who were taxed on income from an investment in an India-based
China has invested a staggering $230.8 billion over a period of more than a decade to cultivate its electric car industry. This massive scale of government backing accounts for 18.8% of total electric car sales between 2009 and 2023. However, it is crucial to note that this figure has decreased from more than 40% in
The casual dining industry has been witnessing a shift in customer preferences, with more people turning away from higher-priced fast-food options. According to Darden Restaurants CEO Rick Cardenas, casual dining chains are attracting customers who are growing increasingly frustrated with the rising prices of fast-food meals. While Darden itself has not seen direct benefits from
Darden Restaurants recently reported their quarterly results which showed mixed outcomes for the company. One concerning aspect was the decrease in same-store sales at Olive Garden for the second consecutive quarter. This decline led to a flat overall same-store sales figure for Darden as a whole. The company’s earnings per share and revenue also fell
Energy efficiency is becoming an increasingly important topic across the United States, with new rebate programs being introduced to incentivize homeowners to make upgrades to their properties. The federal Inflation Reduction Act, signed into law by President Joe Biden in 2022, allocated $8.8 billion for consumers through two Home Energy Rebates programs. These financial incentives
As the older members of Generation X approach retirement age, the looming pressure of saving enough money for a comfortable retirement is becoming increasingly concerning. A report from Natixis Investment Managers revealed that 48% of Gen Xers believe they will not have sufficient funds to enjoy their retirement. Additionally, 31% fear that they will never
Recent data shows that the latest drop in mortgage rates did not impress consumers as expected. Despite a 0.9% increase in total mortgage application volume, the response was lackluster. The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.94% from 7.02%, which is the lowest level since March. However, this drop did not
Ratings agency Fitch has adjusted its expectations regarding China’s policy rate for the upcoming years. Initially, Fitch predicted a rate cut for this year, but due to the current high-interest rates maintained by the U.S. Federal Reserve, they have shifted the forecast to next year. This change in prediction reflects the impact of external factors
In the year 2024, the box office industry has seen a significant revival with the resurgence of family-friendly films in cinemas. After a period of low ticket sales and sparse family movie releases, the arrival of a steady stream of new movies has reinvigorated the box office. This trend has given movie theater operators hope