Connect with us

Investment

2023 US Recession Now Expected To Start Later Than Predicted

Published

on

rcession

WASHINGTON — The U.S. Most of the country’s business economists now think that the United States will go into a recession later this year than they had thought before. This is because a series of reports have shown that the economy is holding up surprisingly well, even though interest rates are steadily going up.

Fifty-eight percent of 48 economists polled by the National Association for Business Economics expect a recession this year, the same proportion as in the NABE’s December survey. However, only a quarter believe a recession will have begun by the end of March, which is half the proportion who believed so in December.

The findings were released on Monday, based on a survey of economists from businesses, trade associations, and academia.

A third of the economists polled expect a recession to begin in the April-June quarter recession. One-fifth believe it will begin in the July-September period.

The delay in when economists think a recession will start is due to a series of government reports that show the economy is still strong, even though the Federal Reserve has raised interest rates eight times to slow growth and lower high inflation.

recession

A third of the economists polled expect a recession to begin in the April-June quarter.

Employers added more than 500,000 jobs in January, and the unemployment rate fell to 3.4%, the lowest level since 1969.

In addition, retail and restaurant sales increased by 3% in January, the largest monthly increase in nearly two years. This indicated that consumers, who drive most of the economy’s growth, remain financially healthy and willing to spend.

At the same time, several government releases revealed that the inflation recession rebounded in January after falling for several months, fueling speculation that the Fed will raise its benchmark rate even higher than previously anticipated. When the Fed raises its key rate, mortgages, auto loans, and credit card borrowing become more expensive. Business loan interest rates are also rising.

Tighter credit conditions can weaken the economy and even lead to a recession. According to new economic research released on Friday, the Fed has only managed to reduce inflation from recent highs by causing a recession.

SOURCE – (AP)

 

 

Kiara Grace is a staff writer at VORNews, a reputable online publication. Her writing focuses on technology trends, particularly in the realm of consumer electronics and software. With a keen eye for detail and a knack for breaking down complex topics, Kiara delivers insightful analyses that resonate with tech enthusiasts and casual readers alike. Her articles strike a balance between in-depth coverage and accessibility, making them a go-to resource for anyone seeking to stay informed about the latest innovations shaping our digital world.

Business

Amazon’s Self-Driving Robotaxi Unit Zoox Under Investigation By US After 2 Rear-End Crashes

Published

on

zoox
CNBC - VOR News Image

DETROIT — The US government’s highway safety department is looking into Amazon’s self-driving robotaxi company after two vehicles braked unexpectedly and were rear-ended by motorcyclists.

The National Highway Traffic Safety Administration announced Monday that it will assess Zoox’s automated driving system.

Both accidents occurred during the sunlight, and the riders sustained minor injuries. In all cases, the agency established that the Amazon vehicles operated in autonomous mode before the crashes.

zoox

AP – VOR News Image

Amazon’s Self-Driving Robotaxi Unit Zoox Under Investigation By US After 2 Rear-End Crashes

According to the government, the investigation will focus on the performance of the company’s automated driving system during the crashes and how it operates in crosswalks near pedestrians and other vulnerable road users.

A message was left early Monday requesting a response from the company.

Zoox reported the crashes by a requirement granted to automated vehicle firms in 2021.

zoox

Zoox – VOR News Image

Amazon’s Self-Driving Robotaxi Unit Zoox Under Investigation By US After 2 Rear-End Crashes

According to estimates, Amazon paid more than $1 billion for Zoox in June 2020. In 2023, the Foster City, California-based business announced that one of its unique-looking four-person shuttles would automatically transport personnel on public highways along a mile-long (1.6-kilometer) route between two facilities.

The corporation then planned to develop an exclusive shuttle service for its employees. Analysts believe Amazon will deploy the system for autonomous deliveries.

The cars feature no steering wheel or pedals. The interior is carriage-style, with two benches facing each other. It is a little under 12 feet (3.7 meters) long, about a foot (a third of a meter) shorter than a conventional Mini Cooper, and can reach 35 mph (56 km/h).

zoox

Zoox – VOR News Image

Amazon’s Self-Driving Robotaxi Unit Zoox Under Investigation By US After 2 Rear-End Crashes

The company was already under investigation by the NHTSA. In March 2022, the government began investigating the company’s certification that its car fulfilled federal safety standards for motor vehicles.

The agency stated at the time that it would investigate if Zoox used its testing techniques to establish that certain federal criteria did not apply due to the robotaxi’s unique configuration.

SOURCE – (AP)

Continue Reading

Business

United CEO Tries To Reassure Customers Following Multiple Safety Incidents

Published

on

United airplane

United Airlines is attempting to reassure passengers following a spate of accidents on its Boeing jets this year. In a statement to customers, the airline states that safety is “at the center of everything that we do.”

“While they are all unrelated, I want you to know that these incidents have captured our attention and sharpened our focus,” CEO Scott Kirby wrote in a Monday morning statement to customers.

united

United CEO Tries To Reassure Customers Following Multiple Safety Incidents

On Friday, a United Boeing 737-800 landed in Medford, Oregon, missing an underside fuselage panel.

Earlier this month, United experienced four mishaps, all involving Boeing jets. A United Boeing 737-900ER blew flames from its engine after takeoff from Houston, a Boeing 777 lost a wheel during takeoff from San Francisco, a Boeing 737 Max slipped off a runway in Houston, and a United Boeing 777 trailed hydraulic fluid as it left Sydney.

“Our team is reviewing the details of each case to understand what happened and using those insights to inform our safety training and procedures across all employee groups,” Kirby continued.

The airline is extending pilot training by one day, retooling training for new mechanics, and “dedicating more resources to supplier network management.”

Passengers witnessing a run of negative articles about the airline and its Boeing jets may consider booking elsewhere. In its letter, the airline is attempting to keep consumers from departing. As of the end of last year, 81% of the jets used on United’s mainline operations were manufactured by Boeing, compared to little more than half of the jets in rivals Delta and American Airlines’ mainline fleets.

Aside from the problems on  flights, the most dramatic Boeing incident this year featured an Alaska Airlines Boeing 737 Max 9, which lost a door stopper on a January 5 flight, resulting in a gaping hole in the plane’s side. And last week, a Latam Airlines flight from Sydney, Australia, to Auckland, New Zealand, fell unexpectedly, throwing some passengers to the cabin ceiling.

united

United CEO Tries To Reassure Customers Following Multiple Safety Incidents

Investigators are still investigating the causes of both events, but a preliminary report from the National Transportation Safety Board showed Boeing left the bolts required to keep the door plug in place on the 10-week-old Alaska Air jet. Boeing asserted that an incident in the cockpit rather than a problem with the aircraft’s systems may have caused the Latam accident.

The age of the aircraft in the United incidents suggests that the problem could be with their staff rather than Boeing’s well-documented quality faults. For example, Boeing purchased the jet that lost its panel on a Friday trip in 1998. So, Boeing’s quality difficulties are likely unrelated to that occurrence.

However, Boeing’s issues have impeded United’s operations. Due to the FAA’s production slowdown, it has halted hiring a new class of pilots since it will receive fewer new planes from Boeing this year, as previously promised. In January, the Alaska Air incident grounded its 737 Max 9 jets for three weeks.

united

United CEO Tries To Reassure Customers Following Multiple Safety Incidents

Furthermore, approval of a new generation of Boeing jets, the 737 Max 10, ordered by United, has been delayed due to the company’s quality and safety issues.

Kirby told investors last week that United is considering purchasing more jets from Boeing competitor Airbus. He also stated earlier this year that the Alaska Air incident was the “straw that broke the camel’s back” on United’s plans to receive deliveries of the Max 10 in the near future.’

SOURCE – (CNN)

Continue Reading

Business

Bitcoin To The Moon? Here’s Why It’s Near An All-Time High, With A Surge Of 20%

Published

on

bitcoin

Last month, as bitcoin hit $45,000, JPMorgan Chase CEO Jamie Dimon compared it to a Pet Rock and told people to “stop talking about this s—.” Investors are currently laughing all the way to the bank.

In just five days, the cryptocurrency had surged by 20%. With Wednesday’s gains, the coin is on track to reach an all-time high of about $69,000 in November 2021, the last time it traded above $60,000.

bitcoin

Bitcoin To The Moon? Here’s Why It’s Near An All-Time High

Billions of dollars have flowed into the cryptocurrency since the US Securities and Exchange Commission approved bitcoin exchange-traded funds last month, contributing to the boom.

The other key element at work is the impending “halving” of Bitcoin. Halving is a built-in feature of Bitcoin that automatically limits the rate at which new coins enter circulation. It occurs every four years and, in principle, raises the price of Bitcoin because it increases the scarcity of an already finite currency.

This occurs because miners (the programmers responsible for solving complicated math problems inherent in the currency) see their Bitcoin-denominated payout cut in half when a threshold is reached.

bitcoin

Bitcoin To The Moon? Here’s Why It’s Near An All-Time High

In the past, halvings have triggered substantial bull markets. However, there is no clear rule that guarantees this conclusion every time. Various events, such as the prospect of additional rules, might reduce any possible advantages from a halving.

However, investors are hopeful that this will not play out, and they are hurrying to get in on the action or pay out their winnings. Coinbase, a cryptocurrency exchange platform, faced substantial interruptions due to the increased trade volume, according to CEO Brian Armstrong in a post on X Wednesday.

“Some users may see a zero balance across their Coinbase accounts & may experience errors in buying or selling,” Coinbase Support said on X at 1 p.m. ET Wednesday. “Our team is looking into this and will provide an update shortly. “Your assets are safe.”

bitcoin

Bitcoin To The Moon? Here’s Why It’s Near An All-Time High

An hour and a half later, Coinbase announced in another X post that it was “beginning to see improvement in customer trading.” It also stated that consumers may still be experiencing problems “due to increased traffic.”

Coinbase declined to comment to CNN about the problems other than the X postings.

SOURCE – (CNN)

Continue Reading

Volunteering at Soi Dog

Download Our App

vornews app

Trending