The Chinese economy is in such a terrible state that the government is indefinitely delaying key economic data. This comes after the General Administration of Customs failed to produce important import and export data for September. Now, some of the key data metrics scheduled for this month? The third-quarter gross domestic product. Industrial production. Retail […]
Money
Inflation eroding Americans’ earnings as real wage growth stuck at -3.8%
Despite the red-hot labor market in the United States, workers are not coming out ahead. The reason? Inflation is still sizzling, running north of 8%. And this is weighing on employees’ wages. After this week’s hotter-than-expected consumer price index (CPI), the Bureau of Labor Statistics (BLS) released this statement (emphasis ours): “Real average hourly earnings […]
‘Winter is Coming’: Diesel prices spiraling out of control as national average accelerates above $5
The price of diesel is spiraling out of control. According to the American Automobile Association (AAA), the national average price for a gallon of diesel is $5.189, up from $3.495 the same time a year ago. Plus, the spread between gasoline and diesel has never been higher: $1.27. The problem? Inventories are cratering ahead of […]
Gasoline prices targeting $4, diesel about to hit $5 again
Remember when gasoline prices cratered about 26% after hitting their peak of $5.01 in early June, and the White House took all the credit for this decline? Well, despite draining the Strategic Petroleum Reserve (SPR) and the war in Ukraine still ongoing, gas prices have been climbing for more than two consecutive weeks. According to […]
#BREAKING: OPEC to slash production by two million barrels per day, defying Biden pressure
Is it time to prepare for $100 oil again? What about $4 gas? Well, consumers may need to endure higher energy costs this winter after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+ slashed production by two million barrels per day. The 23-nation cartel announced: “Adjust downward the overall production by […]