According to the poll conducted by Ipsos and ABC News, 69% of US citizens suppose that the current economic situation is critical. Most respondents think that the country’s economy is slumping amid high inflation, which is exerting pressure on the greenback.
The poll revealed that about 70% of Americans fear that the situation could become even worse. According to analysts, it is the highest level in the last 14 years. In addition, most respondents disapprove of measures taken by President Joe Biden to combat surging inflation.
“More than two-thirds (69%) of Americans think the nation’s economy is getting worse - the highest that measure has reached since 2008, when it was 82% in an ABC News/Washington Post poll,” ABC News wrote. At the same time, only 12% think that the economic situation is improving, whereas 18% suppose that “it is essentially staying the same.”
Notably, since the beginning of 2022, the US has been reporting climbing inflation and a drop in GDP. In the first quarter of the year, GDP slumped by 1.6%, whereas in the second quarter, it slid by 0.9%. In June, the local inflation jumped to 9.1% on a yearly basis, reaching the highest level last seen 40 years ago. Data from the US Department of Commerce unveiled that such a tumble was caused by lower business investments and gross fixed capital formation amid the release of oil reserves.
Earlier, President Joe Biden called inflation the “bane” of the US. However, he still believes that it is possible to avoid recession. He even stated that the US was “in a stronger position than any nation in the world to overcome this inflation.” US Treasury Secretary Janet Yellen is eagerly supporting ideas of the head of the state. Not so long ago, she emphasized that consumer and investment spending had risen. What is more, at the end of July, Yellen declared that the US economy was getting back on track, demonstrating stable growth.
US risks losing its oil buffer
The efforts of the Biden administration to reduce global commodity prices could go in vain as the United States risks losing its cushion reserved for oil shocks, The Wall Street Journal reported.In September, the Strategic Petroleum Reserve (SPR) in the United States decreased by 7 million to 427 million barrels, the lowest since 1984, according to the Energy Information Administration (EIA).
05:13 2022-10-03 UTC+00
Russia no longer China’s top oil supplier
Russia is no longer the top supplier of crude oil to China, the latest data from China’s General Administration of Customs indicates. Despite a large discount offered by Russia and friendly relations between the two countries, it was overtaken by Saudi Arabia as the leading supplier of crude. According to statistical data, Russia exported 8.
16:34 2022-09-30 UTC+00
Largest wave of debt may drown global economy
Economists raise concerns that the US dollar's strengthening causes a threat to the global economy. USD is holding higher ground while its satellite currencies are losing grip. The world is likely to witness a new economic order that shapes its beneficiaries and losers.
15:11 2022-09-30 UTC+00
Crypto market to be gripped by bearish sentiment
According to analysts at Fairlead Strategies, the bearish trend in the crypto market may persist if bitcoin dives below $20,000.If so, BTC may slide down to the support level of $13,900, Kathy Stockton, the Founder and Managing Partner of Fairlead Strategies, said. Judging by forecasts, the short-term momentum of the crypto market has changed from bullish to bearish.
14:38 2022-09-30 UTC+00
Chancellor Kwarteng unveils new economic plan for UK
On September 26, UK Chancellor of the Exchequer Kwasi Kwarteng announced a new stimulus plan to support the economy. The presented fiscal plan sets out a new approach to the UK economy based on three main priorities: reforming the supply side of the economy, maintaining a responsible approach to public finance, and cutting taxes to boost economic growth.
13:52 2022-09-30 UTC+00
Energy scramble in Europe to intensify
Experts at US-based publication OilPrice assume that reduced energy supplies amid tougher anti-Russian sanctions and halted gas supplies via Europe's key routes will provoke the bloc's desperate fight to solve its energy crisis. OilPrice is sure this will lead to fierce competition between European Union countries, which is likely to continue after the winter of 2022-2023.
13:41 2022-09-30 UTC+00