Stock Market Falls as Recession Gets Harder to Ignore | Eastern North Carolina Now | GDP growth slides another quarter, and investors are increasingly worried about the future of the economy

Coronavirus Disease 2019 (COVID-19)
    Publisher's Note: This post appears here courtesy of the John Locke Foundation. The author of this post is Brittany Raymer.

    The stock market is a on a downward trajectory as the latest economic numbers show that the reality of recession is harder to ignore. The country has its official second successive quarter of negative growth, shrinking by 0.6%.

    CNBC is reporting that the S&P 500 hit a new low for the year, and one of its largest percentage drops in 20 years, as the once strongly performing Apple stock drops by 6.9%, just weeks after announcing the latest iPhone. The Dow Jones Industrial Average also fell by 458.13 points or 1.54%, in addition to the Nasdaq Composite.

    Though the jobless report remains surprisingly low, all economic indicators look bad for the economy, with recession now impossible to ignore as the country has officially two quarters of negative growth.

    Billionaire investor Stanley Druckenmiller stated, "I will be stunned if we don't have a recession in '23. I don't' know the timing but certainly by the end of '23. I will not be surprised if it's not larger than the so-called average garden variety. I don't rule out something really bad."

    Described by Market Watch as one of Wall Street's most respected minds, his comments are deeply troubling.

    Despite the worrying news, the Deputy Treasury Secretary Wally Adeyemo is trying to allay fears and maintain the administration's party line that the economy is doing fine.

    "Consumer confidence is still high. Consumer and corporate balance sheets are healthy. We have a great deal of momentum in the labor market in which we get more than 300,000 jobs over the last three months on average," he said at the Delivering Alpha Investing Summit.

    That's not what North Carolinians are feeling.

    The latest Civitas Poll revealed that a majority of people in the Tar Heel State are struggling with three basic essentials: gas, food and housing.

    When it comes to gas, 56.5% of people are finding it difficult to afford the cost right now, and that's even after the price at the pump has decreased. Housing is a little better, with 48.5% of citizens struggling to keep up with housing payments, whether they rent or own. Food, which has spiked in price, has remained challenging for 52.9% of people.

    The majority of those polled also shared their belief that "we are already" or "likely" in a recession.

    It's unclear how Hurricane Ian's damage will impact the economy, though it looks like it will take months for Fort Meyers to recover. North Carolina also may have its own rebuilding process.
Go Back


Leave a Guest Comment

Your Name or Alias
Your Email Address ( your email address will not be published)
Enter Your Comment ( no code or urls allowed, text only please )




Hurricane Ian Shows the Limits of Green Energy Policy Economic Truths, A Business Perspective, John Locke Foundation Guest Editorial, Editorials, Business, Op-Ed & Politics New 10%+ gas price increase in Beaufort County today


HbAD0

Latest Op-Ed & Politics

More sever penalties for those who profit from drugs are needed
Babylon Bee CEO Seth Dillon revealed that the Christian satire outlet ultimately gained a broader audience by refusing to delete a post that caused the former management of Twitter to shutter its account.
The United States' soccer match against England ended in a tie, handing the U.S. team victory as the country which last beat the other in a war wins the tiebreaker.
The Biden administration is close to granting a license to Chevron to resume pumping oil in Venezuela, following previous reporting that President Joe Biden would ease sanctions on the socialist country to allow the U.S. oil company to continue production.
As inflation comes home to roost for many American families preparing to celebrate Thanksgiving, leadership at one of the largest poultry producers in the nation is denying that households will shift from turkey to other alternatives.
N.C. State Treasurer Dale Folwell discussed issues surrounding several towns in the state Tuesday during his monthly “Ask Me Anything” virtual press conference.
Elon Musk may release information on Twitter’s internal discussions regarding censorship of stories about Hunter Biden’s laptop prior to the 2020 election, the newly-established CEO suggested Wednesday.
A new Civitas Poll of North Carolina parents has new information on their views of teachers and what is happening in the classroom
Disney fired CEO Bob Chapek in a dramatic development Sunday, bringing back its former boss and ending a disastrous tenure that saw the entertainment giant become a value-hemorrhaging caricature of wokeness.

HbAD1

A local retailer is making waves after announcing its most dramatic Black Friday sale ever, in which every item in the store is marked down to whatever the price was before Biden became President.
Readers know that when you watch CBS News, much of what you see is spin, but a report regarding Hunter Biden’s infamous laptop from the legacy media network on Monday really takes the cake.
Famed author Salman Rushdie lost the use of one hand and an eye after an attack in August by a man who stormed the stage and stabbed him in the neck and torso several times — his agent confirmed last week.
Cooper makes state personnel office like Soviet political commissars
On Tuesday, Nov. 1, North Carolina’s Democrat Gov. Roy Cooper held a press conference at the Executive Mansion announcing the creation of a new commission tasked with reforming the University of North Carolina System’s governance.
President Joe Biden (D) responded to questions about his age and fitness for office during an interview that aired Sunday morning by saying that he could “drop dead tomorrow.”
Biblical scholars have come to a unanimous conclusion that the food for which Esau sold his birthright was actually a marshmallow & Jell-O salad.
Notable figures from around the world expressed shock after images emerged late on Friday night of Chinese communist dictator Xi Jinping having his predecessor, former President Hu Jintao, taken out of the Chinese Party Congress.
Former President Barack Obama took a passive shot at Florida Governor Ron DeSantis (R) in an endorsement video Friday of DeSantis’ gubernatorial opponent Charlie Crist (D).

HbAD2

 
Back to Top