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Rising household debt fuels concern about U.S. Economy

Wealth of Geeks Total household debt in the U.S. increased by $16 billion, reaching $17.06 trillion in the second quarter of 2023, according to the Federal Reserve Bank of New York. Credit card balances, consumer loans, and auto loans are at record-high levels, and are causing concern about the U.S. consumer-driven economy among economists and financial analysts. Credit card balances hit record high Credit card balances exhibited the most significant deterioration in performance among debt categories this quarter, reaching a milestone of $1.03 trillion. This marks the first time ...

Wall Street drops as Chinese economy sets off global slide

NEW YORK (AP) — A sharp drop for Wall Street capped a day of declines around the world Tuesday after discouraging data on China raised worries about the global economy. The S&P 500 slumped 1.2% for one of its worst drops since the spring after data showed a deepening slump for the world’s second-largest economy. The Dow Jones Industrial Average tumbled 361 points, or 1%, and the Nasdaq composite sank 1.1%. Coming into this year, the expectation was that China’s economy would grow enough after the government removed anti-COVID restrictions to prop up a global economy weakened by ...

Home Depot tops expectations, but signs of spending pullback by Americans continues to emerge

ATLANTA (AP) — Home Depot topped profit and sales expectations in its most recent quarter, but sales continued to decline as inflation and soaring interest rates play a larger role in the spending choices made by Americans. Second quarter revenue was $42.92 billion, edging out Wall Street expectations for $42.25 billion, according to a survey of industry analysts by Zacks Investment Research. Yet that’s down 2% from the $43.87 billion that nation’s largest home improvement retailer reported during the same stretch last year, and sales have fallen 3.1% through the first half of ...

Doctors use artificial intelligence software to plan for the future

Wealth of Geeks About 30% of U.S. doctors are approaching retirement age, but only 12% are choosing to retire. Why? In a financial environment struggling with inflation, advance preparation for retirement is necessary for all physicians seeking more comfortable golden years. Physician income has not caught up with inflation. Current inflation levels go against the concept of the 4% rule that helps people decide how much they need to save for retirement. However, technology-enabled retirement planning tools can assist physicians and other high-income earners to make better plans for a ...

Heritage Restaurant opens its doors

ALLENSVILLE — The Heritage Family Restaurant opened their doors in June, with the goal of providing a place for families and friends to gather. Owners Ervin, Mary and Darren Hostetler began this endeavor in hopes of creating somewhere where faith and family values can be shared and passed ...

Lebanon’s interim central bank governor freezes assets of former chief and close associates

BEIRUT (AP) — Lebanon’s interim central bank governor Monday froze the accounts of the bank’s embattled former chief and close relatives and associates days after the United States, United Kingdom and Canada slapped sanctions on them. Wassim Mansouri’s decision was made public following a meeting of the central bank’s Special Investigation Commission. The commission is in charge of fighting money laundering and terrorism financing. It named former Gov. Riad Salameh, his son Nady, brother Raja, close associate Marianne Hoayek and former partner Anna Kosakova. Mansouri ...