Like the gyrations in the stock market, economists have gone back and forth on recession predictions. A year or so ago there was a broad consensus among experts that there would be a recession in 2024 — but it never materialized. By this year, amid strong a strong job market and cooling inflation, such talk had died down.
Canadian voters swept economist Mark Carney into office this week, defeating conservative and Trump-aligned Pierre Poilievre and giving the Liberal party a hold on power for a fourth straight term. Just a few months ago, the Conservatives were widely expected to rout the Liberal party as Canadians soured on former Prime Minister Justin Trudeau’s leadership. But as Trump began talking annexing Canada and imposing tariffs, public opinion swung back towards Carney, who was viewed as more like to stand up to Trump.
If you want to take the temperature of America’s restaurants, watch Sysco (SYY).
The Houston-based giant is the largest U.S. supplier to restaurants, hospitals, schools, hotels, and cafeterias, delivering everything from fresh steaks to paper napkins. As the middleman between farms, manufacturers, and dining rooms, Sysco is so ubiquitous that if you’re eating out — especially at a chain or institution — there’s a good chance they supplied the bun for your burger, the ketchup packet for your fries, and even the to-go container for your leftovers.
U.S. stocks ended the day at about break-even on Wednesday as newly released economic data gave reason for cautious optimism.
The Dow Jones Industrial Average finished the day up 142 points, or 0.4%, a 900-point swing from its daily low that morning. The S&P 500 eked up, gaining 0.2% on the day, while the tech-heavy Nasdaq finished down slightly, losing 0.1%. All three indexes had shown steep declines shortly after the bell.
If the market’s performance these days is giving you flashbacks to the days of 1973 and 1974, when President Richard Nixon resigned and President Gerald Ford replaced him, it’s with good reason: They’re the only two presidents in the post-World War II era who endured a worse stock market performance in their first 100 days than President Donald Trump.
It’s no secret that housing prices in the U.S. have soared. In 2020, the median U.S. home price was $289,000. Now, it’s $418,000. And with mortgage rates remaining high, many people feel like homeownership is simply out of the question.
Rents have soared in the past decade, up an average of 50%. And with stagnating wages and fears of a recession, many Americans are feeling burdened by housing costs as they go to pay rent every month.
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Thomas Howe