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Saturday, jun 13
Business
Volvo Slashing Up To 800 East Coast Jobs As Trump's Tariffs, Low Demand Rattle Automakers
Up to 800 workers are being laid off at Volvo plants across the mid-Atlantic as concerns grow about the US auto industry due to President Donald Trump's tariffs. Volvo Group North America will lay off 550 to 800 employees, a company spokesperson confirmed to the Daily Voice on Friday, April 18. The layoffs will happen at plants in Maryland, Pennsylvania, and Virginia. The Swedish automaker cited the need to adjust to worsening economic conditions. "Heavy-duty truck orders continue to be negatively affected by market uncertainty about freight rates and demand, possible regulatory chang…
Business
Panic Buying Shrinks US Vehicle Supply As Trump's Tariffs Set Up Summer Price Hikes
The US supply of new and used vehicles is quickly declining after car shoppers rushed to make purchases before President Donald Trump's sweeping tariffs shook the auto industry, setting the stage for a costly summer. New-vehicle stock fell to 2.69 million units by Tuesday, April 1, according to auto data company Cox Automotive. That was down 10.2% from the start of March and 2.4% lower than the same time in 2024. Buyers flooded showrooms in the final week of March, driven by seasonal trends and fears of price hikes tied to Trump's rapidly changing tariffs. "With import tariffs no…
News
Egg Prices Leave Wallets Scrambled: Easter 2025's Costs Outlined In New Study
Easter traditions are taking a hit this year – especially in the Northeast – as rising prices push families to scale back holiday plans, according to a new survey. Nearly half of Americans plan to skip dyeing eggs in 2025 because of rising costs, WalletHub said in its annual Easter Survey released on Tuesday, April 15. The personal finance website surveyed 200 adults nationwide about their preparations for the important Christian holiday that falls on Sunday, April 20. WalletHub found that 47% of Americans are passing on dyed eggs in 2025. Nearly two in five said that President Donald Trump…
Business
Most CEOs Expect Recession Within Six Months, Call Trump's Tariffs 'A Train Wreck': Survey
A majority of CEOs across the country are now bracing for a recession within six months as confidence in the US economy tumbles to its lowest level in years due to President Donald Trump's tariffs, according to a new survey. The industry group Chief Executive released the findings from a poll of 329 CEOs and business owners on Monday, Apr. 14. The survey showed growing alarm over Trump's escalating tariffs, which many fear will push the country into a downturn. According to the survey, 62% of CEOs expect a recession over the next six months – the highest level in recent years and up fr…
Business
Here’s Percentage Of Americans Who Feel Financially Stressed
A new poll finds that a growing number of Americans are feeling financially strained, a stark reflection of the nation's economic uncertainty. The nationwide survey, conducted by CNBC/SurveyMonkey from Thursday, April 3 to Monday, April 7, included 4,200 US adults and found that 73 percent of respondents reported feeling “financially stressed.” Among them, 38 percent identified as “very stressed,” with 66 percent citing tariffs as a major contributing factor. Even high earners are not immune — 29 percent of respondents making $100,000 or more said they’re under financial stress. The findin…
News
Inflation Fears Hit 44-Year High As Trump Tariffs, Market Crash Sink Consumer Sentiment: Survey
Concerns about inflation have spiked to their highest level in nearly 45 years, while consumer confidence plunged for the fourth straight month as Americans grow increasingly anxious about the economy, a new survey said. Americans now expect prices to climb 6.7% over the next year, the University of Michigan's Surveys of Consumers said on Friday, April 11. That's the highest inflation expectation reading since 1981 for the closely watched survey. While inflation cooled slightly in March, the latest federal numbers came before President Donald Trump announced his "liberat…
Business
Inflation Cooled In March Before Trump's Tariffs Fueled Market Collapse, New Data Says
Inflation slightly eased in March, just before President Donald Trump's sweeping tariff announcement sent Wall Street spiraling, wiping out trillions in market value before a temporary tariff pause. The consumer price index (CPI) fell 0.1% in March, the first decline since October, the Bureau of Labor Statistics said on Thursday, April 10. Prices climbed 2.4% from March 2024, the slowest annual increase since early 2021. Wall Street was bracing for a hotter inflation report. The Dow Jones consensus estimated headline inflation to be 2.6% and core inflation to be 3%, CNBC reported. Gas…
News
New Yorkers Face Nation's Second-Largest Tax Burden, New Study Says
Taxpayers in the Northeast are carrying some of the heaviest financial burdens in the country, according to a new study unveiled ahead of the 2025 filing deadline. WalletHub released its 2025 list of tax burdens by state on Tuesday, April 1. The study compared all 50 states by analyzing how much of each state's total personal income went to property taxes, individual income taxes, and sales and excise taxes. New York has the second-highest overall tax burden in the US, only lower than Hawaii. The Empire State also ranked first for individual income tax burden, with residents hand…
Business
Stocks Plunge, US Dollar Drops As Economists Warn Trump's Tariffs Are 'Worst Case Scenario'
Stocks plummeted on Wall Street and a wave of panic selling swept through global markets reacting to President Donald Trump's widespread "liberation day" tariffs. The tariff announcement sent stocks into their worst tailspin of 2025 so far and dragged the US dollar to a six-month low on Thursday, April 3. Trump unveiled the sweeping 10% tariffs on all imports and far steeper rates for key trade partners on Wednesday, April 2. By 11 a.m., the Dow Jones Industrial Average had plunged about 1,590 points, down 3.77%. The S&P 500 fell 4.35% – or about 247 points – while the Nasdaq …
Business
Recession Odds Sharply Rise Before Trump's 'Liberation Day' Tariff Rollout: Goldman Sachs
Goldman Sachs has nearly doubled the odds of a US recession, warning that President Donald Trump's sweeping new tariffs could drive up prices, slow growth, and force the Federal Reserve to cut interest rates because of higher unemployment. A recession is now 35% possible in 2025, the investment banking firm said in an economics research report published on Sunday, March 30. That's a dramatic increase from Goldman Sachs' 20% prediction made earlier in March. The increased odds come as Trump prepares to roll out sweeping new tariffs on Wednesday, April 2, which the President has dubbed "…
News
Unemployment Fears Hit 16-Year High As Trump's Tariffs Shake Consumer Confidence: Survey
Americans' concerns about rising unemployment are at their highest since the global financial crisis as President Donald Trump’s escalating tariffs and economic policies sink consumer confidence. Two-thirds of US consumers expect unemployment to increase over the next year, the University of Michigan's Surveys of Consumers said on Friday, Mar. 28. This marks the highest level of job market pessimism since 2009, reflecting widespread fears that economic uncertainty. Joanne Hsu, Michigan’s director of the surveys, said March's rising worries underscore mounting concerns across all d…
News
Trump Slaps 25% Tariff On Foreign Cars, Trucks As Economic Fears Rise Domestically
President Donald Trump has imposed a 25% tariff on all foreign-made autos, the latest in a chaotic series of tariff threats and trade war escalations that have fueled significant economic turmoil and anxiety. Trump signed an executive order to place the tariffs on cars and light trucks at the White House on Wednesday, Mar. 26. The tariffs go into effect Wednesday, Apr. 2, and the US will begin collecting duties on the following day. The measure builds on the existing 2.5% auto tariffs, which Trump has claimed would generate more than $100 billion in new annual revenue for the…
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