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The Latest Breaking News from David Tinsley

The weak-but-not-disastrous November jobs picture

ADP reported that private-sector employment fell by 32,000 jobs in November.

Axios

AI boom is making your utility bills more expensive, says BofA, and they're likely to keep going up

BofA has bad news for consumers: "There is likely further upside ahead."

Fortune

Businesses Are Turning Toward Wealthier Shoppers. Lower-Income Consumers Are Pulling Back On Spending

U.S. economy may be holding steady overall, but the financial divide is getting harder to ignore. Higher-income households are spending more and seeing stronger wage growth, while lower-income households are increasingly feeling left out, according to recent data from the Bank of America Institute.

Benzinga

From analysis to the latest developments in health,
read the most diverse news in one place.

The gap between higher- and lower-income households is widening as inequality progress since pandemic has ‘gone into reverse,’ BofA economist says

Coming out of the pandemic, Bank of America Institute’s David Tinsley tells Fortune, “there was a narrowing of wealth inequality, and now it’s widening.”

Fortune

The share of Americans living in the West has fallen for the first time in 100 years

“The places that are most expensive are seeing the biggest drops,” explained a Bank of America senior economist.

Fortune

A Bull And Bear Discuss The Status Of The U.S. Consumer After A Worse-Than-Expected Consumer Sentiment Report

According to Bank of America, consumer discretionary spending was up 2.9% in October year-over-year, but down from its September reading of 3.2%.

Benzinga

Court reverses Aberdeen man's conviction in Unaoil bribery case

Stephen Whiteley has been exonerated in the third such reversal for cases stemming from the oil company scandal

Insider UK

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Serious Fraud Office chief found to have made errors over major corruption trial

Independent review criticises Lisa Osofsky personally after two businessmen’s convictions were overturned

The Guardian - UK

Yes, a recession looks inevitable. But it may not be that bad. Here’s why

WASHINGTON — Whether it’s President Joe Biden insisting a recession is avoidable or his critics arguing that the wolf is at the door, both sides are acting as though the nation faces an unprecedented catastrophe.

Los Angeles Times

Second conviction quashed on appeal in Iraq ‘bribery’ case

Paul Bond’s appeal was granted by judges.

The Independent UK

Attorney General launches review into Unaoil failings at the Serious Fraud Office

Sir David Calvert-Smith - a former director of public prosecutions and a High Court judge - will lead the probe

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