Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Naeini: If our national interests are attacked again, our response this time will be stronger and more destructive
Naeini: The war has proven that the settlers are defenseless against Iranian missile and drone forces
Naeini: Trump lacks an understanding of the true strength of the Iranian people and is so deluded as to believe he can change the reality of Iran's victory
Naeini: The defeat led to Trump's confusion and loss of balance, which was reflected in his ill-considered statements
IRGC spokesperson Brigadier General Mohammad Naeini: Trump's statements are a result of his defeat against Iran, and we advise him to abandon absurd policies
Gaza Government Media Office: The number of children martyred due to malnutrition has risen to 66
Saree: Loyal Yemen will not abandon its religious, moral, and humanitarian duties toward the Palestinian people
Saree: Over the past week, we carried out military operations targeting sensitive sites and military installations in Beer al-Sabe', Yafa, and Haifa via a number of ballistic missiles and drones, which were all successful
Saree: The operation was carried out via a Zulfiqar missile, which successfully achieved its goal
Yemeni Armed Forces spokesperson, Brigadier General Yahya Saree: Our forces carried out a top-tier military operation targeting a sensitive target in occupied Beer al-Sabe', and it was successful

Almost $10 trillion in losses for US economy, GDP declining rapidly

  • By Al Mayadeen English
  • Source: Agencies
  • 29 Sep 2022 12:41
  • 7 Shares
4 Min Read

Extreme poverty is becoming a looming threat to the American public.

  • x
  • Almost $10 trillion in losses for US economy, GDP declining rapidly
    The US economy is under more threat of a sharper decline (Bloomberg via Getty)

Citing Federal Reserve data, CNBC reported on Wednesday that the steady decline in the New York Stock Exchange (NYSE) that commenced at the beginning of this year annihilated over $9 trillion in investors’ wealth, and is expected to continue - already possibly reaching the mark of $10 trillion.

Americans’ holdings of corporate equities and mutual fund shares, as demonstrated in the data report, plunged from a high of $42 trillion in January down to about $33 trillion as of June 30 but as these statistics are three months outdated, financial experts foresee losses amounting to a total between $9.5 trillion and $10 trillion, pushed by the gradual decline of stock values since July. 

"The loss of stock wealth suffered to date, if sustained, will be a small, but meaningful headwind to consumer spending and economic growth in coming months,” said Mark Zandi, chief economist of Moody’s Analytics, in a statement to CNBC. 

Earlier this month, the stock market witnessed its worst day in over two years after inflation data crushed investors' expectations that moderating price pressures would compel the Federal Reserve to scale down its interest-rate hike campaign. Everything from stocks and bonds to oil and gold was sold by investors. The Dow Jones Industrial Average's 30 equities all fell, as did the S&P 500's 11 sectors. Only five of the broad benchmark's stocks closed the session with an increase. Meta Platforms sank by 9.4%, BlackRock fell by 7.5%, and Boeing plummeted by 7.2%.

Related News

Falling birth rates threaten living standards in rich nations: FT

Russia's GDP increases 5% in 5 months despite 'outside' interference

Despite the financial and market crises provoked by the Covid-19 pandemic, and per an Oxfam report, a whopping 573 new billionaires emerged on the market just in the span of two years - sending 160 million people into extreme poverty. According to the most recent Economic Confidence Index score by Gallup, August ratings represented the public's most pessimistic view of the economy since the Great Recession ended in early 2009, with 47% expressing pessimism with 16% describing it in good condition.

The stock index, the Dow Jones Industrial Average (DJIA), which serves as a stand-in for the status of the NYSE as a whole, suffered a hit to its value by losing one-fifth since its January 4 high of 36,799.65. The American economy was not exempt from following suit, as two consecutive quarters exhibited a decline in its pattern according to the Department of Commerce. However, notwithstanding the shape the economy is taking, the Biden administration refuses to acknowledge the situation as a recession in light of the upcoming 2022 November elections. 

In July, US President Joe Biden stated, following data released by the Commerce Department: "It's no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation," Biden said after the growth data was released, "even as we face historic global challenges, we are on the right path and we will come through this transition stronger and more secure. Our job market remains historically strong."

In regards to the workforce, the unemployment rate is anticipated to increase from 3.7% to 4.4% by next year per projections by the Fed's Summary of Economic Projections while the GDP growth is expected to reach a mere 0.2% for 2022.

Read more: US stocks head for worst week since bottoming in June

  • GDP
  • US
  • Stock market
  • NYSE

Most Read

Iranian President Masoud Pezeshkian attends a protest following the US attacks on nuclear sites in Iran, in Tehran, Iran, Sunday, June 22, 2025. (AP)

Iran declares victory as ceasefire forces Israeli retreat

  • Politics
  • 24 Jun 2025
Israeli workers survey the site where a missile launched from Iran struck in Haifa on Sunday, June 22, 2025. (AP)

True Promise 3, wave 20: 40 missiles launched, Kheibar-Shekan in first

  • Politics
  • 22 Jun 2025
Iran launches strikes on Israeli targets, despite alleged ceasefire

Iran victorious as ceasefire with 'Israel' takes effect

  • Politics
  • 24 Jun 2025
Iranian worshippers carry their country's flags in a protest to condemn Israeli attacks on multiple cities across Iran, after the Friday prayers ceremony in Tehran, Iran, Friday, June 20, 2025. (AP)

Iran warns of NPT withdrawal, Strait of Hormuz closure after US attack

  • Politics
  • 22 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli occupation soldiers search for settlers amid the rubble of buildings destroyed by an Iranian missile strike in Bat Yam, central occupied Palestine, on Sunday, June 15, 2025 (AP)
Politics

Iran missile strike flattens Bat Yam, displaces 2,000 settlers

Palestinian fighters from the Islamic Jihad militant group riding on a truck with weaponry on display take part in an anti-Israel parade marking the 36th anniversary of the movement's founding, in Gaza City, Wednesday, Oct. 4, 2023 (AP)
Politics

Palestinian Resistance attacks Israeli forces in Khan Younis, Jabalia

Iranian Foreign Minister Abbas Araghchi stands waiting to meet Russian President Vladimir Putin for the talks at the Kremlin in Moscow, Russia, Monday, June 23, 2025 (AP)
Politics

Iran suspends IAEA cooperation, Araghchi blames Grossi for attacks

The commander of the Quds Force's Palestine Unit, Brigadier General Mohammad Said Izadi (Illustrated by Mahdi Rtail for Al Mayadeen English)
Politics

Who was Mohammad Said Izadi, head of the Quds Force's Palestine Unit?

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS