Al Mayadeen English

  • Ar
  • Es
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
Lebanon arrests man who fired on US embassy last week: Reuters citing security sources.
Bahrain announces the death of two of its soldiers participating in the coalition forces, including an officer, in an attack near the Saudi-Yemeni border and accuses Ansar Allah of being responsible.
Russian Foreign Ministry: Yesterday's bloodshed in Kosovo is a direct result of Prime Minister Kurti's policy of fueling the conflict and cleansing the region of Serbs.
The Israeli occupation forces opened fire at Palestinian protesters near the Separation Wall in eastern Gaza.
Russian Interior Ministry puts ICC Chair Piotr Hofmanski on wanted list
Ankara has not yet discussed with Moscow the proposal for a meeting of the heads of Russia, Turkey, Armenia and Azerbaijan, but there are plans: Diplomatic source in Ankara to Sputnik
Libyan Public Prosecutor’s Office: The body investigating the collapse of the Derna dams issues criminal cases against 16 officials
Al Mayadeen's correspondent: SDF announces a general lockdown in the area extending from the town of Al-Shuhail all the way to Al-Baghouz in the eastern countryside of Deir ez-Zor
Russian air defense destroys Ukrainian drone over Belgorod Region: Russian MoD
Egyptian Ministry of Water Resources: Ethiopia retracted from previously reached agreements within the framework of the negotiating process on the Renaissance Dam.

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

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

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

  • 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

European Commission warns Finland of its rising public debt

Russia's GDP declined by 2.1% in 2022: Rosstat

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

Russia destroyed leopard tank in Ukraine with fully-German crew

Russia destroyed leopard tank in Ukraine with fully-German crew

  • Europe
  • 23 Sep 2023
Ukrainian soldiers ride an APC on the front line near Bakhmut, in the Donetsk region, on June 5, 2023 (AP)

US sees Ukrainian army demoralized, no chance to win: Seymour Hersh

  • Europe
  • 21 Sep 2023
Blinken’s ‘Variable Geometry’ for a New Cold War

Blinken’s ‘Variable Geometry’ for a New Cold War

  • Analysis
  • 24 Sep 2023
Zelensky joins Canadian Parliament’s ovation to WWII Nazi soldier

Zelensky joins Canadian Parliament’s ovation to WWII Nazi soldier

  • US & Canada
  • 25 Sep 2023

Coverage

All
Morocco & Libya Disasters

Read Next

All
Yemeni Supreme Political Council leader Mahdi Al-Mashat
MENA

Yemeni SPC chief says Saudi-led coalition must build trust with Yemen

In this April 20, 2015 file photo, Saudi soldiers fire artillery near Saudi border with Yemen in Jazan, Saudi Arabia (AP Photo/Hasan Jamali, File)
MENA

Bahrain: Two soldiers killed in drone attack along Saudi-Yemen border

Saudi delegation to arrive in Ramallah, meet with president Abbas
Palestine

Saudi delegation to arrive in Ramallah, meet with Abbas

Flags of Russia and North Korea are seen in front of the central railway station in Vladivostok, Russia, Wednesday, April 24, 2019. (AP)
Asia Pacific

DPRK rebukes S. Korean President for criticizing Moscow cooperation

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

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