Economic News

Sales of Existing Homes Fall to Near 10-Year Low

During these interesting times, are you in the market for a house? If not, you certainly aren't alone. As CNN Business reports (and according to data from the National Association of Realtors), sales of existing homes dropped by 17.8% in April compared to the previous month. Similarly sales were down...

More Than 8% of U.S. Mortgages Now in Forbearance

With the United States economy still being pummeled by closures associated with the spread of COVID-19, many Americans are seeking financial relief. One potential option for homeowners who may be struggling is forbearance, which allows them to pause mortgage payments for up to 12 months. Now new data shows that...

Uber Reportedly Looking to Acquire Grubhub

During the current crisis, many businesses and verticals have seen their operations and sales directly impacted. The food delivery business has been no different, initially seeing a dip as shoppers stocked up on groceries but rebounding some as consumers looked to support their local eateries. All the while, companies like...

Charles Schwab Announces Fractional Shares Platform "Stock Slices"

Last fall, Charles Schwab shook up the brokerage world by announcing that it would be eliminating its trade commission fees. While this model had previously been tried by FinTech startups such as Robinhood, it was a big deal for a traditional discount brokerage to adopt it. Within a week of...

United States Gross Domestic Product Falls 4.8% in Q1

Ever since mandated lockdowns and shelter-in-place orders related to the COVID-19 pandemic began, it was clear that the virus would take a toll on the United States economy. Sure enough, the past few weeks have brought multiple rounds of record-breaking jobless claims that now total more than 26 million in...

Shake Shack to Return Paycheck Protection Program Loan to SBA

Last week when it was announced that the Small Business Administration's (SBA) Paycheck Protection Program (PPP) had run through its original $349 billion in funding, there was plenty of anger to be found all around. While some were frustrated with Congress for not authorizing additional funding and with the SBA...

IRS Introduces New Portal for Non-Filers to Enter Stimulus Payment Info

Since Congress passed the $2 trillion stimulus package that included direct payments for many Americans, there have been several questions about when this money would go out and how individuals could claim their funds. While the Internal Revenue Service (IRS) had previously stated that direct deposit info would be used...

How Will Americans Spend Their Emergency Stimulus Checks?

With the COVID-19 pandemic negatively impacting the lives of millions, this week the United States Congress has been attempting to pass a massive stimulus bill that would offer relief to some workers and businesses. As of this writing, the details of an apparent deal reached in the Senate are not...