PNC chief predicts recession, local small business hit worst (Pittsburgh: fit in, hair salon)

[erieguy]

Originally Posted by szug-bot

yeah but kamala said this might not reflect recent declines in the price of gas! gas went down maybe 8 cents in 10 days. so there!

They’ll do and say anything to deflect from Bidenflation.

[Tony_Soprano]

Originally Posted by erieguy

They’ll do and say anything to deflect from Bidenflation.

Putin, COVID, Trump, evil oil companies and gas stations just to name a few. Fact is, it's all Joe and the Dems. They own it.

[Reggiezz]

The old order is dying in front of our eyes. Alliances are shifting. It's a once in a lifetime historic moment, like the toppling of the Berlin wall or the end of WWII. If you actually search for the stories out there, it will amaze you.

Sri Lanka is just the first of many countries going under whose politicians used government spending to enrich themselves while creating ruinous debt levels. With inflation, higher interest rates and lower economic activity, these economies are swamped by debt like a tsunami covering land. Couple this with shortages of food and fuel caused by OUR sanctions, and people just can't survive. The third world is fragile.

But we've moved on to the destruction of Europe already. Russia turned their gas off for "maintenance" a couple days ago. My opinion, the EU will have to make a lot of concessions to get the gas back on. They're between a rock and a horde of Neocon warmongers. The pols will choose the Americans. The people will choose food and energy, eventually.

And then there are the droughts. We have our ongoing drought out west, but now Germany and Italy are having droughts. Just when the western world needs to produce more food. It's as though the universe is aligning to bring the globalist system down.

I can't wait to see what happens next.

[BUILD PENN SQUARE]

according to the bureau of labor statistics, real average hourly earnings are lower now than they were a year ago

[Tony_Soprano]

Originally Posted by BUILD PENN SQUARE

according to the bureau of labor statistics, real average hourly earnings are lower now than they were a year ago

But I heard a commercial on the radio from a former Republican saying that Senile Joe has helped her and that Senile Joe cares about the middle class!

[Reggiezz]

Inflation hit hard at the wholesale level in June, as producer prices surged a near-record amount from a year ago due to a big jump in energy costs, the Bureau of Labor Statistics reported Thursday.

The producer price index, a measure of the prices received for final demand products, increased 11.3% from a year ago, the highest reading since the record 11.6% in March.

Of that gain, almost 90% came from a 10% increase in final demand energy costs as prices for oil, natural gas and other products soared during the month.

https://www.cnbc.com/2022/07/14/prod...rgy-costs.html

This means retail prices will continue to rise in the short term.

[BUILD PENN SQUARE]

Originally Posted by Reggiezz

https://www.cnbc.com/2022/07/14/prod...rgy-costs.html

This means retail prices will continue to rise in the short term.

that appears to be the case

[BUILD PENN SQUARE]

no wonder why downtown office occupancy only at 22%

Your commute is hundreds of dollars more expensive this year

https://www.axios.com/2022/07/14/com...ices-inflation

"The 5 cities with the highest percentage increase in commuting costs: Pittsburgh (60.1%), Philadelphia (59.9%), Cincinnati (59.1%), Phoenix (58.1%) and Columbus, Ohio (58.0%)."

[BUILD PENN SQUARE]

PNC CEO says recession may come but it looks mild

https://www.post-gazette.com/busines...s/202207150134

"PNC Financial Services Group CEO Bill Demchak tried to allay investor concerns about the severity of a coming recession in its second quarter earnings call Friday morning, doubling down that it would be mild.

“I don't think any cliff is involved,” he said. “We’ll have increased losses, but not anything close to what we put in during COVID.”

PNC expects the Federal Reserve to raise interest rates to 3.5% by the end of 2022 to curb inflation, which rose to a four-decade high of 8.6% in June.

As for timing, he added, “I do think that the trouble ahead lies somewhere in the middle of next year, not anytime in the next six months.”"

[Craziaskowboi]

Of course small businesses will be most affected. That's part and parcel of globalism, and globalists took the power back with a vengeance a year and a half ago. BOAKYAG.