The financial news that actually matters
Goldman Sachs now sees a 30 percent chance that the U.S. economy tips into recession in 2026, up from its earlier estimate of 25 percent. The revision follows a sharp rise in oil prices and diesel costs that have crossed the $5-per-gallon mark, feeding directly into freight, shipping, and consumer prices. At least one other…
Vincent Camarda, a Long Island investment adviser who ran A.G. Morgan Financial Advisors, LLC, pleaded guilty to securities fraud and investment adviser fraud in federal court in Central Islip. The scheme raised at least $138 million from at least 431 investors, many of them elderly or financially unsophisticated, through promissory notes tied to five private…
Big Lots, the discount retailer that once operated more than 1,400 stores across the United States, began liquidating roughly 300 locations after its planned sale to a private-equity buyer collapsed. The company had filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware under case number 24-11967, initially framing the…
American workers saving for retirement through 401(k) plans saw their average account balance climb to a record $146,400, driven by a combination of strong market returns and an unprecedented share of pay flowing into those accounts. The gains arrived as total U.S. retirement assets swelled to $49.1 trillion by the end of 2025, reflecting broad…
Businesses that paid tariffs later struck down by the Supreme Court face a hard deadline baked into federal customs law: if U.S. Customs and Border Protection finalized their entries more than 90 days ago, the agency can no longer fix the problem on its own. Those importers must now file individual lawsuits in the U.S….
Americans who lose their jobs are now spending nearly three months searching for new ones, a stretch not seen since the labor market was still shaking off pandemic-era disruptions. The Bureau of Labor Statistics reported that the seasonally adjusted median duration of unemployment hit 11.6 weeks in May 2026, while the mean duration stood at…
Homeowners across the United States face a fifth straight year of rising insurance costs, with average premiums projected to climb 4% in 2026 after surging 12% in 2025. That back-to-back increase translates to roughly 16% cumulative growth over two years, adding hundreds of dollars to annual household expenses at a time when budgets are already…
Gary Shilling, the economist who correctly identified the onset of the recession that peaked in December 1969 and bottomed out in November 1970, is now warning that a new economic contraction is “almost inevitable” before the end of 2026. His forecast puts households, business owners, and investors on notice at a time when spending and…
Red Lobster served its last plate of cheddar bay biscuits at its Times Square flagship on June 14, 2026, ending a 23-year run at one of the most visible restaurant addresses in the country. The chain blamed prolonged construction at 5 Times Square, where New York State is overseeing a large-scale office-to-residential conversion that has…
More than half of Americans are now putting groceries, utilities, and rent on their credit cards because their paychecks cannot keep up with the cost of those basics. New federal data released on May 12, 2026, from both the U.S. Census Bureau and the Bureau of Labor Statistics paints a picture of households stretched so…