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The US economy is facing a number of obstacles it must overcome to fully recover from the COVID pandemic, but it has a faithful cheering section. |
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Consumer confidence grows despite mixed economic news The old adage "confidence is everything" might sound like fodder for Dr. Phil or a Facebook meme, but it turns out to be an accurate measure of the economy as consumer confidence continues to grow. Bucking expectations for a major decline, the Consumer Confidence Index rose again in July despite rising inflation, a surging Delta variant, supply chain shortages and stagnant unemployment, Still, Americans remain optimistic that a full recovery is in the works. "Consumers' optimism about the short-term outlook didn't waver," one economist said, "and they continued to expect that business conditions, jobs, and personal financial prospects will improve." FIND OUT WHY AMERICANS HAVE FAITH IN A FULL RECOVERY
Billionaire smack-down: Musk takes verbal jabs at Apple Perhaps emboldened by Tesla's $1 billion dollar earnings announcement -- or maybe it's just another case of a mercurial billionaire being a mercurial billionaire -- Elon Musk took some cheap shots at Silicon Valley rival Amazon's plans to enter the EV industry. On the heels of a report that Apple is building its own electric self-driving car, Tesla has seen several key employee shift gears to go to work for the tech giant. Whether that was the source of Musk's bad-mouthing or just another off-the-cuff remark he is infamous for making, the first salvo has been fired in the budding EV battle. LISTEN TO WHAT MUSK SAID TO UPSET THE APPLE CART
Big day for big tech as giants report skyrocketing profits Apple got the last laugh at Musk's comments with its own strong quarterly earnings report of more than $21 billion, largely fueled by the unparalleled popularity of its recent line of 5G iPhones. Sales were off the hook to the tune of a 50% increase for the quarter. Apple wasn't the only tech giant reporting rising profits as Microsoft was riding high on the lift from its cloud services and Google-owned Alphabet caught a wave of record ad revenue. It all adds up to encouraging news for the economy as customers continue to spend. WHY BIG TECH PROFITS ARE GOOD ECONOMIC INDICATORS
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Markets
| DJIA | 35,058.52 | -0.24% |
| S&P 500 | 4,401.46 | -0.47% |
| Nasdaq Composite | 14,660.58 | -1.21% |
| Japan: Nikkei 225 | 27,678.45 | -1.04% |
| UK: FTSE 100 | 6,996.08 | -0.42% |
| Crude Oil Futures | 71.94 | 0.40% |
| Gold Futures | 1,801.00 | 0.07% |
| Yen | 109.81 | 0.02% |
| Euro | 1.18 | 0.03% | | * As of market close |
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CDC asks vaccinated Americans to mask up
Vaccinated Americans are digging through their storage searching for their discarded masks as the CDC made yet another change to its COVID prevention recommendations. After being previously advised they are safe to go almost everywhere without a mask, the fully vaxxed are again being asked to mask up to help stop the spread of the raging Delta variant. The move is creating yet another divide down the middle of the country with nearly half of the population fully vaccinated and the other half holding firm against getting inoculated. With 99% of all deaths and 97% of hospitalizations coming from the unvaccinated population, those who have received their shots are ready to move on with or without them.. FIND OUT THE CDC'S LATEST GUIDELINES FOR THE VACCINATED
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Dems, GOP agree on Capitol improvements
Democrats and Republicans in Congress haven't been able to agree on much in recent years, but the parties have reached a deal on a bipartisan bill that will provide much-needed security improvements to Capitol Hill. The $2 billion deal addresses both personnel and physical upgrades to the buildings' facilities to prevent another attack like the Jan. 6 riot. Meanwhile, inside the walls, the committee investigating the attack listened to disheartening testimony from Capitol Police officers who said they feared for their lives. New footage was shown that contradicts some GOP members' contention that Jan. 6 was like "a normal tourist visit." FIND OUT HOW THE $2B WILL BE SPENT TO DEFEND THE CAPITOL
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Infrastructure bill dragging into overtime
Speaking of bipartisan bickering, the back-and-forth between Democrats and Republicans on a new infrastructure bill is starting to resemble the pace of an Olympic table tennis match. And this one may be headed for overtime as the August recess approaches without a deal in place. The two sides have agreed, disagreed and even agreed to disagree over the size and scope of the bill, with the GOP in favor of hard infrastructure like bridges, road and ports. Democrats demand the inclusion of items like broadband internet, child care and clean energy into the equation. SEE WHERE THE TWO SIDES STAND AFTER TUESDAY'S TALKS
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Confidence game
With consumer confidence at a near record high, what year did the US reach the record low, and what was the driving force behind the plummet? Tuesday's answer: Well before Michael Jordan's Air Force 1s propelled Nike's shoe sales through the roof, Converse Chuck Taylor All-Stars ruled the court with the first celebrity shoe endorsement nearly a century ago. SEND YOUR ANSWER HERE TO SHOW OFF YOUR KNOWLEDGE
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