Category: Business & Economy

For the 17th week in a row (longest stretch in 6 years), the number of US oil rigs rose (by 9 to 712). This is the highest since April 2015 as US Crude production follows its lead to within 2% of record highs…

The system used by the Dept. of Education to collect on defaulted student loans came to a standstill in the last month, leaving an estimated 91,000 accounts in limbo, when the agency ordered debt collectors under contract to stop making collections on accounts. Consumers who expected their student loan payments to be deducted from their bank accounts this month have reportedly found the funds untouched, and their calls to the companies unanswered thanks to a Department of Education’s order prohibiting the debt collection companies from working on default accounts in response to two lawsuits against the agency.

So far we’ve seen roughly 3,000 store closings announced in 2017, and Credit Suisse estimates that could hit 8,600 by the end of the year. That would easily surpass 2008’s total, which was 6,200 closings, to be the worst year in recent memory…

The grocery business in the U.S. is, and always has been, a fairly miserable one. In fact, from A&P to Grand Union, Dahl’s, etc., bankruptcy courts have been littered with the industry’s failures for decades. Unfortunately, it’s only going to get worse.

“…More than 4 in 10 Americans with debt (45%) spend up to half of their monthly income on debt repayment…”