Nearly 80 million American employees are still working from home at least one day a week, saving 200 million hours and 6 billion miles commuting to offices per week, which they value at roughly an 8% pay increase.
Fees from advising on deals, stock offerings and bond sales are down more than 40% from this time last year, wiping out more than $50 billion in revenue. That is the biggest year-over-year dollar decline on record, worse even than in the financial crisis.
Households headed by people ages 65 to 74 have an average retirement-account savings of $426,000.
Americans stick with the same primary checking and savings accounts for about 17 years on average, that is longer than the average marriage.
Some big hedge-fund winners in 2022 will return some profits to clients highlighting their banner year.
At least two-thirds of CEOs of the biggest companies surveyed said they expected the next six months to bring worsening customer demand, industry conditions, access to capital, and domestic and global growth. By contrast, among both midsize company CEOs and large investors, two-thirds or more expect improvement in the same areas over the next six months.
In projections released this week, the central bank expects to raise rates ultimately to 5.1% by the end of 2023, a half-point higher than projected in September, and lower them only to 4.1% by late 2024.
The SBA issued roughly $390 billion in Covid disaster loans to nearly four million small businesses and nonprofits. Unlike forgivable loans issued through the federal Paycheck Protection Program, the disaster loans were designed to be repaid. Borrowers began repaying 427,000 loans in October or November. For 1.2 million Covid disaster loans, the first payments are due this month; another one million loans enter repayment in January.
Shares of ARK Innovation exchange-traded funds, a pandemic-era favorite largely made up of unprofitable, growth-oriented technology companies, are down 63% this year. The flagship fund is hovering near a five-year low.