On Monday, the S&P 500 entered a bear market, when an index slumps more than 20% from its recent high, because of fears about inflation. United shares dropped 10%, while Uber shares lost 9%.
Michael M. SantiagoApp-based drivers and delivery workers are being impacted by the surging price for gasoline, which has risen above $5 a gallon nationally.Wells Fargo CEO Charles Scharf says there is"no question" the U.S. economy is headed for a downturn.
The unemployment rate has dropped to 3.6%, according to the latest available government data, near where it was before the start of the pandemic.showed only about one in four economists anticipates a recession within next year, although that was before the latest inflation report showing stronger-than-expected price gains.
On Monday, the S&P 500 entered a bear market, when an index slumps more than 20% from its recent high, because of fears about inflation. United shares dropped 10%, while Uber shares lost 9%.United Airlines CEO Scott Kirby testifies before the Senate Commerce, Science, and Transportation Committee in Capitol Hill, Washington, D.C., on December 15, 2021. Kirby recently downplayed concerns about the economy, saying the airline industry is still seeing strong demand.
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