Today is Tuesday, July 5 and on this day in 1946 — the first war-free summer since World War II ended in September 1945 — the bikini hit the summer fashion scene in Paris. The two-piece swimsuit wouldn’t overcome America’s prudish ways until the early 1960s, but it ultimately helped propel the global swimsuit market.
There have been 12 recessions since the end of World War II and they’ve all had a few common denominators: decreased output coupled with increased unemployment and a decline in monthly business payrolls. With history as a guide, the forces aren’t aligning for a recession in the upcoming forecast.
The U.S. has had 11 million unfilled jobs in six of the past seven months, four million more monthly openings than before the pandemic. But production of oil, wheat, natural gas, corn, and raw materials ended the quarter near or lower than March. This conundrum is leaving the powers that be at the National Bureau of Economic Research doing a bit of head-scratching. Here’s what else should be on your radar this morning.
Livestreaming Upset. TikTok’s livestream selling project is reeling in plans to expand into Europe and the U.S. after its operations in the U.K. hit a few snags that saw the exit of staff and influencers. Supply hiccups, long hours and low wages were cited by influencers that left the U.K. selling stream, though TikTok Shopping proved successful in the Asian countries where it launched. READ MORE
Unexpected Pinches. A report by LendingClub and PYMNTS looks into how unexpected expenses can affect the delicate tightrope of paycheck-to-paycheck living. “The New Reality Check: The Paycheck-To-Paycheck Report: The Financial Distress Factors Edition,” found that the percentage of people living paycheck to paycheck increased 4% from May 2021 to May 2022. READ MORE
Weakest Link. Arthi Rajan Makhija, SVP, Head of Global Fraud Risk at PayPal, told Karen Webster that while there are numerous ways a fraudster can infiltrate, the most frequent avenue is via the weakest link, which is usually at the consumer level. Makhija said there’s a lot of diversity at the customer level, no matter what kind of business is at the center. READ MORE
Healthcare Foundation. Alberto Casellas, EVP and CEO of CareCredit at Synchrony, told PYMNTS’ Karen Webster that he decided to follow his grandfather’s advice and apply his medical knowledge to blaze new trails in the business of healthcare. His mission is to help consumers get the care that they need when they need it. READ MORE
ICYMI. Wirecard’s former head of accounting has reportedly said he forged documents requested by KPMG during a special audit, ahead of a trial brought by Munich prosecutors set for later this year. Stephan von Erffa is one of three defendants and the first senior executive of the disgraced company to admit wrongdoing since Oliver Bellenhaus, head of a Dubai subsidiary, turned himself in two years ago. READ MORE
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