Jan 30, 2023
The Weekly Scan January 30, 2023
Find out what’s happening in the world of business this week
Welcome to the Weekly Scan. Here’s what we’re following for the week of January 30, 2023.
Bed Bath & Bankrupt? Home goods retailer Bed Bath & Beyond reported that it had received default notice from its loan agent, JPMorgan Chase. Bed Bath & Beyond reportedly doesn’t have enough funds to pay back the $2.1 billion owed to creditors. This latest news from Bed Bath & Beyond likely indicates that the chain will declare bankruptcy in the coming weeks. Bed Bath & Beyond has struggled to maintain its stock as suppliers express concern over the company’s stability.
In-school suspension. The Biden administration approved more than 16 million people for its student loan forgiveness program, which is still up in the air pending a Supreme Court ruling. The administration also released a breakdown of those approved by state. Over 26 million people applied for student loan forgiveness online before the site was shut down. Starting February 28, 2023, the Supreme Court will hear a case on whether or not Biden’s student loan forgiveness plan is within his presidential authority. Biden announced a plan to forgive at least $10,000 in student loans, and up to $20,000 for eligible borrowers.
All I want for Christmas is to save money. Despite the holiday shopping season, consumer spending slowed down a seasonally adjusted 0.2% in December 2022, as compared to November. It was the second consecutive month of lower consumer spending after a period of increased spending over several months. Households trimmed their budgets for goods and made more room for spending on services, according to the Commerce Department. Meanwhile, inflation, as measured by the core personal expenditures (PCE) price index, increased at its slowest pace since October 2021, which indicates that inflation could be cooling.
Warm burrito front coming through. Chipotle is preparing for what it’s calling “burrito season” by hiring 15,000 additional workers. The fast-casual chain reportedly sees the most business between March and May and is hiring to help support the increase in business. Chipotle currently employs more than 100,000 people at 3,000 different locations. This announcement comes as large tech companies such as Amazon, Microsoft, and Alphabet lay off tens of thousands of workers in order to cut costs.
Investing made easy.
Start today with any dollar amount.