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US economy
2026-07-28 14:22:44

U.S. consumer confidence fell to 90.8 in July, missing forecasts

U.S. consumer confidence weakened in July, according to a report cited by Jin10. The Conference Board’s Consumer Confidence Index fell to 90.8 from a revised 92.2 in June, coming in below the forecast of 92.3. The reading points to softer household sentiment at the start of the second half of the year. The report said views on the labor market remained broadly weak. Dana Peterson, chief economist at The Conference Board, said consumers’ responses on factors affecting the economy were still mostly pessimistic in July. She also noted that references to jobs and unemployment increased slightly. The latest figures add to signs of caution in household sentiment, with both the headline confidence reading and commentary on employment showing a softer tone than expected.

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U.S. consumer confidence fell to 90.8 in July, missing forecasts
Policy Regula
2026-07-28 08:06:07

The "permanent underclass" debate in AI is really about whether labor loses its bargaining power

A MarsBit commentary examines the rise of the “permanent underclass” idea in AI circles and argues that the fear goes beyond job losses. The core concern is that if artificial intelligence can perform most cognitive and physical labor, wages may stop serving as a path to mobility, while profits concentrate around those who control models, compute, energy and data centers. The article opens with Sam Altman’s July 26 remarks in San Francisco, where he called it “ridiculous” to say that anyone who does not join a frontier lab will fall into a permanent underclass, then uses that moment to explore why the phrase has gained traction. Drawing on reporting by writer Jasmine Sun, the piece says frontier AI researchers often struggle to answer a basic question: what should an ordinary 17-year-old American, not a prodigy and only a B student, do to prepare for the future? It also cites Stanford’s Digital Economy Lab using ADP data on 4.6 million workers, noting a roughly 16% relative employment drop for workers aged 22 to 25 in the occupations most exposed to AI, a 5.6% unemployment rate for recent U.S. graduates, up 1.6 percentage points from three years earlier, and a 25% drop in entry-level hiring at large tech companies over two years. The article contrasts China and the U.S. on policy response, references 2025 and 2026 legal and political developments, and concludes that the real missing piece is not individual career advice but a new bargaining and distribution framework for an AI-driven economy.

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The "permanent underclass" debate in AI is really about whether labor loses its bargaining power
Federal Reser
2026-07-28 05:37:00

Analyst says Warsh is unlikely to break with Fed hold consensus this week

Mabrouk Chetouane, head of global market strategy at Natixis Investment Managers, said in a report that Federal Reserve Chair Warsh is unlikely to push back against the current consensus at his second monetary policy committee meeting. In Chetouane’s view, Warsh is not expected to opt for a 25-basis-point rate increase, even as returning inflation to target by year-end now looks nearly out of reach at this stage. He also said Warsh would be reluctant to tighten financial conditions in a way that could damage the labor market’s slow but steady improvement, a trend that has continued for weeks. For the upcoming meeting, analysts broadly expect the Fed to leave rates unchanged on Wednesday, while money markets are pricing in a 38% probability of a rate hike.

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Analyst says Warsh is unlikely to break with Fed hold consensus this week