WEEKLY NEWS | 15 AUGUST 2022 | 159
THE MARKET WATCH
Danger ahead: The U.S. economy has yet to face its biggest recession challenge
You’d be hard-pressed now to find a recession in the rearview mirror. What’s down the road, though, is another story. There is no historical precedent to indicate that an economy in recession can produce 528,000 jobs in a month, as the U.S. did during July. A 3.5% unemployment rate, tied for the lowest since 1969, is not consistent with contraction.
But that doesn’t mean there isn’t a recession ahead, and, ironically enough, it is the labor market’s phenomenal resiliency that could pose the broader economy’s biggest long-run danger.
In its first crypto-related enforcement action, the New York State Department of Financial Services (NYDFS) levied a fine of $30 million on the cryptocurrency trading subsidiary of online brokerage Robinhood Markets Inc. for alleged violations of anti-money-laundering and cybersecurity standards.
Robinhood Crypto fined $30 million for alleged anti-money-laundering violations
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