Alicia Wallace

High prices, rising interest rates and banking uncertainty be damned: The US labor market is still chugging right along.

It was already difficult for businesses and households to borrow money earlier this year — but after the collapse of three US regional banks and a cascade of rate hikes by the Federal Reserve, getting money has become a little harder.

Financial institutions were already tightening their lending standards at the beginning of the year, and that has intensified since a trio of bank failures upended the banking industry, surveys from the Federal Reserve and the private sector show. Money is getting harder to come by, and we'd like to hear what people, especially small business owners, are experiencing.

The United States risks could run out of money to pay its bills if Congress is not able to reach an agreement on the debt ceiling. It could happen as soon as June 1, according to warnings from Treasury Secretary Janet Yellen, and could have potentially have far-reaching and dire consequences for Americans, including people who receive benefit payments or run a small business or who are trying to buy a home.

Wall Street has a busy day on Thursday, with a slew of housing data, the latest jobless claims, another banking hearing and ongoing discussions over the debt ceiling crisis.

US business economists are optimistic that the banking and debt ceiling turmoil won’t turn into full-blown crises; however, a majority of them also believe a recession is still in the cards — although likely starting later than previously thought, according to a new survey released Monday.

US business economists are optimistic that the banking and debt ceiling turmoil won’t turn into full-blown crises; however, a majority of them also believe a recession is still in the cards — although likely starting later than previously thought, according to a new survey released Monday.

Americans who are already trying to navigate persistently high inflation, soaring interest rates, banking turmoil and recession fears are now faced with trying to prepare for the “unthinkable:” a potential US debt default.

Areas of the US economy have started to crack under the weight of persistently high inflation and a string of 10 consecutive rate hikes from the Federal Reserve.

Economists are forecasting a net gain of 190,000 jobs for May, according to Refinitiv.