What Living in New York City Is Like Now: From Rent to Rats
The pandemic was especially challenging for low-income New Yorkers, who often held jobs that couldn't be done remotely. Many such positions were axed in the early days of lockdowns, and even when hiring picked up, in-person work came with the risk of Covid-19 infections.
Federal stimulus checks provided financial relief to some of the neediest New Yorkers, but the burst of inflation that peaked in 2022 was especially hard on this group.
More New Yorkers live in poverty now than in 2019, an increase that has contributed to more residents on SNAP and in the shelter system. The city has invested in programs to help these New Yorkers, such as Fair Fares, which received an additional $20 million in funding at the end of 2023.
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Miami Herald
2 hours ago
- Miami Herald
SNAP user's testimony causes backlash, cruel feedback
After President Trump's One Big Beautiful Bill Act passed the House, it introduced new fears for millions of Americans who rely on the Supplemental Nutrition Assistance Program (SNAP) to survive. The bill proposed an estimated $300 billion in cuts to SNAP over the next decade. If that portion of the bill passes the Senate as it is currently written, it would leave 12.6% of Americans potentially unable to afford shelter and food. Don't miss the move: Subscribe to TheStreet's free daily newsletter The way it currently works is that states would begin to pay at least 5% of food benefit costs, and up to 25% if they have higher error rates, forcing states to choose between raising taxes, cutting other programs, or limiting SNAP access, per the Food Research & Access Center. Related: Scott Galloway sends bold statement on Social Security, US economy Republican senators pushed back hard on the cuts, leading to June 10 reports that the SNAP changes were being scaled down. The reworked plan cuts the state penalty for error from 25% to 15%, but Senate Agriculture Committee Chair John Boozman (R-Ark.) told Politico that they are "still negotiating." Sen. Amy Klobuchar of Minnesota took to social media on June 11 to share a video she surely thought would be of help to advocate for keeping SNAP intact. But her efforts have backfired. The video Klobuchar shared is of a SNAP recipient named Felecia talking about her experience as a mother of four living on SNAP benefits. Klobuchar said, "Today, we heard from Felecia, a single mom of four who works up to three jobs at a time to make ends meet. She counts on SNAP to help put food on the table. This is who Republicans in Congress are trying to take food away from. Listen to her story." In the video, Felecia says, "I would like to tell you my story on how SNAP benefit has helped me," becoming visibly emotional. "When I had my oldest daughter 21 years ago, I was working three jobs," Felecia said. "One job alone, I had to pay childcare. Another one to pay food, which wasn't enough. And one to pay the bills, and I still struggled alive." Related: Social Security income tax deduction hits major roadblock Felecia went on to say that she now has a full-time job as a bus monitor, but she only gets paid once a month, which is why she still needs SNAP. "By the time I get my bills paid, I have nothing left to pay for food and other basic needs. If it wasn't for SNAP benefits, I wouldn't be able to feed my children," she said. The comments on the video exploded, causing it to rake in 75,000 views and make the terms "SNAP" and "Felecia" go viral on X. But instead of garnering empathy, it achieved the opposite effect. People in the thread savagely attacked the mother of four, mostly with comments about her weight. "I'm not saying take her SNAP benefits, but what I'm saying is she doesn't need as much as she's getting," X user currermell said. "Either she's eating it all and her kids are already going hungry, or the handouts meant to sustain her life are having the opposite effect." Related: Walmart issues urgent message about the alarming cost of food "Do you know how many calories it takes to look like her? She's doing fine," X user Rafester said. Some opted to attack Felecia's relationship choices instead of her weight, saying, "Why does she have 4 children and no husband? Life choices matter. Sorry but 4 unplanned pregnancies and no partner present is absolute nonsense," X user fictitiousfruit said. A few rare voices in the thread abstained from insults. "Not a single person wants SNAP taken away from Felecia. Every single person wants SNAP revoked for people who aren't trying or aren't contributing to the country they take advantage of," user Zac DiSalvo said. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
3 hours ago
- Yahoo
Previewing Q2 Earnings Expectations
The expectation is for Q2 earnings to increase by +5.1% from the same period last year on +3.8% higher revenues. This will be a material deceleration from the +11.9% earnings growth in Q1 on +3.6% revenue growth. In the unlikely event that actual Q2 earnings growth for the S&P 500 index turns out to be +5.1%, as currently expected, this will be the lowest earnings growth pace for the index since the +4.3% growth rate in 2023 Q3. We have been regularly flagging in recent weeks that 2025 Q2 earnings estimates have been steadily decreasing, as shown in the chart below. Image Source: Zacks Investment Research The magnitude of cuts to 2025 Q2 estimates since the start of the period is larger and more widespread compared to what we have become accustomed to seeing in the post-COVID period. Since the start of April, Q2 estimates have declined for 14 of the 16 Zacks sectors (Aerospace and Utilities are the only sectors whose estimates have increased), with the largest cuts to Conglomerates, Autos, Transportation, Energy, Basic Materials, and Construction sectors. Estimates for the Tech and Finance sectors, the largest earnings contributors to the S&P 500 index, accounting for more than 50% of all index earnings, have also been cut since the quarter got underway. But as we have been pointing out in recent weeks, the revisions trend for the Tech sector has notably stabilized in recent weeks, which you can see in the chart below. Image Source: Zacks Investment Research We see this same trend at play in annual estimates as well. The chart below shows the Tech sector's evolving earnings expectations for full-year 2025 Image Source: Zacks Investment Research A likely explanation for this stabilization in the revisions trend is the easing of tariff uncertainty after the more punitive version of the tariff regime was delayed. Analysts started revising their estimates lower in the immediate aftermath of the early April tariff announcements, but appear to have since concluded that those punitive tariff levels are unlikely to get levied, helping stabilize the revisions trend. The chart below shows current Q2 earnings and revenue growth expectations in the context of the preceding four quarters and the coming three quarters. Image Source: Zacks Investment Research The chart below shows the overall earnings picture on a calendar-year basis. Image Source: Zacks Investment Research In terms of S&P 500 index 'EPS', these growth rates approximate to $254.04 for 2025 and $287 for 2026. The chart below shows how these calendar year 2025 earnings growth expectations have evolved since the start of Q2. As you can see below, estimates fell sharply at the beginning of the quarter, which coincided with the tariff announcements, but have notably stabilized over the last four to six weeks. Image Source: Zacks Investment Research Key Earnings Reports This week The Q2 earnings season will really get going when the big banks come out with their June-quarter results in about a month. But we will have officially counted almost two dozen quarterly reports from S&P 500 members by then. All of those reports will be from companies with fiscal quarters ending in May, which we and other research organizations count as part of the June-quarter tally. We have seen such fiscal May-quarter results from four S&P 500 members, including last Wednesday's strong release from Oracle ORCL. We have another six S&P 500 members scheduled to report results this week, including Accenture ACN, Lennar LEN, and others. Oracle shares were up significantly following the beat-and-raise quarterly release, which came after two consecutive quarterly reports that market participants had found disappointing. Oracle's cloud growth appears to have finally arrived, with fiscal 2026 cloud revenues expected to grow by +40%, up from the fiscal 2025 growth rate of +24% (Oracle's fiscal year ends in May). As noted earlier, the stock has spiked on the earnings release and is now up +29.3% this year, handily outperforming the S&P 500 index (up +2.1%) and the Zacks Tech sector (up +2.5%). Shares of IT consulting firm Accenture have been under pressure lately, reflecting a challenging operating environment for its end-markets. The stock is down -11.4% this year, which compares to a +2.1% gain for the S&P 500 index and a +2.5% gain for the Zacks Tech sector. The issues in the Accenture story, in a generalized qualitative sense, pertain to the negative effects on corporate IT budgets of the ongoing tariff uncertainty and the deflationary effects of AI-driven operating efficiencies. One could argue that Accenture's scale lends its results considerable stability, particularly in comparison to other peers like India-based Infosys, TCS, and Wipro. But these macro headwinds nevertheless limit the stock's near-term upside potential. The company is scheduled to report results on June 20th, with estimates essentially unchanged over the last two months. Lennar, the homebuilder, is scheduled to report results after the market's close on Monday, June 16th. The homebuilder is expected to bring in $1.97 per share in earnings on $8.24 billion in revenues, representing year-over-year changes of -41.7% and -5.97%, respectively. This is a challenging environment for Lennar and other homebuilders, with demand hindered by affordability concerns and elevated mortgage rates. The stock was down after each of the last five quarterly releases and has lost roughly a fifth of its value this year (down -20.3%), which compares to the Zacks Construction sector's -1.9% decline and the S&P 500 index's +2.2% gain. Q2 Earnings Season Scorecard As noted earlier, we have already seen fiscal May-quarter results from four S&P 500 members, which we include in our Q2 tally. Total earnings for these four index members that have reported results are up +4.7% from the same period last year on +8.6% revenue gains, with 75% of the companies beating EPS estimates and all beating revenue estimates. The comparison charts below put the Q2 earnings and revenue growth rates for these index members in a historical context. Image Source: Zacks Investment Research The comparison charts below put the Q2 EPS and revenue beats percentages in a historical context. Image Source: Zacks Investment Research We are not drawing any conclusions from these results, given the small sample size at this stage. But we nevertheless wanted to put these early results in a historical context. For a detailed view of the evolving earnings picture, please check out our weekly Earnings Trends report here >>>> Earnings Estimates Stabilize: A Closer Look Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Accenture PLC (ACN) : Free Stock Analysis Report Oracle Corporation (ORCL) : Free Stock Analysis Report Lennar Corporation (LEN) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
Yahoo
3 hours ago
- Yahoo
Kissler: Will Tariffs Continue to Drive Energy Markets?
In the past, the COVID-19 pandemic and its aftereffects were a major driver influencing global energy markets. However, this year, the tariffs implemented by the U.S. to try to balance global trade supplanted the post-COVID environment as a major influencer. That said, just how much tariffs will continue to impact energy markets depends on a number of variables, such as the tariffs' eventual size and scope. Moreover, in the case of natural gas, other factors—such as weather, travel and the immense power needs of artificial intelligence (AI)—may prove to be larger influencers. In fact, to some extent, the tariffs' impact on energy markets already seems to be dissipating. While sending energy and equity prices reeling the first month of implementation, the tariffs have had seemingly less of an effect on U.S. demand as we have entered middle of the year. The Transportation Security Administration (TSA) reported a record number of travelers in the U.S. going into Memorial Day weekend. However, at the same time, these tariffs have been detrimental to oil demand in Asia, particularly in China, as that region bears most of the tariff burdens. The numbers say it all: Chinese refinery run rates moved well below their five-year averages as crude imports dropped substantially. Crude futures also touched the lowest levels since 2021. Another big factor has been anticipated production increases. OPEC+ has pledged to increase production over the next several months and is estimated to bring back most of the 2 MMbbl/d cuts from the previous years. At the same time, the Trump administration has promised to lower oil prices. Between the Saudi/OPEC production increases and the tariffs' impact on oil markets, that goal may be achieved. On the flip side, the only factors supporting higher oil prices have mostly been geopolitical in nature. These include: the harsh sanctions expected against Iran; the Russia/Ukraine peace talks stalling, which could lead to more sanctions on Russia; and the Israel/Hamas tensions maintaining unrest in the Middle East. Altogether, the real question going forward will be if the seasonal summer travel demand can take up the slack caused by tariffs and OPEC+. The current consensus is that it's not likely, and WTI prices are expected to remain in the $58-$65/bbl area. Of course, many 'what ifs' remain. Partly because of the shift in U.S. presidential administration, green energy is losing its luster. Wind and solar still will be contributing factors, but just not at the subsidized pace seen in the past. That said, there will likely be more solar power sources in the Sunbelt states, and more areas driven by wind-generated power, but now these power sources must be able to stand on their own economically, which should send more demand to the oil and gas sector in the longer term. Shifting focus to natural gas, the expansion of AI and greater demand for LNG will be the major drivers supporting prices. That's as AI expansion is set to double in the next three to five years. It currently pulls 4% of the U.S. power grid, but that figure could move to over 9%. If you add in the expansion of LNG from 11 Bcf/d to 12 Bcf/d of natural gas in the next four to five years, one must wonder where the supply will come from. However, in the near term, weather has been relatively mild so far in 2025, which is pulling less natural gas supplies. That's as current production is in the range of 105.2 to 106 Bcf/d, whereas in 2024, the midyear average production was near the 101 BCF/day. And so, we will need to see some above-average temperatures this summer if we are to see prices comfortably over the $4/MMBtu. While the distant horizon looks bright for natural gas—and likely will be—there is still a lot of time in between. Weather demand will still be a price-driver going forward. As of early June, 2025 has been a bit mild, but weather may change things very quickly.
