Biden-Harris senior economic adviser Gene Sperling on Monday left the White House for the presidential campaign trail on the same day American stocks plunged and fears of a recession became readily apparent.to become a senior economic adviser to Harris’s policy team on her presidential campaign. He served Presidents Bill Clinton and Barack Obama, and President Joe Biden tasked Sperling with administering the $1.9 trillion coronavirus pandemic passed in the early days of his presidency.
The economy added just 114,000 jobs in July, according to the Department of Labor, significantly below the 180,000 forecast. Seperate surveys of business executives known as purchasing managers by the Institute for Supply Management and S&P Global both showed that factory activity had contracted in the month.
The Cboe Volatility Index —often called the “fear index”—exploded higher. Prior to a sharp rise in Friday, the VIX had been on a 190-day streak of closing below the historical long-term average of 20, the longest stretch below the average since 2018. On Monday morning, it hit 55, t
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