8/30/22

Some clothing stores have way too much inventory. And this could be a good time for a job change. It’s tough to stop the bleeding on Wall Street right now. Investors are still mulling The Fed’s dedication to “stay the course” on interest rate hikes.

The Dow fell another 308 points, or 1%, to close at 31,790
The S&P lost 44
The Nasdaq was down 134.

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Now’s a great time to find another job. The Labor Department says there were 11 million job openings in July. Employer demand remains strong, which means workers have the upper hand, including negotiating power for better pay and benefits. That power may wane, though, as The Fed tries to reduce inflation.

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A lot of people are using credit cards to make ends meet, but a new report shows “credit scores” still sit at an all-time high. The national average credit score stands at 716, unchanged from a year ago. But this also marks the first year since the Great Recession that scores did not *improve year-over-year.

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People aren’t buying clothing much these days… so what are Gap and Kohl’s doing with all that extra inventory? Holding on to it. Many retailers are hoping to sell it in the future. Kohl’s is sitting on $82 million worth of extra inventory.

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From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.