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| New to the newsletter? Subscribe to The Daily Money to get the best consumer and financial news from USA TODAY delivered to your inbox every weekday morning. And give our news-inspired Spotify playlist a listen. It features every song quoted here. |
| May the Fourth be with you this Wednesday, Daily Money readers. Jayme Deerwester here to loop you in on the best Star Wars Day deals. |
How a recession might affect you |
| The odds that the U.S. economy will go into a recession are increasing after a lackluster first economic quarter this year where GDP declined by 1.4%. That may have you wondering how a recession could affect you. |
| Job layoffs: During a recession, a lot of people tend to lose their jobs. For instance, in the last recession more than 22 million people were laid off. People who do keep their jobs may have their hours and/or commission rates reduced. Employers also tend to cut back on bonuses and raises during a recession. |
| Trouble obtaining loans: During a recession, lenders are more likely to question your job security since it's riskier to lend to someone who could be laid off. Borrowers with a credit score under 670 will likely face higher interest rates as well. |
| Big-ticket purchases put off: Manufacturing jobs and those dependent on consumers making big purchases are especially vulnerable in recessions since consumers tend to postpone them. |
📰 More headlines you can't miss 📰 |
| PAY FOR TWITTER? Commercial, government users may may be charged, Musk says. |
| CORPORATIONS AND ABORTION: Amazon's new benefit will pay for U.S. employees traveling for abortions. |
| FEARING THE FED RATE HIKE? 9.6% inflation-protected I Bonds could be a saving grace. |
| STOCKS START MAY STRONGER: Facebook, Nvidia lead major indexes to close higher. |
| ENOUGH LIP SERVICE ABOUT SMALL BUSINESS: Here are Innovative ways government can actually help. |
Will there be enough charging stations for all the new EVs? |
| The availability of public-use charging has vastly improved over the past decade as the network gets built out. But with rising interest in EVs, the question now is whether there will be enough to go around when hundreds of thousands of EV converts get behind the wheel for their first road trips. It could be a close call. |
| After humping along for the past few years, EV sales are finally surging. They doubled last year compared with 2020 and dealers say they can't get enough of them to meet demand. Their market share, which has been running at 4% of new car sales, is expected to continue to grow. |
| Nearly all the major automakers, plus some startups, are promoting new long-range electric models, with some reporting years-long waiting lists. And despite ominous economic signs, there's no indication demand will soften. |
| "Everyone is trying to get chargers in the ground but nobody has been focused on the customer experience," such as whether they are being maintained and kept ready to use, explains Loren McDonald of EVAdoption, which analyzes EV and charging trends. |
| "Right now, it's the wild, wild west," he says. |
| 🎧 Mood music 🎧 |
| It being Star Wars Day and all, I can't resist using Weird Al Yankovic's "American Pie" parody, "The Saga Begins." (To this day, I still wish I'd just listened to this song instead of spending 2 hours of my life sitting through "Episode I: The Phantom Menace.") |
| "We started singin', 'My, my, this here Anakin guy. May be Vader someday later, now he's just a small fry.' And he left his home and kissed his mommy goodbye. Sayin', 'Soon I'm gonna be a Jedi. Soon I'm gonna be a Jedi' " |
| LISTEN WHILE YOU WORK: You can hear just about every song quoted in the newsletter on the Daily Money Mood Music playlist on Spotify. |
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