Cumulatively, citizens of the US, now owe a new record setting $1.17 trillion on their credit cards, according to a recent report on household debt from the Federal Reserve Bank of New York, as explained in a report by CNBC.

US credit card debt hits record $1.17 trillion: New York Fed research

BurgerFi, a prominent name in the fast-casual dining sector, has filed for Chapter 11 bankruptcy protection, aligning itself with a growing trend among restaurant chains.

BurgerFi files for chapter 11 bankruptcy protection amid financial struggles

In June, hiring in the United States slowed down. As per a US Labour Department statement released on Friday, this signals a cooling of the American economy before an upcoming interest rate decision.

US hiring falls short of expectations in June, signalling cooling economy ahead of Fed decision

Amazon founder Jeff Bezos in an interview with CNN warned that an economic recession might be on the horizon and people should avoid making large purchases in the coming months.

Jeff Bezos sounds warning on US economy, urges people to avoid going on spending spree

Backtracking from an email just two days ago saying that job cuts of 10 per cent were needed, Tesla Inc Chief Executive Elon Musk has said that the electric vehicle maker's total headcount will increase over the next 12 months.

Musk says Tesla's total headcount will increase over next 12 months

Joe Biden is returning to the White House to lead the United States in the midst of an economic crisis after beating President Donald Trump in Tuesday’s election, but a turn of events likely to conjure an eerie sense of deja vu for the Democratic former vice president.

World Business Watch: New US President to battle economic crisis

Airline workers at risk of layoffs were given hope of a possible reprieve on Friday after House Speaker Nancy Pelosi backed another round of aid for the beleaguered sector.

Pelosi urges US airlines to stop layoffs, backs aid

A rise in unemployment claims has stalled New York City’s economic recovery in past weeks. Small businesses, particularly restaurants, saw more activity. But persistently high levels of unemployment continue to threaten the economic recovery. Susan M. Tehrani reports from the heart of New York City.

US Election 2020: Ground reports from New York City