Over half of U.S. small business owners believe the economy is already in a recession, though their own financial conditions remain strong and they have less concerns about the health of their banks, according to a survey by the National Federation of Independent Business.
Despite initial predictions of a recession, the U.S. economy has experienced unexpected growth, with high consumer spending and continued borrowing and investment by businesses being key factors.
Australia's economy is projected to grow more slowly over the next 40 years due to an aging population and slower population growth, according to long-range economic forecasts published by the government.
UK PMI data suggests a 0.2% decline in GDP in Q3, indicating a potential recession as factory output slumps and the economy faces higher interest rates.
The UK and eurozone economies are at risk of recession due to a significant slowdown in private sector activity, with the UK experiencing its poorest performance since the Covid lockdown and Germany being hit particularly hard; the US is also showing signs of strain, with activity slowing to near-stagnation levels.
A global recession is looming due to rising interest rates and the cost of living crisis, leading economists to warn of a severe downturn in the post-Covid rebound.
Australia is preparing for the impact of China's economic downturn, which will lead to lower exports, reduced investment, and a decline in tourism, potentially causing a slowdown in Australia's economic growth.
Germany's economy is in a recession, with zero growth since the third quarter of 2022 and a cumulative drop of 0.5% in GDP, which is likely to continue for another half year, impacting other European economies; the country's poor performance can be attributed to its energy policy and investors are also affected.
Australia's inflation rate dropped to its lowest level in 17 months, driven by lower prices for fresh produce and automotive fuel, reducing the likelihood of the Reserve Bank raising interest rates; however, inflation in electricity prices remained high.
The U.S. economy grew at a 2.1% annual rate in the second quarter, showing resilience despite higher borrowing costs and a slight downgrade from the initial estimate of 2.4%, driven by consumer spending, business investment, and government outlays.
Australia's economy grew more than expected in the second quarter, driven by exports and investment, while household consumption remained weak due to high interest rates; however, productivity and rising labor costs remain concerns for the Reserve Bank of Australia.
The US economy is predicted to enter a recession by spring, leading to a 25% or more crash in the S&P 500, according to economist David Rosenberg, who warns that American consumers are nearing their spending limits and rising home prices reflect a weak housing market.
Canada's economy is struggling and heading towards a recession, with declining incomes and high household debt, leading to growing dissatisfaction with Prime Minister Trudeau and his government.
Australia's labor market may have peaked as the unemployment rate hovers around historic lows, leaving little room for improvement and potentially opening the door for further job losses, which could negatively impact the Australian Dollar (AUD) that has already been weakening due to slowing Chinese demand. Economists expect an increase in jobs for August, but there is potential for a downside surprise and a second consecutive month of declines.
Entrepreneur Jaspreet Singh warns that signs of a potential recession in America include labor shortages, inflation-driven spending, and high interest rates, with economists predicting that the country may start feeling the effects of a recession by the second quarter of 2024. Singh advises Americans to educate themselves about saving money and investing to prepare for the possible downturn.
Australia's first surplus in 15 years has been revised up to $22.1 billion, driven by surging tax receipts, and while it may raise hope for a second year's surplus, the economy is expected to experience slow growth due to interest rate rises and a per-capita recession.
