Major U.S. retailers are returning to "just-in-time" inventory strategies after pandemic-related shipping problems, reducing inventories by 4% in the second quarter and putting themselves in a better position for the peak holiday season.
Hong Kong's exports continue to decline for the 15th consecutive month, with a 9% decrease in July, due to trade contraction with mainland China, the US, and Europe, affecting the city's economic recovery and prompting a downgrade in GDP forecast.
Orders for long-lasting goods in the US rose in July for the third consecutive month, indicating a potential stabilization of the struggling industrial side of the economy, if the fluctuations caused by Boeing orders are excluded.
Profits at China's industrial firms fell 6.7% in July, marking the seventh consecutive month of decline, as weak demand continues to hinder the country's post-pandemic recovery.
US imports of consumer goods, particularly home electronics, experienced a significant decline in the second quarter of 2023, following the end of the Covid-induced work-from-home electronics boom, while US manufacturing also slowed, indicating challenges in stimulating demand; however, claims that this decline in imports is solely due to re-shoring are false, as imports from US allies such as Mexico, Vietnam, and India have increased in tandem with China's declining exports to the US.
The number of job vacancies in the US dropped in July, indicating a cooling labor market that could alleviate inflation, while fewer Americans quit their jobs and consumer confidence in the economy decreased, potentially impacting consumer spending; these trends may lead the Federal Reserve to delay a rate hike in September.
Japan's factory output fell more than expected in July, indicating a challenging start to the second half of the year for manufacturers amid concerns about China's growth and the global economy. Output declined 2.0% in July from the previous month, driven by decreased domestic and overseas orders, particularly in the electronic parts and production machinery sectors. However, car production rose 0.6% due to improved supply chain conditions.
US PC giant Dell Technologies experienced a significant decline in sales in China during Q2 of 2023, with shipments of desktops and notebooks plunging 52% amidst a weaker macro environment and the company's plan to reduce reliance on China-based supply chains.
Large numbers of job cuts and reduced investment are hitting British manufacturing due to a slump in demand, according to the deputy editor of The Telegraph, Tim Wallace. The purchasing managers’ index fell to 43 in August, down from 45.3 in July, the lowest reading since August 2014 and the worst performance since May 2020, shortly after the first Covid-19 lockdown, also the worst since the financial crisis. Wallace cites Make UK economist Fhaheen Khan’s view that interest rates and inflation have lowered sales, sparking job cuts.
Smartphone sales in the country declined in the second quarter, but at a slower rate, as consumers limited their spending due to high commodity prices, according to IDC.
Business activity in Britain's services sector declined in August, the first drop since January, due to higher interest rates dampening consumer and corporate demand, although the decrease was less severe than initially estimated.
U.S. markets experienced a drop on Tuesday, with VinFast Auto seeing the largest decline.
U.S. manufacturers reported a decline in business activity for the 10th consecutive month in August, but the declines are becoming less widespread, suggesting that the trough in the cycle may be approaching.
German industrial orders fell more than expected in July, declining by 11.7% on a seasonally and calendar adjusted basis, due to a large order in the aerospace sector the previous month, indicating weakness in the global economy and high energy costs.
China's share of US goods imports has dropped to its lowest level since 2006, as American companies reorganize supply chains to reduce dependence on China and shift to countries like Mexico and Vietnam.
China's imports and exports experienced a monthly decline in August, with exports falling by 8.8% and imports falling by 7.3%, indicating ongoing challenges despite some slight improvement.
A number of retailers are attributing their lackluster profits to shrink, but the extent of the problem varies widely among companies and may not be as dire as some have suggested, with losses generally in line with the retail industry standard of 1% to 1.5% of sales, according to a CNBC analysis.
Consumer sentiment in the US fell for the second month in a row in September, reflecting concerns about the economy, even though Americans believe that inflation will continue to slow.
India's merchandise exports dropped by 6.9% in August, marking the seventh consecutive month of decline, due to weak external demand, while the merchandise trade deficit reached a 10-month high of $24.16 billion driven by higher crude oil prices and robust domestic demand.
U.S. consumers have significantly reduced their spending over the past six months and plan to continue doing so during the upcoming holiday season, with the majority cutting back on non-essential items and essential items.