Wage growth remains high, contradicting calls for rate cuts and suggesting stagflation, while concerns about the health of the labor market persist.
The combination of Houthi attacks on cargo ships in the Red Sea and drought conditions affecting the Panama Canal has created a "perfect storm" of disruption in global shipping, impacting supply chains and potentially causing delays in stock deliveries for retailers.
Iran's unemployment rate has declined from 10.6 percent to 7.6 percent, but this is not due to job creation; rather, it is a result of 3.6 million job seekers giving up their search for employment, highlighting the impact of deep recessions and economic crises since 2018.
Gas prices in the US have dropped below $3 per gallon in many states, with prices expected to remain low in the next few weeks, though they may pick up again in mid-February due to seasonal demand. President Biden highlighted the decrease in gas prices and stated that the average American driver is currently spending over $100 less than if prices had stayed at their peak.
China's Zhongzhi Enterprise Group has filed for one of the country's largest bankruptcies due to the deepening real estate crisis, adding to the overall economic woes faced by the nation.
Market sentiment and mortgage rates can be rapidly influenced by changing economic data, as demonstrated by the Friday morning swing in the real estate market.
Higher-than-expected job growth in December eases pressure on the Federal Reserve to accelerate interest rate cuts, providing further evidence that the U.S. economy remains strong.
The home ownership rate among young people in Portugal has dropped by 50% over two generations, forcing many to either struggle for financial independence or leave the country due to soaring rent and house prices.
Treasury Secretary Janet Yellen describes the U.S. economy as achieving a "soft landing" with easing inflation and no signs of a significant economic downturn, while President Biden acknowledges Americans' frustration with the economy and vows to lower everyday costs.
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Economists are concerned about migration and inflation as they anticipate the upcoming year.
US hiring was unexpectedly strong in December, with employers adding 216,000 jobs, confounding forecasts of a slowdown and fueling hopes that the US central bank can control inflation without causing a downturn.
Wall Street analysts have mixed reactions to the latest jobs report, with some believing that the labor market is stronger than expected and cautioning against rate cuts, while others worry about the potential impact on inflation and call for a reevaluation of the relationship between stable growth and low inflation; meanwhile, President Joe Biden touts the strong December jobs report as evidence of a great year for American workers, and US stocks struggle for direction after the report, potentially indicating that the Federal Reserve may delay rate cuts.
Top wealth manager Zhongzhi Enterprise Group has declared bankruptcy due to its heavy investment in China's struggling real estate market, which has been hit hard by the COVID-19 pandemic, raising concerns of a contagion risk for other financial institutions.
The Dow Jones ends higher as stocks fluctuate following a strong rise in payrolls in the December jobs report.
America’s richest families accumulated $8.5 trillion in untaxed capital gains in 2022, highlighting growing wealth disparity and the need for tax reforms.
The National Statistical Office (NSO) forecasts a slower GDP growth rate of 6.9% for the second half of the fiscal year, but overall the economy is robust with a 7.3% growth estimated for the year.
The December survey by the Institute for Supply Management suggests a slowdown for the U.S. economy, with a decrease in the rate of growth for new orders and contraction in employment, although the economy is still expanding at a healthy pace.
The US services sector experienced a significant slowdown in December, with employment reaching its lowest level in almost 3-1/2 years, indicating a weakening in the industry's growth.
The U.S. economy added 216,000 jobs in December, surpassing expectations and causing concerns about inflation, while average hourly earnings also increased more than expected. However, there were significant downward revisions in previous months' job data, and the labor force participation rate decreased. The market reaction was negative, with equity futures dipping and the yield on the 10-year Treasury note rising. The strong jobs report raises uncertainty about the potential for future interest rate cuts.
Credible Operations, Inc. provides tools and information to improve personal finances, including mortgage rates and information on how to compare rates, qualify for a mortgage, apply for a mortgage, and refinance a mortgage.
The Dow edges lower as stocks gyrate after a strong payrolls rise in the December jobs report, following four consecutive losses for the S&P 500.
Canadian telecom services are still too expensive, according to the industry minister, despite some progress in lowering prices; meanwhile, the total number of jobs in Canada remained virtually unchanged in December, with the unemployment rate holding steady at 5.8%; Tesla recalls over 1.6 million EVs in China over concerns about its Autopilot feature; First Quantum expresses concern over planned protests at its closed copper mine in Panama; Carrefour drops Pepsico products in four European countries due to price hikes; the US added a strong 216,000 jobs in December, demonstrating continued economic strength; the US services sector slowed in December, with employment levels dropping to their lowest in nearly 3.5 years; and claiming the Canadian Pension Plan at 60 could have financial benefits for some individuals.
Global food commodity prices declined in 2023 after reaching record highs in 2022 due to factors such as Russia's war in Ukraine and drought, although rice and sugar prices increased due to climate effects and export restrictions.
Morgan Stanley downgraded the outlook for the U.S. dollar from ‘Bullish’ to ‘Neutral’ due to the Federal Reserve's interest rate cuts, coinciding with the BRICS alliance's efforts to challenge the dollar's global supremacy.
Consumer sentiment appears to be consistently negative despite the positive state of the macroeconomy, and this discrepancy may be attributed to a systematic increase in the negativity of economic news coverage starting in 2018.
The U.S. job market had a solid year in 2023, with 2.7 million jobs added and unemployment remaining under 4% despite rising interest rates, and December saw the addition of 216,000 jobs, mainly in government and healthcare sectors.
Canada's labor market saw a slowdown at the end of 2023, with minimal job growth and a steady unemployment rate, signaling a potential need for interest rate cuts by the Bank of Canada, although rapid wage growth remains a concern.
Canada's main index rose at the start of 2024 as investors shifted into sectors offering cheaper valuations and took in stride disappointing domestic jobs data, resulting in a positive end to the first week of the year.
Argentina's currency, the peso, is expected to face increasing pressure as investors grow skeptical of President Javier Milei's economic policies, including the sharp devaluation of the currency and removal of price controls, leading to galloping inflation and a weakening peso in parallel markets.
The Federal Reserve's campaign to quash inflation and moderate the labor market seems to be working, leading to a decrease in the chances of a recession in 2024 and an optimistic outlook for inflation; meanwhile, markets have rebounded and consumer sentiment has improved, although small businesses are still facing challenges.
Nigeria has secured a $3.3 billion loan to stabilize its foreign exchange market, with an annual interest rate of 11.85%, using oil as collateral.
The U.S. labor market experienced strong job gains in 2023, with low unemployment rates, wage growth outpacing inflation, and a resilient market despite cooling job creation; however, economists predict further cooling and potential risks in 2024.
The Indian economy is expected to grow by 7.3 percent in the current fiscal year, according to estimates released by the National Statistics Office, with the GDP projected to reach Rs 171.79 lakh crore.
Inflation in the eurozone increased to 2.9 percent in December due to the expiration of government subsidies for energy costs, but the underlying core inflation rate continued to decline, prompting analysts to predict a benign inflation outlook for the region.
China's primary sector workforce, including those engaged in agriculture and mining, has experienced its first increase in two decades, possibly due to a return of migrant workers to their rural hometowns and a weak job market in urban areas, signaling the need for sustained growth in other sectors for the trend to reverse.
Term Sheet readers share their predictions for 2024, including the future of clean energy, the downfall of cell-cultured meat companies, the impact of government funding on technology bets, the importance of diversity and activism in entrepreneurship, the potential rise of at-home hormone testing, and the changing landscape of consumer spending.
The average rate on a two-year fixed mortgage in the UK has fallen to its lowest level in nearly seven months as lenders compete for customers, with major lenders such as Halifax and HSBC making rate cuts, although many homeowners still face rising bills.
Nearly half of the U.S. states are raising their minimum wage in 2024, providing a pay bump to millions of lower-income workers as they continue to grapple with still-high inflation.
Google is disabling cookies for 30 million Chrome users, marking the first step in its plan to eliminate online tracking tools from the web browser while still tracking user data in a more private manner.
Ghana's official creditors, including the governments of China and France, are set to meet to discuss the restructuring of $5.4 billion in loans, a crucial step towards securing funding from the IMF, with the main focus being on reaching an agreement on a "cut-off date" for new loans to undergo restructuring.
The US commercial property slump, combined with the looming maturity of $5 trillion in commercial real estate debt, poses a solvency problem for many US banks, with half of them running short of deposits and assets worth less than liabilities, creating a fragile situation that could trigger a wave of insolvencies and consolidation in the banking sector.
The US commercial property slump and the massive amount of commercial real estate debt coming due poses a solvency problem for struggling regional banks, despite the temporary liquidity provided by emergency lending, creating a fragile situation that could lead to insolvencies and consolidation in the banking sector, according to finance experts. The shift to hybrid work and the reduced demand for office space further exacerbates the crisis.
Economists anticipate that the upcoming December payrolls report will reveal a resilience in the US labor market, indicating potential strength for the new year.
Germany is facing nationwide strikes and protests due to a range of grievances including pay and conditions, agricultural subsidies cuts, and higher road tolls, highlighting the country's economic struggles and structural problems.
Millions of UK homeowners are bracing for higher mortgage costs as their fixed deals expire, leading to sleepless nights and financial strain for many families, particularly in the south of England where house prices are high, with about 55% of UK mortgages already experiencing a rise in interest rates since December 2021 and an additional 5 million expected to be repriced by 2026.
A large bearish wager in the options market suggests that the US jobs report will cause a significant increase in benchmark yields, potentially leading to the biggest one-day rise in 10-year yields since March 2023.
The ultrarich in America, comprising just 0.05% of households, hold $8.5 trillion in untaxed profits, highlighting the need for Congress to close the loophole that shields their investments and generates billions of dollars less in tax revenue.
Traders are increasingly betting on more monetary easing in China as the country's weak economic recovery puts pressure on authorities to cut interest rates and provide liquidity.
India's efforts to convince 22 countries to accept the Rupee for international trade and ditch the US dollar have failed, as the majority of countries are now unwilling to keep the Rupee as reserves due to its declining value against the US dollar.