A recent WalletHub survey found that Louisiana, Mississippi, and Texas are the three worst states in terms of financial distress, with high rates of credit accounts in forbearance or with deferred payments due to economic difficulties, low credit scores, and high poverty rates.
FuelCell Energy's stock surged 15% after announcing a partnership with ExxonMobil to test a carbonate fuel cell for carbon capture, but the lack of revenue details and the continued creation of CO2 raised concerns among investors.
Remittances to India are projected to increase by 11% to $125 billion in 2023, allowing it to maintain its position as the top receiver of remittances ahead of Mexico and China, driven by strong labor markets in the US, the UK, Singapore, and Gulf nations.
Despite the relative strength of the California economy, there is a pervasive pessimism rooted in consumer pricing and inflation, with Californians feeling uncertain about their personal finances and less comfortable making large purchases.
The Alabama High School Athletic Association has approved the fall reclassification for the 2024 and 2025 seasons, resulting in significant changes in football alignments.
Bank of America's chief U.S. economist, Michael Gapen, has become more optimistic about the U.S. economy, predicting a "soft landing" and revising the bank's outlook to include increased economic growth, lower inflation, and unemployment rates. Gapen attributes this positive outlook to the resilience of consumers and businesses, strong labor market conditions, and elevated net wealth. He also believes that the U.S. economy has structurally changed, making it more resilient to higher interest rates.
The average asking price for rental units in Canada remains relatively flat at $2,174 in November, but shows an 8.4% increase year-over-year.
While inflation remains a problem, the prices of certain goods such as eggs, lettuce, fuel oil, and airline fares have actually decreased.
CD interest rates are expected to stay flat or fall in 2024, but there are scenarios in which they could rise, such as increased inflation, more home sales, and global events impacting the economy.
Investors should consider dollar cost averaging and staying cautious amid uncertainties in the markets, including the potential for a recession and the effects of interest rate cuts, according to Providence Financial & Insurance Services Founder and President Anthony Saccaro.
Gen Z and millennials in the US are engaging in "doom spending," splurging on luxury trips and impulsive delights as a way to cope with the stressful economy, high cost of living, and unaffordable housing. Despite concerns about the economy, a quarter of Americans are spending money on frivolous treats to reduce stress. However, experts warn that this behavior could have damaging effects on their financial well-being in the long run.
The popularity of "Buy Now, Pay Later" services has seen significant growth, with consumers spending $64.9 billion through these platforms, benefiting both consumers and retailers but potentially leading to financial vulnerability for some households.
Investors are advised to avoid cash and adjust their portfolios ahead of potential Federal Reserve rate cuts in 2024, as there are better opportunities to take advantage of once rates start decreasing.
Nearly 9 million student-loan borrowers, accounting for about 40% of those who entered repayment this fall, missed their October payments and are taking advantage of the on-ramp period to avoid the consequences of missed payments.
The current housing market is experiencing paradoxical effects, where homeowners feel wealthier due to low interest rates but are actually poorer because the windfall of their cheap mortgages has no market value, leading to a decrease in home sales and stubbornly high prices. Finding a solution to bring housing prices and potential homeowners' incomes back into balance is crucial, whether through an increase in homeowner incomes or falling interest rates. However, resolving the dysfunctions of the housing market is challenging, as it requires a national-level deal to overcome state and local barriers to building new homes.
President Joe Biden's approval rating has hit an all-time low as concerns over high prices and security at the US-Mexico border persist, according to a new survey, with only 34% of Americans approving of his job performance and a majority disapproving of his handling of inflation and immigration.
South Korea's economy has long been dominated by family-run conglomerates known as chaebols, which hold significant wealth and influence and are involved in nearly every aspect of the country's life, but their power has raised concerns about economic vulnerabilities, inequality, and corruption. These chaebols have controlled major companies for generations, maintaining family control despite their growth and expansion, and their close relationship with political leaders has shielded them from scrutiny and accountability. However, scandals involving political corruption have tarnished their public image, revealing the tight connections between the political and business spheres.
Unified Payments Interface (UPI) has played a crucial role in expanding digital payments in India, leading to a significant decrease in the growth of bank notes and achieving a remarkable Compound Annual Growth Rate (CAGR) of 147% in transaction volume and 168% in transaction value from FY 2017-18 to FY 2022-23.
The economic crisis in Argentina has led to an increase in stress-related conditions, resulting in a high demand for psychotherapy; however, budget cuts and limited access to services pose challenges for those seeking mental health support.
The Fed is expected to make even steeper rate cuts in 2024 due to a weakening US economy and a rise in unemployment, according to Pantheon Macro.
The average mortgage interest rates for 30-year fixed rate, 15-year fixed rate, and 5/1 adjustable rate mortgages have all decreased from the previous week.
India is projected to become the largest recipient of foreign remittances, with an estimated total of $125 billion in 2023, driven by digitalization and initiatives to reduce transaction costs, according to a World Bank report.
China's microblogging platform, Weibo, is warning users not to speak negatively about the economy, reflecting growing concerns about the nation's economic health amidst a property market crisis and a sluggish recovery from the pandemic.
Goldman Sachs predicts that cooling inflation will lead to the Federal Reserve cutting interest rates up to five times in 2024, with three consecutive rate cuts expected between March and June.
Southwest Airlines has been fined $140 million by the Department of Transportation for numerous violations of consumer protection laws during and after a 10-day-long holiday meltdown that stranded over 2 million travelers, causing the cancelation of nearly 17,000 flights.
China should reduce its holdings of US Treasury bonds in a controlled manner and maintain a balance of trade with the rest of the world, according to a Chinese economist, amid growing risks in the US debt crisis and the weaponization of the US dollar in international trade.
Germany's central bank predicts that the country's economy will shrink slightly in the fourth quarter of 2023, while a business confidence survey shows unexpected decline, with the country being the only major economy expected to contract this year.
The world in 2023 experienced significant changes, including advancements in Artificial Intelligence, China's evolving geopolitical ambitions, and ongoing conflicts in the Middle East and Europe.
An industry economist raises concerns about consumers' ability to pay off their debts, particularly as buy now, pay later (BNPL) services see increased usage, indicating that many individuals are relying on quick and affordable financing, which may lead to a significant holiday debt hangover.
After years of economic crises and high inflation, the US economy is ending the year in a stronger position than expected, with inflation dropping, unemployment low, and the possibility of interest rate cuts on the horizon, vindicating the actions of the Federal Reserve and President Biden's economic team.
The U.S. Federal Reserve experienced faster-than-expected progress on inflation and economic growth in 2023, leading to potential rate cuts, thanks to factors such as supply chain improvements, rising productivity, resilient household spending, and contained bank failures.
German businesses have become more pessimistic about the economic situation for the next six months, with economic sentiment declining unexpectedly according to the German IFO Business Climate Index.
India's GDP has shown robust growth, expanding at a rate of 7.1% in the first three quarters of the year, driven by strong industrial production and substantial investment, positioning India as a key driver of growth in South Asia.
U.S. oil traders are ramping up exports to avoid a year-end tax bill and take advantage of the wider discount of U.S. crude to the global benchmark, resulting in increased shipments to Europe and Asia.
Only 34% of adults have a minimum level of financial literacy, leaving the majority of individuals unable to effectively manage their money, according to a report by the OECD, which highlights the vulnerability of those who lack basic financial knowledge amidst rising prices and the need to navigate digital financial services.
The number of foreign workers in Korea has reached a record high of 923,000, with an increase of 9.5 percent from the previous year, as the end of the Covid-19 emergency brought more foreigners back to the country, according to Statistics Korea data.
KPMG predicts that the UK economy will grow by 0.5% in 2024, with high borrowing costs and policy uncertainty holding back stronger growth, while global GDP growth is expected to ease slightly in 2024.
Uttar Pradesh has become India's second-largest economy, surpassing Tamil Nadu, Gujarat, and West Bengal, with a 9.2% share in the country's GDP and a remarkable ascent in the Ease of Doing Business rankings.
Weak consumer demand, increased costs, and higher minimum wage are expected to pose challenges for retailers in the new year, leading to a pause in spending and potential consolidation in the industry.
China's middle class is facing financial challenges as declines in real estate and stock markets erode household wealth and unemployment threatens their financial stability, leading to a shift in money priorities and a more conservative approach to investments.
Russian President Vladimir Putin is facing a difficult "trilemma" as the country's economy grows due to war spending, however, he must also maintain macroeconomic stability and the appearance of delivering on the economy.
Chinese developer China South City Holdings Ltd is at risk of its first default as it struggles to pay interest on its dollar bonds and seeks support from creditors to extend the deadlines, highlighting a major test for Chinese authorities' support for distressed property firms.
Uttar Pradesh has become the second-largest economy in India, with a 9.2% share in the country's GDP, behind only Maharashtra, as the state progresses in various sectors and attracts significant investments.
Billionaire investor David Rubenstein does not expect a recession in the US in the next few quarters and predicts that the Federal Reserve will begin cutting interest rates in the second quarter of 2024, despite inflation being above its 2% target.
Chilean voters have rejected a proposed conservative-written constitution to replace the current Pinochet-era laws, with 55.8% opposed and 44.2% in favor, meaning the current constitution will remain in effect.
Chileans have voted against replacing their current constitution with a new conservative one, resulting in the 1980 constitution drafted during Augusto Pinochet's dictatorship remaining in place, which is seen as bittersweet for progressives and the leftwing government.
The decline in China's real estate and stock markets is causing households to lose wealth, leading middle-class families to reconsider their financial priorities and potentially face unemployment or reduced incomes.
Walgreens Boots Alliance's $8.9 billion acquisition of Summit Health-CityMD has struggled to deliver cost synergies, leading to Walgreens's creditworthiness being downgraded to junk for the first time, raising concerns about servicing large debt loads in a higher-rate environment and weakening consumer demand.
China's economy is expected to have more favorable conditions and opportunities in 2024, with macroeconomic policies providing support for economic recovery and efforts to stabilize the real estate market.
Chileans reject a new constitution, marking the second time in 16 months that proposed constitutional changes have been rejected, highlighting the deep divisions and challenges of democracy in the country.