The federal government reported that homelessness in the United States has reached the highest level on record, with a 12 percent increase in the homeless population, attributed to rising rents, the end of pandemic-related measures, and an influx of migrants into the homeless services system.
American grocery bills remain high despite a drop in grain prices, as supply chain issues and geopolitical factors continue to impact food affordability. Relief at the checkout counter is not expected anytime soon, and there are concerns that grain prices may rise again in the coming years due to potential disruptions and climate change.
Mortgage rates have dropped below 7% and are expected to continue decreasing in the New Year as the Federal Reserve plans to scale back on interest rate increases, potentially leading to a thawing of the housing market.
Canadian housing starts dropped 22% in November due to higher borrowing costs, while Bank of Canada diverges from the Federal Reserve, stating that interest rates will not come down soon.
Pennsylvania and the city of Philadelphia experienced the highest grocery price hikes in the US this year, with an 8.2% increase driven by the rise in prices of grains, beans, and pasta.
Economist Arvind Panagariya predicts that India has a high chance of becoming the world's third-largest economy by the end of 2026, surpassing current projections, due to its consistent growth rate and potential for economic reforms.
A new report from Moody's Analytics suggests that a growing number of Americans are falling behind on their credit card and car loan payments, signaling potential economic troubles ahead, with household debt balances reaching $17.29 trillion and delinquency rates rising.
American shoppers, who have endured rapid inflation for the past two years, are getting some relief this holiday season as prices for many products are falling, including toys, sports equipment, and washing machines. While consumer prices are still rising, the moderation in goods prices is seen as a positive step towards easing overall inflation and providing a psychological lift for consumers.
The Federal Reserve's indication of possible interest rate cuts in 2024 could benefit President Biden's re-election campaign, as voters closely watch unemployment rates and gas prices.
Credible is a personal finance marketplace that provides tools and information for improving finances, including current mortgage rates, advice on how to compare rates, and steps for applying for a mortgage loan.
The Minister of Finance and Coordinating Minister for the Economy, Olawale Edun, states that the completion of the Ogun State Agro-Cargo Airport will bring economic benefits and contribute to the growth of both the state and the nation.
China is facing the challenges of lack of demand, derisking, bad demographics, and heavy debt, but its leaders are focusing on the wrong solutions and foreign investment is leaving the country.
The yield on Germany's benchmark bond dropped to a nine-month low after weak economic data and the US Federal Reserve's dovish stance, offsetting the European Central Bank's pushback against a rate cut in March, signaling investor expectations of a more dovish ECB next year.
Russia's Central Bank has raised its key interest rate to 16 percent in order to curb inflation and prevent the economy from overheating.
China's Ministry of State Security vows to combat efforts to fabricate threats to its economy as part of a narrative war, asserting that discussions about China's economic problems aim to doubt its socialist system and strategically contain its development.
The service side of the U.S. economy grew faster at the end of the year while manufacturers remained in a slump, highlighting a dual-track economy.
Global financial conditions are at their most accommodative since August, which could pose a risk to stock and bond markets if central banks decide to maintain higher borrowing costs despite the easy funding environment.
The everything rally lost some momentum after a Federal Reserve official dismissed hopes for an interest rate cut in March, leading to mixed performance in US stocks and bonds, while the dollar rebounded.
The Bank of Russia has raised interest rates for the fifth consecutive time, increasing them from 15% to 16% in an attempt to control inflation caused by the war in Ukraine and rising cost pressures on Russian citizens.
Real estate investor Grant Cardone believes that the real estate market is entering its most significant correction in his lifetime, attributing the challenges to rising interest rates and increasing housing costs caused by the Federal Reserve's policies, which he claims have killed the housing market and will result in more renters in the next two years than in the last 50. Cardone suggests that market forces should dictate interest rates and predicts unprecedented opportunities for acquiring high-value real estate from institutions.
China's central bank, the People's Bank of China (PBOC), is injecting 1.4 trillion Chinese Yuan ($112 billion) into the money markets through medium-term policy loans, aiming to strengthen the Chinese Yuan and support the nation's struggling economy and housing market. This stimulus has had a positive effect on Asian stock markets, and it indicates that BRICS countries are prepared to compete in the global markets in 2024 with large stimulus packages.
The average long-term U.S. mortgage rate drops below 7% to its lowest level since August, providing a boost for prospective homebuyers amidst higher borrowing costs and limited housing supply.
The New York Fed's Empire State index plummeted to -14.5 in December, reaching the lowest level in four months, indicating continued weakness in the manufacturing sector of the US economy.
Duluth, a city in Minnesota, experienced a decline in its economy in the early 1980s due to the departure of its three largest employers, resulting in the loss of over 5,000 jobs, particularly in the mining and steel industries. However, the city has since diversified and revitalized its economy through efforts in healthcare, education, transportation, aviation, and tourism. The city has become known for outdoor recreation, craft beer, and its growing medical district.
The Central Bank of Nigeria projects a decrease in exchange rates and inflation in the coming year, while also forecasting lower oil earnings in 2024, according to CBN Governor Olayemi Cardoso.
The Federal Reserve's aggressive interest rate hikes have increased the likelihood of a soft landing for the economy, as inflation is coming down and the Fed is expected to cut rates next year, leading to a decline in recession risks and a strong market rally. However, the economy still faces challenges such as slowing job growth, high interest rates and inflation, dwindling COVID savings, and squeezed corporate profits. The Fed must strike a delicate balance to avoid an inflation flare-up and a potential recession.
The Federal Reserve's decision to hold rates steady and signal possible rate cuts next year has boosted the stock market rally as investors celebrate the potential end of rate hikes, with the Dow Jones Industrial Average reaching a record high and the S&P 500 within reach of a new high. Additionally, oil and energy stocks, clean energy stocks, gold, and financial stocks are all performing well, while retail sales indicate the continued strength of consumer spending. Meanwhile, mortgage rates have fallen below 7% for the first time since mid-August.
Germany's parliament has approved plans to increase the country's levy on carbon dioxide emissions from fuel to €45 per ton, up from the previous €30, in an effort to resolve a budget crisis caused by a court ruling annulling funds allocated for climate change measures.
Germany's parliament has approved plans to increase the country's levy on carbon dioxide emissions from fuel to €45 per ton, higher than the previously planned €40, in order to resolve a budget crisis caused by a court ruling.
Federal Reserve Chairman Jerome Powell's signal that the central bank is done raising interest rates, and the expectation of significant rate cuts next year, has sparked optimism and led to a rise in stocks and bonds, as a soft landing with normal inflation levels and no recession in sight appears to be on the horizon.
The Federal Reserve's forecasted rate cuts next year will provide relief to borrowers, but savers may lose income as interest rates decline for accounts held at banks. The stock market may also see a boost, although the surge in recent days may already be closing.
Russia's Central Bank has raised its key interest rate to 16% in an effort to combat inflation, marking the fifth rate hike since summer, as the country faces economic challenges due to the Ukraine offensive, Western sanctions, and increased military spending.
The UK economy shows signs of recovery as growth reaches its strongest point in six months, while the European economy approaches recession, with a rebound in consumer spending and increased confidence in the medium-term trajectory of the economy boosting UK services businesses.
Mexico's president inaugurates the first part of a $20 billion tourist train project on the Yucatan peninsula, connecting beach resorts and archaeological sites. A youth in Ottawa has been arrested and charged with terrorism-related offenses that targeted Jewish people. A U.S. warship and a Royal Navy destroyer both shot down multiple attack drones over the Red Sea, as Houthi rebels in Yemen continue to launch attacks on vessels. Shohei Ohtani's record-setting contract with the Los Angeles Dodgers could potentially allow him to avoid California's high income taxes. The daughter of wrongfully convicted Nova Scotia man Glen Assoun is demanding a stalled criminal investigation of his case become a priority. Prince Harry wins a phone hacking lawsuit against the publisher of the Daily Mirror and is awarded over £140,000 in damages. The U.S. State Department approves a $300 million sale of equipment to maintain Taiwan's tactical information systems, providing assistance to the island's defense. The defense team for Bryan Kohberger, accused of killing four University of Idaho students, has been given access to the crime scene before it is demolished.
The surge in housing prices in Lisbon, Portugal, fueled by foreign investment and a lack of supply, has made homes unaffordable for many locals and shows the challenge in managing housing prices without causing a boom-and-bust cycle.
South Africa's National Treasury is considering withdrawing up to half of the country's contingency reserves held by the central bank in order to reduce debt or fund public-sector wages, a move that has raised concerns about the potential impact on the country's reserves and the independence of the central bank.
Spaceport America in New Mexico, once hailed as a vanguard of commercial space travel, has faced delays and setbacks, leaving taxpayers and local merchants waiting for the promised economic benefits.
The employment rate in the EU decreased slightly in the third quarter of 2023, with variations across countries, while labour market slack affected 11.3% of the extended labour force.
The chief data reporter for the Financial Times, John Burn-Murdoch, explains that social media may contribute to the perception of a weak economy due to a negativity bias in both mainstream media and online platforms.
Households may face an additional charge of £16 on their energy bills to help suppliers recover £3bn in bad debts caused by customers struggling to pay, according to plans laid out by energy regulator Ofgem. The one-off charge, amounting to £1.33 per month between April 2023 and March 2025, aims to protect the market and consumers in the face of rising energy debt and ensure supplier costs are recovered fairly. Critics argue that energy companies are making substantial profits while consumers struggle.
China's recent cash infusion into the economy and support for the property sector aims to provide stimulus to investors and alleviate concerns over cash scarcity and a housing downturn, but more needs to be done to accelerate the economy's recovery and stabilize the market.
UK business growth reaches a six-month high in December, driven by the service sector, while manufacturing output continues to decline. The UK economy shows signs of avoiding a recession, in contrast to the rest of Europe where business activity falls at a steeper rate, indicating a possible recession in the eurozone.
The International Energy Agency predicts a decline in global coal demand by 2026, with the EU and US experiencing significant drops, while demand in Asia remains strong, driven by rising electricity demand and weak hydropower output. However, more aggressive actions are needed to align with international climate targets.
China's video games market rebounded, with domestic revenue growing by 13% to reach 303 billion yuan ($42.6 billion) and the number of gamers reaching a record high of 668 million, marking a turnaround from last year's decline caused by the government crackdown on gaming addiction.
Treasury Secretary Janet Yellen criticizes China's state-driven economic policies, urging them to shift towards healthy competition and fair treatment of foreign firms, while also warning against complete decoupling from China as it would be economically disastrous for both countries.
The CEO of Currys has urged the government to reconsider its decision to increase commercial property taxes, stating that it will lead to sustained inflation and hinder investment, growth, and job creation.
The Federal Reserve's hints at interest rate cuts in 2024 have economists speculating that a "soft landing" may be in store for the US economy, with inflation cooling and hiring remaining strong.
Central banks are holding interest rates steady as inflation cools.
Senator Bob Casey warns of "shrinkflation," where companies reduce package sizes while raising prices, resulting in consumers getting less for their money. Casey emphasizes the need for consumer awareness and potential changes in laws to hold companies accountable.
Americans defied expectations and increased their spending in November, signaling the resilience of consumers during the holiday season despite higher prices and economic uncertainty. Retail sales rose by 0.3% from October, with online shopping, restaurants, and furniture stores experiencing growth. However, electronics, appliance, and department stores saw a decline, and concerns about credit card debt and borrowing costs remain. The strong retail numbers were unexpected, considering reports from individual retailers that shoppers were becoming more selective in their purchases. The National Retail Federation still anticipates higher holiday spending compared to the previous year, although the growth rate is slower than in 2022.