Pay growth is declining and mortgage distress is increasing in the UK, signaling the impact of higher interest rates on the labor and housing markets. The Office for National Statistics reported a significant drop in earnings growth and a decrease in job vacancies, while the Bank of England revealed a rise in mortgage arrears. These indicators suggest a potential slowdown in the economy and may influence the central bank's decision on interest rates.
The latest Consumer Price Index report indicates that high inflation is slowly decreasing, which is good news for the Federal Reserve and Americans, although it may take a couple of years for people to feel the impact on their purchasing power. However, inflation is still higher than desired, and steady price growth continues to put pressure on consumers.
Inflation cooled in November on an annual basis, giving hope to investors that the Fed will keep interest rates steady, although prices did tick up slightly on a monthly basis, raising questions about when the central bank will start lowering rates as inflation approaches its target.
US inflation eases to 3.1% in November, meeting market expectations and indicating a slight decrease in the cost of living squeeze in America.
Mortgage debt is identified as a major factor contributing to Canada's slower economic growth compared to the US, which could lead to downside risks for the Canadian economy and potential rate cuts from the Bank of Canada, while US market performance is driven by liquidity rather than fundamentals, and TD Cowen's report highlights the re-emergence of US manufacturing as a significant growth opportunity.
Inflation has fallen faster than expected, leading to the expectation that the Federal Reserve will not raise interest rates, bringing stability to the economy and reducing the chances of a recession.
The "American Dream" costs an estimated $3.4 million over a lifetime, including expenses like homeownership, raising children, education, and retirement.
A wife is concerned about her husband's inheritance plans, which bypass her in favor of a distant relative, but an expert suggests that they should accept each other's plans and treat each other equally in death given their late marriage and accumulated wealth.
Ernst & Young is cutting a significant number of partners in the U.S. across its different businesses in response to slowing demand and to reduce costs following the firm's failed plan to split up.
The recent drop in long-term borrowing costs may hinder the Bank of Canada's ability to control inflation and could delay interest rate cuts, particularly if it leads to increased activity in the housing market.
Thai Prime Minister Srettha Thavisin stated that he will not resign even if his flagship stimulus policy fails, acknowledging the country's poor economic conditions with third-quarter GDP growth of 1.5%.
Prime Minister Srettha Thavisin has announced measures to address the debt problems of 10.3 million people in Thailand, including debt suspension and lower interest rates, with the aim of reducing household debt that accounts for 90% of GDP and is slowing down the economy.
The global economy is at risk of entering a second Cold War as tensions between the U.S. and China could result in significant economic losses and undo decades of progress, warns the International Monetary Fund. The economic relationship between the two superpowers has deteriorated, and the consequences of a new Cold War could be even more devastating than before due to the interconnectedness of their economies.
Chinese dollar-denominated exports increased by 0.5% in November after a 7-month period of stagnation, with car exports rising by 28% in value but experiencing a 10% decline in unit prices, while the prices of 70% of China's major exports, including steel products and cars, have declined over the past year.
Billionaires are turning to the United Arab Emirates, specifically Abu Dhabi, as a financial safe haven due to increased regulatory scrutiny in traditional tax havens, with over 5,000 special purpose vehicles (SPVs) established in the Abu Dhabi International Financial Center in 2023 alone.
The economy is posing a major threat to Justin Trudeau's Liberal government in Canada as inflation and interest rates rise, leading to high cost of living and a decline in public support for the ruling party.
UK wage growth slowed in October, but is still rising too fast for the Bank of England to consider cutting interest rates, with regular pay growth at its lowest in almost two years, according to official data.
Middle-class Americans are being priced out of the housing market due to high mortgage rates and rising home prices, making homeownership increasingly difficult and potentially ending the American middle-class dream of owning a home.
Young Americans are expressing their frustrations about inflation on TikTok and offering tips on how to save money amid rising costs for everyday goods.
U.S. stocks reached fresh highs amid investor optimism around potential rate cuts and the latest inflation data, with the Dow Jones Industrial Average closing just below its record, the S&P 500 achieving its highest close since January 2022, and the Nasdaq Composite reaching its highest finish since March 2022.
The UK telecoms regulator, Ofcom, has proposed rules that would ban phone, broadband, and pay-TV companies from imposing inflation-linked price rises in the middle of a contract, aiming to provide more clarity to customers and prevent consumer harm. The move comes after complaints from consumers and an investigation by The Guardian revealed significant price hikes by major telecoms providers. If implemented, the rules would give customers more certainty and the ability to secure the best deal for their needs and budget.
Consumer spending on discretionary items such as travel and entertainment in the Asia Pacific region is forecasted to increase in 2024 as the economic impacts of the pandemic diminish, marking a shift from previous years dominated by high inflation and essential spending on groceries and fuel, according to the Annual Economic Outlook by the Mastercard Economics Institute. This upswing in spending on goods is expected to revive the manufacturing sector in the region and contribute to modest overall growth in the Asia Pacific economies.
Rising egg prices in Moscow are causing concern as Russia battles inflation and sanctions, with the Kremlin aiming to maintain an optimistic message ahead of the upcoming presidential election.
A Beijing policy institute has stated that children are the best investment for China's economy, as the country aims to stimulate consumption and expand domestic demand following its first population drop in over six decades.
UK companies are adopting a "wait-and-see" approach to investments in China due to economic slowdown and geopolitical uncertainties, but there is still optimism for future opportunities in technology and AI, according to a survey by the British Chamber of Commerce in China.
China's leaders are in a closed-door meeting to discuss economic targets and stimulus plans for 2024, amid concerns over the country's post-pandemic recovery, housing crisis, and geopolitical tensions.
The affluent upper-middle class in America are most worried about the current political environment, while Americans overall are most concerned about inflation and credit card debt, according to a report by Edelman Financial Engines.
The Bank of England is expected to see a decline in high pay awards in the coming months as wage settlements decrease in response to a drop in annual inflation rates, according to the Resolution Foundation, with workers primarily focused on preventing a decline in their living standards due to increased costs of living.
New Mexico's oil income is expected to decline in the coming years, prompting the state to consider setting aside billions of dollars to prepare for future economic challenges.
The world economy is on the cusp of a "Cold War Two" as it becomes more fragmented into regional power blocs, warns an IMF official.
China's government is shifting its policy approach to prioritize stability and caution as it aims to avoid disruptions to businesses and the economy, learning from past challenges such as excessive green initiatives and property speculation. This change in policy direction is expected to guide decision-making in areas like decarbonization, common prosperity, and local government debt.
The U.S. added 199,000 nonfarm payroll jobs in November, with government, health care, and leisure and hospitality sectors accounting for the majority of the newly added jobs, while the manufacturing sector actually lost jobs when excluding the impact of striking autoworkers returning to work.
Inflation data from India and Japan are expected to provide contradictory signals, with a cooling in Japanese wholesale inflation and the first rise in Indian consumer inflation since July, while China's slide into deflation continues to accelerate.
The closely watched inflation report for November is expected to show that price pressures within the economy continued to ease, with economists predicting a 3% increase in the consumer price index, thanks in part to a drop in gasoline prices, while core prices are expected to climb 0.3% annually, indicating that underlying price pressures remain strong.
Seven in 10 Americans living paycheck to paycheck expect to spend the same amount or less this holiday season compared to last year, with nearly half planning to spend the same amount and 18 percent planning to spend less, according to a Forbes Advisor survey.
November's Consumer Price Index (CPI) is expected to show a slight deceleration in inflation, with headline inflation at 3.1%, leading investors to believe that the Federal Reserve will not raise interest rates in December.
Prime Minister Justin Trudeau denies that the Liberal's carbon pricing policy is causing inflation, although he acknowledges that the Conservative messaging on carbon pricing has been effective, despite leaving out the fact that removing carbon pricing would result in the elimination of rebate cheques.
Vietnamese electric vehicle company VinFast, which received $1.2 billion in incentives from the state of North Carolina, has struggled to sell cars and has lost $5.8 billion in three years, raising questions about the use of taxpayer support.
The Brightline West bullet train project, connecting Southern Nevada and Southern California, is expected to create thousands of jobs and boost the economy of the Inland Empire region.
The Federal Reserve is expected to pause interest rate hikes and potentially begin cutting rates in early 2024, which could have implications for borrowers and savers. Higher interest rates have led to increased borrowing costs for Americans, but with cooling inflation and a slower job market, economists predict a shift in the Fed's monetary policy. Savers may want to take advantage of high-interest savings accounts and certificates of deposit, while mortgage rates could potentially come down further. However, credit card interest rates are likely to remain high. It's important for individuals to pay down any credit card debt and build up their savings in preparation for a potential economic slowdown.
Some TikTokers are claiming that we are in a "silent depression" similar to the Great Depression, citing rising prices and stagnant wages, but experts and journalists argue that the comparison is flawed due to unreliable data and the existence of safety nets in today's economy.
New Mexico is facing a windfall in government income from petroleum production that is expected to slow down but continue, prompting efforts to set aside billions of dollars for the future in case oil demand declines; however, slowing oil production and lower prices are anticipated to generate less federal payments in the coming years, and the state is looking for new revenue streams to reduce its dependence on oil.
President Biden's policies have led to a significant increase in housing costs, with the average monthly new home payment rising from $1,915 to $3,322, making housing less affordable; high inflation, a tightening housing supply, and rising mortgage rates are the key factors behind the increase.
Zimbabwe's Finance Minister, Mthuli Ncube, has been named "Best African Finance Minister of the Year" despite the country's economic crisis, leading to astonishment and criticism from many Zimbabweans.
The dollar started the week strong, with U.S. job growth and a lower unemployment rate challenging expectations of rate cuts from the Fed, while China continues to struggle with deflationary pressure and weak inflation.
The rising cost of eggs in Russia is causing concern among citizens and authorities, highlighting the impact of Western sanctions on the economy during President Putin's re-election campaign.
The US could potentially face a severe recession in early 2024, as various recessionary signals are emerging in the economy, including the stock market's explosive rally, according to Briley Wealth's chief investment strategist Paul Dietrich.
Americans are becoming more optimistic about inflation cooling in the coming months, with the median expectation being that the inflation rate will be 3.4% one year from now, down from a high of 7.1% in June, although consumers anticipate that it will take longer for price growth to slow in the longer term, according to a survey by the Federal Reserve Bank of New York.
China's inflation deepened into deflationary territory in November, with the consumer price index falling 0.5% YoY, while factory-gate prices fell for the 14th consecutive month; however, analysts do not expect a deflationary spiral and anticipate a rise in core inflation in the first half of 2024 due to increased policy support.
A new report from the Centre for Social Justice reveals that the most disadvantaged people in the UK have not seen any improvement in their situation over the past 15 years, with inequality exacerbating poverty and a widening gap between different segments of society. The study identifies multiple drivers of disadvantage, including family breakdown, addiction, joblessness, serious personal debt, and educational failure. The report also highlights the detrimental impact of the COVID-19 pandemic, with lockdowns exacerbating poverty and causing various social issues. The authors intend to present policy recommendations next spring to address the root causes of poverty.