The Biden administration cancels plans to help refill the Strategic Petroleum Reserve due to rising crude oil prices, despite its importance for the stability of the American economy and global civilization.
China has become a major investor and trade partner for Kyrgyzstan, surpassing Russia in economic influence despite political alignment with Russia.
Dozens of pets are found dead as an elderly couple is arrested for animal abuse in the Las Vegas area after hoarding and neglecting hundreds of animals, including 30 dogs, 10 of which were found dead.
The global travel and tourism industry is expected to contribute $11.1 trillion to the global economy in 2024, surpassing pre-pandemic levels, with domestic travelers to spend a record $5.4 trillion and international tourists contributing $1.89 trillion, according to a report by the World Travel & Tourism Council.
The Canadian government is planning to make changes in the mortgage sector that could potentially ease monthly payments and help homebuyers who are currently unable to enter the market. Prime Minister Justin Trudeau has hinted at these changes, but has not provided specific details yet.
Despite the Biden administration's efforts to boost hiring in the manufacturing sector through various programs and public spending, no new manufacturing jobs were created in March.
Half of U.S. homeowners and renters struggle to afford their housing payments, with more than 42 million households spending over 30% of their income on housing in 2022, leading to sacrifices in other areas such as vacations, meals, and medical care, according to a Redfin-commissioned survey. The pandemic-fueled housing boom has caused home prices and rents to increase while incomes have not kept up, creating a significant housing affordability crisis in America.
The percentage of women in senior leadership roles at publicly traded US companies has dropped for the first time in nearly two decades, and overall growth in women's representation in such roles has slowed down, according to a report by S&P Global Market Intelligence. The decline in women's representation in senior corporate positions raises concerns about achieving gender parity, and a possible reason for this decline is a decrease in focus on diversity and inclusion efforts.
RBC President and CEO Dave McKay warns that Canada's housing crisis could negatively impact the economy by driving people away and reducing the talent pool, while also noting that high interest rates impede development needed to increase supply and that the permitting process needs to be faster.
Consumer sentiment in Utah dropped slightly in March, marking the first time that the state's economy performed worse than the nation, according to the Kem C. Gardner Policy Institute’s Survey of Utah Consumer Sentiment; however, residents still have more confidence in the state economy than the national economy.
PIMCO has revised down its expectations for interest rate cuts by the Federal Reserve this year to two, following stronger-than-expected job growth in the US.
The latest blockbuster jobs report in the US showed strong economic performance with a significant increase in job gains, despite lingering concerns among Americans about the economy and lower consumer sentiment.
Zimbabwe has introduced a new gold-backed currency called ZiG in an attempt to stabilize the economy, replacing the inflation-hit RTGS, and is backed by precious minerals or foreign exchange to prevent devaluation.
Federal Reserve Governor Michelle Bowman believes it is not yet time to cut interest rates and suggests that more rate hikes may be necessary if progress on lowering inflation stagnates. However, she acknowledges that if inflation continues to decline and the labor market remains strong, gradually lowering the federal funds rate may be appropriate in the future. Bowman also warns of potential upside risks to inflation and expresses caution regarding efforts to increase bank capital levels.
Saudi Arabia has scaled back its ambitions for Neom, a $1.5 trillion desert development project, reducing the expected number of residents and the completion timeline due to financial concerns.
The US job market experienced accelerated hiring in March, with 303,000 jobs added and the unemployment rate dipping to 3.8%, signaling a strong economy and low recession risk.
Former Treasury Secretary Lawrence Summers warns against lowering interest rates in June, citing the surge in US payrolls as evidence that the Federal Reserve's estimate of the neutral interest rate is too low.
Stocks rebounded on Friday after a strong jobs report, with the U.S. economy adding 303,000 jobs in March and the unemployment rate falling to 3.8%, while oil prices continued to rise amidst tension in the Middle East, Krispy Kreme stock surged due to a partnership with McDonald's, Johnson & Johnson acquired heart device maker Shockwave Medical, and Nvidia announced plans for a $200 million AI center in Southeast Asia.
Zimbabwe's central bank has launched a new "structured currency" called Zim Gold (ZiG), backed by gold and other foreign currencies, in an effort to combat inflation and stabilize the country's floundering economy. Zimbabweans have 21 days to convert their old cash into the new currency.
China Pivots to EVs, Solar, Batteries; Sparks New Era of Economic Competition with Western Countries
China is focusing on new economic drivers such as electric vehicles, solar cells, and lithium-ion batteries, which will have global economic implications as Western countries resist China's influence.
Canada's labor market weakened in March as the unemployment rate rose to over 6% for the first time in over two years, with a net loss of 2,200 jobs and an increase in the number of people searching for work, contrasting with the robust job growth and declining unemployment rate in the United States.
Zimbabwe has launched a new currency called ZiG in an attempt to address its currency crisis and economic troubles, with the new currency being backed by gold reserves and a basket of foreign currencies.
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Dallas Federal Reserve President Lorie Logan believes that the increasing upside risks to inflation argue against any immediate monetary policy easing by the U.S. central bank, and she emphasizes the need to ensure inflation returns to the target of 2%.
China's "new quality productive forces" plan, aimed at accelerating economic growth and promoting high-quality development through investment in high-tech and emerging industries, is expected to revamp the trajectory of the Chinese economy and attract foreign capital.
A significant portion of Canada's rising unemployment rate is attributed to new job seekers, particularly young people and recent graduates, who are spending more time searching for work, according to an analysis by RBC Economics. Many graduates are facing challenges in finding permanent employment, with competition from experienced candidates and a softening labor market.
The Commerce Department released its December report on consumer spending, prompting individuals to consider how inflation is impacting their spending habits.
Wall Street's main stock indexes rose after stronger-than-expected March jobs data indicated resilience in the labor market and eased concerns of an immediate interest rate cut by the Federal Reserve.
Mohamed El-Erian expects the Federal Reserve to cut interest rates twice this year despite a strong jobs report causing traders to reconsider the timing.
Credible offers tools to help you improve your finances and provides information on today's mortgage rates and how to get the best rate, along with tips on comparing rates, qualifying for a mortgage, applying for a mortgage, refinancing, and accessing your home's equity.
Inflationary pressures under the Biden administration are causing financial difficulties for young people, who are struggling to afford basic necessities such as housing and transportation, with the high interest rate environment and rising oil prices exacerbating the problem.
The EU wasted €60M on a fintech fad, but the Belgians are now trying to reinvent it as a metaverse project.
The dollar and bond yields rose after stronger-than-expected growth in US payrolls in March, potentially delaying rate cuts by the Federal Reserve.
Thames Water's parent company, Kemble Water, has defaulted on its debt after missing an interest payment, signaling the start of a potentially messy restructuring for the UK's largest water utility. However, Thames Water executives have reassured customers that they will be insulated from any collapse by Kemble.
Canada's labor market unexpectedly lost jobs in March, with a rise in the country's unemployment rate to 6.1%, the highest level in over two years, indicating increased economic slack that may pressure the central bank to consider rate cuts.
Daily Kos expresses solidarity with the Black community and provides ways to get involved in the upcoming elections.
The US economy remains in limbo in 2024, with some clarity emerging on questions such as the possibility of interest rate cuts and a downturn; inflation is proving difficult to quash, and the housing affordability crisis is impacting consumer sentiment; major stock indexes are hitting record levels despite high interest rates; the labor market appears strong overall, but there are disparities in different industries and a skills mismatch; the Great Resignation is over, and the job market is facing long-term challenges such as labor shortages and evolving technology.
The jobs report is expected to show that over 200,000 jobs were added in March, signaling a healthy labor market with steady employment and rising wages, while the rest of the economy continues to perform well and exceed expectations, despite concerns over inflation, productivity, and data discrepancies related to immigration.
Kenya's stock market has gone from the world's worst-performing to the best-performing in just one year, thanks to the country's economic policies initiated under the Ruto administration, resulting in a 49% increase in the All-share stock index in Nairobi.
The U.S. labor market is experiencing a jobs boom, with the leisure and hospitality sector playing a significant role, as consumer spending on vacations, dining out, and entertainment fuels hiring in the industry.
China's overproduction of goods, including solar panels, is causing a global glut and price crash, prompting concerns from US Treasury Secretary Janet Yellen and other regions such as Europe, Mexico, and Japan, leading to calls for addressing the issue of excess Chinese manufacturing capacity.
Europe's economic troubles and dependence on others for energy are not a result of a US-led conspiracy, but rather a consequence of their own policies and failure to pursue energy independence.
Chinese tech giant Tencent has been taking former employees to court over broken noncompete agreements, highlighting the intense pressure faced by workers in Asia's knowledge-intensive tech industry.
Thailand's consumer price index fell by 0.47% in March, driven by government subsidies on diesel and electricity, and inflation is expected to rise if the subsidies are not renewed or reduced.
The office vacancy rate in commercial real estate is nearing 20% and setting record highs, primarily due to the shift to remote work and the impact of the pandemic, resulting in falling effective rents and predictions of a long-term downturn in office values.
The International Monetary Fund (IMF) is ready to engage with Pakistan in order to resolve its fiscal and external stability challenges and support inclusive growth, according to the IMF's Communications Director Julie Kozack. The IMF's Executive Board meeting is scheduled to take place at the end of the month to approve the disbursement of the remaining funds from the Standby Arrangement.
Bank of Japan Governor Kazuo Ueda has indicated that there is a possibility of an interest rate increase in the second half of 2024, as inflation momentum may strengthen.
China's decision to drop anti-dumping tariffs on wine imports from Australia is welcomed by the industry, but the sluggish market and tougher economic conditions suggest slow growth in the coming years. The market has significantly shrunk, and competition from other alcoholic beverages, as well as a loss of international allure for wine, have hindered its recovery. However, high-end wines and recognizable brands may still thrive in the market, while other producers may struggle due to oversupply and market share loss to France, Chile, and Italy.
Philippine annual inflation accelerated in March due to a surge in rice prices, prompting the central bank to maintain tight policy settings.
The International Monetary Fund (IMF) is expected to release the last tranche of $1.1 billion to Pakistan by the end of this month, following a staff-level agreement reached between the two parties.
