The economy is expected to continue its current trajectory, with indicators showing signs of stability and growth, although many Americans remain pessimistic about the state of the economy.
The used car market in Nigeria is thriving as consumers turn to more affordable options due to high new car prices caused by the devaluation of the naira and increased exchange rates, leading to a projected CAGR growth of 8.9% in the used car market by 2024.
Finance minister Nirmala Sitharaman highlighted India's position as the fastest-growing major economy, with diverse growth across sectors and significant contributions to economic activities.
The number of Americans filing new claims for unemployment benefits increased moderately last week, indicating a gradual slowdown in the labor market due to higher borrowing costs, though economists believe a rate cut by the Federal Reserve in the first quarter is premature.
The number of Americans filing new claims for unemployment benefits increased moderately last week, indicating that the labor market is losing momentum due to higher borrowing costs, although the report suggests that it is unlikely for the Federal Reserve to cut interest rates in the near future.
American consumers' record credit-card debt poses a threat to consumer spending as interest rates rise and inflation remains high, potentially leading to an economic slowdown according to economist Carl Weinberg.
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42% of small business owners in the U.S. cannot afford to give Christmas bonuses to their employees this year due to persistent inflation, according to a survey conducted by the Freedom Economy Index. Another 28% plan to give smaller bonuses, while 25% will give the same amount and 5% will give larger bonuses than in previous years.
Moody's instructed its staff in China to work from home before downgrading China's credit rating, prompting speculation that the company feared retaliation from Chinese officials.
Demand remains high for expensive goods despite high prices because individuals work and save to purchase things they need and like, but the government's panicked shutdown of economic activity and subsequent interventions, along with excessive spending and energy regulation, have contributed to inflation.
The Fed's new instant-payments system, FedNow, has the potential to revolutionize the way people and businesses access their money and reduce fees, but its success relies on banks embracing it and offering customers instant access to their funds.
Experts predict that grocery prices will continue to rise, albeit more slowly, in 2024 due to factors such as inflation, animal disease, weather, climate change, and geopolitical events, making it difficult to anticipate future costs.
China has shifted from being the main focus of investors to a peripheral concern, as attention now turns to global economic factors such as inflation and interest rates. However, China's potential to cause market shocks and its unresolved property crisis should not be ignored.
Britain's top financial regulator, the Bank of England's Prudential Regulation Authority (PRA), has requested details from banks involved in the private credit market regarding their exposure to the sector, which is seen as a top systemic risk, as concerns grow over the opacity and risks of private credit and leveraged lending.
Americans are dissatisfied with the economy despite favorable macroeconomic conditions, which could be attributed to social media-induced perceptions and a chronic state of dissatisfaction.
Tougher capital requirements for banks could lead to higher mortgage rates for cash-poor home buyers, especially people of color, exacerbating the racial homeownership gap and making affordable housing more difficult to find.
Investors are anticipating key reports on employment, inflation, and the Federal Reserve, which could bring about a significant directional move in the stock market during this typically quiet time of year, potentially leading to year-end gains or a short-covering rally.
The American economy is currently experiencing an identity crisis as traditional economic assumptions are being challenged by the pandemic and its aftermath, leaving experts uncertain about how to resolve this shake-up.
The recent speeches by two key Fed governors expressing concern about a weak economy indicate that the central bank may not fully understand inflation and how to address it.
Mortgage rates are at their highest levels in 22 years, leading to increased interest in alternative financing options such as adjustable-rate mortgages, builder buydowns, seller financing, assumable mortgages, and cash purchases.
India has not been able to achieve strong global manufacturing like China, as China started modernizing its economy earlier and grew at a faster pace, putting India about 16 years behind in terms of total economic output.
Public support is growing for changes to zoning codes and housing laws in the U.S., as revealed in a new poll by the Pew Charitable Trusts, which indicates broad approval for initiatives that would make it easier to build new housing, particularly apartments, in response to the housing shortage.
Argentina's President-elect Javier Milei, who previously insulted China during his campaign, now faces the challenge of building a positive relationship with China as Argentina's second-largest trade partner, amid an impending recession and depleted foreign currency reserves.
Oil prices rebounded slightly after reaching a six-month low, but concerns over weak demand from the US and China remain.
Moody's has advised its staff in China to work from home as it lowered the outlook for sovereign bonds to negative, potentially due to fear of government inspections following the announcement, according to employees at the rating agency.
Russia has generated $11 billion in oil exports through a shadow fleet and obscure entities since G7 countries imposed a price cap on Russian oil following the Kremlin's invasion of Ukraine, with the country rerouting its exports to China and India.
China's exports increased by 0.5% in November, reversing a six-month decline, but the sustainability of this growth is uncertain as imports dipped and domestic demand remains weak.
Despite some falling prices for essentials, the overall grocery bill for the average Canadian family is expected to increase by about $700 to over $16,000 in 2024, according to a report on food prices. While bargains may be found in packaged goods, the price of fresh produce is expected to rise next year.
In 2022, cash was used in 19% of transactions in the UK, which is a slight increase from the previous year.
Cash withdrawals have increased for the first time in a decade as households turn to cash to manage their budgets during the cost of living squeeze, according to the British Retail Consortium's annual Payments Survey.
Profiteering has fueled inflation in 2022, as businesses' excessive profits outpaced cost increases, leading to a call for a global corporation tax to curb this trend and a need to tackle monopolistic practices.
South Korea's procurement agency released public reserves of urea to address a potential shortage caused by China's restrictions on urea exports, with more reserves being purchased from Vietnam to increase stockpiles.
The United States' substantial investments in clean energy and technology are prompting other countries, particularly in Europe, to develop their own incentives in a global subsidy race, leading to concerns about strained alliances, protectionism accusations, and potential debt increases.
China's exports grew by 0.5% in November, the first increase in six months, indicating that discount pricing is attracting buyers and helping to overcome a slump in demand.
The employment rate for students in Canada, including those from India, has dropped, leading to increased unemployment and forcing students to take up odd jobs to make ends meet.
The Bank of Japan is preparing for the end of its negative interest rate policy, as policy board members express optimism on price and wage increases.
Cash usage in the UK has increased for the first time in a decade, accounting for nearly 19% of transactions in 2022, according to a report by the British Retail Consortium (BRC), signaling a natural return to cash following the COVID-19 pandemic and emphasizing the importance of providing customers with payment choices.
The use of cash has increased for the first time in a decade as households seek to manage their finances amidst rising living costs, according to the British Retail Consortium (BRC).
China is set to see a record number of college graduates, reaching 11.79 million in 2024, putting increased pressure on the job market and prompting calls for greater efforts to boost confidence in the private sector.
Wall Street is warning that the US economy is headed for a recession due to factors such as inflation, rising debt levels, and geopolitical conflicts, although some experts believe the country may experience a soft landing instead.
Campbell Soup's fiscal first quarter earnings beat expectations, but organic net sales declined by 1% as lower-income households face financial pressures while middle-to-upper income households remain resilient.
Bond yields, interest rate expectations, oil prices, and inflationary pressures are falling worldwide, driven by concerns over the weakening U.S. economy, which may affect investor sentiment and emerging market stocks; additional factors such as Thailand's inflation numbers and China's trade figures will also impact the market.
The 30-year fixed mortgage rate has dropped to 7.17%, the biggest decline in a five-week period since 2008, leading to an increase in home refinancing applications, but a decrease in buying demand due to high prices and limited inventory.
Twenty new countries have applied to join the BRICS economic alliance in 2024, following the invitation extended to six nations this year, including Saudi Arabia and the United Arab Emirates.
About 50% of Americans feel worse off financially compared to a year ago, despite positive economic data, due to inflation, unaffordable housing, increasing credit card debt, and dipping into retirement funds.
The cost of achieving the "American Dream," which includes buying a home, raising children, and owning a car, now amounts to an astonishing $3,455,305, surpassing the lifetime earnings of most Americans, due to rising costs in various areas such as housing, education, healthcare, and retirement.
US crude prices fell below $70 a barrel for the first time since July, suggesting that gas prices could drop closer to $3 a gallon, due to concerns about soft demand in China, record-setting supply from the US, and disappointment over the recent OPEC+ decision.
Despite their dissatisfaction with the state of the US economy, Americans are planning to increase their holiday spending, with an estimated average of $975 on Christmas or other holiday gifts this year, according to a Gallup survey, representing a $100 increase from last year and the highest level since 1999.
Minimum wages will increase in 22 states and over 40 cities and counties across the US starting January 1, with seven states and Washington D.C. having minimum wages of $15 or more, while the highest state minimum wage in 2024 will be Washington state at $16.28.
BlackRock, the world's largest asset manager, warns that the world is entering an era of low growth and high interest rates, with inflation becoming more volatile, and central banks having to live with higher inflation amid government spending and debt levels, while the British Chamber of Commerce predicts a slump in UK investment due to rising costs, high interest rates, and trade challenges.