UK retailers are facing a challenging Christmas season as shoppers cut back on non-essential purchases due to rising food prices and high borrowing costs, leading to a decline in sales of homeware and other non-food items in November.
Underlying inflation pressures on US consumers eased slightly in October compared to September, according to a report by the New York Fed, with the multivariate core trend (MCT) inflation reading coming in at 2.6%, down from September's 2.88% reading.
China should adopt a more expansionary fiscal policy next year, with a budgeted fiscal deficit rate exceeding 3 percent and potentially reaching 4 percent, to support economic recovery amidst challenges such as the property market downturn and local government debts.
Despite the ongoing war in Ukraine, sushi restaurants continue to thrive and provide a sense of normalcy for the people, showcasing the country's resilience and adaptability.
The Federal Reserve's 2022 consumer finance survey shows that the average household in America has a net worth of $1.06 million, but this seemingly prosperous figure masks underlying economic inequalities, with higher income brackets benefiting the most from recent financial gains.
Pakistan's ongoing economic crisis, characterized by job losses, increasing cost of living, and rising inflation, is impacting millions of people, including workers like Asif Maseeh, who struggle to support their families; amid the crisis, the country relies on bailouts and loans from international organizations like the International Monetary Fund.
Consumer spending in the U.S. reached a record high in October, with Americans spending $1.57 trillion, driven by factors such as high inflation and a strong economy, according to a report by personal finance site WalletHub.
Imperial County in California, known for its poverty and low population, could become a major lithium producer with its estimated 3,400 kilotons of lithium reserves, enough to produce 375 million batteries for electric vehicles, according to a report from Lawrence Berkeley National Laboratory. However, there are concerns about the impact of large-scale lithium mining on water supply, air quality, and indigenous cultural sites in the region.
Benchmark 10-year yields rose from three-month lows on Monday ahead of key employment data due this week, though traders continued to price in the likelihood of the U.S. Federal Reserve cutting interest rates as soon as March following dovish comments from Fed officials last week.
Warren Buffett proposes a strategy to address America's deficit by making sitting members of Congress ineligible for reelection if the deficit exceeds 3% of GDP, emphasizing the need for accountability and fiscal responsibility.
HELOC rates may fall in 2024, but it is still advisable to open one now to access the money you need, as the variable rates on HELOCs will likely decrease if a rate reduction occurs.
Colorado's economy is expected to continue facing challenges in 2024, including a labor shortage, high inflation and interest rates, and rising housing and childcare costs.
Wall Street stocks finished lower as investors await key reports on the job market, which will provide insight into the Federal Reserve's stance on interest rates.
Germany is experiencing an unprecedented housing crisis as rising interest rates and stagnant demand lead to a sharp decline in the property market, causing construction projects to be canceled and an anticipated contraction in the country's economy.
President Joe Biden's poll numbers are slumping ahead of the 2024 election, and one possible explanation for voters' negative view of the economy is that some people's lives are harder now because the government has been doing less, with temporary initiatives and benefits being pulled back as the COVID-19 pandemic subsides.
Economist Donald Luskin argues that the Federal Reserve's interest rate hikes are temporary and expects rate cuts in the first quarter of next year, predicting deflation and a severe stock market correction as a result.
The Yukon River in Alaska is experiencing a salmon shortage, forcing sled dog owners to rely on store-bought dog food instead of traditional salmon hunting; an Alberta woman faces repaying nearly $10,000 after her bank account was drained without her permission; the bodies of a missing Washington state couple who were allegedly kidnapped and murdered by one of their tenants have reportedly been found; Tennessee Titans fire their special teams coordinator after a punter's season-ending injury; Germany and Brazil express hope for a finalized trade agreement between the EU and Mercosur; short-term rentals, such as Airbnb, have contributed to the housing affordability crisis in Canada and around the world; Vancouver home sales increase in November due to a rise in newly listed properties; Canada's western province plans to defy federal methane regulations due to concerns over cost, safety, and job losses.
Older millennials are facing significant financial burdens in the housing market, struggling with high levels of student loan debt, rising credit card delinquencies, and soaring housing prices that make home ownership unaffordable, while younger millennials are experiencing stronger growth in escrow payments and avoiding the worst of the housing market pain.
Stifel Nicolaus strategist Barry Bannister predicts that the S&P 500 Index will remain flat until the early 2030s due to reinflationary economic growth and tighter financial conditions, signaling the end of high-level performance seen in the previous decade.
Most American households saw their wealth grow during the COVID-19 pandemic, but there remain significant wealth gaps between different racial and income groups, with richer families experiencing the highest growth and Black households facing higher levels of debt compared to the national average.
New orders for U.S.-made goods experienced a larger-than-expected decline in October, the largest drop in over three years, due to weakening demand for durable goods and transportation equipment, suggesting that higher interest rates are impacting consumer spending.
Demand for clean energy tax credits in low-income communities has surpassed expectations, with proposed wind and solar projects estimated to exceed this year's targeted allocation by over four times.
China's slowing economy is contributing to persistent manufacturing inventory gluts worldwide.
China's slowing economy is causing a global manufacturing inventory glut, with big manufacturers struggling to reduce inventories despite supply chains returning to normal.
According to a survey by the National Association for Business Economics, the US economy is expected to slow down in 2024 with high inflation, rising unemployment, and a 50% chance of recession. The GDP is forecasted to slow to 1% from 5.2% in the third quarter of 2021.
Promising potential for luxury brands in India could be hindered by obstacles such as bureaucracy, high customs duties, and a lack of luxury infrastructure, says Bénédicte Epinay, CEO of Comité Colbert, France’s luxury association. However, the launch of new luxury malls and the willingness for brands to adapt to the local market may lead to success in the future. India's unique luxury market, rooted in its past, requires brands to meld with local traditions.
Deutsche Bank predicts a soft landing for the US economy in 2024, with the unemployment rate reaching 4.5%, but warns that the labor market is showing signs of weakness and could lead to milder recession-type dynamics if the softening continues.
Barclays predicts that the US economy will demonstrate resilience next year, leading the Federal Reserve to proceed cautiously with rate cuts, despite consensus forecasts indicating a significant slowdown in economic growth.
The Bank of International Settlements (BIS) has warned that generous COVID-19 handouts have made people less willing to work, with preferences shifting towards fewer working hours, particularly in countries that provided significant financial support during the pandemic such as the UK, US, and Canada, which have yet to fully recover their pre-pandemic workforce levels. The BIS research suggests that the no-strings-attached support may have broken the link between working hard and earning more, potentially fueling inflation and impacting economic recovery.
Foreign direct investment (FDI) in India has increased by USD 9,000 million since 2018-19, indicating the confidence of foreign investors in the country's business atmosphere, according to Union finance minister Nirmala Sitharaman.
The cost of living in the UK is rising faster than benefits for the poorest, resulting in a gap that is impacting low-income households and their ability to maintain their standard of living.
Gas prices are expected to rise in 2024 due to factors including decreasing demand for gasoline, decisions by OPEC countries to manipulate production levels, and an increase in non-OPEC production that will not be enough to offset the decreases by OPEC.
Benchmark 10-year yields rose from three-month lows on Monday ahead of key employment data due this week, though traders continued to price in the likelihood of the U.S. Federal Reserve cutting interest rates as soon as March following dovish comments from Fed officials last week.
The US money supply, specifically the M2 money supply, has been experiencing a decline, signaling major recession, unemployment, and deflation risks for the US economy, according to Wharton professor Jeremy Siegel.
Canadian banks reported a mixed fourth quarter, with a rise in bad loan provisions and the prospect of the Bank of Canada lowering interest rates, signaling concerns about the shaky economy and uncertainties in the future.
Orders for manufactured goods, including durable and non-durable goods, experienced a 3.6% decline in October, driven by a significant drop in the transportation sector, particularly orders for non-defense aircraft, while excluding transportation, orders were down 1.2% in the same month.
Lower-income and middle-class households experienced faster growth in net worth during the early stages of the Covid-19 pandemic due to relief packages, increased home prices, and rising stock prices, although wealth disparities remained significant, according to a report by Pew Research Center. However, the gains may not be sustained, as incomes fell, household spending increased, and the growth in home values and stock prices slowed in 2022.
China's financial overhaul aims to address risk and restore confidence in the economy, with the consolidation of small rural lenders into a single entity in Henan province serving as a measure against financial risks. The reform comes as President Xi Jinping emphasizes the need for financial risk prevention, particularly in managing small banks, local government financing vehicles, and vulnerabilities in the property market. However, weaknesses in the property sector and local government-related exposures continue to pose challenges to overall loan demand and asset quality.
Young people in China are increasingly turning to rural areas for employment opportunities as the country's economic growth slows and urban job prospects dwindle, with initiatives such as civil service placements and agricultural internships being offered as alternatives; however, some critics argue that this approach does not address the underlying economic issues and may merely delay the youth unemployment crisis.
Moody's warns that banks face a negative outlook in 2024 due to sluggish global growth, higher risk of loan defaults, and pressure on profitability, with real estate exposures in the US and Europe posing a growing risk.
Turkey's inflation rate rose by 62% year-on-year in November, with independent economists estimating it to be even higher at 129.27%, prompting the central bank to raise interest rates in an effort to tackle the issue. The country's GDP growth has slowed, and analysts predict that inflation will take at least two years to be brought under control. Some blame President Erdoğan for the inflationary spiral.
The average mortgage interest rates for a 30-year fixed mortgage, 15-year fixed mortgage, and 5/1 adjustable rate mortgage (ARM) have all decreased.
China is considering using its Belt and Road Initiative (BRI) to promote the Chinese Yuan over the US dollar, potentially making the Yuan the default currency for repayment of loans given through the BRI to developing countries.
December and January tend to see an increase in job cuts as companies assess their balance sheets and business performance; industries such as tech and media are at higher risk, but experts suggest networking, updating resumes, and exploring job options in other industries as ways to navigate potential layoffs.
Wall Street is expected to open lower as investors brace for economic data that may challenge expectations of an interest rate cut by the Federal Reserve in early 2023, despite a positive start to December driven by robust earnings and the belief that the Fed's rate hiking campaign is over.
Most business economists believe that the U.S. economy will be able to avoid a recession in 2024, even if the job market weakens due to high interest rates, according to a survey conducted by the National Association for Business Economics.
Banks are expected to face a negative outlook in 2024 due to sluggish global growth, increased risk of borrower default, and pressure on profitability, according to credit rating agency Moody's. Real estate exposures in the US, Europe, and Asia-Pacific, as well as high funding costs and lower loan growth, are contributing factors.
A record 8.54 million Chinese borrowers are blacklisted for unpaid debts, which may impact consumer demand and the country's economic growth; similarly, US consumers are also feeling the effects of inflation and higher interest rates.
Kevin McCallister's 1990 grocery trip in 'Home Alone,' which cost $19.83, would cost $68.00 in 2023 due to inflation, marking a 248% increase.
Five fur farms in Saskatchewan are facing criticism from advocates who argue that fur farming should be banned for public health and animal cruelty reasons, while a pro-fur advocate defends the industry as a proud Canadian tradition and vital to the economy.