California is projected to experience a $58 billion revenue shortfall over the next three fiscal years due to weakened tax payments and a cooler economy, according to a report by the Legislative Analyst’s Office, warning of potential further economic weakness.
The Federal Reserve's interest rate hikes have created an opportunity for savers to maximize their returns by investing in high-yield certificate of deposit (CD) accounts, with some offering rates exceeding 5% APY.
A new report from WalletHub reveals the most and least financially distressed states in the US, with Louisiana having the highest percentage of people experiencing financial difficulty, and New Hampshire, Massachusetts, Maine, and Rhode Island being the least financially distressed states.
The UK economy is showing signs of stabilizing from the economic slowdown, with housing market and manufacturing activity steadying, mortgage costs declining, and rising confidence among industrial firms, although overall economic activity is still weaker than before; however, manufacturing activity may be beginning to stabilize despite its longest period of decline in over a decade, while house prices have increased for the third consecutive month due to hopes that mortgage rate costs have peaked.
Credible, a personal finance marketplace, provides tools and information to help improve your finances, including comparing mortgage rates, understanding how mortgage rates work, and navigating the mortgage application and refinancing process.
Some US consumers are engaging in "doom spending" while others are practicing "doom saving" in response to economic uncertainty, with the latter group helping to curb inflation and provide stability to the economy.
Large-scale research conducted by GiveDirectly, a charitable nonprofit, on basic income recipients in rural Kenya reveals that receiving a lump sum payment is more beneficial than monthly payments, as it allows for more profitable startup opportunities, although long-term monthly payments can also be advantageous as they enable recipients to generate lump sum payments when needed.
Chicago Fed president Austan Goolsbee believes that inflation is on track to slow to the central bank's goal of 2%, with consumer prices flattening between September and October, indicating positive developments in supply chain and labor force participation. However, Goolsbee cautioned that the Fed's progress could be threatened by external shocks such as an economic meltdown in China or an extended government shutdown.
U.S. manufacturing remained subdued in November with factory employment declining further, indicating a slowing economy after robust growth in the previous quarter.
Retailers in Venezuela are resorting to layaway purchase offers as a result of high inflation and strict credit restrictions, making it difficult for consumers to shop using traditional methods.
America is in serious financial trouble due to its debt load, according to Robert Kiyosaki, the co-founder of Rich Dad Company, who believes that the government's continuous printing of money will lead to a collapse unless spending is reduced.
Opening a long-term certificate of deposit (CD) in December is a smart move due to the high interest rates currently available, which are unlikely to stay high for long. By locking in a CD now, savers can earn interest at today's rates for the full CD term and secure a nice return on their investment.
Fed Chair Jerome Powell stated that the Federal Reserve has made progress towards its 2% inflation goal through aggressive interest rate hikes, and while he did not mention when rate cuts might begin, he emphasized that further increases may be necessary if appropriate.
Prime Minister Christopher Luxon shares the government's first 100 days agenda in a post-cabinet press conference, while Opposition leader Chris Hipkins faces the press after being ousted from power.
Chicago Fed President Austan Goolsbee believes that inflation is likely to decrease to the central bank's 2% target, attributing current disinflation to the resolution of supply chain disruptions, with caution towards the impact of housing cost inflation and the possibility of future shocks.
Mexico's president announced a 20% increase in the country's minimum wage by 2024, reaching approximately $14.25 per day, with the rise accounting for the peso's appreciation against the dollar.
U.S. manufacturing remained weak in November, with factory employment declining and layoffs increasing, signaling a slowdown in the economy despite moderate growth in consumer spending and subsiding inflation, although a recession is not expected in the near term.
Kenya dominates East Africa's private capital landscape, accounting for 69% of all transactions and representing 74% of the total disclosed deal value, followed by Uganda, Tanzania, Ethiopia, and Rwanda, while other East African countries collectively account for a 2% share.
Experts are divided on when the Federal Reserve will begin cutting interest rates, with some predicting cuts as early as the first half of 2024 and others believing they will come later in the year.
The latest manufacturing survey from the Institute for Supply Management shows that business conditions at American factories remained negative for the 13th consecutive month, indicating a stagnant industrial sector in the economy.
Wall Street had a strong November, with the Dow, S&P 500, and Nasdaq all posting significant gains, as optimism about the Federal Reserve's interest rate hikes waned and economic indicators showed positive signs of growth and easing inflation; investors are advised to consider investing in consumer discretionary stocks like DoubleDown Interactive, Grand Canyon Education, Royal Caribbean Cruises, Live Nation Entertainment, and Comcast Corporation.
Today's mortgage interest rates, according to data from Bankrate, show a decrease in average rates for 30-year fixed mortgages, 15-year fixed mortgages, and 5/1 adjustable rate mortgages.
The demand for "Buy Now Pay Later" options is growing, but financial experts warn of hidden risks such as late fees and potential debt accumulation if consumers rely on the service too much and don't stick to their budget.
Nonprofit credit counseling agency, Money Management International (MMI), has seen a significant increase in inquiries for debt counseling during the holiday shopping season, with a 44% rise in consumers seeking services during Thanksgiving week and an 80% spike on Cyber Monday, which is unusual considering the agency typically sees a decrease in new clients at this time of year. The increase in inquiries is likely due to a rising number of consumers seeking credit counseling and a steady increase in the average level of total unsecured debt.
Tourmaline Oil Corp. declares a quarterly dividend of C$0.28 per common share, Canada defeats Australia 5-0 in a soccer match, shipping giants propose phasing out fossil fuel-only vessels, South Korea launches its first spy satellite, and investors anticipate tax loss selling and a potential "Santa Claus rally" to affect U.S. stocks after a strong November.
The UAE is urging BRICS countries to settle oil trade in local currencies as it seeks to diversify its economic partnerships and reduce reliance on the US dollar, potentially leading to a significant impact on the global oil sector and the US economy.
President Biden is taking a strong stance against corporate "price gouging" in response to voter discontent over the economy, even as corporate profits remain high, but this approach is met with skepticism from Republicans and some Democratic economists who argue that it is not responsible for inflation or price hikes.
Goods and Services Tax (GST) collections in India increased by 15% to Rs 1.67 lakh crore in November compared to the previous year, attributed to festive season consumption and momentum, indicating growth in production and consumption in the economy.
Despite negative comments on mainland Chinese social media and the decline in IPO proceeds, Hong Kong's treasury chief emphasized that the city's status as a global financial center remains strong due to its solid foundation, internationalization, and growth potential.
The US economy is experiencing a soft landing, with declining inflation and strong GDP growth, leading to increased investor confidence, while five growth stocks with positive earnings estimate revisions are identified as having solid upside potential for 2024.
A new buy now, pay later app called Cashea is helping Venezuelans access consumer credit and make purchases amid the country's economic crisis and hyperinflation.
US consumers are spending at record levels, defying economic trends and mystifying economists, with spending during the holiday season reflecting a "YOLO" attitude toward money, despite pessimism about the economy and rising debt.
Stock futures indicate a cautious start to December, despite Wall Street's typically positive performance in the last month of the year, and billionaire investor Bill Gross suggests mortgage REITs as an opportunity for yield-focused investors.
Zurich has surpassed New York as one of the two most expensive cities to live in due to the weakening Swiss franc and inflation, according to the Economist Intelligence Unit's Cost of Living survey.
The U.S. Federal Reserve's commitment to inclusive employment amid the pandemic is facing scrutiny as inflation surges, leading to calls for changes in the central bank's policy framework from former officials and veterans.
China's economy is facing an exodus of long-term foreign capital, as investors express concerns about the country's post-Covid recovery, property market decline, regulation, and geopolitical tensions, leading to a negative outlook and reduced investment allocations in China among major public funds.
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Gross Domestic Income (GDI) and Gross Domestic Product (GDP) are presenting conflicting perspectives on the strength of the US economy, with GDI suggesting a recession may be on the horizon, a contrast to the robust growth indicated by GDP. Economists are divided over which measure is more accurate, as GDI is considered to be better at predicting recessions and relies on hard data, while GDP provides a more detailed breakdown of economic components. The Federal Reserve's decision on interest rates may be influenced by which measure is seen as more reliable.
Portugal's parliament has extended tax breaks for foreign residents until the end of next year, despite concerns about rising house prices for Portuguese residents, in an effort to safeguard the expectations of those who have already decided to immigrate or return to Portugal.
China's statistics authority has warned local authorities about falsifying data and intervening in data gathering, aiming to improve data accuracy and guide economic decision-making; concerns over the accuracy and transparency of China's data have long existed, and the government has been taking steps to ensure data reliability, including inspections and a nationwide economic census.
Media outlets and pundits assert that despite positive economic indicators, many Americans perceive the economy negatively, which some attribute to rapid changes, raised expectations, sensitivity to inflation, media reporting, and inadequate political messaging.
The demand for seasonal workers in the UK is high, with major retailers like Sainsbury's, Tesco, and John Lewis hiring over 60,000 people, while in the US, big retailers like Walmart are not engaging in a rush of seasonal hiring, potentially indicating a quieting in the US job market and a more subdued holiday season.
The U.S. dollar has declined as inflation data suggests that U.S. interest rates have peaked, while the euro and yen are experiencing gains.
Euro zone manufacturing activity improved slightly in November, but remained in contractionary territory, leading factories to continue reducing staffing levels for the sixth consecutive month.
Argentina's Hayekian disruptor, Javier Milei, is well-positioned to take advantage of the country's upcoming energy boom in shale gas and lithium production, as well as its potential dollarization, as he aims to implement drastic measures to revive the economy and tackle inflation.
Market confidence is high for a soft landing of the world economy after aggressive interest rate hikes, despite labor market softening, the euro zone facing recession, and China's property sector in crisis.
Europe is facing economic challenges that resemble a recession, with indicators such as a decline in business activity, reduced lending, and lowered growth forecasts, but the timing and severity of a recession remain uncertain.
U.S. consumer spending rose moderately in October, while inflation increased at a slower rate, indicating cooling demand and further supporting expectations that the Federal Reserve's interest rate hikes are coming to an end. Additionally, data showed an increase in unemployment claims and a rise in jobless rolls, suggesting a slowing labor market.
The boss of Iceland, Richard Walker, has condemned the "exploitation" of new parents by leading baby formula manufacturers and called for a price cap to be implemented, after the Competition and Markets Authority (CMA) found evidence of inflated prices. The CMA warned that competition in the market is hindered by the dominance of Danone and Nestlé, and that parents are struggling to afford the increasing costs of infant formula. Walker suggested convening a roundtable of brands and retailers to agree on price controls and loosening marketing restrictions to alleviate the burden on parents. The First Steps Nutrition Trust also called for a price cap and a public health campaign highlighting the nutritional equivalence of all first infant formula. The CMA will further investigate the baby formula market, which is vulnerable to high price rises due to limited retailer options and consumer reluctance to switch brands.
India's economy is projected to expand by 6.7% in the fiscal year ending in March, surpassing previous forecasts, due to strong growth in manufacturing and increased government investment.