Susan M. Collins, president of the Federal Reserve Bank of Boston, remains optimistic that inflation can be controlled without causing a recession, but believes the Federal Reserve must maintain a restrictive stance until inflation is under control. She also stated that another rate hike is still a possibility despite the recent slowdown in inflation.
Moody's has left Italy's sovereign debt rating unchanged at Baa3, one level above junk status, but upgraded the outlook to stable, citing improvements in the country's economic strength, banking sector, and debt dynamics.
The Brazilian economy contracted in the third quarter, reversing a previously positive trend driven by strong agricultural growth, due to factors such as high borrowing costs and declining commodity prices.
This article discusses the key trends in the economy, including falling producer prices, rising unemployment claims, and generational home-buying trends.
Young voters may appear to be thriving economically with low unemployment and job opportunities, but an alternate perspective from TikTok suggests otherwise.
The baht is expected to rise to 35 to the US dollar next week as the greenback weakens after investors forecast an end to Federal Reserve rate hikes.
China has significantly reduced its holdings of US Treasury securities to a 14-year low, amid a downgrade in the US's credit rating outlook by Moody's.
The Miami-Fort Lauderdale metro area has the highest inflation rate in the US due to an influx of people migrating for warmer weather and lower taxes, leading to increased demand for housing and energy.
Consumers are exhibiting caution by buying desired goods in smaller quantities or sizes, indicating a normalization in discretionary consumer spending rather than elimination, according to RBC's Capital Markets Managing Director Nik Modi.
The share of US consumers planning to visit a foreign country in the next six months has reached a record high, indicating strong demand in consumer services and potential challenges in containing inflation, according to Apollo.
Unemployment rates increased in several states, including Virginia and Maryland, but Maryland maintained its position as the state with the lowest unemployment rate in the country, while all 50 states experienced positive year-over-year job growth.
Opinion polls show a close race between centrist candidate Sérgio Massa and hard-right libertarian Javier Milei in Argentina's upcoming presidential election, with Massa leading in the first round but still needing to secure 45% of the vote to win overall, while Milei has pledged to slash government spending and remove subsidies for utilities. The election carries implications for the country's struggling economy, inflation rate, and debt restructuring.
Young people on social media, particularly on platforms like TikTok, express economic despair and discontent despite positive economic data, highlighting a disconnect between perceptions and reality that may pose challenges for Democrats in the upcoming 2024 election.
Millions of gig workers in the US, including those working for platforms like Uber, may not be accurately counted in government employment reports, leading to a potential undercount of those working and impacting how the Federal Reserve assesses the job market and inflation risks.
Casual contract workers in the gig economy may be significantly undercounted in the U.S. government's employment report, potentially impacting the assessment of the job market and inflation risks by Federal Reserve officials.
The Massachusetts economy experienced back-to-back job losses in October, with a decrease of 800 jobs and a rising unemployment rate, reflecting a slowing national economy due to high interest rates and decreasing consumer spending.
Canadian Olympic kayaker Angus Mortimer has been banned from the sport for sexual harassment, with Canoe Kayak Canada declaring him permanently ineligible to participate and requiring him to write an apology to the complainants.
Mortgage rates have continued to decline, potentially luring sidelined homebuyers back into the market.
Algeria has the highest general government revenue in Africa, with 33.7% of GDP, followed by Morocco and Mozambique.
The Brazilian economy has shown resilience, with strong private consumption and growth in the services sector, leading to positive financial results for many companies, including Vale S.A., Ambev S.A., and Petróleo Brasileiro S.A. - Petrobras, which are among the 20 most valuable Brazilian companies heading into 2024.
Moving to a new city for better job opportunities, higher pay, and work-life balance is a growing trend, with the medical and engineering fields offering the highest-paying jobs, and coastal states like California, Massachusetts, Maryland, and New York being the most lucrative locations. However, it is important to consider the cost of living in these cities and find a balance between financial growth and quality of life.
Retail sales in the UK unexpectedly declined in October, indicating a slowdown in the economy, with sales volumes down 0.3% and September's figures worse than initially estimated at 1.1%. Asian stocks were mostly lower, with Hong Kong's Hang Seng falling 2.2% due to a 10% drop in Alibaba shares after the cancellation of its cloud computing spinoff plan, and US stock markets were relatively flat with slight movements. US Treasury yields fell as unemployment claims in the US rose higher than expected, suggesting a potential interest rate cut next year by the Federal Reserve.
The recent German court ruling that blocked the government from transferring unused pandemic funds towards green initiatives and industry support could potentially decrease economic growth by up to half a percentage point next year, according to an economy ministry source.
Inflation has significantly decreased in the past year, leading to the possibility of achieving a successful "immaculate disinflation," according to some economists.
China's President Xi Jinping met with top American CEOs in San Francisco, including Tim Cook, Elon Musk, and Larry Fink, amid criticism that the event is a propaganda coup for China and lacks economic significance for the US.
Despite a slight improvement, renters in the U.S. were still burdened in the third quarter of 2023 as insurance costs to landlords increased, according to a report by Moody’s Analytics. The rent-to-income ratio declined slightly, but still ended at 30%, which is the threshold for being rent-burdened.
UK retail sales unexpectedly fell by 0.3% in October, reflecting the strained finances of consumers and raising concerns about the country's economic outlook.
Eurozone inflation reached its lowest level in over two years in October, with consumer prices rising by only 0.1% compared to the previous month, and core inflation falling to 4.2%, reflecting the decline in energy prices.
Food prices in the US have increased by 3.3% from 2022, but the cost of Thanksgiving dinner is expected to be lower this year due to a decline in turkey prices.
Bank of Japan Governor Kazuo Ueda stated that the central bank will discuss an exit strategy from ultra-loose monetary policy when sustained achievement of its 2% inflation target is near, and the fate of their ETF holdings will be considered as well; Ueda emphasized the need for a positive wage-inflation cycle before exiting, and weak consumption is seen as complicating the BOJ's exit path.
The dream of homeownership is slipping further away for many Americans as mortgage rates rise and home prices remain high, widening the wealth divide and preventing first-time buyers from building financial security through property ownership.
Many older Americans are feeling stressed about their debt levels, particularly credit card debt, as persistently high inflation and increasing interest rates make it harder to manage their finances in retirement.
Investors have a lot to be thankful for this year as they settle in for the holiday with their turkey and pumpkin pie.
Prices in the U.S. could see a drop, leading to potential deflation, as retailers like Walmart anticipate lower prices for general merchandise and grocery items, although economists are divided on the likelihood of deflation and its implications for the economy and consumers.
Nationwide, one of Britain's largest mortgage lenders, has expressed skepticism about interest rates falling next year, contradicting predictions by Morgan Stanley and Goldman Sachs, as homeowners struggle with mortgage payments due to high rates.
American consumers are becoming more selective and cautious with their spending, prioritizing necessities over discretionary purchases, as they face higher costs, credit card debt, and dwindling savings. Retailers like Target, Home Depot, and Walmart have reported declining sales for big-ticket items, reflecting this change in consumer behavior.
Nine Indian states are experiencing higher inflation rates, surpassing the national average, with the average cost of living for Indian consumers increasing by 4.87%.
The high mortgage rates and low affordability in the housing market have led to more than a third of homes in the US being bought with cash, with wealthier Americans making up a larger share of homebuyers.
Retailers in Great Britain experienced a decline in sales in October due to high borrowing costs, rising prices, and adverse weather conditions, signaling a potential recession on the high street before Christmas.
China is attempting to rejuvenate its struggling property sector by revamping aging urban neighborhoods, but the process is proving to be slow and costly, as evidenced by the halting rehabilitation of Paibang Village in Shenzhen.
Despite the potential waning of the post-pandemic spending boom, the resilient labor market and healthy household finances suggest that consumers still have the ability to avoid a recession in the U.S.
Shoppers in the UK bought less fuel and food in October due to rising living costs and poor weather, resulting in a 0.3% decrease in retail sales volume, the lowest level since February 2021. The UK economy is also experiencing stagnant growth, and the Bank of England predicts subdued growth until 2025. The Office for National Statistics attributes the decline in sales to increasing fuel prices, reduced footfall, and the impact of bad weather. Additionally, sales of alcohol, tobacco, and household goods declined, while supermarkets reported an increase in food purchases. Retailers are hoping for a last-minute Christmas spending surge in December.
British retail sales volumes fell by 0.3% in October, the lowest level since February 2021, due to high borrowing costs, inflation, and bad weather, indicating a warning sign for the UK economy.
Kenya could face a 7.25% decline in economic output by 2050 if decisive actions to combat climate change are not taken, warns the World Bank, highlighting the importance of renewable energy sources in reducing emissions and leading sustainable development.
China's direct interventions to ease cash crunch for property developers are positive, but analysts suggest stronger fiscal and monetary policies are necessary to revive demand in the sector.
Pakistan will need another long-term IMF program and will have to raise electricity and gas prices to fulfill the conditions of the ongoing bailout package, according to Caretaker Finance Minister Dr Shamshad Akhtar. The minister also described the economic stability as "fragile" and highlighted high external sector risks, necessitating a 25th IMF bailout package.
Pakistan is facing an economic crisis and a potential financial default due to its staggering debt levels, particularly its debts to China, which has been accused of implementing "Debt Trap Diplomacy" by burdening vulnerable countries with predatory loans and taking over strategic assets.
The People's Bank of China is expected to manage the sale of 1.5 trillion yuan ($207 billion) of debt with liquidity injections and open-market operations, despite concerns about the impact on the bond market and the challenge of selling such a large amount of debt in a short period of time.
The IMF has reached an agreement with Pakistan over a $3bn bailout package, boosting the stock market and stabilizing the exchange rate, but warning of external risks and the need for further economic reforms.
The Pakistani government has decided to postpone the issuance of a $1.5 billion international bond due to high interest rates, and the country will likely require further IMF loan programs as its economy remains fragile.