The "Great Resignation" of 2022, characterized by a high number of voluntary job quits, is returning to normal levels as the pandemic recedes, with the monthly average dropping to 3.8 million from a peak of 4.2 million last year; Arizona experienced a drop of over a third in voluntary quits since June last year, while other states, such as Maine, Massachusetts, Connecticut, and California, also saw significant declines.
The BRICS bloc is expected to fast-track its de-dollarization plans in 2024 due to the potential stepback of the US dollar, the arrival of a BRICS currency, and the official expansion of the bloc, which would lead to a shift in global perception and a natural move away from the US dollar.
Nearly 6 in 10 women are living paycheck to paycheck, compared to 41 percent of men, according to a recent study, highlighting the financial stress that women face due to historical wage disparities and lack of financial support.
Despite political controversies, economic ties between Germany and Turkey are improving, with bilateral trade reaching a record high of €51.6 billion in 2022, making Germany one of Turkey's largest trading partners and top foreign investors. Turkish business representatives are calling for the modernization of the customs union between Turkey and the European Union, and they hope that President Erdogan's visit to Germany will address this issue. German companies have invested about €11.5 billion in Turkey, and both countries are seen to benefit from each other's strengths. Additionally, new business partnerships in the renewable energy sector have emerged. However, Turkey's economy continues to struggle, with the value of the Turkish lira declining.
Minnesota set a new record with over 3 million workers in October, indicating strong economic growth and recovery from the pandemic, while outpacing national job growth.
Most voters are concerned about inflation and higher prices, with three-quarters saying the economy is in bad shape and two-thirds not seeing any signs of improvement, according to a Fox News survey.
Central banks raising interest rates globally are intensifying pressures on countries with high public debt, particularly emerging markets and developing economies, which already struggle with limited investments and allocate a significant portion of their national budget to debt repayment, potentially threatening their financial stability.
Citadel CEO Ken Griffin criticized President Joe Biden's Bidenomics agenda, stating that it has resulted in higher taxes, falling income, and sticky inflation, with consumer prices increasing almost 20% since Biden took office. Griffin also highlighted the doubling of the government's deficit and warned about the unsustainable spending level and surging inflation.
Despite political controversies and crises, economic ties between Germany and Turkey have been improving, with bilateral trade reaching a record high of €51.6 billion in 2022, making Germany Turkey's largest trading partner and top foreign investor. Turkish business representatives have called on the Turkish President to address the modernization of the customs union with the EU, which could potentially double trade volume to €90 billion. Both countries benefit from each other's strengths, and there is a need for Turkey to have a say in EU free trade deals. Additionally, new opportunities for German-Turkish business partnerships have emerged in renewable energy. Turkey's struggling economy and weakened investor faith remain ongoing challenges.
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High mortgage rates and rising costs have led to an increase in monthly payments for borrowers, with homeowners looking to tap into their home equity to pay for expenses such as renovations and repairs. Despite this, delinquency rates remain low and borrowers have options like repayment plans, loan modifications, or selling their homes to avoid foreclosure.
The holiday job market for mall Santas in Canada is facing a decline, with job postings down 30% compared to last year, possibly influenced by factors such as e-commerce sales, changes in foot traffic, and higher interest rates affecting consumer spending.
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The International Monetary Fund (IMF) has approved a two-year, $35 billion credit line for Mexico due to the country's expanding economy, with Mexican authorities intending to use it as a precautionary measure and maintain prudent policies.
Rich countries have finally met their promise to provide $100 billion per year in climate finance to the developing world, as data shows that $89.6 billion was provided in 2021 and the final figure for 2022 is expected to exceed $100 billion, providing a boost for the Cop28 UN climate talks. However, more needs to be done to address the urgency of the climate crisis and to redirect private sector investments towards low-carbon initiatives.
Walmart CEO Doug McMillon predicts potential deflation in the U.S. grocery market, which could provide relief to shoppers but may have negative consequences for the overall economy.
Federal Reserve Chairman Jerome Powell is uncertain about the effectiveness of current monetary policy on inflation, while former Kansas City Fed CEO Esther George suggests pausing interest rate hikes to allow more time for the economy to adjust to post-pandemic conditions.
Walmart's CEO, Doug McMillon, stated that the US may experience a period of deflation in the coming months, potentially leading to lower prices for groceries and consumables, as Walmart aims to continue driving sales and market-share growth as inflation slows down.
Mortgage rates have fallen for the third consecutive week, indicating a downward trend that is expected to continue as inflation decreases and the economy remains strong, potentially attracting more potential homebuyers to the market.
Ethiopia is finalizing an agreement with its official bilateral creditors, which is expected to mirror its deal with China to suspend debt payments until next July, according to Ethiopia's State Minister of Fiscal Policy and Public Finance, Eyob Tekalign. The country is also reaching out to Eurobond holders for debt restructuring and is in talks with the International Monetary Fund for a lending program, while continuing efforts to open up the telecommunications sector.
The "creator economy," which includes influencers and the ecosystem built around them, is estimated to become a $480 billion industry by 2027, driven by influencer marketing and ad-revenue-share models on platforms like Instagram, TikTok, and YouTube.
American families are projected to spend $184 billion on holiday gifts this year, but rising costs and lower wages are making it difficult for many families to keep up, leading to changes in spending strategies; however, organizations like the Urban League of Metropolitan St. Louis are offering services to help families balance their budgets and stretch their dollars during the holiday season.
Cathie Wood, CEO of ARK Invest, predicts that deflation, not inflation, is the bigger risk for the economy, pointing to signs of deflation in fading airfare, car, and commodity prices, and expects it to continue due to the Federal Reserve's excessive rate hikes. This deflationary trend could benefit Wood's portfolio of tech and growth-focused stocks, which have suffered from rising borrowing costs.
China's President Xi Jinping likely didn't need to pitch solar panels or construction steel to US President Joe Biden during their meeting.
Malawi's President Lazarus Chakwera has suspended all international travel for himself and public officials in an effort to cut costs amid economic challenges such as a shortage of fuel and high inflation, with the measures set to be in effect until March 2024.
Mortgage rates have fallen for the third consecutive week due to signs of slowing inflation, with the 30-year fixed-rate mortgage averaging at 7.44%, down 6 basis points from the previous week, according to Freddie Mac data. Economists believe that there is further room for rates to decrease and anticipate the 30-year rate to drop below 7% by the spring buying season.
Inflation could return to normal and reach the Fed's target of 2% by the end of 2024, according to experts, with slower consumer demand, reduced housing rents, lower profit margins, easing wage growth, and restrictive monetary policy contributing to the decrease in inflation.
The US economy is experiencing a decrease in inflation, but a government climate report suggests that Americans will face higher costs for energy bills, medical expenses, and groceries due to the climate crisis.
Pakistan's interim Finance Minister, Shamshad Akhtar, stated that the country may seek another loan from the International Monetary Fund (IMF) as its economy remains fragile and requires continued financial support. This comes after Pakistan received approval for a $700 million payout under an existing program with the IMF. The nation faces significant external risks and has about $1 billion in debt due next year. The interim government plans to talk to the IMF for the next program and is also seeking funding from other sources.
Despite positive economic indicators such as low inflation and high consumer spending, Americans are deeply pessimistic about the economy, which is negatively impacting President Joe Biden's popularity and potential re-election chances. Factors such as rising prices, housing shortages, and the misallocation of resources under Bidenomics contribute to this economic insecurity. Additionally, many Americans still perceive Donald Trump's presidency as a period of economic prosperity, further complicating Biden's efforts to change the narrative around his administration's economic performance.
Weekly jobless claims rose to a three-month high, indicating easing labor market conditions and potentially aiding the Federal Reserve's fight against inflation.
China's weak wage growth and consumer confidence during the pandemic have led to a decline in spending on makeup and fragrance, with customers becoming cost-conscious and selective in their purchases, although spending on sports and entertainment products as well as pet-related goods has increased.
Despite a decrease in inflation rates, the average American household is still spending significantly more on everyday necessities, with purchases costing $205 more per month compared to a year ago and $680 more compared to two years ago, indicating that many families have not yet experienced relief from the inflation crisis.
Mortgage rates in the US are starting to decrease slightly, leading to a modest increase in demand for mortgages, as the market anticipates that the Federal Reserve may not raise interest rates further, despite borrowing costs for mortgages being at two-decade highs.
Wharton professor Jeremy Siegel believes that the battle against high inflation is coming to an end, allowing the Federal Reserve to begin cutting interest rates as early as March and potentially risk a recession if rates aren't lowered soon.
U.S. Industrial Production fell 0.6% in October, largely driven by a 10% drop in motor vehicle output due to strikes at major automakers.
The U.S. and Michigan economies are expected to continue growing and avoid a recession in the next two years, despite challenges such as high inflation and a major strike in the auto industry, according to economists from the University of Michigan.
The U.S. dollar is predicted to remain strong in 2023 but may dip and potentially enter a recession in 2024, giving BRICS countries the opportunity to strengthen their native economies and thrive with their local currencies.
Analysts advise investors not to panic over the appearance of a 'death cross' in the stock market, as it is just one technical indicator and should be considered in the broader context of market conditions and other indicators.
Recent data suggests that consumers are becoming less inclined to tip, with many expressing dislike for the automated prompts that suggest specific gratuity amounts, and various factors such as the lack of service tied to the tip and the proliferation of such prompts contributing to consumer confusion and frustration.
Rising inflation and high prices are causing financial strain for Americans, with many struggling to keep up with the increased costs of goods and services while their wages remain stagnant.
The cost of imported goods in the US fell in October, with import prices declining by 0.8% due to a decrease in oil prices, leading to a slowdown in overall US inflation and potentially signaling an end to interest rate hikes by the Federal Reserve.
The Philadelphia Fed's gauge of regional business activity improved slightly in November, but remains in negative territory for the 16th time in the last 18 months.
Moody's downgraded the outlook for the U.S. credit rating due to growing government deficits and a lack of political will to address them, which could have long-term implications for the economy.
The Pakistani rupee breaks its losing streak against the dollar as the Pakistan Stock Exchange reaches a record high, following a staff-level agreement with the International Monetary Fund (IMF) and the announcement of a $700 million disbursement.
Nigeria's naira has hit a new all-time low against the US dollar, falling to N1,105 from N830 in a single day, adding uncertainty to the country's economic landscape.
Hong Kong's finance chief, Paul Chan, is optimistic about the city's economic prospects and assures Silicon Valley entrepreneurs and businesspeople that Hong Kong is a place where they can make money and build their wealth, emphasizing its strengths in various areas such as finance, education, and a favorable tax regime. Chan also discusses the recent slump in city stocks and property markets and believes that with measures implemented to attract mainland Chinese and overseas capital, these markets will become more positive.
Retail inflation in India has moderated due to monetary policy action and supply side interventions, but there are still risks and challenges ahead, according to a report by the Reserve Bank of India (RBI). The report also highlights signs of a global economic slowdown and predicts higher GDP growth in the third quarter of 2023-24, supported by investment demand and government infrastructure spending. India's external sector remains viable, with a modest current account deficit and healthy foreign exchange reserves, while steadfast policy initiatives have contributed to a sound financial sector and a resurgent economy.
Nashville is emerging as an economic powerhouse due to its rapid expansion in the tech industry, the relocation of financial firms, and its leadership in healthcare.
Major global banks expect global economic growth to slow further in 2024 due to elevated interest rates, higher energy prices, and a slowdown in the world's two largest economies.