The U.S. Postal Service reported a net income loss of $6.5 billion for fiscal year 2023, jeopardizing its ability to deliver mail and pay benefits for retirees, as private deliveries and inflation offset gains from stamp price hikes.
The UK's consumer price index dropped to 4.6%, its lowest level in almost two years, but remains above the Bank of England's target, putting pressure on households as the Christmas season approaches; meanwhile, low-income families are struggling to afford basic necessities and are resorting to loans and alternative heating options.
Some experts believe that the US economy may experience a recession in 2024 due to high interest rates and potential layoffs, while others remain optimistic and do not foresee a recession happening next year.
Persistent inflation, increasing debt, and dwindling savings have disproportionately affected women, with nearly 60% of women living paycheck to paycheck compared to 41% of men, according to a recent study, reflecting the historic disadvantage and ongoing economic challenges faced by women.
The U.S. is facing a shift from a decade of abundance to a period of austerity, according to Jim Masturzo, the chief investment officer at Research Affiliates. Factors such as rising interest rates, persistently high inflation, and the return of "real" interest rates will contribute to this change, leading to lower returns for large-cap and growth stocks and increased focus on value stocks and commodities.
Japan is experiencing a period of economic renewal as it sees the fastest price growth in over 30 years, rising wages, and gradual institutional and generational shifts that are changing the country from within.
Kenya secures $938 million augmentation of its lending program with the International Monetary Fund, giving the country access to immediate funding of $682.3 million to address acute liquidity challenges arising from the COVID-19 pandemic and imminent debt maturity.
UK chocolatier Hotel Chocolat has agreed to be acquired by Mars in a £534m deal, allowing the company to expand internationally; Mars is paying a significant premium of 170% per share to acquire the company.
Berlin's housing crisis, characterized by a vacancy rate of less than 1% and skyrocketing rents, is making it difficult to attract talent and causing residents to leave, despite efforts to encourage house building, high rent prices are expected to feed inflation and reduce household consumption.
U.S. retail sales fell in October for the first time in seven months, indicating a slowing demand at the beginning of the fourth quarter and strengthening expectations that the Federal Reserve will not hike interest rates further.
China's property crisis continues to worsen as new home prices in major cities drop for the fourth consecutive month, with October recording the steepest decline in nearly nine years, despite government measures to support the market.
Qianhai, a special economic zone in Shenzhen, China, is facing challenges as it struggles to attract businesses and fulfill its ambitions of becoming an international tech and finance hub, with high office vacancy rates and competition from other special zones offering similar incentives. The limitations of China's old growth model and the need for comprehensive reforms are cited as reasons for Qianhai's struggles.
Japanese exports grew at a slower pace in October due to declining shipments to China, indicating the negative impact of weakening external demand on Japan's trade-dependent economy.
Qianhai, once hailed as China's future international tech and finance hub, is now struggling with high vacancies and a lack of businesses as it fails to attract newcomers and grapples with the limits of China's old growth model.
Unemployment Insurance (UI) provides cash benefits to unemployed workers who meet certain eligibility requirements, with states like Massachusetts, Washington, and Minnesota offering the highest maximum payments while states like Mississippi and Alabama offer the lowest. To apply for UI benefits, individuals must meet their state's requirements and file a claim with the unemployment insurance program in their state.
Australia's unemployment rate in October was 3.7%, slightly higher than the previous figure of 3.6%, while employment change for the month was 55K, beating expectations of 20K.
Former Treasury Secretary Lawrence Summers stated that the slowdown in US inflation is partly due to "transitory factors" that were pushing inflation up but are now pushing it down. He emphasized that the path to reaching the Fed's 2% inflation target may be more challenging than anticipated and expressed caution regarding the market's expectations.
China's real estate market, which has been a driving force behind the country's economic growth, is showing signs of crisis, posing potential implications for both China and the global economy.
Steubenville, Ohio, once a thriving manufacturing center driven by steel mills, has struggled to find its place in the modern American economy, leaving many residents feeling forgotten and overlooked by Washington.
Food inflation is expected to ease in 2024, providing relief for Americans' pocketbooks, as the costs of basics like sugar, coffee, corn, and soybeans are projected to decrease after three years of surging prices, according to a report by Rabobank. However, some food staple costs, like wheat, may remain elevated due to weather and potential export restrictions.
The cost of Thanksgiving dinner in the United States is expected to be 4.5% cheaper in 2023 compared to the previous year, with seven out of 11 ingredients showing price declines, including the turkey which is down 5.6%, according to the American Farm Bureau Federation's annual survey of holiday food prices. However, the overall cost is still about 25% higher than it was in 2019, before the COVID-19 pandemic, reflecting the larger issue of pandemic inflation in the country.
China's weakened economy provides an opportunity for the Biden administration to stabilize its relationship with China, although the long-term nature of the complicated and rivalrous relationship is likely to remain unchanged.
Ken Olling, Founder and CEO of MELD, predicts a "panic-level" price rally in Bitcoin and discusses the latest speculation around the spot Bitcoin ETF approval, as well as the trend of tokenized Treasuries in response to rising debt levels.
Maryland has achieved a historic milestone with a record-low unemployment rate of 1.6% in September, driven by a smaller pool of available workers, robust job growth in government and healthcare sectors, and an abundance of job openings.
The Mortgage Bankers Association's index of mortgage applications rose to its highest level in five weeks as consumer demand rebounded due to the drop in mortgage rates.
American households outside the wealthiest 20% have depleted their savings and have less liquid assets than before the pandemic, leading to concerns about an impending economic downturn.
The US economy is at risk due to its growing debt, which could weaken the dollar and incentivize investors to move their money out of the country.
Americans can expect cheaper gas prices, airfares, and Thanksgiving meal costs this year, with the American Farm Bureau Federation's annual survey showing a 4.5% decrease in the cost of a traditional Thanksgiving meal for a party of 10 compared to last year.
Members of the Indo-Pacific Economic Framework made little progress on trade in ministerial-level talks in San Francisco, with the U.S. still unsure about countering China.
JPMorgan Chase CEO Jamie Dimon believes that markets are overreacting to the recent October inflation data, stating that he is concerned inflation may not subside quickly. He suggests that the Federal Reserve should continue its fight against inflation and may need to take further action.
U.S. stocks have risen slightly as fresh inflation data suggests that the Federal Reserve may stop raising interest rates, while Target's upbeat profit forecast has boosted retail stocks.
Zambia's official creditors, including China, rejected the country's deal with international bondholders due to concerns about the level of debt relief offered, which differed from what they had proposed in a separate deal. Both bondholders and official creditors have suggested extending the maturity of Zambia's debt, but further negotiations are needed to align the terms with the requirements of the IMF program.
Amid speculation of a potential drop in interest rates by the Bank of Canada due to decreased inflation, homeowners should still expect significant increases in mortgage rates according to economist David Macdonald, who warns that even with rate cuts, zero interest rates are highly unlikely and would be much higher than what most Canadians are accustomed to.
A rare 1958 "doubled die" penny sold for $1.136 million at an auction, highlighting the value of these types of coins.
Russia's economy grew for a second consecutive quarter despite high inflation and Western sanctions, with officials predicting further growth in 2023.
Investors around the world are hopeful that central banks are making headway in their battle against inflation, following a better-than-expected Consumer Price Index report in the US that has shifted discussions in the market from potential rate hikes to rate cuts.
The article discusses various topics such as inflation, credit card debt, holiday budgeting strategies, and the impact of AI on Thanksgiving planning.
The US Postal Service experienced a $6.5 billion loss in the previous fiscal year, falling short of its goal to break even, mainly due to rising costs, reduced junk mail volume, and inflation impacting its operations.
UK inflation reached a two-year low in October, but concerns persist over high bills and a sluggish economy, making Prime Minister Rishi Sunak's promise of growth seem unlikely.
Even as inflation cools, it remains expensive to live in the US, but there are some cities where essentials like housing, groceries, and gas are cheaper, such as Decatur, Illinois, which is the most affordable city to live in.
India's finance minister, Nirmala Sitharaman, emphasizes the importance of India's blue economy and the government's commitment to supporting the maritime sector, as the country's comprehensive national power is closely linked to the ocean. She also highlights the need for regional growth and stability in the Indo-Pacific region and India's efforts to position itself as a hub in global supply chains.
Mortgage rates took a significant plunge, with the 30-year average dropping to 7.77%, the lowest level in eight weeks, prompting borrowers to shop around for the best mortgage deals.
China's wealthiest tycoons are handing over control of their companies to their children earlier than expected, as the offspring of at least 11 families are set to inherit fortunes worth an estimated $120 billion amidst China's faltering economy.
Chief executive of Ark Invest, Cathie Wood, predicts a deflation trend in the US economy, prompting the Federal Reserve to potentially begin cutting its key interest rate.
The bond market may be too focused on interest rate cuts for next year, as inflation remains a problem that is far from being solved, warns Daniel Ivascyn, CIO of Pimco.
Efforts to set a nationwide 36% interest rate cap on consumer loans may have unintended consequences and harm consumers by limiting access to credit and forcing them to use alternative, less regulated lenders, according to banking trade groups.
Walt Disney World Resort generated over $40 billion in economic impact and created more than a quarter of a million jobs in Florida, according to a study by Oxford Economics, which was released by Disney amid its ongoing dispute with Florida governor Ron DeSantis.
U.S. retail sales fell 0.1% in October, the first drop in seven months, as consumers pulled back on spending due to persistent inflation, raising questions about the sustainability of the market rally.
US wholesale inflation unexpectedly drops in October, signaling a potential easing of high consumer prices and a possible decrease in interest rates by the Federal Reserve.
US producer prices fell by the most in three-and-a-half years in October, driven by a sharp drop in gasoline costs, indicating a decrease in inflation pressures.