America's major cities are experiencing a decline in families and children due to factors such as remote work, high cost of living, rising housing prices, and increased crime rates, prompting the need for increased educational choice and decreased living costs to make urban living more appealing for families, according to a report by Manhattan Institute fellow Robert VerBruggen.
The Nigerian government plans to spend N1.5 billion on vehicles for the Office of the First Lady, raising concerns over extravagance amid economic challenges faced by Nigerians.
China's new "economic tsar" He Lifeng, considered one of President Xi Jinping's most powerful allies, is expected to head the Central Financial Commission and tackle economic challenges including local government debt and the property sector downturn, while also playing a prominent role in trade talks.
China's central bank withdrew cash from the financial system, indicating that it sees the recent surge in short-term borrowing costs as a temporary disruption rather than a structural issue.
Asia's manufacturers, including China, Japan, and South Korea, faced worsening pressure in October as factory activity declined, raising concerns about the recovery prospects for the region's major exporters already impacted by weaker global demand and higher prices.
India's festive season spending is experiencing a boom as consumers increase spending on cars, smartphones, and TVs, driving growth in the country's economy and prompting a surge in online sales and digital transactions.
Debt servicing is a major challenge for Pakistan as it accounts for over 91% of all expenses, with higher interest payments posing difficulties for fiscal consolidation efforts, according to a report from the Ministry of Finance. Despite this, the report also highlights positive developments in the economy, such as increased tax collection and growth in industrial output and crop production. The government is working on obtaining funding from multilateral and bilateral sources to support the country's financial situation.
The Federal Reserve is expected to hold interest rates steady for the second meeting in a row, despite recent strong economic growth, indicating that the economy may not be growing at a sustainable pace.
San Francisco is facing economic challenges due to a shift in work culture and real estate upheaval, leading to high vacancy rates and budget deficits, but experts believe the city is not in a "doom loop" and can recover through hybrid work models and economic revitalization strategies.
Concerns are growing in the City as government bond yields fall, signaling potential problems for the UK and US economies and potentially impacting loan and mortgage costs.
US oil production reached a record high of over 13 million barrels per day in August, surpassing the previous record set in July, although inventories remained unchanged, prompting discussions about President Biden's handling of the situation and the importance of energy security.
The eurozone's economy contracted by 0.1% in the third quarter of 2023, signaling the possibility of a winter recession, as inflation and weakened export performance dampen growth prospects.
Soaring mortgage rates and the Federal Reserve's aggressive rate hiking campaign may lead to a housing market recession similar to the one in the 1980s, warns Wells Fargo, as mortgage rates reach a multi-decade high of almost 8%. This higher interest rate environment is expected to impact home construction and activity in the market, potentially leading to a decline in demand and supply. Home sales are already plummeting, and affordability is becoming an issue as homeowners choose to stay in their current homes. The impact of higher interest rates on the housing market is evident, mirroring the effects seen in the 1980s.
Despite the lingering struggles, the labor force participation rate in the United States has increased and unemployment rates have remained low, signifying a shift in power from workers to employers in the job market. Alaska is ranked as the state struggling the most to hire employees, followed by West Virginia and South Carolina. However, workers are feeling confident in the current job market, with rising job search activity and an increasing belief that employers would raise their salaries if asked.
Former Treasury Secretary Larry Summers believes that the current federal budget deficit in the U.S. poses a greater challenge for the economy than ever before, emphasizing the need for stronger IRS enforcement to collect owed taxes.
Billionaire investor Stanley Druckenmiller has recently bought two-year U.S. Treasury bonds due to increasing concerns about the health of the U.S. economy, marking a shift in his investment strategy.
Ireland's economic data is difficult to interpret and its GDP is inflated due to changes in calculating national-income data and the accounting practices of multinational firms, making it necessary to use alternative measures such as modified domestic demand (MDD) and GNI* to better understand the true size of the Irish economy.
46% of Americans have not made any financial progress in the past two years due to high inflation, with many struggling with savings, goals, and lack of a financial plan, according to a survey by BMO Financial Group. Rising interest rates and soaring housing and personal debt are contributing to financial stress and anxiety among Americans.
The Federal Reserve is expected to keep interest rates unchanged, but investors are eagerly awaiting Fed Chair Jerome Powell's press conference for clues about future rate hikes and the state of the economy. Powell may suggest the possibility of one more rate hike this year, depending on economic data. Despite concerns about inflation, the strong economy and tight labor market could support further rate increases.
Despite high borrowing costs and rising interest rates, American consumers have shown resilience in their robust spending habits, but there are concerns about the sustainability of this momentum and the possibility of reduced consumption, which could help the Federal Reserve combat inflation. Recent data from the United States Census Bureau indicates positive growth in retail sales, but individual spending sentiments reveal reduced spending over the past six months, particularly among middle-income households. With the holiday season approaching, consumers plan to cut back on non-essential expenses, aligning with the Fed's objective to control inflation through a slowdown in consumer spending.
The Bank of Japan aims to nudge bond yields higher in an effort to address the country's low interest rates, which are out of step with other major economies, and counter the risk of prolonged inflation, while also avoiding excessive tightening that could harm the economy.
Renowned investor Mark Mobius is optimistic about India's growth potential and believes the Sensex could reach 1 lakh in the next five years, highlighting positive outlook on the Indian economy and advising investors to take advantage of market corrections to buy quality stocks.
The share of delinquent debts in the US is on the rise, with an increase in newly delinquent debts observed in September, indicating a continuing trend of unpaid debts, according to VantageScore researchers. Early-stage delinquencies, particularly those under two months overdue, experienced the sharpest rise, and credit cards and mortgages saw an increase in delinquencies while car loans and personal loans saw a decrease. However, consumers' average credit scores and credit-utilization rates remained stable, suggesting that most people are managing their credit health.
China will increase the Communist Party's control over its finance industry and address local debt risks, according to a financial policy meeting attended by Chinese President Xi Jinping and Premier Li Qiang. The country aims to prevent a systemic crisis by tightening financial regulation, improving the party's leadership in financial work, and maintaining a prudent monetary policy. China will also focus on promoting technological innovation, green development, and small firms.
The success of Federal Reserve Chairman Jerome Powell in cooling inflation without causing a recession will be crucial to the outcome of the 2024 presidential election, according to Yale economics professor Ray Fair. A recession within the next year would likely impact President Joe Biden's chances of re-election, highlighting the importance of Powell's actions in managing the economy.
France's economy has shown significant growth, with a 0.1% increase in the third quarter of 2023, in contrast to Germany, which reported a decline in output, highlighting France's successful economic reform and structural advantages.
The US central bank's decision to hold interest rates steady is leaving mortgage lenders like Colin Clark in a holding pattern as potential homebuyers wait for rates to come down, leading to a decrease in mortgage industry professionals and a rise in all-cash home purchases.
Credible Operations provides tools and resources to improve personal finances, including information on mortgage rates, how to qualify for a mortgage, compare rates, and apply for a loan or refinance a mortgage.
Massachusetts is facing a shrinking workforce and declining population, similar to Minnesota, due to declining birth rates, retiring baby boomers, and a decrease in legal immigration, highlighting the importance for businesses in Minnesota to pay attention to Massachusetts as a key market.
The US housing market is at risk of recession due to the Federal Reserve's aggressive interest-rate hikes, which could lead to a decline in homebuying and constraining supply, similar to the housing market slowdown in the 1980s.
According to the International Monetary Fund, Equatorial Guinea, Sudan, and South Africa are projected to have the lowest economic growth in 2024 among African countries.
Chinese President Xi Jinping has emphasized the need for China to prevent and resolve financial risks, highlighting concerns over the fragility of the country's financial system, amidst challenges such as property and local debt crises and a turbulent geopolitical environment. The government aims to strengthen financial supervision and improve the quality of financial services to support key sectors and address outstanding economic risks.
The Canadian economy likely slipped into a shallow recession in the third quarter, as the central bank's interest rate hikes have begun to weigh on growth.
The Employment Cost Index, a measure of pay and benefits that the Federal Reserve watches closely, grew at a moderate pace in the third quarter of 2023, indicating a slowing trend in wage gains but still remaining unusually quick. This trend could pose a challenge for Fed policymakers and their goal of curbing inflation. However, economists expect the Fed to maintain steady borrowing costs.
Consumer confidence declined in October 2023, with decreased optimism about current business conditions and future outlooks, despite continued consumer spending; many consumers expressed concerns about rising prices, the political situation, and higher interest rates.
The euro area economy faces the risk of recession as GDP shrank slightly in the third quarter, highlighting the eurozone's struggle to grow, while inflation continued to slow, falling below 3% for the first time in over two years.
U.S. labor costs increased in the third quarter due to strong wage growth, indicating that the Federal Reserve may keep interest rates high; the rise in compensation also helps explain the surge in consumer spending and economic growth.
UK bankers can now earn unlimited bonuses, as the cap introduced after the financial crisis has been removed, with UK Finance stating that this will help attract top professionals from around the world, although critics warn that it may revive a culture of excessive greed.
Canada's economy is showing clear signs of a slowdown, as the total value of goods and services sold has been essentially unchanged since May, indicating that the country's economy has not grown in any meaningful way since then.
Overnight borrowing costs for some Chinese financial institutions soared to as high as 50%, reflecting a month-end liquidity squeeze, upcoming government bond issuance, and fears of defaults by cash-strapped institutions.
The average mortgage interest rate for a standard 30-year fixed mortgage is 8.08%, while the average rate for a standard 15-year fixed mortgage is 7.22%, and the average rate on a 5/1 adjustable rate mortgage (ARM) is 7.12%.
Euro zone inflation hits its lowest level since July 2021 in October, while the economy has contracted slightly, indicating the impact of European Central Bank interest rate hikes.
The Bank of England is expected to keep interest rates unchanged despite high inflation, as further rate hikes could push the economy into a recession and exacerbate the financial burden on borrowers and businesses already struggling with increased interest payments; however, some economists argue that raising rates may not have a significant impact on inflation caused by supply chain disruptions and the aftermath of the pandemic, while others suggest that interest rate increases can actually lead to higher inflation.
The Reserve Bank of India governor, Shaktikanta Das, predicts that the second quarter GDP number will surprise everyone with strong growth, and the bank is closely monitoring attrition in certain private sector banks. Additionally, credit growth to industry has slowed, while agriculture and services sectors have shown improvement.
The eurozone economy shrank 0.1 percent in the last quarter and inflation fell to a two-year low in October, signaling the negative impact of high interest rates.
The U.S. Economy's Q3 Employment Cost Index increased by 1.1% quarter-on-quarter, higher than the consensus of 1.0%, with wages and salaries rising by 1.2%.
Alabama is awaiting a decision from the U.S. Environmental Protection Agency (EPA) on whether the state can leave its 100 million tons of coal ash in unlined ditches along rivers or if it will be required to dig it up and bury it in lined landfills; the concern is that the coal ash may contaminate groundwater and cause environmental damage.
Charlie Munger, vice chairman of Berkshire Hathaway, discussed investing insights in a recent podcast interview, acknowledging the difficulty of finding good investments and highlighting the rationale behind Berkshire's selection of Apple as a major holding. He also discussed his views on companies like Costco and Walmart, his aversion to venture capital, and his positive outlook on certain Asian companies and the Chinese economy.
The United Auto Workers union has reached a tentative agreement on a contract with General Motors, potentially ending the longest auto strike in the US in 25 years, but the final decision rests with the rank-and-file members who must vote on the deal.
The number of Hongkongers in negative equity on their mortgages has more than tripled due to slumping home prices, with policymakers concerned about the impact on the city's economy.