Australia's unemployment rate fell to 3.6% in September, raising the possibility of an interest rate increase by the Reserve Bank of Australia in November.
Australia's unemployment rate has dropped to 3.6 percent, but this decrease is attributed to a decline in workforce participation rather than job creation, leading economists to estimate that there is a 25 percent chance of a rate rise in November.
The United States is experiencing a weather divide between the eastern and western regions, with the East facing below-average temperatures and the West experiencing unseasonably warm weather.
The prices of fair food have significantly increased, with some items costing up to 50% more than previous years, due to factors such as inflation and rising costs of ingredients and labor.
Coal inventories at Indian power plants fell at their fastest rate in two years due to a surge in electricity demand, leading to increased coal imports as supply couldn't keep up.
The Resolution Foundation suggests that the Bank of England should raise its inflation target from 2% to 3% to provide more flexibility in stimulating the economy during downturns and reducing the burden on public finances.
NHTSA's proposal to increase fuel economy requirements has been criticized by automakers for being too strict, while Tesla argues that they are not strict enough.
Foreign holdings of U.S. Treasuries reached their highest level since December 2021 in August, with total holdings climbing to $7.707 trillion, driven by continued buying from Japanese investors, while China's holdings fell to their lowest level since 2009.
The podcast explores how the official U.S. government inflation report and the monthly unemployment and jobs numbers are calculated and their impact on economic decision-making.
Mortgage rates have reached their highest level in over 20 years, deepening the affordability crisis for homebuyers as home prices remain elevated, leading to a decline in home sales and mortgage applications.
Household budgets in the U.S. are expected to continue supporting high levels of spending, with homeowners benefiting from mortgage refinancing during the pandemic and people with student loans planning to reduce spending by only $56 per month on average after payments resume. However, delinquency rates on credit cards and auto loans have increased, and some borrowers anticipate missing loan payments.
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Extreme heat in Texas has a negative impact on the state's economy, slowing growth by 0.4% for every degree increase in summer temperatures, according to economists at the Federal Reserve Bank of Dallas. The Texas economy is twice as affected by heat as the rest of the country due to the state's hot summers, and warming from 70 to 71 degrees has less impact than warming from 80 to 81 degrees. While warmer temperatures may boost the economy in spring and fall, the overall effect is negative.
CNN highlights facts on the Czech Republic's economy.
African countries face debt distress because of insufficient action taken to manage their debt and reluctance to cut social spending, according to former Nigerian Minister of Finance, Kemi Adeosun, who emphasized the need for international mechanisms for debt restructuring.
Nestlé is closing a baby milk factory in Ireland due to a decline in the Chinese birth rate, leading to a reduced demand for imported formula products. The closure will result in 500 job losses.
U.S. economic activity remained stable but with slightly weaker growth, as labor market conditions eased and prices increased at a modest pace, according to a Federal Reserve report.
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Economic activity in most districts remained unchanged since early September, with mixed consumer spending, slight declines in loan demand, and a mixed outlook for the economy, according to the Federal Reserve's Beige Book report. Labor conditions eased with improvements in hiring, but recruiting skilled workers remains a challenge, while wage growth remained moderate. Prices continued to rise, albeit at a slower pace.
Credible Operations provides tools and information to help improve your finances, and their mortgage rates as of October 18 are 8.500% for a 30-year fixed-rate mortgage and 6.875% for a 15-year fixed-rate mortgage.
The global economy faces the risk of inflation due to the conflict between Israel and Hamas, which could worsen an already fragile global outlook and contribute to rising oil prices, warns Standard & Poor's.
Nigeria is emerging as a significant global economic powerhouse, with a current GDP of $477 billion and projections showing that it could become one of the top economies in the world by 2075.
American families experienced significant gains in income and wealth from 2019 to 2022, but the largest increases were seen among high-earning and white families, while Hispanic and Black families experienced small declines in median income, according to a Federal Reserve survey. However, all ethnic and income groups saw a rise in median net worth, with the lowest-earning households seeing the smallest increase. The survey also revealed that Black households had the lowest median net worth, while white and Asian households had the highest. Education levels played a significant role in income increases, with those with at least some college education or a degree seeing their incomes rise. Overall, the survey showed that financial fragility declined during the period, with households displaying greater financial resilience post-pandemic.
The housing market is expected to experience a downturn in the near future due to factors such as high mortgage rates, high home prices, and limited supply, making it increasingly difficult for homebuyers to afford a home.
Restrictions imposed by the Argentinian government have left $500 million in US cash stranded at the country's main airport for three days, causing concern among local bank executives facing increased withdrawals ahead of the upcoming presidential election.
The U.S. Federal Reserve is expected to keep its key interest rate unchanged on November 1 and may delay rate cuts until the second half of next year, according to a Reuters poll of economists.
Inflation can act as a "hidden tax" that erodes purchasing power and pushes consumers into higher tax brackets, but new research suggests that the middle class and the top 1% of Americans have actually benefited from periods of high inflation, while the poor have been hit hard; this has led to a call for a reevaluation of federal policy and the possibility of implementing an inflation tax credit to alleviate the burden on low-income families.
American families experienced the largest increase in wealth in recorded history between 2019 and 2022, with rising stock prices, climbing home values, and government stimulus contributing to the overall financial progress, according to Federal Reserve data.
Wall Street's main indexes fell as tensions in the Middle East and concerns over inflation and interest rates weighed on investor sentiment, with Morgan Stanley's profit beating expectations but its shares falling, and United Airlines forecasting weaker Q4 profit.
Mortgage rates above 7% in the U.S. housing market raise affordability concerns, requiring action to manage supply and ease home prices, says Chief Economist Lawrence Yun.
The value of distressed US commercial real estate reached nearly $80 billion in Q3 2023, the highest level in a decade, driven by rising interest rates and weakened office demand.
The article discusses the 20 states with the lowest unemployment rates in the US, highlighting specific industries and job opportunities in each state.
The likelihood of a recession for businesses is high due to increased consumer debt and the impact of high interest rates on buying power.
Treasury yields edge higher as strong U.S. homebuilding data strengthens expectations that the Federal Reserve will not cut interest rates.
The resumption of federal student-loan payments is not expected to significantly impact the economy, but certain groups of borrowers may struggle to make payments or repay other loans, according to a survey by the Federal Reserve Bank of New York. Borrowers may have already adjusted their spending patterns, and new repayment plans and the use of savings may mitigate the impact. However, there is a risk of delinquency and default, with certain groups, such as women and low-income borrowers, being more vulnerable. The Biden administration's SAVE plan could help some borrowers, but successful enrollment is crucial.
China's largest private property developer, Country Garden, founded by Yeung Kwok Keung, may have defaulted on its offshore debt, marking a dramatic fall from grace for the once-revered company. Yeung, who was born into a peasant family, built Country Garden into a major player in the industry by acquiring cheap land and building multi-purpose developments with the approval of local authorities. However, the company's liquidity stress has become public, causing it to join the list of struggling Chinese developers.
Karpowership, a Turkish firm and one of the world's biggest floating power plant operators, has cut power supplies to Guinea-Bissau's capital over an unpaid bill, causing disruptions in daily life and affecting hospitals and radio stations.
The dollar’s status as the world's reserve currency is at risk unless the US controls its spending, warns bond market expert Jeffrey Gundlach. High interest rates and the growing US debt could lead to out-of-control inflation and jeopardize the future of the US dollar.
China's economy shows signs of recovery despite slipping stocks of big Chinese firms traded in the US.
September's retail sales report exceeded expectations, indicating strong consumer spending, and real retail sales growth on an annualized basis is a positive sign for a return to normal economic growth.
US mortgage applications hit a nearly 30-year low as borrowing costs continue to rise, suggesting further decline in the housing market.
Mortgage rates rose for the sixth consecutive week, resulting in a decrease in demand for home loans to its lowest level since 1995.
Despite recent signs of resilience, Russell Investments argues that a recession in 2024 is still likely due to lag effects from higher interest rates, raising their near-term recession probability to 55%.
China's Belt and Road Initiative (BRI), which aimed to position China as an alternative financier and power center, is facing challenges as investments decrease, projects become more selective, and concerns over debt trap diplomacy persist. However, Chinese foreign direct investment into the developing world remains strong, while greener infrastructure projects are on the rise.
The Biden Administration has introduced new initiatives, including the Neighborhood Homes Tax Credit and down payment assistance, to help low-to-middle-income families achieve homeownership and build generational wealth.
Michelle Mozes, a former comic book artist, shares her journey from fame and success to burnout and reinvention as a brand strategist and business coach helping mompreneurs launch and run their dream businesses, ultimately finding fulfillment in empowering others.
The housing crisis in Mississauga, Canada, has resulted in limited housing options and forced many longtime residents to leave, prompting a proposal for more fourplex housing in the area; however, the proposal was voted down by the city council, although there is hope that public consultations may change their minds in the future.
Oil prices increase as Iran calls for a Muslim country embargo against Israel following a deadly explosion in Gaza, while gold also rises due to escalating conflict in the Middle East.
Many millennials are nostalgic for the financial freedom they had while working minimum wage jobs in the early 2010s, and a 32-year-old photographer explains that his current financial stress is due to increased credit card and student loan debt, despite making more money and living in a double-income household.
The IMF downgraded its growth forecasts for China, citing a weakening property sector and expects China's GDP to decline by as much as 1.6% relative to the baseline by 2025, while world GDP would decline by 0.6%.