Former Treasury Secretary Lawrence Summers says that the surge in US job growth is positive news for now, but it also suggests that the Federal Reserve's interest-rate hikes are no longer as effective, increasing the risk of a hard landing for the economy.
The US economy added 336,000 jobs in September, surpassing expectations and leading to concerns about higher interest rates and inflation, causing the dollar to rise and stocks to fall.
Luxembourg, known for its high wages and financial attractiveness, is currently facing a major housing crisis due to a lack of housing production and soaring house prices, making it increasingly difficult for residents to afford rent or buy a home.
Brazilian auto exports are expected to decline by double digits in 2023 due to an economic crisis in Argentina, with the automaker association Anfavea projecting a 12.7% drop in exports to 420,000 vehicles; however, the Brazilian automotive market has performed better than anticipated, leading to a revised forecast for local sales this year.
Gas prices in the US have been falling, with the nationwide average dropping 7 cents in the past week and expected to decrease even further, potentially falling by 50 cents by the end of the month, due to a decrease in the cost of crude oil and a decline in demand.
The price of copper has fallen to a four-month low due to weakened demand from China, raising concerns about the global economy.
The US bond market experienced a selloff due to strong US hiring data, raising expectations of further interest rate hikes by the Federal Reserve this year.
The podcast discusses the housing problem in America and explores the role of the "yes in my backyard" (YIMBY) movement in advocating for easier building regulations to address it.
A significant percentage of high earners, including those making over $150,000 annually, are living paycheck to paycheck and struggling to make ends meet, often resorting to credit cards to fill the gaps, due to factors such as high cost of living, debt obligations, societal pressures, and lack of financial literacy.
The federal government remains operational, but the removal of Kevin McCarthy as speaker of the House likely means delays in the legislative process and a potential budget crisis on Nov. 17.
The U.S. unemployment rate remained steady in September, but decreased among Hispanic workers, while it increased among Black workers, reflecting a "best of both worlds" scenario for Hispanic workers and a mild sign of improvement in the labor market for this group.
Archaeological experts have unearthed a significant prehistoric site in Saudi Arabia, near Jabal Irf, which has provided valuable insights into the lives of ancient inhabitants through the discovery of Neolithic grinding tools.
Kenya's economy grew by 5.4% in Q2 2023, driven by strong performance in agriculture, as well as finance, hospitality, and ICT sectors, while manufacturing and construction sectors experienced slower growth.
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The US economy added 336,000 jobs in September, exceeding expectations, but investors are concerned about the prospect of higher interest rates, causing stocks to slump and bond yields to surge.
California is experiencing a decline in personal income, population loss, stagnant per capita income growth, increased crime rates, high taxes, poor government services, unreliable power grid, inadequate water infrastructure, and unaffordable housing, leading to its slow collapse despite its natural advantages.
Wall Street's main indexes fell as U.S. job growth exceeded expectations, raising concerns of higher interest rates and causing benchmark 10-year U.S. Treasury yields to reach a 16-year high.
Canada's five largest grocery chains have made commitments to stabilize food prices and propose actions to keep prices down, including discounts, price freezes, and price-matching campaigns, in response to the government's efforts to address rising food prices. The government will establish a Grocery Task Force to monitor these commitments and investigate consumer-hurting practices. If results are not seen, additional actions may be taken, such as imposing taxes on the grocery chains.
The copper market is expected to shift from a supply-demand balance to a significant supply surplus next year, driven by weak Western demand and strong Chinese production, according to the International Copper Study Group (ICSG).
Rising mortgage rates are deterring buyers, but an increase in housing inventory could attract some back into the market, according to market reports.
US job growth exceeds expectations, with 336,000 jobs added in September, increasing the likelihood of further rate hikes by the Federal Reserve, while in Canada, job gains of 63,800 in September and soaring wages also raise the chances of another rate hike.
The recent surge in bond yields, with 30-year US Treasury bond yields reaching 5% for the first time since 2007, is leading to major disruptions in various sectors, including housing, government borrowing, stock markets, corporate borrowing, mergers and acquisitions, commercial real estate, and pensions.
Investors are awaiting the jobs report to determine the Federal Reserve's next move on interest rates, with wage growth and revisions to previous monthly totals being key factors to watch, amidst indications that the economy is less sensitive to rising interest rates due to lower household and corporate debt levels.
According to the World Bank's Africa Pulse report, economic growth in Sub-Saharan Africa is projected to slow down in 2023, with 28 out of 48 nations revising their growth projections downward; however, there are still several African countries, including Rwanda, Democratic Republic of Congo, and Côte d'Ivoire, with impressive growth rates ranging from 5% to 6%.
The government of Ghana and the IMF have reached a staff-level agreement on a $3 billion loan program, paving the way for a $600 million disbursement once approved by the IMF's executive board.
The U.S. economy is showing mixed indicators, with rising interest rates, high inflation, and increased consumer spending, leading economists to question whether a recession is on the horizon.
Zambia's international bondholders have begun debt talks with the government as part of the process to restructure over $3 billion of overseas bonds.
America's gross national debt has reached a record $33 trillion, surpassing its spending on national defense, and the rising interest rates will further worsen the situation.
Debt-laden companies in Europe, the Middle East, and Africa are facing a $500 billion refinancing challenge in the first half of 2024, which could result in the demise of many "zombie" businesses despite a potential increase in interest rates. The rush to secure cash comes as banks limit risks before stricter capital rules take effect, and failure to obtain affordable funding could lead to insolvencies and layoffs.
Italy's higher budget deficits could make it ineligible for bond support under the European Central Bank's latest scheme, which would be negative for Rome's credit profile, according to Scope Ratings.
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Moody's downgrade of Egypt's credit rating to junk territory has caused the country's sovereign dollar bonds to plummet, exacerbating its economic crisis and adding pressure ahead of the upcoming elections in December.
Structural changes in the labor market, such as demographic trends and labor shortages, pose a perpetual risk of inflation in the US economy, making it difficult to maintain near-zero interest rates to support economic growth, says Nela Richardson, chief economist at ADP.
Corporate Argentina opposes full dollarization of the economy, according to a survey of 125 business people, with only two individuals supporting the proposal put forth by presidential election frontrunner Javier Milei, highlighting potential challenges faced by Milei if elected.
Extreme heat, wildfires, and drought have significantly reduced the global olive oil harvest, leading to record-high prices and concerns about supply shortages.
The Russian rouble has rebounded after weakening to a seven-week low against the dollar, with pressure from lower oil prices and reduced supply of foreign currency from exporters at the beginning of the month.
The Philadelphia Phillies' success in the World Series has historically coincided with severe economic downturns in the United States, leading some analysts and economists to believe that a Phillies win could portend bad things for the U.S. economy.
Jailed Iranian women's rights activist Narges Mohammadi has been awarded the 2023 Nobel Peace Prize for her fight against the oppression of women in Iran and her advocacy for human rights and freedom.
As longer-term interest rates rise, potential home buyers are becoming more hesitant, causing concern about the economic fallout and potential financial instability that could occur as a result.
Wall Street investors are concerned that the Federal Reserve will maintain high interest rates due to the upside-down world created by high inflation, which could have negative implications for the economy, borrowing costs, and job growth.
Kenya's President William Ruto plans to ask China for a $1 billion loan to complete stalled road construction projects, as well as extend the maturity periods of existing loans, in a request that marks a shift in his stance on Chinese debt.
Luxembourg's housing crisis, driven by soaring costs, is the top concern in the country as it goes to the polls, with affordable housing being difficult to find, pushing many residents, including Luxembourgers, to live in neighboring countries with lower prices, exacerbating the problem.
The average forecast for China's economic growth has been lowered to 5% due to weak sentiment and a real estate crisis.
Poland sees Ukraine's decision to temporarily suspend its complaint to the World Trade Organisation as inadequate and emphasizes the need for a withdrawal of the complaint rather than a pause.
UK house prices fell by 4.7% in the year to September, with prices continuing to decline for the sixth consecutive month, due to factors such as higher interest rates and subdued demand from buyers.
The US economic expansion is being sustained by extreme fiscal stimulus and war-time deficits, but global bond vigilantes are no longer willing to fund the US debt, leading to a credit crunch and a potential financial crisis that could trigger a deep recession; a similar process is expected to occur in Europe.
U.S. job growth is expected to have slowed in September, but the unemployment rate likely decreased from a 1-1/2-year high, indicating the underlying strength of the economy; wage gains are also expected to remain elevated.
The recession in 2008 caused a housing crisis in Detroit, with many homes becoming unlivable and homeowners unable to pay property taxes; a local group is now calling for an end to foreclosures and evictions, reduction in underwater mortgages, and fair pricing for repossessed homes to help rebuild the community.
Chinese authorities are proposing an update to data export rules that would exempt data transfers from government oversight unless the data is classified as "important," signaling a softer stance on data regulation and a response to concerns from foreign businesses.