The Suffolk University Sawyer Business School/USA TODAY national survey reveals that while 22% of respondents feel positive about the economy, nearly 3 in 4 describe the current state as "horrible," "terrible," or "awful," with lower-income households being particularly impacted by rising costs and financial struggles. The survey also highlights the significant cutbacks in spending among lower-income households and the potential negative consequences for businesses, such as lower profit margins and stock prices. Additionally, it emphasizes the contrast between the experiences of households with different income levels, as well as the challenges faced by lower-income families in supporting relatives with addiction issues.
J.P.Morgan and ANZ have raised their 2023 economic growth forecast for China due to signs of stabilization in the economy, with notable recovery in retail sales and service activity being the biggest surprises.
J.P.Morgan and ANZ have raised their 2023 economic growth forecast for China to 5% and 5.1% respectively, citing a notable recovery in retail sales and a rise in service activity.
A new poll reveals that a majority of Americans have negative views of the economy, citing concerns about rising costs, increased debt, the end of pandemic aid, reduced spending on luxuries, and plans to spend less during the holiday season.
American small businesses are expressing a lack of confidence in elected leaders and attributing their hardships to government regulation, high taxes, and inflation, according to a survey conducted by PublicSq. and RedBalloon. However, businesses remain optimistic about expanding and hiring in the future.
The collapse of Lehman Brothers in 2008 led to the implementation of stricter mortgage regulations, making it safer for homebuyers; however, there are concerns that some of these safeguards may be weakened in the future.
Finland's economic downturn will be prolonged due to weaker export demand, a rapid slowdown in construction activity, and high interest rates, with the economy expected to contract 0.2% this year, according to the Bank of Finland.
US-based fast food chain Subway has launched a three-inch "mini" sandwich in Pakistan in an effort to tackle the country's high inflation and provide value to customers.
Miss Universe organizer JKN Global Group failed to repay a $12 million corporate bond, adding to the increasing number of bond defaults in Thailand due to higher financing costs and investor caution.
The head of the World Food Programme warns of a severe global hunger crisis affecting over 700 million people, with an increase in food insecurity and nearly 47 million individuals on the brink of famine, urging for increased partnerships and innovative solutions to tackle hunger and poverty.
Thailand will set a new daily minimum wage by the end of the year, but it will not be the previously stated amount of 400 baht ($11.19), and instead will be higher than the inflation rate.
A Zimbabwean woman living in a low-income neighborhood relies on her market stall income to support her family, but struggles to make ends meet due to economic challenges and the high cost of living.
Kenya's government plans to remove the zero-rating on value-added tax (VAT) for essential goods, a move supported by the International Monetary Fund (IMF) to boost revenue, potentially leading to increased costs for basic necessities for consumers.
Fox News and Fox Business Channel offer live streaming and scheduled shows on various topics throughout the day.
Argentina and the International Monetary Fund (IMF) face challenges as the country enters a recession, misses economic targets, and struggles with inflation, prompting calls for stricter conditions and deeper structural reforms from the IMF.
India's Finance Minister, Nirmala Sitharaman, is hopeful that the country can achieve its target of 10.5% nominal economic growth this fiscal year, and is prioritizing growth over taxing diesel vehicles.
Arm shares soared nearly 25% on its first day of trading on the Nasdaq, boosting U.S. stocks and sparking hope that the IPO market for tech companies is reviving. Additionally, positive economic data from China and a rebound in retail sales and industrial production contributed to market optimism.
China's factory output and retail sales grew at a faster pace in August, but declining investment in the property sector poses a threat to the country's economic recovery.
India will reduce the limit on wheat stocks held by traders and millers, but has no plans to abolish import duty on the grain due to sufficient local supplies.
China's central bank rolled over maturing medium-term policy loans and maintained the interest rate unchanged, in an effort to boost liquidity and support the country's economic recovery.
President Joe Biden has promised to lower U.S. gasoline prices, addressing voter frustration over the economy as consumer inflation rises.
Oil prices rose on Friday as China's better-than-expected economic data and record oil consumption supported the belief that demand in the country will continue to surge.
Vietnam's factory downturn continues for an eighth month, highlighting the country's struggle to benefit from the shift in supply chains away from China.
Caretaker Prime Minister Anwaarul Haq Kakar has instructed newly appointed Privatisation Minister Fawad Hassan Fawad to speed up the process of privatising Pakistan International Airlines (PIA) in order to improve its services and meet global standards. PIA has reportedly grounded several aircraft due to a severe cash flow crisis and is seeking a cash injection of Rs23 billion.
Canadian Prime Minister Justin Trudeau has warned grocery chains that they could face new taxes if they don't address rising food prices, stating that profits should not be made at the expense of struggling families.
China's property sector continues to struggle with deepening falls in new home prices, property investment, and sales in August, despite recent support measures, adding pressure to the country's economy.
Washington's job market recovery is mixed, with some sectors showing strong growth while others lag behind, and the state's overall economic outlook is uncertain as experts debate whether a soft or hard landing is more likely.
Canadian Prime Minister Justin Trudeau has summoned the country's top grocers to find a solution to surging food prices and plans to cut federal taxes on new rental buildings in response to an affordability crisis, with the executives of the five largest grocery chains given until October 9 to come up with a proposal on stabilizing prices.
Arm shares surged 25% on its first day of trading on Nasdaq, boosting US stocks, while the European Central Bank's rate decision also contributed to positive market sentiment.
Financial security is an important aspect of resilience, and a study found that people in developed economies can cover their basic needs without income for a longer time compared to those in developing economies, where financial security is more tenuous. However, a significant number of people globally struggle financially, with 2.7 billion people being able to cover their needs for a month or less without income. Urgent action is needed to address this disparity and improve financial security.
Despite prevailing negativity regarding China's economy, alternative high-frequency data points, such as subway ridership and commodity prices, suggest that many parts of the economy are functioning well, although the real estate sector is still struggling.
Asian markets are expected to finish the week strong due to positive movements in the U.S. and Europe, although the release of economic data from China may dampen the mood, as it includes indicators such as house prices, fixed asset investment, and unemployment. The Chinese government is aiming to support the economy, but doubts remain about reaching the 5% GDP growth target and trade relations with the West continue to deteriorate. However, if investors continue with the bullish momentum from Thursday, these concerns may be temporarily set aside.
A potential strike at major US automakers could have far-reaching economic consequences, including the threat of job losses, reduced spending, disruptions to car component suppliers, and higher prices for consumers, potentially impacting the US economy as it faces other challenges such as high oil prices and a federal government shutdown.
China's currency, the yuan, has depreciated over 8% against the dollar as the Chinese economy grows less than expected, making it harder to reach its growth target of 5% for 2023, and worries about the economy have intensified due to issues in the real estate sector and financial health of local governments, causing concerns about the future of the yuan which may experience a slow but steady depreciation in the face of a weak dollar and a desire to maintain a trade surplus.
Higher gasoline prices drove an increase in U.S. retail sales in August, with spending on other items growing more modestly, according to the Commerce Department, as the spike in gas prices resulted from OPEC+ production cuts, but when excluding the more volatile measurements of gasoline and autos, sales rose just 0.2% last month.
The Biden administration plans to increase scrutiny of foreign-owned companies' investment plans in the United States, with a focus on national security concerns and potential risks related to China.
The French government plans to save 16 billion euros from its 2024 budget, with 10 billion euros coming from removing caps on power and gas prices, in addition to other spending reductions and lower state aid to companies, while also trimming the country's growth outlook for next year.
China's struggling economy, including its deflation and property crisis, will have a significant impact on the US due to its high foreign investment exposure in China and the dependence of key exporting countries like Chile, Australia, and Peru on the Chinese market.
China's government is downplaying its economic crisis by promoting positive narratives, while social media campaigns and state-run newspapers attack Western media outlets for biased reporting; however, reports suggest that the property sector downturn is causing significant ramifications, and growth projections for China have been downgraded by major banks.
China's economy is facing challenges due to its real estate crisis and high levels of mortgage debt, but the government is hesitant to provide fiscal stimulus or redistribute wealth, instead aiming to rely on lending to avoid a potential recession. Banks have cut interest rates and reserve requirements, but it is unlikely to stimulate borrowing. However, economists predict that policymakers will intensify efforts in the coming months, such as changing the definition of first-time home buyers and implementing property easing measures, to address the economic downturn.
U.S. retail sales rose more than expected in August due to higher gasoline prices, but underlying spending on goods slowed as Americans faced increased inflation and borrowing costs, while the trend in underlying spending on goods was not as robust as initially thought in July. Despite this, overall consumer spending is expected to remain strong, driven by spending on services.
Miami and South Florida have experienced the highest increase in consumer prices among large U.S. urban areas, driven largely by the housing market, with home rents increasing by 15.3% and the cost of buying a home rising by 14.3%.
A struggling tiny home village in New Mexico has successfully attracted residents after changing its community rules, including waiving fees and loosening requirements, resulting in almost full occupancy and a waitlist of over 50 applicants.
Investors have pulled £10 billion from Chinese stocks as China's economy continues to decline, with declining exports and struggling real estate contributing to the turmoil.
China's economy has entered deflation territory and the debt crisis has worsened, while India's economy is thriving with GDP growth expected to exceed 7% and unemployment rates at a 12-year low; it is predicted that India will surpass China in per capita income by 2044 due to factors such as female education expansion, labor force growth, and higher total factor productivity growth.
The top 10 African countries with the highest debt-to-GDP ratio are Eritrea, Cape Verde, Mozambique, Republic of the Congo, Sierra Leone, Ghana, Egypt, Gambia, Senegal, and Morocco.
Credible Operations offers tools and information to help individuals improve their finances, including mortgage rates for home purchases and refinancing, with rates varying for different terms and showing a mix of increases and decreases from the previous day. The lowest mortgage purchase rate is for a 10-year term at 6.25%, while the lowest refinance rate is for a 15-year term at 6.375%. It is important to consider closing costs when evaluating mortgage options, and mortgage rates can fluctuate due to factors such as employment patterns, the bond market, the Federal Reserve System, and the global economy.
The cash-starved Pakistani government has been unable to pay salaries to staff at certain diplomatic missions for the past three months due to a dollar liquidity crunch and exhausted foreign exchange limits, exacerbating the ongoing economic crisis in the country.
The Federal Reserve faces a critical decision at the end of the year that could determine whether the US economy suffers or inflation exceeds target levels, according to economist Mohamed El-Erian. He suggests the central bank must choose between tolerating inflation at 3% or higher, or risking a downturn in the economy.
Long-term mortgage rates increased due to rising inflation and a strong economy, with 30-year fixed-rate mortgages at an average of 7.18%, according to the Freddie Mac survey.