US Commerce Secretary Gina Raimondo's upcoming trip to China coincides with China's economic slowdown, giving her an opportunity to pursue better market access for American companies, but she may also face pressure to help stabilize China's faltering economy by easing some of the US restrictions.
Canada is considering implementing a cap on international students as a way to address its housing affordability crisis, but experts believe that limiting student visas alone will not effectively solve the problem. The country's housing market has experienced significant price increases, particularly in large cities like Toronto and Vancouver, making homeownership and rental costs unaffordable for many. The housing shortage resulting from population growth and a lack of new constructions has contributed to the crisis. However, experts argue that blaming foreign ownership and population growth alone oversimplifies the issue and that a comprehensive approach addressing housing supply, affordability, and the real estate industry's influence is needed.
The success of the global economy in the coming months rests heavily on the ability of the US Federal Reserve to achieve a "soft landing" in managing growth-inflation dynamics, as many other major economies are facing their own challenges and cannot serve as alternative engines for global growth.
India is facing a rise in food prices due to uneven and scanty rain, prompting the government to take measures to boost supplies and ease inflationary pressures.
Consumer inflation in Tokyo grew at a slower pace than expected in August, but the core figure, which excludes fresh food and energy costs, remained at its highest level in over 40 years, indicating that inflationary conditions in Japan remain high and putting pressure on the Bank of Japan to eventually tighten policy.
China faces challenges in rebalancing its economy towards increased consumer spending due to the economic growth model that relies heavily on investment in property, infrastructure, and industry, as well as the reluctance of households to spend and the limited social safety net; implementing demand-side measures would require difficult decisions and potential short-term pain for businesses and the government sector.
The BRICS expansion, featuring six new members including Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates, will slightly increase the group's share of global GDP, population, oil production, and global exports.
British consumers' mood improved in August as lower inflation eased concerns about personal finances, although overall sentiment remained poor due to worries about the wider economy, according to a survey by GfK.
Major U.S. department stores like Macy's and Nordstrom are experiencing delays in store credit card repayments, which pose a risk to revenues as consumers reduce discretionary spending ahead of the crucial holiday shopping season.
Jim Cramer anticipates that Federal Reserve Chair Jerome Powell's speech at Jackson Hole may signal further interest rate hikes, potentially causing stocks to decline, but advises investors to keep strong companies like Apple and Nvidia and seek opportunities for discounted stocks.
RBC warns of slowing domestic growth, plans to cut jobs, and cites evidence of slowing labor markets and increased unemployment, while TD misses profit estimates due to higher expenses and weakness in US business.
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BRICS, the bloc of emerging market nations, is expanding its membership to include Saudi Arabia, Iran, Egypt, Argentina, Ethiopia, and the United Arab Emirates (UAE) in an effort to bolster geopolitical power and counter the West on economic and political issues; however, experts question whether BRICS can truly rival the G7 or offer a viable alternative to the US dollar.
The BRICS, a bloc of emerging market nations, has expanded its membership to include Saudi Arabia, Iran, Egypt, Argentina, Ethiopia, and the United Arab Emirates (UAE), with the goal of building a fair, just, inclusive, and prosperous world; however, experts question whether BRICS can effectively compete with the West given their differing priorities, and the ambition of creating a common BRICS currency to rival the dollar is unlikely to materialize due to competing interests and priorities among member states.
As Jerome Powell, the chair of the U.S Federal Reserve, prepares to speak at the Jackson Hole symposium, the big question is whether he will signal a major shift in how central banks deal with inflation, particularly regarding interest rates and inflation targets. Some economists are suggesting moving the inflation target range from 2-3 percent, while others argue for higher targets to give central banks more flexibility in combating recession. The debate highlights the challenges of setting and changing formal inflation targets and the ongoing changes in the factors that drive growth and inflation.
Two Federal Reserve officials, Boston Fed President Susan Collins and Philadelphia Fed President Patrick Harker, suggested that the Fed may be nearing the end of interest rate increases, although Collins did not rule out the possibility of further hikes if inflation doesn't decline.
Mortgage rates reach their highest level since 2001 due to strong economic data, which will limit the ability of many potential home buyers to enter the market.
Zillow Group Inc. is offering mortgages with just a 1% down payment in an effort to attract homebuyers in the most unaffordable market in decades, offering to pay 2% of the down payment at closing.
The sickest day of the year in the United States is 24 August, according to a study analyzing paid sick leave data from the last five years, which also revealed that February is the "sickest" month for American workers, with stomach issues being the most common reason for calling out sick.
Hawaii ranks as the most expensive state in terms of cost of living, with the lowest disposable income, while Mississippi has the lowest cost of living and New York has the highest disposable income despite being the fourth costliest state. Massachusetts has the highest average annual salary, while Mississippi has the lowest. Hawaii has the highest transportation costs, and West Virginia has the lowest. Alaska has the highest food prices and healthcare costs, while Oklahoma is the most budget-friendly for food costs, and Utah is the most cost-effective for healthcare. California has the highest median monthly housing costs, while West Virginia has the lowest. Hawaii has the highest rental expenses, while North Dakota is the most budget-friendly for rentals. Hawaii also has the highest income taxes, while South Dakota has the lowest. Overall, the West and Northeast regions have the highest cost of living, while the South has the most states with the lowest cost of living.
Turkey's central bank raised its key interest rate by 750 basis points to 25%, signaling a stronger determination to address inflation and leading to a rare lira rally in response.
Turkey's central bank raises interest rates by 7.5 percentage points to 25%, signaling a shift away from previous policies focused on keeping rates low, which is well-received by investors and supports the troubled currency.
The BRICS bloc of developing nations, including Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates, has agreed to expand in an effort to reshape the world order it sees as outdated and tilted against them. However, the expansion faces challenges due to differing interests and concerns among the member countries. Additionally, the idea of a BRICS trading currency called BRICKs is seen as flawed and unlikely to be successful. The notion that the GDP of the BRICS bloc will surpass that of the G7 countries is also disputed, with China's demographics and debt bubble being seen as potential obstacles.
Turkey's central bank raised interest rates to 25 percent, the highest level since 2004, in an effort to curb inflation and stabilize the country's economy.
Nevada is experiencing its highest job growth, but also faces the highest unemployment rates in the country, with short-term unemployment being a major contributor to the climbing rate.
Some Ukrainians are choosing to return to their war-torn country instead of staying in Canada due to high living costs and other factors, leading to a growing trend of outbound Ukrainian refugees.
China's economic weakness may pose challenges for developing economies and regions that rely on it, but the US economy is well positioned to navigate these headwinds with its investments and resources, according to US Deputy Treasury Secretary Wally Adeyemo.
China's economic weakness will pose challenges for developing economies and regions that rely on it for growth, but the U.S. economy is well-positioned to withstand the resulting headwinds, according to U.S. Deputy Treasury Secretary Wally Adeyemo.
Homebuyers' purchasing power has been negatively impacted by rising mortgage rates, which averaged 7.2% in August, the highest level since 2001, resulting in a decline in existing home sales and a shift towards new-construction homes.
South Africa's finance minister says that the BRICS grouping will not replace international payment systems like SWIFT but will explore creating one that strengthens trade in local currencies.
Nigeria's unemployment rate is reported as 4.1%, the lowest in years, but analysts argue that it is an undercount due to the country's new methodology that classifies the employed as those working for at least one hour a week.
High-earning millennials are flocking to Florida and Texas, as these states with no income tax are the top destinations for young professionals earning at least $200,000 a year, while New York and California experience the biggest net losses in this demographic.
Despite government pledges to reduce fossil fuel subsidies, a report by the International Monetary Fund (IMF) reveals that such subsidies reached a record $1.3 trillion in 2022, with implicit subsidies bringing the total to $7 trillion, highlighting the discrepancy between nations' stated goals and their actions to cut back on fossil fuels.
China's recent sale of its US Treasurys is a reflection of economic weakness and an attempt to prop up its weakening currency, not a sign of strength, according to Carson Group.
Despite signs of declining U.S. inflation, a majority of Americans, particularly those living in rural areas, are experiencing higher grocery prices under President Biden's economic policy, known as Bidenomics. Concerns about inflation and reliance on partisan news contribute to the perception of economic challenges, despite reports of a strong U.S. economy.
The US economy is growing rapidly with favorable conditions for workers, but despite this, many Americans feel pessimistic about the economy due to inflation and high prices, which are driven by complex global forces and not solely under the control of President Biden or Trump. Housing affordability is also a major concern. However, the Biden administration can still tout the economic recovery, with low unemployment and strong economic growth forecasts.
This podcast episode examines the worth of a college degree and the impact of student debt payments on the US economy as America's pandemic-era moratorium on student debt payments comes to an end in September.
The article discusses the challenges of dollar hegemony and argues that the attempt to create a Brics currency is misguided due to the vast differences in the economies and political systems of the Brics countries. It suggests that the world needs a better currency system, as the current one heavily relies on the US dollar which poses risks to the global economy.
The BRICS group of developing nations, consisting of Brazil, Russia, India, China, and South Africa, has invited Saudi Arabia, Iran, the United Arab Emirates (UAE), Argentina, Egypt, and Ethiopia to join in an effort to increase the geopolitical influence of countries in the global south, with some of the new additions being major oil producers while others have little economic stability to contribute.
Two Federal Reserve officials suggest that interest-rate increases may be coming to an end, but one of them believes that further hikes may still be necessary depending on inflation trends.
T-Mobile US plans to cut nearly 5,000 jobs, approximately 7% of its workforce, in order to address the increased expenses of customer acquisition, with the reductions focusing on corporate, back-office, and certain technology roles.
US mortgage rates reached their highest level since 2001, with the 30-year fixed-rate mortgage averaging 7.23%, as indications of ongoing economic strength are expected to keep rates high in the short term.
Interest rates on CDs are currently high, and with the expectation of further rate increases, it may be advantageous to open a CD now to secure a higher rate, although there is a risk that rates could go higher or that you may need access to the funds before the CD term ends, in which case a high-yield savings account may be a better option.
U.S. mortgage rates have increased for the fifth consecutive week, with the 30-year reaching its highest level since 2001, indicating ongoing economic strength and a potential decrease in existing home sales.
Royal Bank of Canada plans to cut one to two percent of its full-time equivalent employees next quarter in order to reduce costs ahead of an expected economic slowdown.
Fannie Mae economists warn that the US housing market will continue to struggle even if the country avoids a recession, as high mortgage rates and tight financial conditions weigh on home sales.
Macy's credit card revenue has dropped by 36% due to an increase in delinquencies, reflecting the larger trend of rising credit card debt in the US as a result of inflation and higher interest rates.
The South African rand weakened by 1% against the US dollar on the last day of the BRICS summit, due to the strength of the dollar ahead of the Federal Reserve's Jackson Hole symposium, while most emerging market currencies were also affected by concerns over hawkish posturing by central bankers.
Canadian Millennials are struggling financially compared to previous generations, with higher levels of debt, stagnant incomes, and less disposable income, which could amplify the impact of an economic downturn, while Boomers are faring much better.
China's unexpected economic slowdown, driven by excessive investment in the property sector and local government spending, is leading experts to question whether a collapse is imminent, although they believe a sudden collapse is unlikely due to China's controlled financial system; however, the slowdown will have implications for global growth and emerging markets, particularly if the U.S. enters a recession next year.