The U.S. federal budget deficit narrowed to $22 billion in January, with government receipts rising and interest on the federal debt increasing, leading to concerns over the size of the deficit and projected rise in debt by the end of 2034.
There is an 85% chance of a recession hitting the US economy in 2024, according to economist David Rosenberg, who highlights a new economic model that has proven to be more accurate than the yield curve indicator and suggests that the recession has been delayed but not derailed.
Shanghai tops the list as the most expensive city for a romantic night out, with couples expected to spend around $600, while Damascus is the cheapest city where a date would cost less than $8, according to data from the Economist Intelligence Unit's cost-of-living index.
The No. 2 official at the International Monetary Fund warns central banks to be cautious on interest rate cuts, as inflation has decreased in many countries, and the global economy seems to be heading for a soft landing.
Some Federal Reserve officials are setting a new bar for interest-rate cuts, aiming for a broad pullback in price pressures, including housing and other services, in addition to the recent slowdown in goods inflation.
SSP, the railway and airport food company behind Upper Crust, has agreed to acquire Airport Retail Enterprises, an Australian airport bar and restaurant firm, to expand its global footprint. The deal will see SSP add 1,500 staff and 62 sites across seven airports in Australia.
Treasury Secretary Janet Yellen's positive outlook on the economy and higher wages masks the struggles of many Americans, particularly in regards to housing affordability, where the Federal Reserve's actions have worsened the problem. Rent inflation and the loss of affordable housing units have contributed to the financial burdens faced by renters, leaving them with less disposable income for other necessities.
Alabama companies exported goods and services worth over $27.4 billion in 2023, marking the second consecutive year of growth, with motor vehicles leading the way as the top export category.
The US is unlikely to experience a soft landing for its economy, with less than a 50% chance of it happening, as it is caught in a delicate equilibrium between easing financial conditions and the negative effects of the Federal Reserve's rate hikes.
A trader is using options to bet that the European Central Bank will loosen monetary policy at a faster rate than expected, seeking a maximum payout of €8.3 million.
American consumers' future inflation expectations remained largely unchanged at the start of the year, with declines in projected increases for key spending areas, according to a report from the Federal Reserve Bank of New York.
JP Morgan CEO Jamie Dimon predicts a major US financial crisis as the country's public debt exceeds $34 trillion and faces a global market "rebellion" amid the growing BRICS economic alliance, a sentiment echoed by other financial experts such as Bank of America CEO Brian Moynihan.
Major events for the Global Week Ahead include China's Lunar New Year holiday, the presidential election in Indonesia, the release of US Consumer Price Inflation (CPI) numbers, key UK data on unemployment, inflation, and retail sales, and a Russian central bank meeting.
The IMF's deputy manager warns that economic conditions in Russia resemble those of the Soviet Union, with high production levels but low consumption, and predicts tough times ahead due to the outflow of people and reduced access to technology caused by sanctions.
Property prices in the UK have increased, with certain areas experiencing more significant rises than others, according to Zoopla, with Rossendale in the North West having the highest concentration of homes that increased in value by at least five per cent, while Dover in the South East saw the highest concentration of house price falls by at least five per cent.
Amid layoffs and economic uncertainty, the younger generation, including Gen Z and millennials, are increasingly interested in government jobs for their stability and benefits, with hashtags like #governmentjobs gaining popularity on TikTok and searches for such jobs reaching a five-year high. The appeal lies in job security, better work-life balance, retirement benefits, and the potential for student loan forgiveness.
Algeria, Morocco, and Egypt have the highest defense budgets in Africa in 2024, according to Global Firepower, with Algeria ranking 22nd globally.
Workers in the UK should expect smaller pay rises since the Covid pandemic, as employers are easing on hiring, according to the Chartered Institute of Personnel and Development (CIPD), with average pay rises predicted to fall from five percent to four percent.
Credible Operations, Inc. provides tools and information to help improve finances, including current mortgage rates and tips for finding the best rate.
A UK mom sparked debate online after flying first-class while leaving her 11-month-old baby and boyfriend in economy on a transcontinental flight, with some criticizing her for being selfish while others defended her for allowing her boyfriend to experience flying with the baby.
The U.S. is showing remarkable resilience and has returned to its pre-pandemic growth trajectory, while the eurozone and China face challenges in achieving the same level of recovery.
The UK's economy is expected to confirm a recession at the end of 2023 and experience a rise in inflation in early 2024, which could hinder efforts to revive growth and address the cost of living squeeze, although experts believe these setbacks will be temporary.
Online grocers in Canada, such as Eat Impact and Spud, are offering imperfect and surplus produce at discounted prices to help consumers save money on their grocery bills and reduce food waste, as billions of pounds of Canadian produce goes to waste each year due to strict cosmetic standards set by mainstream retailers.
Despite rising inflation rates and high food prices, grocery retailers in the US have not taken a public stand against food companies, in contrast to a European grocery chain like Carrefour that recently pulled some of Pepsi's products from its shelves due to "unacceptable price increases." Market concentration in the US grocery industry and the power imbalance between retailers and suppliers limit the likelihood of a similar campaign in the US, which contributes to the ongoing high grocery prices.
Europe's struggling economy and fears of recession are causing young people to spend less on alcohol, leading to a decline in alcohol consumption and a shift in drinking habits among Gen Z and millennials.
US President Joe Biden criticizes food companies for practicing "shrinkflation" by reducing product sizes while maintaining the same prices, stating that the American public is tired of being deceived and taken advantage of.
Homeowners are advised to consider switching their mortgage as mortgage rates have fallen and are unlikely to drop further in the near future, making it a good time to shop around for better deals.
The UK economy is 5% worse off than it would have been if it had not left the EU, with a slump in trade and investment since the Brexit referendum in 2016, according to a study by Goldman Sachs, resulting in stagnated GDP per capita and higher inflation compared to rival economies.
Only 25% of business economists and analysts expect the United States to enter a recession this year, with any potential downturn likely resulting from external factors such as a conflict with China, while year-over-year inflation is expected to exceed the Federal Reserve's target through 2024, according to a survey by the National Association of Business Economics.
Germany and Europe are facing deindustrialization due to the end of cheap Russian piped gas, which has caused a crisis in Germany and is leading to electoral tremors and a potential drift away from American influence in Europe.
Drivers can improve the fuel economy of their vehicles by up to 40 percent by adopting hypermiling techniques such as reducing weight, maintaining correct tire pressure, and driving at consistent speeds.
The Body Shop is at risk of going into administration, leading to store closures and job losses, as the cosmetics retailer's new owners line up administrators for its British arm after suffering disappointing trading over Christmas and early January.
One in five employers in Britain are struggling to fill job vacancies, with firms planning to reduce headcount or recruit less due to the country's workforce crisis, according to a survey by the Chartered Institute of Personnel Development (CIPD), which also showed a decrease in wage rises to attract workers. Businesses are becoming frustrated with British workers, leading to a doubling in the number of firms registering to become sponsors to hire abroad, as over nine million people of working age have dropped out of the jobs market.
The completion of the Trans Mountain Expansion pipeline in Canada is expected to narrow the discount between Canadian and US crude, boost revenue for the petroleum industry, and facilitate new production, potentially making 2024 a year of significant growth for Canadian oil.
European and global markets are expected to remain quiet on Monday as several Asian centers and New York State are on holiday, with anticipation of the U.S. consumer price report for January and the potential impact it may have on Federal Reserve rate cuts in March or May.
Just a quarter of business economists expect a recession in the United States this year, with any downturn likely to result from an external shock such as a conflict with China, while respondents also predict year-over-year inflation to exceed the Federal Reserve's 2% target through 2024.
The International Monetary Fund (IMF) will send a review mission to Pakistan once new governments are formed, which may take two to five weeks after the February 8 elections, to finalize the salient features of a medium-term bailout package in order to avert a potential default on repayment of foreign debts and a balance of payments crisis.
Consumers in Awka and Onitsha in Anambra State are facing high food prices due to the rise in the dollar, leading to rationing and concerns about malnutrition among children.
The Ministry of Information Technology and Telecom in Pakistan has been boasting about its accomplishments, including an increase in ICT exports, but the data shows that the growth is not as impressive when put into historical context, and a significant amount of proceeds from the IT sector never make it back to the country.
The formation of a coalition government in Pakistan following the recent election results has raised concerns about potential trouble for the nation's economy, particularly in the face of deep economic challenges and a frail government; businesses are looking towards the future and hoping for a stable government that can address critical issues and secure a new deal with the International Monetary Fund to maintain economic stability.
The International Monetary Fund (IMF) has reported that Nigeria's cost-of-living crisis has been worsened by stalled per-capita growth, poverty, and high food insecurity, amid rising inflation and weak economic growth. The IMF expressed optimism that Nigeria's new administration has taken steps to address structural issues and restore macroeconomic stability. However, concerns have been raised about Nigeria's rising debt service cost and its impact on the country's debt servicing ability and borrowing cost.
President Joe Biden criticizes big brand advertisers for shrinking the size of products while keeping prices the same, calling on companies to stop this practice.
More than 11 million working-age people in Britain lack basic savings of at least £1,000, leaving them financially vulnerable, according to a report by the Resolution Foundation. The report highlights the challenge of insufficient savings, an inability to cope with major life events, and inadequate retirement incomes, and calls for increased auto-enrolment contributions to boost financial resilience.
Tensions between the Bank of Thailand and the coalition government have raised concerns about a potential economic crisis as non-performing loans and other negative factors persist, although some experts believe a crisis similar to the 1997 Asian financial crisis is unlikely.
President Joe Biden is calling on snack companies to stop shrinkflation, where product sizes are reduced without a price decrease, labeling it as a deceptive practice and demanding action to rectify it.
President Joe Biden criticizes food and beverage companies for downsizing their products while keeping the prices the same, calling it "shrinkflation," and urges businesses to stop this practice. This comes as companies in the industry try to address rising ingredient costs due to inflation. Additionally, Special Counsel Robert Hur's report revealed concerns about Biden's memory and recall issues, although no charges were brought against him.
Mexico has surpassed China as the top source of goods imported by the United States, reflecting growing tensions between the US and China as well as American efforts to import from closer and friendlier countries.
Wealth among adults under 40 has increased significantly since 2019, with a surge of 80%, largely attributed to investments in equities and mutual funds through stock-trading apps and stimulus checks, although younger adults still possess a disproportionately lower amount of total wealth compared to older adults.
Organized labor in Nigeria may demand up to N1 million as the new minimum wage if inflation continues to rise, according to the President of the Nigeria Labour Congress, Joe Ajaero. The demand for a higher wage is due to the skyrocketing cost of living since President Bola Tinubu came to power, resulting from the removal of fuel subsidies and other policies. The Nigerian Labour Congress and the Trade Union Congress have given the government a 14-day strike notice due to its failure to implement an agreement addressing the issues caused by the increase in petrol prices and naira devaluation.
Mortgage Rates Improve Affordability But Buyers Still Face Competitive, Low Inventory Housing Market
Super Bowl weekend marks the unofficial beginning of the peak home buying and selling season, with mortgage rates inching lower and more homes hitting the market, offering a slightly brighter housing market for buyers this spring.
