Amidst a decline in home sales and rising prices in the U.S. housing market, economist Peter Schiff warns that homeowners are turning to renting their properties rather than selling them to avoid taking on a new mortgage with higher interest rates. This trend is driven by homeowners feeling "locked in" with their existing mortgages.
The Federal Reserve is closely watching data points such as fourth-quarter GDP and Personal Consumption Expenditures (PCE) as it considers its next move, with solid GDP growth and declining inflation potentially leading to a rate cut in March.
Despite a slight increase in mortgage rates, home-purchase applications have risen by 3.7% as housing demand remains strong and inventory remains limited due to high rates.
A new law in the UK will ban hidden fees on online purchases, saving consumers billions of pounds; the ban will also target fake reviews and misleading labeling.
Despite recent tech layoffs, the job market in industries outside of tech remains relatively safe and unaffected, with trends showing improvement in both the manufacturing and services sectors of the U.S. economy. Additionally, the Affordable Care Act health insurance marketplace experienced record-high enrollment, and U.S. economic growth is expected to have slowed in the fourth quarter due to high interest rates. Mortgage rates have also dropped, enticing more homebuyers back into the market.
The People's Bank of China has lowered reserve requirements for banks in an effort to boost the country's economy, while Alibaba co-founders Jack Ma and Joe Tsai are reported to have acquired up to $200 million in company shares, potentially signaling confidence in the market amidst the recent slowdown. Meanwhile, Boeing CEO David Calhoun is set to address safety and manufacturing concerns with US lawmakers following the mid-air blowout of Alaska Airlines' 737 Max 9 door plug.
The U.S. economy showed growth and resilience in January, with both service and manufacturing sectors performing well, indicating a positive start to the new year.
The Bank of Canada holds interest rates and is considering cutting borrowing costs due to unique challenges in the economy; Liberal MP Ken McDonald suggests a leadership review of Prime Minister Justin Trudeau; The Bank of Canada may end quantitative tightening sooner due to money market strains; A mother is suing Starbucks, a school district, and a property management company for negligence in the alleged rape of her intellectually disabled daughter; B2Gold Corp. announces its gold production and revenue for Q4 2023; Netflix experiences a surge in subscribers after cracking down on password sharing and offering new plan options; The EU Parliament's environmental committee supports relaxing rules on genetically modified plants; British billionaire Joe Lewis pleads guilty to insider trading charges in the US; West Fraser Timber permanently closes a sawmill in Fraser Lake, B.C.; The UK's flagship nuclear plant could cost up to $59 billion and face completion delays; BlackBerry announces a proposed private offering of $160 million of convertible senior notes; BlackRock invests $500 million in the Canadian Solar unit; China's stock market falls further behind the US.
Former President Donald Trump is once again questioning the accuracy of unemployment numbers, falsely claiming that he had the best unemployment rate ever when in fact, President Biden has beaten him, and previous administrations have achieved lower unemployment rates.
China's nominal GDP growth in 2023 was the lowest in almost 30 years, indicating economic challenges including a property market slump, falling foreign investment, lackluster consumer confidence, high youth unemployment, and a decrease in global export demand.
Treasury Secretary Janet Yellen plans to outline her vision for assisting middle-class families in overcoming affordability challenges and supporting their economic well-being in a speech, acknowledging the frustrations of Americans with high costs of housing, child care, and education.
A deadly plane crash occurred near Fort Smith, N.W.T. in Canada's North, with rescuers parachuting into the scene; a former Hells Angels hitman has had his parole suspended due to alleged death-threat charges; and Bill Belichick, the Super Bowl champion head coach, has not yet found a landing spot for his next job.
A rise in state-level unemployment rates in December raises concerns about a possible recession in the U.S. economy, according to an economist who suggests that a recession may still occur in 2024.
States in the American South, such as Florida, Texas, and Georgia, have experienced economic growth and population increases due to factors like lower taxes, better business environments, and affordable living costs, attracting people and businesses from high-tax and regulation-heavy states like California and New York.
American households spend an average of $270 per week on groceries, with California being the most expensive state and Wisconsin the least expensive.
Hundreds of Indian men, many of whom hold degrees but struggle to find secure employment, are queuing up for practical exams for construction jobs in Israel that offer higher pay and benefits than their current situations in India.
A majority of Americans do not have enough savings to cover a $1,000 unexpected expense, with 35% saying they would need to borrow money to pay for it, according to a survey by Bankrate.
More than half of Americans could not afford a $1,000 unexpected emergency expense, with the majority resorting to credit cards or borrowing from loved ones to cover the cost, according to a survey by Bankrate.
The Central Bank of Nigeria's governor foresees a decrease in headline inflation to 21.4% by 2024, attributing this to the bank's inflation-targeting policy and its impact on businesses.
China's central bank announced that it will cut reserves for banks as part of a plan to support the slowing economy, leading to a surge in share prices; however, some analysts believe that further measures are needed to fully reassure investors and stimulate growth.
Americans' optimism about inflation and the economy is increasing, potentially bolstering consumer spending, economic growth, and President Biden's political prospects, as indicators show that inflation expectations have fallen, incomes have risen, gas prices have decreased, and the stock market has climbed.
Despite positive economic indicators such as low unemployment and company growth, people feel uneasy about the economy due to predictions of an imminent recession, high prices, geopolitical conflicts, and inflationary pressure. Analysts predict more volatility in the future and caution that consumers may struggle to keep up with the rising cost of goods and services. However, businesses are preparing for potential downturns and are investing in technology to offset labor shortages. The challenge for Wisconsin and other states is attracting more people to work and addressing housing concerns.
Former St. Louis Federal Reserve President James Bullard predicts that interest rate cuts could occur as early as March to counter inflation, even before it reaches the central bank's 2% target.
Despite concerns about China's regulatory environment and economic risks, most German firms plan to increase their investments in the country over the next two years due to the size and allure of the Chinese market, according to a survey by the German Chamber of Commerce in China. While 54% of surveyed firms believe China's investment appeal is declining, an equal percentage plan to increase their investments. Challenges faced by German companies in China include increased competition, unequal market access, and regulatory uncertainty.
Train drivers in Germany have embarked on a six-day strike, causing widespread disruption to rail services, which will further strain crucial supply chains and deal a blow to the economy, affecting Deutsche Bahn and various manufacturing sectors.
China's central bank has announced a cut in the reserve requirement ratio for commercial banks, injecting 1 trillion yuan into the market in an effort to boost investor confidence and mitigate market panic.
Retired footballers including Zlatan Ibrahimović, Gareth Bale, and Eden Hazard are earning significant sums of money through sponsored Instagram posts; Swedish football legend Ibrahimović tops the list, making £160,537 per post.
Japan's exports surged almost 10% in December from a year earlier, driven by increased trade with China and strong demand for vehicles, machinery, and computer chips, while imports fell by almost 7%, resulting in a trade surplus of 62 billion yen ($410 million).
Argentina's far-right President, Javier Milei, is pushing for legislative reforms that could have devastating effects on the country's screen sector, including stripping state support for local films and eliminating funding for the state-run film school, leading to a decline in film production and loss of diversity in voices. The international film community, including prominent directors and industry professionals, has expressed concern and solidarity with Argentine filmmakers against these proposed changes.
The US job market is not as favorable for job seekers as it was a couple of years ago, with job postings down over 15% and fewer people quitting their jobs, attributed to factors such as higher interest rates and a decline in traditional office jobs.
The World Bank has approved $300 million in funding to support Ghana's economic recovery, following the country's successful negotiation to restructure its loans and secure debt relief.
Millions of Americans without bank accounts are facing exclusion from daily transactions as businesses increasingly refuse to accept cash, leading some states like Wisconsin and Vermont to propose laws requiring retailers to accept cash payments. The lack of access to banking services, bureaucratic barriers, and high fees associated with alternative payment methods pose significant challenges to the unbanked population.
The International Monetary Fund criticized Kenya for re-introducing a fuel subsidy scheme, stating that it will lead to budget distortions due to a lack of funds to pay oil marketers.
The upcoming week will see several significant events in the global economy, including the release of the International Monetary Fund's World Economic Outlook update, India's Economic Survey, the Federal Reserve's policy deliberation, and the presentation of the Union Budget for the coming financial year. These releases will provide insights into the current state and future trajectory of the economy.
China's ambassador to the European Union criticizes the EU's investigation into Chinese electric vehicle manufacturers, calling it unfair and warns against resorting to trade measures, highlighting that the EU also provides subsidies to its own companies.
California experienced a significant decline in job growth compared to other states before and after the COVID pandemic, with job creation in the state being 54% lower in the 2019-2023 period compared to the 2015-2019 period, according to a new report.
The attacks in the Red Sea have disrupted international trade, leading to increased costs for shippers, delays in shipments, and potential broader economic fallout.
Nevada's unemployment rate remains the worst in the United States at 5.4%, with the Las Vegas area reporting a rate of 5.3% and North Las Vegas having the highest unemployment rate in the state at 6.2%. Despite some economic boosts, such as record-setting months for casinos and new resort openings, the state's unemployment rate has only decreased by 0.1 percentage points since December 2022. Union successes in reaching new contracts with Las Vegas Strip resorts have not resulted in a significant increase in jobs.
The ongoing missile, drone, and hijacking attacks in the Red Sea have resulted in the largest disruption of international trade in decades, leading to increased costs for shippers worldwide and the potential for broader economic consequences.
North Dakota and Maryland have the lowest unemployment rates in the country, while Nevada has the highest, according to Bureau of Labor Statistics data.
The United States has experienced a surge in layoffs due to economic uncertainty, store closures, business bankruptcies, and the influence of artificial intelligence (AI), with major tech companies like Meta and Amazon also contributing to a significant increase in job losses, and this trend is expected to intensify in 2024 due to cost containment measures and advancements in AI.
Chinese stock prices have experienced significant losses since 2007 and are now near 2005 levels, while Chinese treasury bonds have rallied due to investors seeking safety.
The fourth-quarter gross domestic product report may show that a soft landing has already occurred or is imminent, but some economists are still concerned about a potential recession. The timing of the Federal Reserve's rate cuts will depend on the economic outlook, with a soft landing potentially leading to three rate cuts this year. However, there are indications that a consumer slowdown may still be on the horizon, and some economists argue that recent declines in key economic indicators suggest a bumpier landing has already occurred. While a soft landing is possible, it's not guaranteed, and the success of managing inflation and monetary policy will be crucial in avoiding a recession.
China's President, Xi Jinping, is considering an emergency intervention to support the country's stock market as it reaches a five-year low, with authorities discussing plans to unlock £222bn from offshore state accounts to buy shares and strengthen investor sentiment, amid concerns about the long-term health of the market due to a deep property downturn, weak private sector demand, and a debt crisis at Evergrande.
The US stock market is reaching all-time highs, but there is a growing "Wall Street - Main Street disconnect," with many Americans feeling pessimistic about the health of the economy, leading to concerns of a possible recession.
There are several programs airing on Fox Business Channel and Fox News Channel, including "The Bottom Line," "How America Works," "Special Report with Bret Baier," "The Ingraham Angle," "Jesse Watters Primetime," and "Hannity." Additionally, there is live channel coverage on Fox News Radio.
A real estate entrepreneur and a financial analyst have expressed concerns about the commercial real estate sector, predicting massive defaults due to the inability of buildings to service their debt and a shift in how people work, prompting a need for aggressive rate cuts from the Federal Reserve.
US consumers' financial stress has reached its highest level since November 2020, according to LegalShield's Consumer Stress Legal Index, with bankruptcies, foreclosures, and other money issues contributing to the increase for the 10th consecutive month in December.
A study by researchers at Drexel University found that regular checkout, featuring a human cashier, leads to greater customer loyalty and the likelihood of revisiting a store, compared to self-checkout which makes customers feel less rewarded and decreases loyalty. This finding has prompted some companies to remove self-checkout machines and adjust their operations to focus more on regular checkout.
Cubans brace for inflation as the government implements an austerity plan that includes price and tax increases and cuts in subsidies, leading economists to predict significant price hikes on most products and services at the retail level.