The recent rise in inflation to 4% may be followed by disappointing news of a slight economic contraction in the final quarter of last year.
Bank unions protest against the government's declaration of a holiday for Ram Lalla Pran Pratishtha celebrations, disrupting banking and financial markets in India.
The Prime Minister has introduced changes to the economy that will save households thousands of pounds and prioritize tax cuts to reward hard work and stimulate growth, contrasting with the spending spree proposed by Keir Starmer that would require tax hikes.
The average American household has a net worth of $1.06 million, with households in their 50s being the most likely to have a net worth exceeding $1 million, according to an analysis by USA Today. However, experts recommend aiming for a net worth of at least $500,000 in savings by one's 50s, with the ideal goal being a million or more, depending on lifestyle and retirement goals.
Oxfam International predicts that the world's first trillionaire could emerge within the next decade, highlighting the growing wealth gap and the doubling of personal fortunes for the world's five richest individuals, including Elon Musk, Jeff Bezos, and Warren Buffett.
Inflation in the US has outpaced income growth in many cities, but some cities in Missouri and Illinois have seen wages increase at a higher rate than inflation.
Tata Steel's decision to cut 2,800 jobs and close blast furnaces in the UK as part of its transition to greener steel production has drawn criticism from Nichi Hodgson.
The recent rapid decline in inflation could lead to a decrease in interest rates and potentially drive stocks higher.
Several African countries are projected to experience significant economic growth by 2024, which will create opportunities for job development, entrepreneurship, and improved living conditions.
The world could produce its first trillionaire within a decade, as the fortunes of the five richest people have more than doubled since 2020, and if their wealth continues to grow at the same rate, we could reach the trillion-dollar milestone in as little as eight years, according to a report by Oxfam.
Saudi Arabia is still deciding whether or not to join the BRICS alliance, as tensions between the US, China, and Russia and the Kingdom's desire to maintain ties with the West are influencing their decision-making process.
Despite China's 5.2% rise in GDP last year, the market remains pessimistic about the country's economic prospects due to challenges including debt, deflation, de-risking, and demographics.
The Federal Reserve is expected to hold interest rates steady at its upcoming meeting in January, but policymakers are ready to discuss the possibility of rate cuts in the future if inflation falls faster than expected. The Fed is taking a cautious approach to rate reductions, aiming to avoid the mistake of lowering rates too quickly before inflation is properly controlled. However, once rate cuts are initiated, they could happen quickly if inflation remains low. The Fed's decision on future rate cuts may be influenced by upcoming data on inflation and GDP. Policymakers will also have to decide whether to alter their guidance on future policy actions. The upcoming presidential election adds another layer of complexity to the Fed's decision-making process.
Pakistan is facing a severe economic crisis and climate vulnerabilities, with high rates of warming, poverty, inflation, unemployment, and human rights violations, according to a report by Human Rights Watch.
The Federal Reserve wants to see lower inflation and sustained economic growth, with upcoming readings on inflation and GDP expected to show moderate trends; while inflation is forecasted to rise slightly, it is still too high for the Fed's liking, and economic growth is expected to be mild but resilient, driven by consumer spending.
New Jersey Governor threatens legal action against New York City's congestion pricing plan.
American consumers are feeling increasingly positive about the direction of the economy, with consumer sentiment reaching its highest level since July 2021, driven by strength in the labor market, easing concerns about inflation, and falling prices at the gas pump and grocery aisle, signaling a possible end to the "vibes-cession" experienced in recent years.
Tata Steel's closure of its last remaining British blast furnaces and the shift towards greener steel production is not only driven by government-imposed net zero ambitions, but also by the demand from customers with their own environmental commitments, marking a challenging shift for the struggling steel industry.
The average American household spends over $1,000 per month on groceries, with families spending an average of $270 per week and those with children spending 41% more, according to the Census Bureau's Household Pulse survey. California and Nevada have the highest grocery bills, while cities such as Miami, Riverside, Los Angeles, and San Francisco are among the most expensive places to buy groceries in the US.
Renowned economist Christophe Barraud predicts that the US economy will perform better than expected in 2024, with GDP growth of 2.5%, but warns of challenges such as dwindling savings, student loan payments, and geopolitical tensions in the Middle East. He anticipates a pivot in monetary policy by the Federal Reserve later this year and suggests that the Eurozone may face a longer battle against inflation, offering an investment opportunity for the euro.
Corporate profits have been driving inflation, accounting for 53% of price growth during the second and third quarters of 2023 and more than one-third since the start of the pandemic, according to a progressive economic study by the Groundwork Collaborative, indicating excessive profit-taking above the raw cost of goods.
Inflation in Japan slows for a second month, giving the central bank reason to hold off on ending its negative rate policy.
Consumer group Which? is calling on supermarkets and manufacturers to be more transparent about "shrinkflation" and "skimpflation" after finding examples of products that are smaller or have fewer key ingredients, such as tea bags and sausages with less pork.
The colliding opioid epidemic and housing crisis in Ottawa's downtown area, where the majority of emergency calls are related to overdoses and mental health, highlights the urgent need for affordable housing and comprehensive support services to address the root causes of addiction and homelessness.
Retailers and manufacturers are cutting costs by offering downsized and downgraded groceries to consumers, according to consumer group Which?, with examples of "shrinkflation" and "skimpflation" including reduced pack sizes and lower-quality ingredients.
Indian markets are expected to remain strong in 2024 as global liquidity reallocates towards equity, and the government's policy stance is likely to align with this momentum, making it an appealing investment destination, despite the potential for short-term volatility due to rich valuations.
Republicans face challenges in maintaining their anti-government messaging as they grapple with the realities of governing.
Improved access to internet coverage in Nigeria and Tanzania has led to a 7% reduction in extreme poverty, an 8% increase in labor force participation and wage employment, according to a brief by the World Bank, which highlights the potential for inclusive growth and job creation in Africa through increased internet usage. However, the region still lags in digital infrastructure coverage and usage.
The Bank of England is being urged to change its bias towards further interest rate hikes as it risks undermining its credibility by going against economic outlook and global peers.
Prime Minister Anthony Albanese has called Labor MPs back to Canberra to address the cost-of-living crisis in Australia and find ways to ease household budgets without contributing to inflation, with energy rebates being one potential form of assistance.
The average American household net worth exceeds $1 million by age 50, driven by surging home values, rising stock ownership, and the miracle of compound interest.
The S&P 500 reached a new record high at the end of a two-year period characterized by concerns over high inflation and a potential recession that hasn't materialized, largely due to the unique circumstances of the pandemic and a cooling of inflation, sparking optimism about potential interest rate cuts by the Federal Reserve.
Wall Street hit record highs after a two-year journey plagued by high inflation and concerns of an impending recession that didn't materialize, with the S&P 500 rallying 1.2% to break its previous record and signaling optimism about economic growth and potential interest rate cuts by the Federal Reserve.
Loblaw is reversing its decision to eliminate discounts on items nearing expiry after facing public backlash, opting to reinstate the 50% markdowns following customer and colleague feedback.
Canada's housing bubble is significantly larger than its G7 counterparts, with prices experiencing a 59% increase in the first quarter of 2022 and a subsequent 16% decrease, highlighting concerns over the country's housing market and high levels of household debt.
Consumer sentiment in the United States has increased by 13% in January and by 29% in the past two months, marking the largest surge since 1991, indicating that Americans are feeling better about the economy.
China's official economic data for 2023 is raising doubts among analysts, who struggle to reconcile the figures with their own assessments.
The Federal Reserve is unlikely to cut rates this year, according to Mizuho economists, who argue that the resilience of American consumers and a lack of credit crunch concerns will limit the central bank's ability to make rate cuts.
Auto insurance rates in the US have surged by double digits in 2023, causing car makers to lower prices to remain competitive, as rising costs of car ownership and insurance pose challenges for consumers and beleaguered auto manufacturers.
The Bank of Canada is overhauling its macroeconomic models after facing forecasting errors and struggling to accurately predict inflation during the COVID-19 pandemic, as the central bank seeks to better understand the economy and improve its ability to respond to shocks. The new models will focus on a more realistic approach to inflation expectations, accounting for supply shocks and incorporating heterogeneity in consumer behavior and wage bargaining, while also placing a greater emphasis on risk analysis and developing specialty models for different scenarios.
Wall Street has reached record heights after a two-year rollercoaster ride, with the S&P 500 erasing its losses and investors eagerly awaiting rate cuts by the Federal Reserve amid cooling inflation.
Ghana will receive the second tranche of $600 million from the IMF soon, as the IMF has approved all required financing assurances from Ghana's Official Creditors, allowing for the immediate disbursement of funds under the bailout program.
China's exports have declined by 4.6% in dollar terms in 2023, marking the first contraction in seven years, with the US contributing to this slump by experiencing a steep 13% drop in imports from China, potentially leading Mexico to become America's leading source of imported goods for the first time in 17 years due to factors such as the trade war, the Uyghur Forced Labor Prevention Act, and concerns about forced labor and geopolitics associated with sourcing from China.
The International Monetary Fund (IMF) has approved the release of a second tranche of $600 million to Ghana as part of a three-year bailout program, citing Ghana's successful performance under the program.
The UK has purchased a record amount of electricity from Europe due to the insufficient energy generation from wind and solar farms, resulting in the closure of coal and nuclear power plants. This increased reliance on neighboring countries has raised concerns about the balance of power flows and dependency.
U.S. existing home sales fell in December, marking the slowest pace since August 2010, and closing out the worst year for the housing market in nearly three decades, however, experts believe sales will turn higher in the new year as mortgage rates drop and more inventory becomes available.
Federal Reserve Bank of Chicago President Austan Goolsbee suggests that the central bank should consider cutting interest rates if inflation falls, in order to avoid tight policy, but emphasizes that decisions will be made on a meeting-by-meeting basis.
The Philippine benchmark index closes lower for the week due to risk aversion, with large cap firms leading the decline, while the broader All Shares index slightly increases; foreign investors sell off stocks, and market participants focus on overseas developments.
Mortgage rates have continued to decline and reached their lowest level since Spring 2023, providing encouragement for the housing market, especially for first-time homebuyers, although the fluctuations in rates pose challenges for budgeting; experts predict that mortgage rates will drop below 6% by the end of 2024, signaling a more affordable market.
Consumer sentiment in the US is at its highest level since 2021, driven by optimism in wages and declining inflation, which may impact the Federal Reserve's interest rate decisions, according to S&P Global Ratings Global Chief Economist Paul Gruenwald.