The United Auto Workers (UAW) president, Shawn Fain, has rallied workers ahead of a possible strike against Detroit's "Big Three" carmakers, highlighting workers' loss while companies profit, which may test President Biden's support for unions as strikes could potentially damage the economy.
Mortgage payments in the US are at their highest since the mid-1980s, making housing deeply unaffordable, but surprisingly, rising mortgage rates have not led to a decline in house prices as supply of properties has fallen almost in lockstep with demand and locked-in homeowners have invested more in fixing up their current homes, leading to a robust housing market despite the economic challenges.
Zara owner Inditex beats expectations with a 40% increase in half-year net profit, driven by strong sales and stable prices, despite investors booking profits and shares falling by 1.5%.
Latest results and forecasts from retailers indicate that U.S. consumer spending is under stress due to middle-income Americans spending less and struggling with debt, posing challenges for the retail sector during the back-to-school and holiday seasons.
J.P.Morgan Asset Management predicts that there will be no more interest rate hikes from the U.S. Federal Reserve due to downward-trending inflation data.
China's largest private property developer, Country Garden, has warned of default risks if its financial performance continues to deteriorate, following a record loss in the first half of the year. The company's net loss between January and June amounted to 48.9 billion yuan ($6.72 billion), compared to a net loss of 6.7 billion yuan in the second half of 2022 and a net profit of 612 million yuan in the first half of 2022. This comes as Chinese authorities are working to revive the troubled property market, which accounts for approximately a quarter of the country's economy.
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A millionaire property developer from Australia, Tim Gurner, has faced backlash for calling for unemployment to rise to 50% and blaming workers' "arrogance" during Covid, leading to widespread condemnation from politicians and commentators.
The fall in the value of the Pakistani rupee against the US dollar is expected to cause a surge in inflation, with petrol and diesel prices projected to increase by over Rs13 per litre due to the exchange rate, potentially reaching double digits if the dollar continues to appreciate. Additionally, the rise in dollar value will also lead to further increases in electricity tariffs, making the lives of citizens more difficult.
The newly implemented rules in America that allow Medicare to negotiate drug prices could have damaging effects on innovation in the pharmaceutical industry and may discourage investment in new medicines, leading to fewer treatments in the future. Instead of focusing solely on price controls for drugs, regulators should address the issues within the rest of the supply chain, such as opaque middlemen and hospital mergers, to effectively lower healthcare costs.
The prices of petrol and high-speed diesel (HSD) are expected to increase by Rs16 per litre and Rs13.66 per litre, respectively, in the upcoming fortnightly review, due to rising global oil prices and depreciation of the rupee against the dollar.
China's youth unemployment rate reaches a record high of 20.8 percent, indicating a struggling economy.
The US has expanded restrictions on exports of Nvidia artificial-intelligence chips, including to the Middle East, in an escalation of its crackdown on China's technological capabilities.
Gasoline prices rose 10.6% in August, contributing to the biggest monthly increase in U.S. consumer prices this year, but the overall inflation outlook remains optimistic as gas prices are expected to fall in the coming months. Core inflation, excluding food and energy prices, also increased, but analysts believe it is just a temporary bump and the overall trend is still heading in the right direction.
India's main indexes Nifty 50 and Sensex hit record highs due to the likelihood of a pause in the Federal Reserve's rate hikes, led by metals and real estate stocks.
India's 40 percent export duty on onions is raising concerns in the Arab world about the impact on food inflation and supply chains, as GCC countries heavily rely on Indian imports, and the duty could potentially lead to price fluctuations and shortages of the vegetable in the region.
The Bureau of Labor Statistics has revised down US job growth estimates by about 300,000 jobs, indicating weaker job growth than previously projected.
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.
Japan's Prime Minister Fumio Kishida is planning to implement measures to support the fishing industry affected by China's ban on Japanese seafood, including additional funds from the government budget reserves, after visiting Tokyo's fish market.
The median household income in the United States fell by 0.8 percent in 2022, adjusted for inflation, indicating concerns about the state of the economy; however, five states saw increases in income while 17 states saw decreases, and income inequality in the country has increased between 2021 and 2022.
India's economy grew at its fastest pace in a year in the April-June quarter, driven by services and manufacturing, though economists warn of a slowdown ahead due to factors like rising food prices and slowing global growth.
The European Commission has launched an anti-subsidy probe into Chinese electric vehicles (EVs) in order to protect Europe's own auto sector and maintain its competitive edge, while acknowledging that various governments, including the EU, also provide support for their domestic EV industries.
Chinese stocks experienced their largest monthly outflow in August, as waning interest from global investors was driven by negative sentiment over the country's economic outlook and concerns over regulatory uncertainty and strained international relations. Foreign direct investment (FDI) inflows to China also contracted, with China's share of FDI inflows among emerging markets predicted to decline to less than 30% by 2027.
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.
China's manufacturing activity contracted for a fifth consecutive month in August, putting pressure on officials to provide support to boost economic growth amid weak domestic and international demand.
The latest inflation data suggests that Social Security benefits could see a 3.2% cost-of-living adjustment next year, providing an average monthly increase of $57 for retirees, according to the Senior Citizens League.
Hungary, along with Romania, Slovakia, and Bulgaria, has agreed to block Ukrainian grain imports unless the European Union extends a ban set to expire on September 15, while Bulgaria's Prime Minister expresses support for waiving the ban to reduce food prices.
Stronger-than-expected U.S. economic data, including a rise in producer prices and retail sales, has sparked concerns about sticky inflation and has reinforced the belief that the Federal Reserve will keep interest rates higher for longer.
India is expected to ban sugar exports due to a lack of rain, which would likely raise global benchmark prices and potentially contribute to further inflation in global food markets.
Despite aggressive interest rate hikes by the Federal Reserve, consumer spending in the U.S. remains strong, as seen in the success of the new Caesars casino in Danville, Virginia, which has exceeded expectations with over $50 million in bets since May.
More Americans are struggling to keep up with car loan and credit card payments, particularly lower-income earners, as higher prices and rising borrowing costs put pressure on household budgets, signaling potential consumer stress; the situation is expected to worsen as interest rates continue to rise and paused student loan payments resume.
US wholesale prices increased at a faster pace in August, indicating that inflation remains persistent despite interest rate hikes by the Federal Reserve.
Russian President Vladimir Putin is seeking arms from North Korea, while North Korean leader Kim Jong Un is visiting Russia, raising concerns about the dangers of their potential deal.
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The average net worth needed to be considered "wealthy" in America is $2.2 million, but individual perceptions of wealth vary based on factors such as location and personal values.
Wholesale inflation in the US exceeded expectations in August, driven by higher gasoline prices, indicating that inflationary pressures are still present in the economy.
Finance Minister Nirmala Sitharaman emphasized that controlling inflation is the government's priority for sustained economic growth, expressing the need to manage supply side factors along with interest rates, and mentioned that India's GDP numbers for the first quarter are expected to be positive.
The BRICS alliance has expanded and now includes six new countries, resulting in a total GDP of $30.75 trillion, surpassing that of the United States and potentially posing a threat to the power of the US and Europe in the global economy.
The bond market's 10-year and 3-month yield curve has been inverted for a record-breaking 212 straight trading days, indicating the possibility of an upcoming economic recession despite economists' lowered expectations; however, the inversion's uniqueness, driven by the Federal Reserve's focus on combating inflation during a period of strong economic growth, leaves open the question of whether this inversion will fail to predict a recession, particularly if the Fed is able to declare victory on inflation and cut interest rates to above the neutral rate of around 2.5%.
Euro zone inflation for August exceeded analysts' expectations, remaining unchanged from the previous month at 5.3%, posing a dilemma for the European Central Bank.
August inflation rose to 3.7%, the highest month-to-month increase since June 2022, driven by rising gas prices, which accounted for over half of the rise, while prices for shelter and food remained elevated; however, the Federal Reserve's reaction to the data is uncertain as there are signs of prices moderating but also concerns over inflation remaining too high.
Retail sales in the US rose 0.6% in August compared to July, but the increase in gas prices could impact consumer spending during the holiday shopping season, according to a report from the Commerce Department. Excluding gas sales, retail sales only increased by 0.2% in August.
China's major state-owned banks are actively buying offshore yuan in an attempt to stabilize the currency amid a darkening economic outlook and strain in the property sector, raising the cost of shorting the Chinese yuan and leading to a rally in the currency's value.
Artificial intelligence is more likely to complement rather than replace most jobs, but clerical work, especially for women, is most at risk of being impacted by automation, according to a United Nations study.
The minimum wage has become increasingly irrelevant in the current labor market as companies are offering much higher wages to attract workers, rendering the minimum wage meaningless in many industries and locations.
Germany's economy stagnated in the second quarter of 2023, but it has officially emerged from the recession; however, the Bundesbank predicts that the economy will continue to stagnate in the third quarter and the IMF forecasts that Germany will be the only major advanced economy to shrink this year.