The August jobs report is expected to show steady job growth and a stable unemployment rate, suggesting that the current "Goldilocks" labor market could be sustained for a long time, but concerns remain about cooling economic growth, rising debt, and the risk of reaccelerating inflation.
The unprecedented increase in fuel prices in Pakistan is expected to cause a significant rise in inflation, with the Consumer Price Index projected to reach as high as 30% to 32% in September 2023.
Daily Kos is encouraging people to get involved in the upcoming elections and is expressing solidarity with the Black community.
Federal Reserve Chair Jerome Powell stated that the strength of the U.S. economy may require further interest rate hikes to reduce inflation, despite uncertainties surrounding the economic outlook.
US Treasury Secretary Janet Yellen will attend the G20 leaders summit in New Delhi to focus on strengthening the global economy, supporting low- and middle-income countries, and building momentum for financing developing countries' clean energy transitions. She will also rally G20 allies to maintain economic support for Ukraine and deepen bilateral ties with India.
China is facing a significant increase in youth unemployment, with the rate for people aged 16 to 24 years old reaching a record high of 21.3% in June, which could have serious implications for the country's economy and social stability.
The US Federal Reserve is expected to hold interest rates steady in September while leaving the door open for possible rate hikes in the future, as it tackles inflation and assesses the health of the economy.
The UK's Office for National Statistics has revised its estimate for the size of the economy at the end of 2021, suggesting a stronger recovery from the COVID-19 pandemic than previously thought, with the economy in the fourth quarter being 0.6% larger than in the final quarter of 2019.
Türkiye plans to expand its gas infrastructure and establish a gas exchange to facilitate the transit of Russian gas to Europe, emphasizing its indispensable role in energy transportation corridors; it also aims to resume Iraq's northern oil export route, negotiate the construction of a second nuclear power plant, and establish a broader nuclear ecosystem for clean energy transition by 2050.
Gold prices rose 1 percent as a result of a weaker dollar and safe-haven buying, after the United Auto Workers union initiated strikes at three automakers in Detroit and expectations of a halt in US interest-rate hikes gave further support.
Brazil has proposed a plan to Argentina to secure Chinese yuan guarantees for Brazilian exports, in order to provide security to Brazilian companies amidst Argentina's economic crisis.
The BRICS alliance, now including six of the world's largest oil producers, aims to utilize its mass oil production to promote local currencies and reduce reliance on the US dollar in international trade.
The US added 187,000 jobs in August, but the unemployment rate rose to 3.8 percent, indicating a plateau in the labor market as the Federal Reserve considers another interest rate hike.
Nigeria's annual inflation rate reached an 18-year high of 25.8% in August, driven by rising food prices and ahead of the Central Bank of Nigeria's upcoming interest rate decision.
Economists predict that Canada's inflation rate is likely to increase to around four percent in August, mainly due to higher gasoline prices, reversing the previous progress made.
China's troubled developer Country Garden is facing a debt crisis in the property sector, and if it fails to extend its domestic debt, it may default, exacerbating the country's real estate crisis and putting strain on its lenders.
Canada's affordable housing crisis, which is negatively impacting the government's popularity, will require years to resolve even with heightened construction efforts, according to Finance Minister Chrystia Freeland, who emphasized the need for collective action among various sectors.
The European Union's investigation into China's subsidy of its electric car industry has been criticized as a protectionist act, highlighting the EU's economic troubles and the need to properly consider the implications of its push for net-zero emissions. Despite concerns over China's double standards and potential market dominance, protectionism is not the solution, and the UK should remain open to Chinese competition while also encouraging investment from other automakers like Tesla.
The BRICS alliance has inducted six new countries into the bloc during the summit in Johannesburg, and South Africa's President Cyril Ramaphosa has confirmed that a second phase of expansion will follow in the coming months.
Indian-American Vivek Ramaswamy claims that people are envious of his rise and believe he is too young to be the US President, but he remains confident and aims to unite the country with his vision and principles.
US inflation is expected to continue its slowdown in the coming months due to easing car prices and rents, as well as a potential slowdown in the job market.
Canada's economy unexpectedly contracted in the second quarter, raising concerns of a possible recession, as declines in housing investment and slower exports and household spending impacted growth. This is likely to lead the central bank to hold interest rates steady.
Thai Prime Minister Srettha Thavisin plans to implement policies by the end of the year to reduce living costs, including lowering electricity prices and increasing the minimum daily wage, in an effort to revive the economy and achieve 5% annual growth.
India's External Affairs Minister, S Jaishankar, has called for a shift in perspective regarding global trade and urged the world to move past the idea that the West is the "bad guy," highlighting the complexity of the global economy and the need to address the inequities of globalization. He also spoke about India's achievements at the G20 Summit and the threats posed by the Khalistan group in Canada.
A mild recession may benefit the housing market by leading to lower mortgage rates, more available supply, and potentially lower home prices.
Despite optimistic economic data and the belief that a recession has been avoided, some economists and analysts believe that a recession is still on the horizon due to factors such as the impact of interest rate hikes and lagged effects of inflation and tighter lending standards.
Lebanon's political elites are resisting tough reforms demanded by the IMF and implementing a "shadow plan" to avoid the burden of bailing out the financial system, ultimately placing the responsibility on ordinary Lebanese citizens already suffering from poverty, according to economic experts and former officials. The elites fear that implementing the IMF reforms would expose their networks of corruption and patronage and force them to bear the cost of repairing the financial crisis.
Christine Lagarde, President of the European Central Bank, stated that interest rates in the European Union will need to remain high for as long as necessary to combat persistent inflation, despite progress made, at an annual conference of central bankers in Jackson Hole, Wyoming.
The U.S. economy may achieve a soft landing, as strong labor market, cooling inflation, and consumer savings support economic health and mitigate the risk of a recession, despite the rise in interest rates.
Chinese police have detained some staff of Evergrande's wealth management unit as part of a criminal probe into the embattled property developer's failure to repay investors, marking the first criminal investigation against the company since its debt crisis began in late 2021.
The Bank of International Settlements warns that financial markets should be cautious of persistent inflation and a more severe economic downturn next year, which could lead to insolvencies and a steep decline in property prices.
Potential risks including an autoworkers strike, a possible government shutdown, and the resumption of student loan repayments are posing challenges to the Federal Reserve's goal of controlling inflation without causing a recession. These disruptions could dampen consumer spending, lead to higher car prices, and negatively impact business and consumer confidence, potentially pushing the economy off course.
China's debt-fueled property boom and faltering exports, coupled with defaults and bankruptcy filings by major companies, suggest that the Chinese economy may be heading towards a significant crisis.
High mortgage rates have frozen the US housing market, but experts predict that the Federal Reserve may cut interest rates in the next 12 to 18 months, potentially leading to a decline in mortgage rates.
India's benchmark stock indexes fell as investors reacted to economic developments in China and awaited policy decisions from major central banks, including the U.S. Federal Reserve. The Nifty 50 fell 0.09% and the Sensex lost 0.16%, potentially ending an 11-day winning streak.
Fidelity International's Salman Ahmed maintains his prediction of a recession next year, citing the full impact of the Federal Reserve's monetary policy tightening and a wave of corporate debt refinancing as leading factors.
Gasoline prices are rising due to oil supply cuts in Saudi Arabia and Russia, as well as flooding in Libya, but some experts believe that increasing oil prices will not have a significant impact on the US economy and do not expect them to rise much higher in the next year or two due to factors such as increased US oil production, slow global economic growth, and the green energy transition. However, high oil prices can lead to higher inflation, potential recession, and could influence the Federal Reserve to raise interest rates, but the impact may not be as severe as in the past, and some experts recommend investing in the energy transition and adopting a more defensive investment strategy.
Chicago's derivatives firms, which handle trillions of dollars in trades, are considering leaving the city if an $800 million tax proposal, including a levy on financial transactions, is implemented, as they are concerned about rising crime and potential economic disadvantages compared to their competitors.
Inflation in the Gulf Cooperation Council (GCC) countries remains lower than counterparts worldwide, with factors like reduced food costs and declining energy prices contributing to a global deceleration in inflation, according to an analysis by Kamco Invest. While inflation rates have declined over the first seven months of the year, global core inflation remains above central bank targets, particularly in the housing sector in Gulf countries.
China's ban on Japanese marine products, in response to Japan's decision to release contaminated water from the Fukushima nuclear plant into the Pacific Ocean, is causing falling prices and uncertainty in Japan's fishing industry, with exports to China totaling $600 million last year.
The Canadian dollar weakened against the US dollar after data revealed that the country's economy unexpectedly contracted in the second quarter, reducing the likelihood of an interest rate hike from the Bank of Canada.
The surging mortgage rates are leading to higher monthly payments for new home buyers, with many facing payments of at least $2,000 and some spending over 60% of their income on their mortgage, making affordability a significant challenge for first-time buyers.
The Indian rupee is expected to open higher against the US dollar following a downward revision to US economic growth in the second quarter, but experts suggest the rupee may struggle to maintain its gains.
U.S. Treasury Secretary Janet Yellen sees no signs of an economic downturn but warns that failure to pass legislation to keep the government running could slow economic momentum.