"Japan has slipped into a recession, leading to the loss of its position as the world's third-largest economy-a title now held by Germany. This shift comes as Japan's Gross Domestic Product (GDP) shrank at an annualized pace of 0.4% in the final quarter of 2023, as reported by the Cabinet Office.
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The 0.8% decrease in consumer spending, adjusted for seasonal factors but not inflation, surpassed economists' predictions, who had anticipated a more modest decline of 0.3%. This downturn follows a revised gain of 0.4% in December, suggesting a potential shift in consumer behavior at the outset of the year.
"The United Kingdom's economy has officially entered a recession, marking a significant downturn and the weakest annual growth since the aftermath of the 2008 financial crisis, excluding the pandemic-impacted year of 2020.
U.S. inflation climbed to 3% in September, coming in slightly below economists' expectations and reinforcing market confidence that the Federal Reserve will move forward with another interest rate cut at its policy meeting next week.
China's top leadership has reaffirmed its commitment to strengthening domestic manufacturing and technological self-reliance over the next five years, signaling that the world's second-largest economy will continue prioritizing state-led industrial expansion even as it grapples with weak domestic demand and mounting tensions with the United States.
Britain's stubborn inflation held steady for a third consecutive month in September, dimming hopes that the Bank of England will move ahead with an interest rate cut before year-end.
China's economy grew 4.8% in the third quarter from a year earlier, matching forecasts but underscoring deep imbalances as property investment plunged and consumer spending lost steam. The slowdown, coupled with a 0.5% contraction in fixed-asset investment, marks the country's weakest domestic momentum in a year and comes as President Xi Jinping convenes top officials to finalize China's next five-year economic plan.
China's exports of rare earth magnets fell sharply in September, deepening concerns that Beijing may again use its dominance in critical mineral supplies as leverage in trade negotiations with the United States. The latest data come as both governments prepare for renewed tariff talks ahead of the November 10 expiration of their 90-day truce.
U.S. consumers are expected to spend $253.4 billion online this holiday season, a 5.3% increase from last year, as shoppers turn to artificial intelligence tools, steep discounts, and flexible payment plans to navigate economic pressure from tariffs and inflation, according to Adobe Analytics data released Monday.
U.S. jobless claims fell sharply last week, underscoring resilience in the labor market even as hiring remains sluggish and the Federal Reserve moves cautiously on rate cuts. Initial claims for unemployment benefits dropped to a seasonally adjusted 218,000 for the week ended Sept. 20, down 14,000 from the prior week and well below economists' expectations for 235,000, the Labor Department said Thursday.
Consumer prices climbed faster than expected in August while jobless claims rose to their highest level in nearly four years, offering a mixed but ultimately dovish signal to the Federal Reserve ahead of its key policy meeting next week.
U.S. wholesale prices unexpectedly declined in August, adding momentum to expectations that the Federal Reserve will deliver its first interest rate cut in nearly a year at its meeting next week.
The U.S. economy added nearly a million fewer jobs than previously reported for the year ending in March, according to preliminary benchmark revisions released Tuesday by the Bureau of Labor Statistics (BLS). The sharp downgrade underscores concerns about the labor market's resilience and adds new pressure on policymakers to support growth.