"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.
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.
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.
The U.S. labor market showed renewed signs of strain in August as private-sector employers added just 54,000 jobs, according to payroll processor ADP, falling short of economists' forecasts and marking one of the weakest monthly gains in more than a year.
India's economy grew 7.8% year-on-year in the April-June quarter, the fastest pace in five quarters and well above economists' forecasts, as manufacturing, construction and services delivered solid gains. But the surge came just as U.S. President Donald Trump's administration imposed a 50% tariff on Indian imports, stoking fears of weaker growth in the months ahead.
Core U.S. inflation rose in July to its highest level since February, even as consumer spending showed resilience, underscoring the strain President Donald Trump's tariffs are placing on businesses and households while sharpening the Federal Reserve's policy dilemma.
The U.S. economy grew at an annualized pace of 3.3% in the second quarter, a sharper rebound than previously reported, as consumer spending and trade shifts helped offset ongoing weakness in business investment.
U.S. consumer sentiment declined in August, reversing recent gains as higher inflation expectations took hold amid President Donald Trump's sweeping new tariffs on nearly 70 countries. The University of Michigan's Consumer Sentiment Index fell to 58.6 from 61.7 in July, missing economists' forecasts of 62.0.
U.S. wholesale prices surged in July at their fastest pace in more than three years, driven by higher costs tied to President Donald Trump's tariffs, raising concerns that inflationary pressures could soon filter down to consumers.
The U.S. budget deficit widened to $291 billion in July, up 19% from the same month last year, despite a record surge in tariff revenue from President Donald Trump's trade policies, according to Treasury Department figures released Tuesday.