Economy
Sharp Decline in January US Retail Sales Signals Economic Caution
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UK Economy Enters Recession, Challenging Sunak's Growth Pledge
"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. -
January Sees Unexpected Rise in Consumer Prices, Challenging Fed's Inflation Outlook
"consumer prices in January witnessed a rise that exceeded expectations, primarily driven by persistent increases in shelter costs.
The Latest
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Fed's Preferred Inflation Measure Remains Elevated in March, Dampening Hopes for Rate Cuts
The Federal Reserve's closely watched inflation gauge, the personal consumption expenditures (PCE) price index, remained elevated in March, indicating that price pressures are not easing as quickly as policymakers had hoped. -
U.S. GDP Grows at 1.6% in First Quarter, Falling Short of Analysts’ Forecasts
According to the Bureau of Economic Analysis's advance estimate, the gross domestic product (GDP) increased at an annualized rate of 1.6%, a sharp deceleration from the 3.4% growth recorded in the previous quarter and below the Bloomberg-surveyed economists' projection of 2.5%. -
U.S. New Home Sales Surge in March Despite Elevated Mortgage Rates, Outpacing Expectations
According to government figures released Tuesday, new home sales, which account for about 14% of the U.S. home sales market, jumped 8.8% last month to a seasonally adjusted annual rate of 693,000, the highest level since September. -
China-EU Trade Tensions Escalate, Risking Full-Blown Trade War, Warns European Chamber President
The president of the European Chamber in China, Jens Eskelund, has warned that rising protectionism between China and Europe threatens to escalate into a full-scale trade war, likening the situation to a "slow motion train accident." Eskelund's comments come on the heels of German Chancellor Olaf Scholz's three-day tour of China, during which he conveyed European concerns about Beijing's investment policies and pushed for improved market access. -
Fed Chair Powell: Inflation Progress Stalls, Interest Rates to Remain High
Federal Reserve Chair Jerome Powell signaled on Tuesday that interest rates are likely to remain at their current high levels for an extended period, citing a lack of progress in bringing inflation back to the central bank's 2% target.
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IMF Raises Global Growth Forecast, Warns of US Fiscal Risks and Stalled Inflation Progress
The International Monetary Fund (IMF) has slightly upgraded its global growth forecast for 2024, projecting a 3.2% expansion, up 0.1 percentage points from its January estimate. Despite the modest improvement, the IMF warns that the global economy is entering a period of slow growth, dubbing it the "Tepid Twenties." -
China's Economic Growth Slows, Additional Stimulus Anticipated
China's economic expansion has shown signs of slowing in the first quarter of 2024, with projections indicating a growth rate of 4.6%, a decline from the 5.2% observed in the last quarter of 2023. This slowdown is attributed to a prolonged downturn in the property sector and faltering confidence in the private sector, which continues to pressure Beijing to deploy additional economic stimuli. -
U.S. Retail Sales Surge in March, Exceeding Expectations Amid Rising Inflation
In March, U.S. consumers displayed surprising resilience, pushing retail sales up by 0.7%, a rate that outstripped economists' expectations and exceeded inflation rates, according to the latest Commerce Department data. -
Fitch Warns of Potential Labor Oversupply Despite Immigrant Influx Solves Labor Shortage Puzzle, Boosts US Economy
The United States' labor market continues to defy expectations, with March delivering another impressive jobs report despite the Federal Reserve's aggressive interest rate hikes aimed at curbing inflation. A key factor driving this labor expansion, according to a report by Fitch Ratings released on Thursday, is the surge of foreign-born workers entering the US workforce. -
China's March Exports Plummet 7.5%, Imports Unexpectedly Shrink as Economic Recovery Falters
China's exports experienced a sharp contraction in March, while imports unexpectedly shrank, falling short of forecasts by significant margins and underscoring the challenges faced by policymakers as they attempt to bolster a shaky economic recovery.