The U.S. economy shrank for the second consecutive quarter in the three months ended June, according to the final estimate from the Bureau of Economic Analysis, meeting the criteria for a so-called technical recession as raging inflation and higher interest rates weighed on spending.
The British pound plunged to an all-time low against the U.S. dollar Monday as investors ran for the exits after the new government’s fiscal plan threatened to stretch Britain’s finances to their limits.
President Biden has passed 99 executive orders since becoming president and a federal budget expert has estimated that the cost to taxpayers will be upwards of $1.5 trillion, with his recent student loan forgiveness accounting for a huge portion of that amount.
The US record-breaking national debt is now almost $31 trillion, Fox Business reports. The last US national debt milestone was in February 2020, when it exceeded a record $30 trillion for the first time.
Small businesses, truckers, and the rail industry are warning that a major economic fallout would occur if railway unions follow through with a strike beginning Friday, including further supply chain delays, increased inflation, lost jobs and shuttered businesses.
A new government report showed millions of Americans are struggling to pay for food, fuel, and rent as US inflation in August remained at 40-year highs, USA Today reports.
A new report by Aquanomics GHD warns that increasingly extreme weather could cause over $5 trillion in losses to the global economy by 2050, Reuters reports.
Two groups representing more than 600 million evangelical Christians urged prayers for an end to the war in Ukraine as territories still controlled by Kyiv observed Ukraine’s Independence Day.
Just 17 days after the last Astana summit in TehranTurkish President Recep Tayyip Erdogan and his counterpart Vladimir Putin met again — this time in Sochi. As Erdogan was underlining that “the world was watching the Sochi summit,” the international headlines drew attention to the “secretive nature” of the two leaders’ meeting, which was held behind closed doors.
While the annual pace of inflation in the United States eased slightly in July, a deeper dive into the numbers reveals that some of the categories that hit everyday Americans especially hard in the pocketbook have soared, with the price of groceries jumping to the highest level since 1979.
The U.S. economy unexpectedly contracted in the second quarter, with consumer spending growing at its slowest pace in two years and business spending declining, raising the risk that the economy was on the cusp of a recession.
The International Monetary Fund (IMF) on Tuesday attested that the world is in danger of falling into another global recession, the Times of Israel (TOI) reports. The IMF gave its grim view in its latest World Economic Outlook (WEO), amid surging inflation and severe economic slowdowns in the US, the Euro zone, and China.
In the East, however, security and economy-focused blocs led by Beijing and Moscow are looking to take on new members of their own, including Iran and Saudi Arabia, two influential Middle Eastern rivals whose interest in shoring up cooperation on this new front could have a significant impact on global geopolitical balance.
Europe, already rattled by record inflation, faced more headache this weekend after Italy’s president dissolved the Parliament of Europe’s third-largest economy.
Inflation in the US hit a 40-year high in May, as America joined the UK, the Eurozone, and countries in Africa, South America, and Asia fighting massive consumer prices against a backdrop of the pandemic and the Russian invasion of Ukraine.
Tense protests continued in Hungary’s capital till the early hours of Thursday after the government announced “an energy emergency” and effectively raised taxes for hundreds of thousands of small entrepreneurs as the nation’s currency plunged to record lows while inflation reached the highest levels in decades.
The Biden administration sold roughly one million barrels from the Strategic Petroleum Reserve to a Chinese state-controlled gas giant that continues to purchase Russian oil, a move the Energy Department said would “support American consumers” and combat “Putin’s price hike.”
Hungary will host hundreds of religious Jewish refugees from Ukraine who require kosher food, a rabbi says.
U.S. producer prices surged 10.8% in May from a year earlier, underscoring the ongoing threat to the economy from inflation that shows no sign of slowing.
Markets are beginning to anticipate an even faster pace of interest rate hikes, and Federal Reserve officials apparently are contemplating the possibility as well.