economic
In a recent update, the number of Americans filing for new unemployment benefits rose by 4,000 to a seasonally adjusted 232,000 for the week ending August 17, according to the Labor Department. This uptick, while slightly above economists’ expectations of 230,000, indicates a gradual cooling of the labor market rather than a dramatic downturn. Despite the slight increase in jobless claims, the US labor market continues to demonstrate resilience. Layoffs remain at historically low levels, and while hiring has slowed, the overall demand for labor persists. This stability, buoyed by an increase i...
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Mexico’s economy demonstrated resilience in the second quarter of 2024, with GDP increasing by 0.2% from the previous quarter. This modest growth mirrors preliminary estimates and follows a downwardly revised 0.1% increase from the prior period. However, annual growth showed a more robust figure, with a 2.1% increase in Q2, slightly below the initial 2.2% forecast but a notable acceleration from the 1.5% rise in the previous quarter. Data from the Instituto Nacional de Estadística y Geografía (INEGI) reveals that this represents the second consecutive quarter of slow growth. While the service ...
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In an event filled with political speeches and strategic positioning, it was a deeply personal moment that captured the nation’s attention. Gus Walz, the 17-year-old son of Minnesota Governor Tim Walz, stole the show at the Democratic National Convention (DNC) in Chicago—not for a rousing speech or a political stance, but for his heartfelt reaction as his father accepted the vice presidential nomination. Gus’s emotional response, coupled with his family’s openness about their struggles, resonated with millions, turning the spotlight on a different kind of courage. Governor Walz talks about inf...
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The US economy’s strength has been a topic of heated debate, especially as the country approaches the next presidential election. In a surprising development, the US Labor Department announced that the number of jobs added over the past year was significantly lower than initially reported. The latest data revealed that employers added about 818,000 fewer jobs than previously estimated, marking a 30% reduction in job creation figures. This substantial revision, the largest since 2009, has led to concerns about the true state of the US labour market and its potential impact on future economic po...
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Federal Reserve officials are edging closer to a long-awaited interest rate cut, with the latest minutes from their July meeting signaling that a reduction in September has become increasingly probable. The July 30-31 meeting revealed a consensus among Fed officials that, provided economic data continues on its current trajectory, easing policy at the next meeting would be appropriate. ‘Vast majority’ of participants anticipate a rate cutThe minutes, released on Wednesday, highlighted that “the vast majority” of participants believed it would be suitable to lower the federal funds rate at the ...
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In a surprising twist, former President Donald Trump has hinted at the possibility of offering Elon Musk a position in his cabinet if he wins the 2024 presidential election. During a recent interview, when asked if he would consider Musk for a cabinet role, Trump responded, “I would, he’s very smart… I certainly would if he would do it.” This potential collaboration between two of the most influential figures in business and politics could have far-reaching implications, particularly for the electric vehicle (EV) industry and Tesla. Elon Musk, known for his bold moves and visionary ideas, didn...
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China has launched an an anti-subsidy investigation into dairy imports from the European Union in a move that is likely to escalate its trade tensions with the continent. Announced by China’s Ministry of Commerce on Wednesday, the probe will scrutinize subsidies related to dairy products produced in the EU from April 2023 through March 2024. The anti-subsidy investigation will primarily focus on specific dairy items, including fresh and processed cheese. The inquiry is expected to conclude within a year. It was prompted by a complaint submitted by the Dairy Association of China and the China D...
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Kamala Harris, the current vice president of the United States, has seen her net worth rise significantly since her selection as Joe Biden’s running mate in 2019. According to Forbes, her net worth is now estimated at $8 million, reflecting a $2 million increase over the past few years. The growth in her financial portfolio is attributed to various factors, including her real estate investments, income from book sales, and pensions accumulated throughout her political career. This financial growth aligns with her increasing influence within the Democratic Party, especially following her nomina...
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Inflation in the Euro Area unexpectedly rose to 2.6% in July, defying market expectations of a decrease to 2.4%. This uptick, as reported by the European Union, was primarily driven by a notable increase in energy prices, underscoring the ongoing volatility in global energy markets and its impact on the broader economy. Energy expenses played a significant role in the inflation surge, rising from 0.2% in June to 1.2% in July. The prices of non-energy industrial goods also continued to climb, with a 0.7% increase in July, maintaining the same pace as the previous month. This sustained growth in...
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The UK economy in 2024 presents a blend of promising growth figures and underlying concerns, leaving many to wonder: Is this a sustainable rebound or merely a temporary upswing? While the country has shown resilience in recovering from recent economic challenges, a closer look reveals potential vulnerabilities that could undermine this progress. Key factors such as retail performance during the men’s Euros football tournament, political uncertainty, and the direction of inflation are crucial to understanding the true state of the UK economy. Economic growth: Strong numbers, but for how long?In...
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