Economy News

Economic growth in the eurozone experienced a slight decline in May, reaching a low point not seen in three months. This downward trend can mainly be attributed to a decrease in industrial production.Although growth within the 20-country region managed to ...

Heavy layoffs are continuing to hit the tech sector. This week it is expected that job cuts will cross 200,000 after Meta removes thousands of employees in its latest round of planned layoffs.Industry sources estimate that a total of 696 ...

Pakistan has been torn by unrest since former Prime Minister Imran Khan was arrested earlier this week, complicating efforts to secure a financial lifeline from the IMF that promised to alleviate the country's worsening economic crisis. Indeed, the country is gearing ...

The University of Michigan has released a study indicating that the US inflation expectation index for the next five to 30 years has breached a 12-year upper mark of 3.2%.In related news, the consumer sentiment index fell to 63.5, contrasted ...

Leisure and hospitality businesses in the US are bouncing back after the pandemic, with booking activity approaching pre-COVID 19 levels.Despite many economists predicting a recession later this year, hospitality demand has been robust. This is positive news for a sector ...

Pakistan has been torn by unrest since former Prime Minister Imran Khan was arrested earlier this week, complicating efforts to secure a financial lifeline from the IMF that promised to alleviate the country's worsening economic crisis. Indeed, the country is gearing ...

On Thursday, the Bank of England (BOE) increased interest rates by 0.25 percentage points in its effort to combat out-of-control inflation. The decision marks the 12th consecutive interest rate hike, bringing the main borrowing rate in the UK to 4.5%, ...

The White House and Republicans in Congress are locked in a standoff over the US debt limit. The debt ceiling is the maximum amount of money Congress allows the federal government to borrow to cover its bills. Treasury Secretary Janet ...

The US labor market gained 253,000 jobs in April, a surprising increase at a time when manyexpected a slowdown in the job market.The unemployment rate slid to 3.4% — matching a half-century low hit in January — from 3.5% the ...

US Federal Reserve Chairman Jerome Powell has announced that the central bank has hiked interest rates for the 10 th straight time since March 2022. However, he indicated that a pause in rate hikes may be imminent under the right ...

The eurozone’s annual inflation climbed to 7% in April, a surprising development after the reading fell for five consecutive months.Although the increase was small, 0.1% up from 6.9% in March, analysts feel it could be enough to prompt the European ...

JPMorgan Chase has announced that it is buying most of the assets of First Republic Bank, confirming the second-largest bank failure ever in the US.The US government invited several leading US banks to make offers to take over the assets ...

Amazon, Microsoft and Google Face Cloud Revenue CutsEarnings data from Amazon, Microsoft and Google last week showed that clients are still looking for ways to curb their spending on cloud costs.Year-on-year growth at Amazon Web Services slowed to 16% from ...

The US economy weakened noticeably in the first quarter, measured from January through March. The US Department of Commerce released figures showing that, over the period, the economy slowed to an annual pace of just 1.1%, a marked deceleration from ...

Investors on Wall Street expressed relief as Google-parent company Alphabet joined Microsoft in beating market earnings expectations. Alphabet reported a 3% total year-on-year revenue increase, while Microsoft reported a near 9% bump. After a disastrous year for both stocks, their shares ...