Economy News

January retail sales in the US jumped by the most in almost two years, after two straight monthly declines. According to the Commerce Department, retail sales bolted 3% last month, the biggest increase since March 2021.Data reveals that American consumers ...

The tech industry is reeling from an economic downturn, with many major firms announcing significant layoffs. With two months of 2023 yet to be completed, 108,346 employees from 380 tech companies have been cut in widespread layoffs. This figure already ...

The UK’s annual inflation rate slid for a third month in a row, with January’s figure relieving pressure on the Bank of England (BOE) to raise interest rates, even though inflation remains in double digits and is close to the ...

The Consumer Price Index (CPI) in the US climbed 6.4% in January from a year ago.  This reading showed a marginal slowdown from December's figure, making it the smallest annual increase since October 2021.A rebound in rent and gasoline prices ...

Returning Brazilian President Luiz Inácio Lula da Silva has once again raised his concerns about Brazil's benchmark interest rate level, which stands at 13.75%, claiming it is a major drag on the country’s growth prospects.Elected on promises of greater national ...

China’s economy will expand by 5% in 2023, according to ratings agency Fitch, an improved forecast from the growth forecast of 4.1% the agency had made in December.New data reveals that consumption and activity in China are recovering faster than ...

US treasury yields jumped higher last Friday after a report showing that job growth surged in January, further exacerbating the Federal Reserve's attempts to soften the labor market to bring inflation down.The yield on 10-year treasury notes was up 12 ...

Apple, the world’s most valuable brand, missed expectations for revenue and profit for the holiday quarter. Overall sales were about 5% lower than the year before, the first year-on-year sales decline since 2019.  Explaining the results, CEO Tim Cook attributed ...

The EU this week unveiled plans for its “Green Deal,” a package designed to cut red tape and deliver tax breaks to companies adopting net-zero technologies. Europe’s plan comes in response to the Biden administration’s massive green subsidy program.The proposals ...

China intends to increase the retail price of gasoline and diesel this week in response to rising international oil prices. Gasoline and diesel prices will go up by 250 yuan (US$37) per ton and 240 yuan (US$36) per ton, respectively.Some ...

The Federal Reserve places great store in consumer spending as a barometer of how hot the economy is running. US consumer spending dropped in December, providing evidence that the Fed’s series of interest rate increases are cooling the economy.On Friday, ...

High inflation and fears over a global recession have led to softening worldwide demand for smartphones, shipments of which have declined to a low not seen since 2013. Global smartphone shipments plunged in the fourth quarter of 2022, usually a big ...

The UK’s Purchasing Managers Index (PMI) survey for January showed the sharpest drop in business activity since COVID lockdowns two years ago, as the combination of high interest rates and low consumer demand dampened activity.The PMI reading fell to 47.8 ...

Home sales in the US are on a major decline. December marked the 11th straight monthly fall in sales of existing homes, the longest streak since 1999.Driven by the US Federal Reserve’s fastest interest rate-hiking cycle since the 1980s, the ...

Dutch central bank chief Klaas Knot, a Governing Council member of the European Central Bank (ECB), has said the central bank will carry on with half-point interest-rate increases at the next two meetings.In a recent interview, Knot said the time ...