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The Latest Breaking News on Economy

Could the U.S. still see a recession? A handy primer about the confusing economy

A string of encouraging reports is raising hope about the economy — but worries of a possible recession have not gone away. Here's why.

WEKU

Editorial: Bidenomics is just tired liberalism on steroids

The White House wallowed in a bit of good news last week when the Labor Department revealed that inflation in June had cooled to its lowest pace — 3% — in more than two years. Still, Fed officials have signaled that another rate hike is coming because they don’t want…

Tribune News Service

The missing numbers: On the current vacuum of official data

The new Standing Committee on Statistics can pro-actively try to bridge the trust deficit between India’s once-revered statistical system and data users

The Hindu

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Aussie unemployment rate hangs on at 3.5 per cent

The labour market has proved resilient, with the jobless rate coming in at 3.5 per cent and 33,000 new jobs added to the economy.

AAP

Kate Forbes: We don’t need a red carpet, we just need roads connecting to the world

The UK is lagging behind other G7 countries, as a new poll indicates there’s a stark gap in confidence between small businesses in the UK and…

The National (Scotland)

Japan’s workers get rare pay bump after decades without a raise

Japanese employees earn only three-quarters as much as developed-country peers over 30 years after asset bubble burst.

Al Jazeera

Public sector pay rises of 10% would add little to inflation, says UK thinktank

IPPR report undermines Rishi Sunak’s argument that larger wage settlements would be inflationary

The Guardian - UK

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Backup plan in works in case budget is delayed

The Ministry of Finance is preparing a backup plan to sustain the economy if delays in forming a new government affect budget disbursement for the 2024 fiscal year starting on Oct 1.

Bangkok Post

Delay poses risks to the economy

The University of the Thai Chamber of Commerce (UTCC) expects a prolonged delay in the selection of a prime minister and formation of a new government, leading to protests that, if violent, will significantly affect tourism revenue, causing a loss of 500 billion baht, or a one percentage point decline…

Bangkok Post

The Guardian view on public sector pay: higher taxes on the rich are needed to fix broke Britannia

Editorial: Whoever wins the next election will have to spend money to repair the damage done after 13 years of Conservative party rule

The Guardian - UK

BMA rejects public sector pay rise and says government is making choices that leave people ‘sicker and poorer’– as it happened

Doctors’ union rejects offer while all four teaching unions urge their members to accept

The Guardian - UK

Pay decision expected amid longest junior doctors strike yet

A 6-6.5% rise has been recommended by independent bodies at a potential cost of £5 billion, reports have suggested.

The Independent UK

Rishi Sunak's key pledge dealt a blow as UK economy shrinks

RISHI Sunak’s core pledge to “grow the economy” has been dealt a blow after the latest statistics showed the UK economy contracted over the…

The National (Scotland)

UK economy shrinks slightly after coronation bank holiday

Contraction driven by royal occasions, meaning sectors like construction and finance lost a working day, Office for National Statistics says

The Independent UK

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The Guardian - AU

The RBA wants to raise unemployment to fight inflation – but who will that hurt the most?

Groups who benefited from strong jobs growth will be the first to lose work come a recession

Bangkok Post

Premier delay will affect fiscal budget

The implementation of the fiscal 2024 budget, starting on Oct 1, will be delayed if the new prime minister and government are not appointed within this month, according to the Budget Bureau.

Kiplinger

Recession Delayed to 2024, If Any: Kiplinger Economic Forecasts

Rising interest rates haven’t slowed consumer spending enough to bring the economy into a recession so far, but it could still be on the horizon.

Axios

Warning: Student loan cliff ahead

For millions of individuals that means real spending cuts — which could translate to a slowdown for the economy overall.

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The Hindu

Karnataka Budget: Taxes, borrowings up, allocation cut to fund guarantee schemes

Increase in taxes, prioritisation of government programmes, and additional borrowings will together fund the five pre-poll guarantees of the Congress government, even as allocation to some crucial departments and subsidies have come down in the full-fledged “guarantee Budget” presented by Chief Minister Siddaramaiah on Friday.

The Hindu

Mixed reactions to Karnataka Budget

The Budget for the year 2023-24 presented by Chief Minister Siddaramaiah on Friday received mixed reactions from various quarters. While ruling party leaders have welcomed it, the Opposition has criticised it.

The Guardian - US

US economy adds 209,000 jobs in June as hiring slows

Rise was lower than the 240,000 jobs economists had expected though job market remains robust

Axios

More Americans believe they'd get a raise if they asked

It's another sign of the continued labor market strength.

The Independent UK

US jobs report likely to show a solid gain, potentially complicating Fed's drive to cool inflation

Another solid month of hiring in the United States is expected to be reported Friday, an outcome that would suggest no recession is in sight yet could make it harder for the Federal Reserve to succeed in its drive to cool the economy and curb high inflation

Tribune News Service

Commentary: Pay no attention to the economy behind the curtain

Anyone following the economic news coming from the Biden administration lately probably feels like Dorothy meeting the Wizard of Oz. Whether it’s data being revised from good to bad, the manipulation of statistics or indefensible exaggerations, the White House’s economic record is less impressive than it first appears. Here are…

The Hindu

A macro view of the fiscal health of States

A time path for revenue deficit reduction with a credible fiscal adjustment plan would help restore fiscal balance and improve quality of expenditure

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