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The Latest Breaking News on Economy

US jobless claims reach six-week high in wake of Hurricane Ian

Applications for U.S. unemployment insurance increased to a six-week high, driven in part by a jump in Florida claims in the aftermath of Hurricane Ian.

Tribune News Service

More big interest rises on the way as US inflation hits 8.2%

The higher than expected figure for September sent shares tumbling

Evening Standard

US prices rise in September as midterm elections loom

Inflation rate stubbornness will likely spark a further increase to interest rates which could come in early November

The Guardian - US

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U.S. applications for jobless aid rise last week

The number of Americans applying for unemployment benefits rose slightly last week but remains historically low even as the U.S. economy slows in the midst of decades-high inflation

The Independent UK

"Labor hoarding" could keep layoffs from spiking during the next downturn

After 2020's mass layoffs, some workers didn't return; now companies might think twice before pulling the trigger.

Axios

Commentary: The labor market’s double-edged sword

The unemployment rate now matches the pre-pandemic, half-century low of 3.5 percent. But with 2.8 million missing workers, low unemployment is both a blessing and a curse.

Tribune News Service

Little sign of relief expected in September inflation data

Any Americans hoping for relief from months of punishing inflation might not see much in Thursday’s government report on price increases in September

The Independent UK

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Treasurer Jim Chalmers warns of US recession prior to meeting with G20 counterparts

Treasurer Jim Chalmers acknowledges the "deteriorating global economy and rising inflation" would put pressure on his upcoming budget, ruling out changes to legislated stage 3 tax cuts.

ABC News

Fed voiced determination at last meeting to curb inflation

Federal Reserve officials at their last meeting stressed their commitment to taming “unacceptably high’’ inflation before announcing that they were raising their benchmark interest rate by a substantial three-quarters of a point for a third straight time and signaling more large rate hikes ahead

The Independent UK

Survey: Experts see massive hiring slowdown and surging unemployment a year from now

Employers have added 3.5 million jobs so far this year, among the fastest pace in 28 years and a remarkable feat considering the number of headwinds powerful enough to knock hiring off course — from boiling inflation to the fastest Federal Reserve rate hikes in four decades.

Tribune News Service

Survey: Fed’s inflation fight will take interest rates to highest since 2007

The Federal Reserve is expected to lift interest rates to the highest level since 2007 in its intense quest to battle the hottest price surge in four decades, according to the nation’s top economists.

Tribune News Service

Liz Truss rules out spending cuts as the cost of borrowing soars

The ability to speak truth to power is a rare skill. But power speaking truth to the people is perhaps rarer still.

Evening Standard

What it means for the economy to 'shrink' - and how it affects our money

The economy looks as though it will go into recession after figures show it 'unexpectedly' shrank in August.

Daily Record

Shock fall in monthly growth leads to new fears of recession

Markets’ jitters over Kwasi Kwarteng’s plan continue

Evening Standard

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The National (Scotland)

Risk of recession rises as UK economy shrinks in August

THE risk of a recession has risen after the UK’s economy shrank in August as factories and consumer services firms struggled, according to…

The Independent UK

Jacob Rees-Mogg claims parts of economy in ‘good state’ and insists pensions safe

Cabinet minister clashes with BBC host – and reveals his own mortgage payments have gone up

Wales Online

UK economy unexpectedly shrinks

The Chancellor has blamed Vladimir Putin

Evening Standard

UK economy shrank in August raising new fears of imminent recession

The economy shrank by 0.3 per cent in August raising new fears of an imminent recession.

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news in one place.

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Axios

Biden says "slight recession" possible, "but I don't anticipate it"

"I don't think there will be a recession," he told CNN. "If it is ... we'll move down slightly."

The Times of India

Joe Biden admits 'very slight' US recession possibility

WASHINGTON: President Joe Biden said a recession in the US is possible but that any downturn would be “very slight” and that the US economy is resilient enough to ride out the turbulence.

Bangkok Post

The global recovery winds down

The post-Covid recovery has run out of steam. The latest update to the Brookings-Financial Times Tracking Indexes for the Global Economic Recovery (Tiger) shows that growth momentum, as well as financial market and confidence indicators, have deteriorated markedly around the world in recent months, many countries are either in or…

AAP

Neutral cash rate 'guide' for reserve bank

Getting the cash rate back to neutral is more about the journey than the destination and the Reserve will be guided by changing economic conditions.

The Guardian - AU

Australia predicted to avoid worst of downturn as IMF warns of global recession

Revenue boost will aid budget repair as ‘storm clouds’ loom over economy, Deloitte predicts

Wales Online

Academics call for furlough scheme to be brought back right now

Businesses need strategy to help them reduce costs, but also need to be able to quickly ramp up their operations

Evening Standard

Lowest jobless tally since 1974 adds rate pressure on Bank of England

Unemployment dropped from 3.6% to 3.5% in the three months to August

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