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The Latest Breaking News on Economy

UK to enter recession until summer 2023, experts warn

High energy prices, surging inflation, rising interest rates and global economic weakness to blame

Wales Online

UK to be plunged into recession until summer 2023, economists warn

Britain’s economy is expected to shrink around 0.2 per cent each quarter from October through to June next year

The Independent UK

UK economy to enter recession until summer 2023, financial experts warn

Britain’s economy is expected to shrink around 0.2% each quarter from October through to June next year.

The Independent UK

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White House’s Rouse says Fed inflation push starting to work

The Federal Reserve’s interest-rate hikes to bring inflation under control are starting to work, while President Joe Biden is doing everything possible to support the U.S. central bank, two administration economic advisers said.

Tribune News Service

Treasurer Jim Chalmers warns of global economy's 'perilous path' ahead of federal budget

Figures released by the government, which are not expected to change before budget night, show the extent of Treasury's downgrades.

ABC News

Latest US inflation data raises questions about Fed’s interest rate hikes

Experts say raising rates ‘isn’t working’ and that the real culprits are corporate pricing, energy costs and supply chain

The Guardian - US

Biden says US dollar’s strength isn’t concerning for him

President Joe Biden downplayed the effect of the U.S. strong-dollar policy on the global economic outlook, saying weakness in other parts of the world is threatening growth.

Tribune News Service

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National jobless rate in the spotlight

All eyes will be on the latest labour force figures for signs that the jobs market might be starting to cool off.

AAP

Odds of US recession within next year climb to 60%, survey shows

Odds now favor that the U.S. economy slipping into a recession within the next year, with economists expecting the labor market and demand will become casualties in the Federal Reserve’s inflation battle.

Tribune News Service

Why Britain's economic mess matters even if you're not British

Britain's economic problems are unique in many ways, but recent events indicate the world economy is entering a new phase.

Axios

As the causes of US inflation grow, so do the dangers

What keeps driving inflation so high

The Independent UK

Inflation still 'public enemy number one'

The inflation dragon is still breathing fire as the treasurer says higher-than-expected US inflation will have implications for Australia.

AAP

Post-Covid headwinds hit the region

As the five economies in mainland Southeast Asia re-emerge from the Covid-19 pandemic, their prospects for recovery and return to growth and development appear challenged, characterised by deteriorating balance of payments, fiscal weaknesses, currency depreciations, and rising inflation amidst global monetary tightening and recession risks.

Bangkok Post

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

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Evening Standard

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

The higher than expected figure for September sent shares tumbling

The Guardian - US

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 Independent UK

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

Axios

"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.

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Tribune News Service

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.

The Independent UK

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

ABC News

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.

The Independent UK

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

Tribune News Service

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.

Evening Standard

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.

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