This year, the U.S. economy might face a “slowcession” rather than a recession, according to a new report from Mark Zandi, the chief economist at Moody’s Analytics. While the growing base-case scenario among investors, market analysts, and economists is an economic downturn, Moody’s expects “halting growth and higher unemployment” in 2023, effectively “avoiding a downturn.”…
Moody’s Expects ‘Slowcession’ in 2023: No Growth, Rising Unemployment
Recession Is the ‘Most Likely Outcome,’ Says Alan Greenspan
The U.S. slipping into a recession is the “most likely outcome,” says former Federal Reserve chair Alan Greenspan. Greenspan, who is now the senior economic adviser at Advisors Capital Management, stated in a year-end question-and-answer commentary posted on the firm’s website on Tuesday that even a pivot by the central bank would not be “substantial…
US Recession Is the ‘Most Likely Outcome,’ Says Ex-Federal Reserve Chief Alan Greenspan
The U.S. slipping into a recession is the “most likely outcome,” says former Federal Reserve chair Alan Greenspan. Greenspan, who is now the senior economic adviser at Advisors Capital Management, stated in a year-end question-and-answer commentary posted on the firm’s website on Tuesday that even a pivot by the central bank would not be “substantial…
US Manufacturing Sector Weakens Further to End 2022
The U.S. manufacturing sector weakened further to finish 2022 amid falling output and client demand, supporting widespread recession fears. In December, the S&P Global U.S. Manufacturing Purchasing Managers’ Index (PMI) (pdf) tumbled to 46.2, down from 47.7 in November; anything below 50 indicates contraction. This matched Trading Economics’ expectations of 46.2. It represented the largest…
German Inflation Hits 7.9 Percent in 2022, Highest in Over 70 Years
BERLIN—Germany has recorded its highest annual inflation in more than 70 years, according to preliminary data released Tuesday by the country’s Federal Statistical Office. Surging energy and food prices due to Russia’s attack on Ukraine saw full-year inflation reach 7.9 percent in 2022. The last time annual inflation was near that level was in 1951,…
Dollar Jumps to 2-Week High, Euro Slides as German Inflation Eases
LONDON—The euro was on track for its biggest one-day drop since September as German inflation eased in December, while the dollar rose to a two-week high with focus turning to the Federal Reserve’s minutes from the December meeting. The euro was last down around 1.3 percent against the dollar at $1.0526, its lowest level since…
Oil Falls as Outlook for China, Global Economy Weigh
January 3, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices edged lower on Tuesday in volatile trade as weak demand data from China and a gloomy economic outlook weighed. Brent crude futures fell 46 cents, or 0.54 percent, to $85.45 a barrel by 1017 GMT. U.S. West Texas Intermediate crude was down 38 cents, or 0.47 percent, at $79.88. Both contracts rose by…
World Markets Mostly Gain Ahead of Fed Report, US Jobs Data
January 3, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyGold and CommoditiesinflationMarketsrecessionstocksUS
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BEIJING—Global stock markets and Wall Street futures were higher Tuesday ahead of updates on U.S. jobs amid fears of a possible global recession. Frankfurt, Shanghai, and Hong Kong advanced. Seoul declined. Oil prices rose. Coming off a year of big declines for major stock markets, traders worry the Federal Reserve and other central banks might…
Annuity Market Will Cool in 2023 as Interest Costs Soar: Expert Forecast
January 2, 2023
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Alternative InvestmentsAnnuityBrightFixed Incomefixed indexed annuityinflationinvestingpersonal financerecessionretirementvariable annuity
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A tumbling stock market and higher interest rates are forcing consumers to buy annuities. According to LIMRA, a trade group for the insurance industry, annuity sales in the third quarter of 2022 approached $80 billion, just beating the $79.4 billion record set in Q2. It’s an impressive 27 percent increase over last year. As in…
2023 Spells Big Trouble for US Economy, Majority of Big Banks Warn: Reports
The vast majority of economists at 23 large financial institutions surveyed by The Wall Street Journal predict that the United States will fall into the grips of a recession in 2023 and millions of Americans lose their jobs. More than two-thirds of the nearly two dozen institutions—which include trading firms and investment banks that do…
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