An economic slowdown is “likely inevitable” and small businesses will be impacted significantly, a former parliamentary budget officer told the Senate banking committee on Dec. 1. “It’s going to hurt small businesses significantly because with higher interest rates, people are not going to want to use credit,” said former budget officer Kevin Page, according to…
Small Businesses to Be Hit Hard by Recession, Says Former Budget Officer
Hiring Is Poised to Weaken
Commentary The debate over the state of the economy has quieted. With the midterm elections done, the side claiming that a recession had already begun has less need to make its case, while the other side has less need to refute it. But if the politically obsessed have turned away from such matters, economics still…
US Manufacturing Activity Declines for First Time Since Pandemic
December 2, 2022
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American manufacturingBusiness & MarketseconomyISM Manufacturing IndexManufacturing ActivityrecessionUS
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Manufacturing activity in the United States, as measured by the Institute for Supply Management (ISM), declined in November for the first time in two and a half years. ISM’s November Manufacturing PMI came in at 49 percent, which is 1.2 percentage points lower than the 50.2 percent registered in October, according to a recent ISM…
Dollar Slips to 5-month Low, Yuan Set for Biggest Weekly Gain Since 2005
LONDON—The dollar was pinned near a five-month low against a basket of major currencies on Friday ahead of key U.S. labor market data, while the yuan was set for its biggest weekly gain since China abandoned its dollar peg and revalued its currency in 2005. The dollar index, which measures the currency against six major…
World Shares Slip, Dollar Nurses Losses as US Payrolls Loom
December 2, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—European shares opened lower, Treasuries held on to gains and the dollar was nursing heavy losses on Friday ahead of U.S. non-farm payrolls data, the next big test for investors looking for more signs of a rates policy shift from the Federal Reserve. Data overnight including falling U.S. job openings and contracting U.S. manufacturing activity,…
Inflation Eases but Remains 300 Percent Above Fed’s Target, New Data Shows
December 2, 2022
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Business & Marketseconomic policieseconomyFederal ReserveinflationInvestmentMarketsPersonal Consumption Expenditures Indexpersonal financerecessionUS
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New data shows that U.S. inflation rates have eased but still remain 300 percent above the Federal Reserve’s target. The personal consumption expenditures index (PCE) for October, a measure of inflation that is closely monitored by the Fed, was released on Dec. 1 by the Bureau of Economic Analysis. The central bank is using the headline PCE…
Job Cuts Soar 127 Percent In November Amid Wave of Tech Layoffs
December 1, 2022
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Business & MarketsCompanieseconomic policieseconomyinflationjob cutspersonal financerecessiontech sectorUS
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The rate of job cuts in the United States soared 127 percent in November, amid a wave of layoffs in the tech industry. The American employers announced 76,835 cuts last month, a 127 percent increase from the 33,843 cuts in October, according to a report by Challenger, Gray & Christmas. Last month saw a 417…
Germans Spending Less as Soaring Power, Food Costs Gnaw Finances
BERLIN—For 25 years, Theo Jost served the German Christmas dish of goose in his restaurant near the Black Forest. The birds were fresh, reared by farmers in northern Germany. But this year he took the dish off the menu because rising costs all along the supply chain would have doubled its price compared to last…
ADP Jobs Report Below Expectations, as Employers Added 127,000 Positions in November
December 1, 2022
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ADP National Employment ReportBusiness & Marketseconomyinflationjobs reportrecessionU.S. unemployment rateUS
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Private sector employment grew in the United States at a slower pace than expected in November, according to the recent ADP National Employment Report. In total, the private sector added 127,000 jobs this month, up 7.6 percent year over year, according to an ADP press release on Nov. 30. This is the smallest job creation number since…
S&P 500, Nasdaq Edge Higher on Solid Consumer Spending Data, Easing Prices
The S&P 500 and Nasdaq opened higher on Thursday after data showed a mild easing in inflation and solid consumer spending in October, adding to hopes of a likely downshift in the Federal Reserve’s aggressive rate hike policy. The Dow Jones Industrial Average fell 56.2 points, or 0.16 percent, at the open to 34533.59. The…
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