U.S. consumer credit growth accelerated in April to the fastest pace since November 2022, according to recent data from the Federal Reserve. The June 7 data on consumer credit, or G.19, comes after the Federal Reserve raised interest rates in May by 25 basis points, to a range of 5.0–5.25 percent. Many economists are worried that…
American Consumer Credit Growth Last Month Rose to Its Fastest Pace Since November
June 8, 2023
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Business & Marketsconsumer crediteconomic policieseconomyhousehold debtinflationinterest ratesInvestmentMarketspersonal financerecessionUSUS News
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Dollar Slips From Near 3-month Highs as Traders Gauge Rate Outlook
LONDON/SINGAPORE—The dollar fell slightly on Thursday from near three-month highs, a day after a surprise rate hike from the Bank of Canada suggested the Federal Reserve may also have more work to do to combat inflation. The euro was last up 0.3 percent at $1.073 against the dollar—the most traded currency pair in global markets….
Oil Rises as Saudi Cut Supports and Focus Turns to Fed
LONDON—Oil rose on Thursday as tighter supply resulting from Saudi Arabia’s pledged production cut and a potential pause to U.S. interest rate hikes offset worries over demand weakness and a global economic slowdown. At an OPEC+ meeting on Sunday, Saudi Arabia said it will cut its crude output by 1 million barrels per day (bpd)…
Shares Stall as Bond Markets Reprice Rate Expectations
June 8, 2023
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LONDON—Borrowing costs in government bond markets rose and share markets stalled on Thursday after a surprise interest rate hike in Canada gave investors their second reminder of the week that the surge in global interest rates isn’t done yet. Asian markets had struggled overnight and the cautious mood continued in Europe as London’s FTSE, Germany’s…
ANALYSIS: Is the US Economy Headed for a ‘Soft Landing’?
News Analysis Several new reports have bolstered the narrative that the U.S. economy might be able to stick a so-called “soft landing,” referring to a scenario in which inflation falls back down to target while a recession is avoided and there’s no meaningful drop in employment. The two reports—the Business Roundtable’s quarterly CEO economic outlook…
Australia Reports Lowest Quarterly Economic Growth Since September 2021
Australia’s economic growth is shrinking as interest rate hikes, high inflation, and unfavourable global conditions continue to take a toll on the economy. According to the latest national accounts, Australia’s GDP (gross domestic product) only grew by 0.2 percent in the March quarter, down from 0.6 percent in the previous three months and the lowest…
More Businesses Leaving California for Better Opportunities in Other States
June 8, 2023
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Business companies are leaving California for better opportunities in other states, with the number of departing companies nearly doubling from 2012 to 2019. A study commissioned by the Los Angeles Area Chamber of Commerce follows reports that California’s population has been shrinking since 2020. “The Golden State’s luster appears tarnished in recent years,” said the study…
Commercial Real Estate Exposure, Financial Pressures Could Result in Bank Consolidation, Yellen Says
More consolidation in the U.S. banking system would not be surprising considering the current environment in the financial sector, says Treasury Secretary Janet Yellen. While Yellen acknowledged that she does not wish to see further consolidation by some smaller banks threaten the diversity of the banking sector, she would understand due to the enormous pressures…
Reddit to Lay Off About 5 Percent of Its Workforce
Reddit said on Tuesday it is laying off about 5 percent of its workforce, or 90 employees, joining a list of technology companies that have been cutting jobs across corporate America. Tech companies including Meta Platforms have been slashing jobs after aggressively hiring during the pandemic, as the industry braces for an economic downturn. Meta,…
New York City Goes After Hyundai, Kia After Security Flaw Leads to Wave of Social Media Fueled Theft
June 7, 2023
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Business & Marketscar theftCompaniesCrime & Public SafetyCrime and IncidentsHyundaiKiaNew YorkNY NewsRegional & State NewsState NewsUS
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New York City has filed a lawsuit against Hyundai and Kia, joining a host of other cities beset by a social media fueled wave of car thefts due to a flaw that made some car models highly susceptible to theft. Viral how-to videos on TikTok and other sites show how to start the cars using…
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