BRUSSELS—The eurozone grew only marginally in the first three months of 2023 and at a rate lower than market expectations after stagnation at the end of last year, preliminary data showed on Friday. Gross domestic product in the eurozone expanded by 0.1 percent in the first quarter, below expectations in a Reuters poll for 0.2…
BOJ’s New Chief Keeps Ultra-Low Rates, Embarks on Policy Review
April 28, 2023
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TOKYO—The Bank of Japan (BOJ) kept ultra-low interest rates on Friday but announced a plan to review its past monetary policy moves, laying the groundwork for new Governor Kazuo Ueda to gradually phase out his predecessor’s massive stimulus programme. While maintaining its commitment to “patiently” keep policy accommodative, the central bank removed a pledge from…
German Unemployment Rises More Than Expected in April
BERLIN—German unemployment rose more than expected in April, Labour Office figures showed on Friday, as a sluggish economy took its toll on the labour market. The Federal Labour Office said the number of people out of work increased by 24,000 in seasonally adjusted terms to 2.567 million. Analysts polled by Reuters had expected that figure…
Euro Slips on GDP Data, Yen Slumps as BOJ Maintains Ultra-Low Rates
LONDON/SINGAPORE—The euro fell on Friday after economic data painted a mixed picture for growth and inflation across the eurozone, raising uncertainty around the size of the European Central Bank’s expected interest rate hike next week. Preliminary data showed gross domestic product in the eurozone expanded by 0.1 percent in the first quarter, below expectations in…
Oil Heads for Another Monthly Decline as Weak US Data Weighs
April 28, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices were heading for another monthly decline on Friday after disappointing U.S. economic data and uncertainty over further interest rate hikes weighed on the demand outlook. Brent crude futures for June were up 42 cents, or 0.5 percent, at $78.79 a barrel by 0946 GMT while the more actively traded July contract was down…
German Gloom Dampens Stocks as Fed, ECB Meetings Beckon
April 28, 2023
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LONDON—A stagnant German economy and sliding yen overshadowed buoyant tech earnings to send shares lower on Friday, with investors betting that next week’s batch of central bank meetings will point towards a levelling off in interest rates. Oil headed for a second week of declines after data on Thursday showing the U.S. economy slowing more…
Small Businesses Attempt to Hire Layoffs From Big Tech
April 27, 2023
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Layoffs at American tech companies have become an opportunity for small businesses, as highly skilled workers look for new work. Small businesses with less than 250 workers employed 58 percent of the total workforce in 2020, according to the U.S. Census. Tech startups have posted far more job offers than Big Tech firms in recent…
Tyson Laying Off 15 Percent of Senior Leadership, 10 Percent of Corporate Workers
Tyson Foods will slash its senior leadership and corporate roles in a bid to improve efficiency, which comes as the company reported dismal financial numbers in the first quarter 2023 fiscal year. In a memo (pdf) to employees on Wednesday, Tyson Foods CEO Donnie King said that one of the ways the company plans on…
Jobless Claims Fall Again With Labor Market Churning Along
Applications for unemployment benefits in the U.S. fell last week as the labor market continues to show strength despite some weakness in other parts of the economy. The number of Americans filing for jobless claims for the week ending April 22 fell by 16,000 to 230,000, the Labor Department reported Thursday. The four-week moving average…
US Economic Growth Slows Sharply in 1st Quarter as Interest Rates Rise
The U.S. economy expanded by 1.1 percent in the first quarter, down from 2.6 percent in the fourth quarter, according to the Bureau of Economic Analysis (BEA). This also came in below economists’ expectations of 2 percent. This was the slowest quarterly growth since the second quarter of 2022. The Federal Reserve’s higher interest rates…
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