The U.S. services industry picked up in July as new manufacturing orders saw steady increases with 26 consecutive months of expansion, according to the Institute for Supply Management (ISM) survey released on Aug. 4. The survey comes after the Commerce Department reported that the U.S. economy contracted by 1.3 percent in the first half of 2022,…
Euro Area to Get Back Half What It’s Spending on War Fallout: ECB
August 2, 2022
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FRANKFURT—Eurozone countries are spending more than they will get back to cushion the economic hit from the Ukraine war via fuel subsidies and other support measures, the European Central Bank said on Tuesday, telling governments to use their cash more efficiently. The 19 countries that share the euro approved support measures worth 0.9 percent of…
Eurozone Growth, Inflation Accelerate, but Recession Looms Later in Year
BRUSSELS/FRANKFURT—The eurozone economy grew much faster than expected in the second quarter, but economists said it might be the economy’s last hurrah before ever-higher inflation and supply chain problems cause a mild recession in the second half of the year. The stronger growth came despite stagnation in the bloc’s biggest economy Germany, where high inflation…
‘Recession Is in the Air’: German Economy Stagnates in 2nd Quarter
BERLIN—The German economy stagnated in the second quarter, data showed on Friday, with the war in Ukraine, the pandemic, and supply disruptions bringing Europe’s largest economy to the edge of a downturn. Gross domestic product was unchanged quarter on quarter in adjusted terms, the federal statistics office said. A Reuters poll of economists had forecast…
IMF Again Cuts US 2022 Growth Forecast to 2.3 Percent as Consumer Spending Cools
WASHINGTON—The International Monetary Fund on Tuesday warned that avoiding recession in the United States will be “increasingly challenging” as it again cut its 2022 U.S. growth forecast to 2.3 percent from 2.9 percent in late June as recent data showed weakening consumer spending. The Fund also cut its 2023 real GDP growth forecast to 1.0…
IMF Slashes US Growth Forecast, Sees ‘Narrowing Path’ to Avoid Recession
WASHINGTON—The International Monetary Fund on Friday slashed its U.S. economic growth forecast as aggressive Federal Reserve interest rate hikes cool demand but predicted that the United States would “narrowly” avoid a recession. In an annual assessment of U.S. economic policies, the IMF said it now expects U.S. Gross Domestic Product to grow 2.9 percent in…
Eurozone Business Growth Slumped in June as Price Hikes Bite
LONDON—Eurozone business growth has slowed significantly this month—and by much more than expected—as consumers concerned about soaring bills opted to stay at home and defer purchases to save money, a survey showed on Thursday. S&P Global’s flash Composite Purchasing Managers’ Index (PMI), seen as a good gauge of overall economic health, slumped to 51.9 in…
If You Love Your Subscribers, Let Them Go
During the first COVID-19 lockdown, subscription businesses witnessed unprecedented growth. From coffee to cars—nothing was off-limits, and subscriptions went from a revenue strategy to a movement. Thanks to the unlimited supply of recurring revenue adrenaline, investors’ love for subscription businesses only grew by leaps and bounds. Then suddenly, the world woke up from its stupor….
Apple, Tesla Supplier TSMC Forecasts Strong 2022 Growth
Taiwan Semiconductor Manufacturing Company Ltd., which supplies chips to the likes of Apple, Inc. and Tesla, Inc., is purportedly weathering external risks fairly well and is confident of seeing strong growth in 2022. What Happened TSM expects revenue growth to accelerate from 24.9 percent in 2021 to 30 percent in 2022, the foundry’s chairman Mark Liu said…
‘You Have to Look at Everything’: Salesforce’s CEO on How Growth Companies Can Survive This Market
Tech stocks are tumbling as the Federal Reserve wrestles with inflation in what is expected to be the central bank’s most aggressive tightening cycle in more than 40 years. What to Know On CNBC’s “Squawk On The Street” Wednesday, Salesforce Inc. CEO Marc Benioff said his cloud company was born into a recession. “In 2001, we almost lost our company because of a…
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