Economy

Hong Kong observation wheel, and the Hong Kong and Shanghai Bank, HSBC building, Victoria harbor, Hong Kong, China. Ucg | Universal Images Group | Getty Images The U.S. will enter a downturn in the fourth quarter, followed by a “year of contraction and a European recession in 2024,” according to HSBC Asset Management. In its

Gita Gopinath, first deputy managing director of International Monetary Fund (IMF), spoke to CNBC at the ECB Forum in Portugal. Bloomberg | Bloomberg | Getty Images Major central banks will have to keep interest rates high for much longer than some investors expect, Gita Gopinath, first deputy managing director of the International Monetary Fund, told

Federal Reserve Board Chairman Jerome Powell departs after speaking during a news conference following the Federal Open Market Committee meeting, at the Federal Reserve in Washington, DC, on June 14, 2023.  Mandel Ngan | AFP | Getty Images The Federal Reserve plans to keep hiking interest rates to stem inflation, which means an increase in

Fresh PMI data came in below expectations and pointed to an economic slowdown. Bloomberg | Bloomberg | Getty Images Business activity growth in Europe slowed in June, pointing to a difficult end to the second quarter, according to preliminary data Friday. The euro zone’s flash composite Purchasing Managers’ Index dropped to 50.3 in June from

Houses pictured on 8th June 2023 in Halifax, United Kingdom. U.K. borrowers are facing sharply higher mortgage costs. Mike Kemp | In Pictures | Getty Images LONDON — U.K. borrowers are facing a cliff edge that could damage the economy as rising mortgage costs hit deal renewals and the number of products available shrinks, experts

A member of the public walks through heavy rain near the Bank of England in May 2023. Dan Kitwood | Getty Images News | Getty Images LONDON — The Bank of England is “caught between a rock and a hard place” as it prepares for a key monetary policy decision against a backdrop of sticky

Jim Casselberry, Known Source: Known Black people in America won their personal freedom 158 years ago. Economic freedom, though, has been far more elusive. Veteran portfolio manager Jim Casselberry is trying to do something about that, using his four decades of investing experience to help bridge the gap for people of color and the Indigenous

Dollar, yuan, yen and euro notes. Ullstein Bild Dtl. | Ullstein Bild | Getty Images From hawkish pauses to rate hikes and dovish tones, the world’s biggest central banks last week struck very different tones on monetary policy. The European Central Bank on Thursday hiked rates and surprised markets with a worsening inflation outlook, which

The U.K. Treasury building. Matthew Lloyd | Bloomberg | Getty Images LONDON — U.K. borrowing costs, as measured by the yield on short-dated government bonds, rose above levels last seen following Britain’s market-destabilizing “mini-budget” after labor market data showed rising wage growth on Tuesday. The yield on two-year gilts hit 4.754% at 10:13 a.m. London

The inflation rate cooled in May to its lowest annual rate in about two years, the Labor Department reported Tuesday. The consumer price index, which measures changes in a multitude of goods and services, increased just 0.1% for the month, bringing the annual level down to 4%. That 12-month increase was the smallest since March

Gas prices on a sign at a Shell gas station in San Francisco, California, US, on Tuesday, May 23, 2023. Bloomberg | Bloomberg | Getty Images Inflation data from May will show that the price increases that have been bedeviling consumers for the past two years are slowing down. The question, though, will be whether

Shell gas station prices are seen on May 30, 2023 in Austin, Texas. Brandon Bell | Getty Images Consumers are growing more optimistic that inflation is on the way down, according to a New York Federal Reserve survey released Monday. The central bank’s monthly Survey of Consumer Expectations for May showed one-year inflation expectations down

The German economy entered a recession in the first quarter. Bloomberg | Bloomberg | Getty Images The euro zone entered a recession in the first quarter of this year, and economists are not optimistic for the coming months. The 20-member bloc reported a gross domestic product of -0.1% in the first quarter, according to revised

First-time jobless claims rose sharply last week in a potential sign that the labor market is softening up after more than a year of interest rate hikes. Initial filings for unemployment benefits totaled a seasonally adjusted 261,000 for the week ended June 3, an increase of 28,000 from the upwardly revised level of the previous

The World Bank says global growth has sharply slowed amid ongoing high inflation and overhangs of the banking crisis result in worsening credit conditions. Growth forecasts for advanced economies project just 0.7% increase this year, down from 2.6% estimated growth in 2022. This marks “one of the weakest growth rates in the last five decades,”

The U.S. economy continued to crank out jobs in May, with nonfarm payrolls surging more than expected despite multiple headwinds, the Labor Department reported Friday. Payrolls in the public and private sector increased by 339,000 for the month, better than the 190,000 Dow Jones estimate and marking the 29th straight month of positive job growth.

Steve Debenport | E+ | Getty Images The U.S. unemployment rate rose in May, but declined for Hispanic workers, according to the latest nonfarm payrolls report. The overall unemployment rate last month was 3.7%, a gain of 0.3 percentage points from the prior month. However, Hispanic or Latina women saw their unemployment rate fall to

A waiter works at a restaurant in Alexandria, Virginia, on June 3, 2022. Olivier Douliery | AFP | Getty Images The U.S. payrolls report for May blew past expectations, supported by strong jobs gains in the professional and business services sector — as well as a jump in government employment. Professional and business services led