Will the rest of the world feel China’s deflation pain?
Chris Gills Financial Times August 16, 2023 Beijing’s economic woes worsened last week after it emerged China had fallen into deflation. The news highlights how the country is struggling to live up to expectations of a strong recovery after emerging from extended Covid lockdowns. But will falling prices have an impact beyond China’s borders, in […]
US Retail Sales Top Forecasts, Showcasing Consumer Resilience
Reade Pickert Bloomberg August 15, 2023 July sales rose 0.7% after upward revisions to prior months Broad gain included firmer sales at online, clothing retailers US retail sales rose in July by more than forecast, suggesting consumers still have the wherewithal to sustain the economic expansion. The value of retail purchases increased 0.7% in July after upward […]
China Now Sells Fewer Goods to the US Than Mexico or Canada Do
Augusta Saraiva Bloomberg August 8, 2023 Mexico and Canada have replaced China as the top providers of goods to the US as a nearshoring push encourages more diversified supply chains. The US imported about $203 billion in goods from China in the first six months of the year, 25% less than in the same period in 2022, […]
JPMorgan Scraps Recession Call in Latest Sign of Rising Optimism
Reade Pickert Bloomberg August 4, 2023 JPMorgan Chase & Co. economists scrapped their call for a recession in the US, joining a growing number of forecasters who now expect the economy to avert the downturn that was once viewed as inevitable. The bank, which had previously said it expected a recession to begin in 2023, […]
US Productivity Jumps by Most Since 2020, Blunting Labor Costs
Reade Pickert Bloomberg August 3, 2023 US labor productivity logged its biggest increase in the second quarter in nearly three years, helping to offset rising labor costs. Productivity, or nonfarm business employee output per hour, rose at a 3.7% annual rate in the second quarter after registering a decline in the first three months of […]
S&P 500 Profits Get a Lift From the Crack in King Dollar’s Reign
Jessica Menton Bloomberg July 29, 2023 Traders bet greenback will fall more, helping overseas sales End of Fed rate hikes adds to pressure weighing on US currency With the Federal Reserve nearing the end of its most disruptive monetary-tightening campaign in a generation, a softening US dollar is poised to boost profit growth for nearly half of […]
US GDP Growth Accelerates to 2.4% as Consumers Show Resilience
Reade Pickert Bloomberg July 27, 2023 Household spending tops estimates, business investment robust Latest data likely add to hopes that US can skirt a recession US economic growth unexpectedly picked up steam in the second quarter, boosted by stronger-than-forecast consumer spending and robust business investment. Gross domestic product rose at a 2.4% annualized rate after a […]
IMF Lifts World Growth Outlook on US Stability, But Risks Linger
Eric Martin Bloomberg July 25, 2023 GDP this year seen expanding 3%, from 2.8% forecast in April High rates, persistent inflation, sluggish China among dangers The International Monetary Fund raised its outlook for the world economy this year, estimating that risks have eased in recent months after the US averted a default and authorities staved off a banking […]
US Consumer Confidence Rises to a Two-Year High on Job Market
Reade Pickert Bloomberg July 25, 2023 US consumer confidence advanced in July to a two-year high, bolstered by a strong job market and easing inflation. The Conference Board’s index rose to 117 this month from 110.1 in June, data out Tuesday showed. That exceeded the median estimate of 112 in a Bloomberg survey of economists. The group’s […]
US Consumer Sentiment Jumps to Near Two-Year High on Job Market
Reade Pickert Bloomberg July 14, 2023 University of Michigan index climbed to 72.6 in early July Short-term inflation expectations edged up to 3.4% from 3.3% US consumer sentiment soared in early July to an almost two-year high, bolstered by easing inflation and a strong labor market. The University of Michigan preliminary index rose by 8.2 points to […]