(Bloomberg) — The global economic slumpwon’t be as sharp as previously feared this year, though the recovery is losing pace and will need support from governments and central banks for some time yet, according to the OECD. The world economy will shrink 4.5% this year, less than the 6% forecast in June, the Paris-based institution said […]

In the first CNBC Fed Survey since the Federal Reserve announced its new, more dovish monetary policy strategy, respondents now forecast no rate hikes from the central bank until 2023. The results are a potential first sign that the Fed’s new strategy of allowing inflation to run above its 2% target for an unspecified time have had an […]

By Travis J. Tritten Deloitte to partner with companies on commercial technology Prototype is already handling initial AI projects (Bloomberg Government) — The Pentagon’s artificial intelligence center is beginning to build out cloud platforms that could allow developers across the military to create uses for the cutting-edge technology. A prototype of the cloud is being built […]

By Mark Gurman (Bloomberg) — Apple Inc. Chief Executive Officer Tim Cook and his top deputies are focusing greater attention on developing a new generation of leaders to eventually run some of the iPhone maker’s most important divisions such as hardware development, services and marketing. As Cook begins his 10th year at the helm, his management group is […]

Job openings rose 10% in July to a pandemic high even though the rate of hiring saw a sharp slump, according to a Labor Department report Wednesday. The total for available positions hit 6.6 million for the month, above the 6 million expected from economists surveyed by FactSet. The estimate effectively would have been no […]

China’s dollar-denominated exports beat expectations to rise 9.5% for the month of August from a year ago, data from the country’s General Administration of Customs showed on Monday.

The fast and furious tech equity rout could have further to go in the coming weeks before the market eventually rebounds ahead of the U.S. presidential election, according to Bank of America’s chief investment strategist Michael Hartnett.

By Olivia Rockeman ISM gauge retreats from a more than one-year high in July Business activity also cools; employment decline slows (Bloomberg) — U.S. service industries expanded at a slower rate in August as orders growth downshifted, indicating a more moderate pace of economic recovery from the pandemic. The Institute for Supply Management data showed Thursday […]

By Katia Dmitrieva ISM new orders gauge jumps to more than 16-year high Production grows by most since 2018, inventories shrink (Bloomberg) — U.S. manufacturing expanded in August at the fastest pace since late 2018, powered by growth in new orders that are a bright spot in an otherwise struggling economy. A gauge of factory activity increased to […]

U.S. consumer spending increased more than expected in July, boosting expectations for a sharp rebound in economic growth in the third quarter, though momentum is likely to ebb as the COVID-19 pandemic lingers and money from the government runs out.