America’s manufacturing sector expanded in May, according to two separate sets of U.S. factory performance gauges, which diverged in the details but both showed hiring difficulties and inflationary pressures weighing on economic activity. One of the measures, the Institute for Supply Management’s (ISM) Manufacturing PMI, rose to 56.1 percent in May from 55.4 percent in…
US Manufacturing Grows Solidly But Inflation and Labor Crunch Take Toll
‘I Think I Was Wrong’ and ‘Didn’t Fully Understand’ Inflation: Treasury Secretary Janet Yellen
Treasury Secretary Janet Yellen admitted in an interview with CNN that her past views on how inflation in the United States would progress were faulty. Yellen, along with Federal Reserve officials, had previously insisted that inflation was temporary. However, with inflation now near four-decade highs, many have been forced to change their stance on the…
German Retail Sales Drop in April as Food Prices Bite
BERLIN—German retail sales fell by more than expected in April as consumers feel the pinch of higher prices, especially for food, and retailers face supply problems from the China lockdowns. The Federal Statistics Office said on Wednesday that retail sales were down 5.4 percent on the month in real terms. A Reuters forecast had predicted…
BT-Warner Bros Discovery Sports Deal Invites UK Antitrust Inspection
BT Group Plc’s £633 million ($797 million) sports TV joint venture with Warner Bros Discovery Inc. is subject to antitrust scrutiny from the UK’s competition watchdog, Bloomberg reports. The Competition and Markets Authority enquired whether the transaction could raise competition concerns. Accordingly, CMA will decide whether to move to an in-depth probe by July 28. Previously BT disclosed…
UK Shop Prices Growing at Fastest Rate in Over a Decade
June 1, 2022
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Business & EconomyChinese Communist Party (CCP)COVID-19economyfood inflationinflationUKWorldzero-COVID
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Shop prices in the UK grew at the fastest rate in more than a decade in May, driven mainly by accelerating food inflation. According to the latest shop price index from the British Retail Consortium (BRC) and NielsenIQ, retail price inflation rose to 2.8 percent in May, the highest figure since July 2011. It said…
Americans Are Cutting Vacation Plans Short Due to Rising Gas Prices and Inflation: Survey
June 1, 2022
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Americans want to go on vacation this summer despite concerns about rising gas prices and inflation, according to a May 25 survey by the American Hotel & Lodging Association (AHLA), but not without misgivings over costs. About 57 percent of survey respondents said they still have plans to take a summer vacation this year, an…
Government Spending Is the Real Tax; Deficits Are a Sideshow
Commentary Many economists believe that during an economic slump, government should run large budget deficits in order to keep the economy going with increases in government outlays, with the consequent budget deficit giving individuals more disposable money. This, in turn, will result in an increase in consumer spending that will lift the economy’s gross domestic…
FDA Withdraws Approval for TG Therapeutics Cancer Treatment
The U.S. Food and Drug Administration said on Wednesday it has withdrawn its approval for TG Therapeutics Inc.’s lymphatic cancer treatment Ukoniq over concerns of higher risk of death in patients receiving the drug. Ukoniq received accelerated approval in the United States in February last year to treat adult patients with marginal zone lymphoma who…
Bank of Canada ‘Prepared to Act More Forcefully’ to Fight Inflation Amid Mounting Criticism
News Analysis OTTAWA—The Canadian economy is in the midst of a rapidly rising interest-rate environment. The Bank of Canada is faced with trying to put out an inferno of inflation amid a red-hot economy while being criticized for the current predicament. For the second straight meeting, on June 1, the BoC raised its policy interest…
Wall Street Opens Higher on Upbeat Earnings; Factory Data in Focus
Wall Street’s main indexes opened higher on Wednesday after robust quarterly earnings from luxury retailers and Salesforce, while investors awaited factory activity data for cues on the strength of the U.S. economy. The Dow Jones Industrial Average rose 166.19 points, or 0.50 percent, at the open to 33,156.31. The S&P 500 opened higher by 17.63…
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