The U.S. manufacturing industry contracted for the third month in a row in January, and remained below a key threshold that is consistent with a recession in the broader U.S. economy. On Wednesday, the Institute for Supply Management (ISM) announced that its Purchasing Managers Index (PMI) for manufacturing dropped to 47.4 in January. The new manufacturing…
US and Global Economy to Grow Slower in 2023, Possibility of Recession in Some Nations: UN
January 26, 2023
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Business & Marketseconomic recessioneconomyglobal economyInternationalrecessionUnited NationsUSUS economyWorld
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The global economy is predicted to register a slower growth this year, continuing the trend from last year, with the United States also poised to mark a smaller pace of growth and several countries likely to see a “mild recession,” according to the United Nations. Global economic growth in 2023 is projected to be 1.9…
US Business Activity Declines for Seventh Month in a Row as Recession Looms
January 25, 2023
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Business & Marketsbusiness activityBusiness Confidenceeconomic downturneconomic recessioneconomyPMI Composite Output indexrecessionUSUS economy
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Business activity in the United States contracted for the seventh consecutive month in January, with both manufacturing and service sectors remaining in the red for the month, suggesting a downturn in economic activity. The S&P Flash U.S. PMI Composite Output Index for January came in at 46.6, up from 45 at the end of 2022,…
Almost 20 Percent of US Firms Plan to Fire Employees: NABE Survey
January 23, 2023
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Business & MarketsCompanieseconomic recessioneconomyemployment trendsfiring employeeslayoff workersrecessionunemploymentUS
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Roughly a fifth of American companies are looking to scale down their workforce in the coming months as businesses come under pressure of low margins, with many foreseeing an economic recession, according a January survey by the National Association for Business Economics (NABE). According to the survey, almost 20 percent of respondents expect employment at…
Bed Bath & Beyond at Risk of Stock Market Delisting
January 22, 2023
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Bed Bath and BeyondBusiness & MarketsCompanieseconomic recessioneconomyfinancial crisisNASDAQ delistingUS
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Following its failure to file Q3, 2022, results with the U.S. Securities and Exchange Commission (SEC), retail store chain Bed, Bath & Beyond has now been informed by Nasdaq that its listing is at risk, as the retailer’s financial woes continue. Bed, Bath & Beyond received a notice from the Listing Qualifications Department of Nasdaq,…
Mortgage Rates Decline to Lowest Level in Four Months, 2023 Recession ‘Still an Issue’
January 20, 2023
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Business & Marketseconomic recessioneconomyfalling home salesFed Rate Hikehigh inflationhousing supplymortgage ratesreal estateUSUS Real Estate
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U.S. mortgage rates for 30-year fixed-rate loans have fallen to their lowest in four months amid a slowdown in the pace of interest rate hikes by the Federal Reserve and a decrease in home sales last year, with some experts predicting the easing down of mortgage rates to be the trend for 2023. The average…
‘Woke Generation’ Is Threat to Economy, ‘Entitled’ Are Not Working and Living Off Handouts: Home Depot Founder
January 20, 2023
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Bernie MarcusBusiness & Marketsclimate change agendaeconomic policieseconomic recessioneconomygovernment handoutsPolicies & ImpactsrecessionSocial IssuesUSWoke Culturewoke ideology
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Home Depot co-founder Bernie Marcus warns about the “woke generation” pushing the climate change agenda and enforcing diversity being a danger to society, while many people living on handouts refuse to work even as a recession looms ahead. “I certainly don’t want to see the woke generation coming up, especially the leaders. I’m watching Davos,…
Fed Policymakers Foresee Need for More Rate Hikes to Control Inflation
January 19, 2023
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Business & Marketseconomic policieseconomic recessioneconomyfed policyFed Rate Hikehigh inflationinflationinterest rate hikesPolicies & ImpactsrecessionUS
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Multiple Federal Reserve policymakers are expecting interest-rate hikes to continue, albeit at a smaller magnitude, as the central bank attempts to rein in inflation, with Patrick Harker, president of the Federal Reserve Bank of Philadelphia, predicting the economy will experience only a “modest” growth in 2023. The Federal Reserve is “absolutely committed” to bringing down inflation…
The Canadian Economy Is Grinding to a Halt
January 14, 2023
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CanadaCanada economyeconomic recessioninflationlabour shortagesOpinionTrudeau governmentViewpointsWorld
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Commentary For economic prognosticators, the year that just ended threw up some big surprises, including the first land war in Europe since 1945, spiralling inflation, and a series of rapid-fire interest rate increases as panicked central bankers rushed to tame soaring prices. Few, if any, forecasters anticipated these developments—a stark reminder of how hard it…
‘Australia Will Avoid a Recession’ as World Faces Economic Slump: Treasurer
January 13, 2023
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AustraliaBusiness & Marketseconomic recessioneconomyinflationInternationalJim ChalmersrecessionWorld
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As global economic forecasts heavily point towards pockets of recession, Australian Treasurer Jim Chalmers remains optimistic that Australia will evade a prolonged economic slump. “It’s our expectation that Australia will avoid a recession. The numbers that the Treasury put into the budget that I handed down not that long ago in October certainly made that…
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