The U.S. budget deficit totaled $2.772 trillion during fiscal 2021, below the prior year’s record shortfall but still reflecting a second straight year of massive spending to support households and businesses through the coronavirus pandemic, the Treasury Department said on Friday. The United States posted a deficit of $3.132 trillion in fiscal 2020, when the…
US 2021 Fiscal Year Deficit Below Prior Year’s Record, Treasury Says
Unilever Warns of More Price Hikes as Inflation Worsens
Unilever warned inflation was likely to accelerate next year and its prices would have to rise further as consumer goods companies battle to offset surging energy and other costs. The maker of Dove soap and Knorr soup beat third-quarter sales growth forecasts on Thursday and kept its full-year profit margin guidance, defying some analysts’ fears…
Fed’s Powell Says It’s Time to Taper Bond Purchases, but Not Raise Rates
Federal Reserve Chair Jerome Powell on Friday said the central bank should start the process of reducing its support of the economy by cutting back on its asset purchases, but should not yet touch the interest rate dial. “I do think it’s time to taper; I don’t think it’s time to raise rates,” Powell said…
Wall Street Profits Soar Despite Accelerated Job Losses During Pandemic
October 22, 2021
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While Wall Street profits hit near-record highs in the first half of 2021, New York City’s securities companies continue losing jobs at an accelerated pace according to a report released on Thursday. Wall Street profits surged in the first half of 2021 to $31 billion in pre-tax earnings beating an already outsized first half of…
UK Retail Sales Fall for 5th Consecutive Month
Shoppers continued to shun the high street with sales volumes falling for the fifth consecutive month—the longest continuous stretch on record, according to official statistics. The drop was due to a fall in sales volumes in non-food stores, with lighting and furniture businesses the hardest hit, the Office for National Statistics (ONS) said. Sales volumes…
Electrified Cars Hit Almost a Fifth of EU Third Quarter Vehicle Sales
LONDON—Nearly one in five vehicles sold in the European Union in the third quarter was an electrified model as sales continued to soar while fossil-fuel cars slumped, according to sales data released on Friday by a trade organization. The European Automobile Manufacturers’ Association, or ACEA, which represents major European car, truck, van, and bus makers,…
UK Industry Group Warns Against Business Tax Rises
A leading British industry group has warned the government against announcing new business tax rises in next week’s budget, which it said would dampen the UK’s economic recovery. The Confederation of British Industry (CBI) said on Friday that UK businesses share the government’s aim to boost private sector investment, but worry that the budget will…
UK Recovery Perks up Despite Consumer Gloom and Inflation Surge
LONDON—Britain’s economy unexpectedly regained momentum in October, despite surging costs and mixed consumer signals, according to surveys on Friday that could tempt the Bank of England (BoE) to raise interest rates for the first time since the pandemic. The preliminary “flash” IHS Markit/CIPS Composite Purchasing Managers’ Index rose by the largest amount since May to…
US Business Activity Accelerates in October, Shortages Hamper Factories: IHS Markit Survey
October 22, 2021
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WASHINGTON—U.S. business activity increased solidly in October, suggesting economic growth picked up at the start of the fourth quarter as COVID-19 infections subsided, though labor and raw material shortages held back manufacturing. Data firm IHS Markit said on Friday its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, rebounded to…
Shipping Companies Warn: Biden Vaccine Mandate Will Trigger Holiday Supply Chain Chaos
October 22, 2021
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Cargo air shipping companies warned the White House that its proposed vaccine mandate will wreak havoc on the supply chain by putting even more strain on staffing across the industry, according to a letter sent by a cargo association to the Biden administration. “We have significant concerns with the employer mandates announced on Sept. 9,…
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