The notion that debt-financed government spending has a “low fiscal cost” is not only misleading, but also hides the fact that it has real economic costs, even when the interest rates are very low, a recent study says. “There is no free lunch when it comes to debt-financed government spending. Even with record low interest…
Debt-Financed Government Spending Imposes ‘Real Economic Costs’ on Canadians: Study
June Jobs Beats Estimates; Recession Is a ‘Jump Ball’
June jobs printed at 372,000 new jobs, well above the consensus estimate of 268,000. The unemployment rate was 3.6 percent, unchanged from last month, but down from last June’s 5.9 percent. The labor force participation rate was 62.2 percent, up from the 61.6 percent that printed in June 2021, but down 10 basis points (bps, defined as 1/100th…
South Korea’s GDP Could Soar by Joining Indo–Pacific Economic Framework: Report
July 4, 2022
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South Korea joined the U.S.-led Indo–Pacific Economic Framework (IPEF) that aims to counter the Chinese Communist Party, a move which could increase the country’s GDP in the long-term despite a reduced economic dependence on China, economists said. In May, South Korea became a member of the IPEF, joining 12 other nations including Japan, Australia, New Zealand, and…
New Zealand Economy Contracts, GDP Down 0.2 Percent in First Quarter
New Zealand’s economy contracted during the first three months of the year, with the latest data showing gross domestic product (GDP) fell 0.2 percent. Statistics New Zealand revealed primary industries led the fall in GDP, down 1.2 percent over the March quarter. Goods producing industries also edged lower by 0.1 percent. “We saw lower output…
The New World of Stagflation
Commentary Later this month, the government will announce second quarter GDP figures. If they are negative, coming after a 1.5 percent decline in the first quarter, it will be official. The recession will enter into the annals of economic history. At the same time, everyone knows about the roaring inflation right now, which official data…
Canadian GDP Growth Hits 3.1% in First Quarter, Slower Than Expected
The economy grew at an annualized rate of 3.1 percent in the first quarter, helped by business investment and household spending, Statistics Canada said Tuesday. The result was down from an annualized rate of 6.6 percent in the fourth quarter of 2021. Statistics Canada said the change came as export volumes dropped 2.4 percent for…
Hong Kong’s First Quarter Exchange Funds Lose in Billions, GDP Declines: HKMA
Hong Kong is seeing an omen of economic retreat in the first quarter of this year, with foreign exchange funds at an never-seen loss of $7.2 billion from two years ago, and the GDP devalued by 4 percent. A May 3 advanced estimate released by the Hong Kong government suggested that in the first quarter,…
Weekly Jobless Claims Rise as Labor Output Hits Worst Decline in Production Rates Since 1947
U.S. labor output steeply declined in the first quarter of 2022, with its fastest drop in productivity in 75 years, while growth in unit labor costs accelerated, according to a May 5 report from the U.S. Bureau of Labor Statistics The government report indicated that rising wage pressures would continue to keep inflation elevated for the time…
Stagflation or Recession? Economic Woes May Hang Over Post-Crisis US Economy
The U.S. economy unexpectedly contracted in the first quarter, shrinking 1.4 percent. Another three months of negative growth in the output of goods and services could send the world’s largest economy into a technical recession. Although recession clouds could be forming on the horizon, some market analysts dismissed the headline GDP reading in the January-to-March…
Two Weeks to Flatten the GDP
Commentary What is it with these pundits and government spokespeople? Two years ago, they were wildly exaggerating virus threats, canceling and censoring people who pointed out contrary evidence. It was all about scaring people into compliance with a far-flung epidemiological experiment. Now the tendency has swung the other way. No matter how bad the economic…
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