When the U.S. economy recorded back-to-back quarters of negative economic growth—the definition of a technical recession—in the first half of 2022, the White House dismissed the data. Administration officials and a chorus of economists argued that the labor market was tight, retail sales were up, and household finances were in good shape. As a result,…
Is the US in a Recession? Preferred White House Data May Answer Question
Food and Beverage Sector Faces Highest Risks of Insolvency: Warns CreditWatch
June 23, 2023
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One of Australia’s top commercial credit reporting bureaus warns that the country’s food and beverage sector is set to see more businesses fail in the new financial year as households tighten their budgets and operating expenses stay high amid mounting cost of living pressures. CreditorWatch’s latest business risk index points to grim business conditions, with…
Euro Slides on Weak Business Data; Hawkish Central Banks Boost Dollar
SINGAPORE—The euro fell after the bloc’s business growth virtually stalled this month, as the dollar drew support from a bout of risk aversion on Friday and hawkish comments from global central banks, including the Federal Reserve. The dollar index, which measures the currency against six others, was up 0.56 percent at 102.95, reversing three straight…
Oil Resumes Slide on Demand Worries After Latest Rate Hikes
June 23, 2023
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LONDON—Oil dropped for a second day on Friday and was heading for a weekly decline, as a UK interest rate hike added to concern over economic growth that outweighed lower U.S. crude stocks and other signs of tighter supplies. Both crude benchmarks had dropped about $3 on Thursday after the Bank of England raised interest…
Stock Market Today: Asian Shares Sink as Central Banks Crank Interest Rates Still Higher
June 23, 2023
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BANGKOK—Asian shares sank sharply Friday after several central banks around the world cranked interest rates higher in their fight against inflation. Hong Kong and Tokyo shed nearly 2 percent and most other regional markets declined. U.S. futures and oil prices also were lower. Japan reported its inflation rate was higher than expected, adding to expectations…
Weekly US Applications for Unemployment Aid Remain Relatively Elevated
The number of Americans applying for unemployment benefits remained relatively elevated last week, potentially another signal that Federal Reserve rate hikes are beginning to cool a surprisingly resilient labor market. U.S. applications for jobless claims were 264,000 for the week ending June 17, the same as the previous week’s revised number, the Labor Department reported…
Weekly Applications for Unemployment Aid Remain Relatively Elevated
The number of Americans applying for unemployment benefits remained relatively elevated last week, potentially another signal that Federal Reserve rate hikes are beginning to cool a surprisingly resilient labor market. U.S. applications for jobless claims were 264,000 for the week ending June 17, the same as the previous week’s revised number, the Labor Department reported…
Swiss Franc Falls, Norwegian Crown Surges After SNB, Norges Hikes
LONDON—The Swiss franc fell on Thursday after the Swiss National Bank (SNB) hiked its benchmark interest rate, while the Norwegian crown surged after a bolder Norges Bank move. The SNB raised its benchmark interest rate by 25 basis points to 1.75 percent, defying some market expectations of a bigger increase. Despite an easing in Swiss…
Oil Dips With Interest Rates and Inventories in Focus
June 22, 2023
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LONDON—Oil futures dipped slightly on Thursday, with trader expectations of further interest rate hikes countered by potentially bullish U.S. oil inventory data after preliminary figures showed a fall in stocks. Brent futures eased by 47 cents, or 0.6 percent, to $76.65 a barrel at 0840 GMT and U.S. West Texas Intermediate (WTI) crude futures were…
Shares Ease, Dollar Steady in Central-Bank Heavy Day
June 22, 2023
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LONDON/SINGAPORE—Global shares eased on Thursday after Federal Reserve Chair Jerome Powell indicated U.S. rates had further room to rise, while the dollar held steady against the pound ahead of the Bank of England’s decision on monetary policy later on. The MSCI All-World index was down 0.1 percent, heading for a fifth straight day of declines,…
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