US economy

This week has been a rollercoaster ride of economic news. While economists are now predicting a brighter future for the U.S. economy, mortgage rates have hit a 20-year high. Meanwhile, the Taliban strengthens its relations with China, and the Chinese economy is exceeding growth expectations despite...

Acclaimed economist Peter Schiff warned Tuesday about the potential impact of a rise in bond yields, oil, and gold. He referred to this as a “trifecta of doom,” indicating an entrenched inflation and dwindling confidence in the Federal Reserve and the U.S.’s fiscal solvency. #...

With a backdrop of soaring interest rates, a strong dollar, and climbing oil prices, experts are predicting a less optimistic future for the U.S. economy, as highlighted by economist Mohamed El-Erian on Thursday. The President of Queens’ College, Cambridge, and chief economic adviser at...

Thursday’s economic data featured notable highlights: a 2.1% annualized growth rate for the U.S. economy in the second quarter of the year and a lower-than-expected increase in jobless claims from the prior week, which held close to a nine-month low. Treasury yields continued to rise further...

Despite the ongoing resilience of the U.S. economy, seasoned economist David Rosenberg continues to forecast an imminent recession. He referred to the upcoming fourth quarter as the “litmus test” for his bearish forecast. Rosenberg, the founder and president of...

President Joe Biden has taken the fight to his Republican adversaries, claiming that he has managed the economy more effectively than former President Donald Trump. According to The New York Times, Biden spoke on Thursday at Prince George's Community College in Largo,...

A vocal Tesla Inc. investor, Ross Gerber, expressed his concern over the rising U.S. deficit and inflation rate in a post on X, formerly known as Twitter. What Happened: Gerber highlighted that interest on U.S. debt is nearly equivalent to the country’s defense budget and criticized Federal...

As the U.S. auto industry and broader economy recover from the pandemic and semiconductor shortages, a potential United Auto Workers (UAW) strike could result in economic damage and higher inflation, Bloomberg reported. A 10-day strike against General Motors Co. (NYSE:GM), ...

The U.S. economy’s “temporary burst of inflation” has led to long-term psychological and political repercussions, according to economist Paul Krugman, Business Insider reported. Krugman, in a recent op-ed for The New York Times, stated that despite inflation coming down...

Goldman Sachs’ U.S. economist, Jan Hatzius dialed down the U.S. recession risk further in a Tuesday note. The latest insights from the investment giant reveal the 12-month U.S. recession probability now stands at a mere 15%, down 5 percentage points from their previous estimate. Goldman Sachs...

Salman Ahmed, the global head of macro and strategic asset allocation at Fidelity International, stood firm in his anticipation of an impending recession, even as Wall Street appeared increasingly optimistic about the Federal Reserve’s potential to orchestrate a soft landing for the U.S....

Private businesses in the U.S. added 177,000 employees in August 2023, down from an upwardly revised 371,000 increase in July and missing market expectations of a 195,000 rise, the ADP National Employment Report showed. However, this hiring tally marks the lowest level since March 2023 and falls...

Renowned economist Mohamed A. El-Erian expressed that he is “puzzled” over Fitch Ratings’ unexpected downgrade of the U.S. sovereign credit rating from AAA to AA+. El-Erian anticipates that many economists and market analysts will share his confusion over the timing and reasons...

A series of economic data is scheduled for release tomorrow morning EST providing insights into the current state of the consumer and manufacturing industries. Retail sales in the US have been showing a slight uptrend, unexpectedly rising 0.3% month-over-month in May, surpassing prior forecasts of...

The World Bank just slashed its forecast for U.S. economic growth for 2024. Real gross domestic product (GDP) in the country is now projected to grow by 0.8% in 2024, according to the international lending institution’s latest Global Economic Prospects report. Previously, its forecast was 1.6...