The US economy contracted for a second straight quarter between April and June, according to official data released Thursday, adding fuel to recession fears and creating a headache for President Joe Biden ahead of midterm elections.
Surging inflation and severe slowdowns in the United States and China prompted the IMF Tuesday to downgrade its outlook for the global economy this year and next, while giving an even starker assessment of what may lie ahead.
President Joe Biden said Monday he does not expect the United States suffer an economic downturn, although GDP figures due later this week may show the economy shrinking for a second consecutive quarter.
Most stocks fell Tuesday after a Wall Street sell-off fuelled by fresh recession worries following a report that Apple planned to ease back on spending due to uncertainty over the economic outlook.
Despite mounting worries over inflation, just-released bank earnings painted a resilient picture of the US economy and consumer, generating talk that any recession might be milder than earlier downturns.
JPMorgan Chase reported a drop in second-quarter profits on Thursday and warned that a weakening global economic outlook prompted the firm to set aside additional funds to cover potential bad loans.
Job vacancies seem to come ten-a-penny in Keswick, a tourist town in England’s picturesque Lake District, as the hospitality sector cries out for staff — shortages which are a direct result, critics say, of the coronavirus pandemic and of Brexit.
The Philippine central bank announced a surprise interest rate hike Thursday, raising borrowing costs for the third straight month and warning more could follow as officials try to rein in surging energy and food prices.
The euro on Tuesday fell to parity with the dollar for the first time in nearly 20 years. Here are the concrete consequences of the decline in the value of the single European currency.
The Spanish government said Tuesday it will slap temporary taxes on banks and energy firms to cover the cost of state measures put in place to help Spaniards grapple with soaring inflation.
