Tag Archives: Economy

I went out for pizza the other night, but had to eat it in my car. That’s because the Frank Pepe’s in Manchester, Connecticut had this sign on its door. “Attention: Dining Room closed after 4 p.m. today due to staffing shortages.” So I ate in my SUV, no problem, (the pizza was fantastic), but it made me think 1) this can’t be good for Frank Pepe’s, and 2) the note on the door is literally a sign of the times. A sign we’re living in a world where supply shortages — employees, oil,… Source link

The International Monetary Fund (IMF) downgraded its outlook for the global economy next year based on the effects of the war in Ukraine, global inflation that requires interest rate hikes and a slowdown in China. “In short, the worst is yet to come, and for many people 2023 will feel like a recession,” IMF Chief Economist Pierre-Olivier Gourinchas stated. The IMF, which is the primary financial institution of the United Nations, now forecasts global growth will slow next year by 2.7% —… Source link

If there needs to be a U.S. recession to bring down inflation to appropriate levels, the Fed would be cool with that, says one Wall Street pro. “Unfortunately, yes [the Fed would be OK with a recession]. I’m going to say yes,” BMO senior economist Jennifer Lee said on Yahoo Finance Live. “And the Fed has sort of softened its tone a little bit over the past two months. They used to say that they could probably do this and achieve a softish [economic] landing. But now they’ve already said that… Source link

Today, Google announced its new cloud region in South Africa, the African nation which is now home to the major global cloud providers on the continent. For Google, this move is part of its broader commitment to invest $1 billion to support “digital transformation” across Africa over the next five years. The commitment, when dissected, includes projections of Google landing a subsea cable, providing low-interest loans to small businesses and equity investments to African growth… Source link

Biden’s economic team is going to look different in 2023. But how much different is the question. On Tuesday night, Axios reported that White House officials are considering the possible departures of three top economic officials after November’s elections — Janet Yellen, Secretary of the Treasury; Brian Deese, director of the National Economic Council; and Cecilia Rouse, chair of the Council of Economic Advisers (CEA). In a statement to Yahoo Finance, a White House official denied the… Source link

This post was originally published on TKer.co The U.S. economy is closely related to the U.S. stock market. But that relationship is not perfect in a number of ways. An important way the two differ is international exposure. According to FactSet, S&P 500 companies1 generate around 40% of revenue outside of the U.S.2 That means these companies are significantly dependent on the health of the international economies in which they operate. They employ abroad, source goods abroad, and sell… Source link

By Noel Randewich (Reuters) – S&P 500 futures fell on Thursday, suggesting traders expect Wall Street to open down in its next session, after FedEx withdrew its financial forecast and added to worries about a slowing global economy. After trading resumed following a daily maintenance period, S&P 500 e-mini futures fell 0.6%. Nasdaq futures dropped 0.7%. FedEx tumbled 16% late in the day after the company said its fiscal first-quarter results were hit by global volume softness and it withdrew… Source link

FedEx (FDX) withdrew its full year earnings guidance and reported preliminary first quarter results that fell short of Wall Street estimates, sending shares tumbling in extended trading on Thursday. “Global volumes declined as macroeconomic trends significantly worsened later in the quarter, both internationally and in the U.S.” FedEx CEO Raj Subramaniam warned in the release. “We are swiftly addressing these headwinds, but given the speed at which conditions shifted, first quarter results… Source link

(Bloomberg) — President Vladimir Putin’s invasion of Ukraine set Russia’s economy back four years in the first full quarter after the attack, putting it on track for one of the longest downturns on record even if less sharply than initially feared. Most Read from Bloomberg In a bleak tally of the war for Russia, an economy that was picking up speed at the start of 2022 swung into a contraction during the second quarter. Data on Friday showed gross domestic product shrank for the first… Source link

Russia’s invasion of Ukraine this year has roiled global energy markets and caused food shortages in some parts of the world. The disruptions could intensify during the winter, with soaring energy costs causing a recession in Europe and weakening the economies of the United States and many other nations. A broader and more devastating conflict remains possible. A war involving China would be orders of magnitude worse. House Speaker Nancy Pelosi’s recent visit to Taiwan enraged China’s… Source link