Economy Archives - Page 34 of 58

U.S Economy Crashes into Contraction for First Time Since 2020

The United States economy has suffered a major downturn in July, crashing into contraction for the first time since the impact of the pandemic hit in 2020. The downturn has been led by a crash in service sector activity and a decline in manufacturing production. The plummet was revealed in…

Wheat Prices Fall to Pre-War Levels after Russia-Ukraine Deal to Unblock Exports

The global price of wheat has fallen to pre-Russian invasion levels following the Friday announcement that Russia and Ukraine have struck a deal to unblock exports. Global wheat prices fell by 6 percent on Friday following the deal between Ukraine and Russia. The drop has brought prices of the staple…

Looming Debt ‘Death Spiral’ Will Force Fed to Restart Money Printers Sooner, Expert Warns

A leading economic expert is warning that the U.S. Federal Reserve will soon be forced to start printing money again as a "death spiral" of debt is looming. As the Fed continues to hike rates into a rapidly slowing economy, macroeconomic analyst Luke Gromen warns of a growing risk of…

30 Percent of Gen Z Americans Permanently Living with Parents amid Inflation Squeeze

Almost 30 percent of Gen Z Americans are living with their parents amid recent pressures from inflation and the pandemic, according to a new survey. The large number of Americans born in the late 1990s and early 2000s who still live at home with their parents or relatives comes amid…

Netflix to Crack Down on Password-Sharing with ‘Add a Home’ Fee

Netflix has announced that it will expand its crackdown on subscribers sharing their passwords with friends and family members from different households. Users of the streaming platform in certain test countries will soon be asked to “add a home” for an extra fee if they want to share their account…

Morgan Stanley Warns Bear Market ‘Not Over,’ Even If We Avoid Recession

American multinational investment bank Morgan Stanley has warned that the current bear market is "not over" amid recent positive signals. A brief bounce back in the stock market may be short-lived amid chronic inflation, according to analysts at Morgan Stanley and Goldman Sachs Group, Inc. The likelihood of a recession being on…

Sri Lanka Placed under Emergency Declaration Ahead of Vote for New President

Crisis-hit Sri Lanka’s acting president has declared a state of emergency across the island nation ahead of the parliamentary vote for the country's new leader. Acting President Ranil Wickremesinghe, who previously served as the country’s prime minister, issued the emergency proclamation on Sunday. Wickremesinghe said an emergency declaration would be…

Retail Sales Rose in June but Down When Inflation Taken into Account

Retail sales in the United States saw a 1 percent rise in June but were down when the impact of inflation is taken into account. The change is largely due to higher prices for food and gas, led by inflation and not sales volumes. The news was revealed by the…

Recession Barometer Copper Plummets in Ominous Sign for World Economy

The price of copper, widely considered a barometer to predict a global recession, has plummeted in an ominous sign for the world economy. Copper prices fell below $7,000 per ton during July 15 trading at the London Metal Exchange. The drop is the first time since November 2020 and indicates…

Defaults to Soar amid ‘Extremely High’ Recession Risk and Rising Borrowing Costs

Credit defaults in the United States are expected to soar as borrowing costs continue to rise amid an "extremely high" risk of recession, a group of finance industry leaders is warning. An association of fund managers issued a dire prediction about the growing risk of credit defaults. The International Association…