No surprise to Trends Journal subscribers. As forecast, Germany’s economy will contract 0.2 percent this year, officials now say, revising their earlier forecast of 0.3 percent overall growth. The economy shrank 0.3 percent in 2023.
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GOING OUT OF BUSINESS TRENDS
The economic landscape has presented an array of challenges that have profoundly affected the business community.
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WHEN THE ECONOMY FALLS, JOBS GO WITH IT
As the Chinese economy continues to struggle, the country’s leading private firms cut their workforce, according to a report by the All-China Federation of Industry and Commerce.
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MEGABANKS REPORT DECENT THIRD-QUARTER RESULTS
JPMorgan Chase and Wells Fargo, two of the “Big Four” U.S. banks reported lower profits in the third quarter but still exceeded analysts’ forecasts.
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BIG BANKS SEE LOWEST INTEREST INCOME SINCE LATE 2022
Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo are expected to report collective net interest income of less than $62 billion in this year’s third quarter, analysts told the Financial Times.
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HURRICANE, BOEING STRIKE HIKE JOBLESS RATE TO ONE-YEAR HIGH
In the week ending 3 October, jobless workers filed 258,000 new claims for unemployment benefits, the U.S. Labor Department said, the most since early August 2023.
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INFLATION TICKS DOWN BUT EXCEEDS FORECAST
The pace of U.S. inflation eased from 2.5 percent in August to 2.4 percent in September, the Bureau of Labor Statistics reported.
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THE COST OF HAVING CREDIT CARDS IS STILL GOING UP
Even though the U.S. Federal Reserve has begun lowering its benchmark interest rates, credit card holders might not see much relief, The Wall Street Journal reported.
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BUDGET DEFICIT HIGHEST IN THREE YEARS
The yearly U.S. budget deficit hit $1.8 trillion in the fiscal year ending 30 September, the highest since 2021 when the COVID War was still under way, the Congressional Budget Office (CBO) reported.
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WARMONGER HARRIS IDENTIFIES IRAN AS U.S. TOP ‘ADVERSARY’
Vice President Kamala Harris identified Iran as the U.S.’s greatest adversary during an interview with CBS News’s “60 Minutes,” claiming that the Islamic Republic of Iran has the blood of Americans “on its hands.”