The global economy will expand by less than 3 percent a year through 2032, compared to an average of 3.6 percent before the COVID era, then gradually decline until at least 2075, according to a new forecast by analysts at Goldman Sachs.
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WHEN THE ECONOMY FALLS JOBS GO WITH IT
This is week 21 of our report on job losses, and with each passing week, the weekly losses grow larger. Inflation and interest rate hikes are causing companies in many sectors to lay off employees. To illustrate the employment trends and the socioeconomic implications, each week we will list job losses.
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HOMEBUILDERS SELL DISCOUNTED SUBDIVISIONS TO PRIVATE EQUITY INVESTORS
It’s not just retailers discounting their merchandise these days.
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TRADE GAP WIDENED IN OCTOBER
In October, the U.S. trade deficit widened to $78.2 billion, compared to $74.1 billion in September, the U.S. commerce department reported.
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MAJOR U.S. BANKS SEE RECESSION AHEAD
Executives and analysts at major U.S. banks see the nation entering a recession. The only difference among them is when.
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PRODUCER PRICE INCREASES SLOWED IN NOVEMBER
U.S. producer prices, which suppliers charge businesses for services, supplies, and raw materials, shot up 7.4 percent in November, year on year, the U.S. labor department reported.
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BIGGEST U.S. BANKS SHORT-CHANGING SAVERS
Savers lost out on an extra $42 billion in interest in this year’s third quarter by keeping their money at five of America’s largest banks instead of transferring their accounts to banks offering the highest interest rates, The Wall Street Journal said after analyzing data gathered by S&P Global Market Intelligence.
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AUTO SALES SHIFTING INTO REVERSE
After two years of scrambling to get enough cars to meet consumers’ near-insatiable demand, auto dealers now are registering their most pessimistic sales outlook since early 2007 at the beginning of the Great Recession, a Cox Automotive survey has found.
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FOR RETAILERS, BLACK FRIDAY WAS BLACK INDEED
Sales at brick-and-mortar stores on the celebrated and closely-watched “Black Friday” shopping day after Thanksgiving fell short of last year’s amount, indicating that shoppers are starting their holiday shopping earlier ahead of the December holidays, The Wall Street Journal said.
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JAPAN PREPARING TO POISON THE PLANET
The gang running Japan is getting ready to poison the plant with the release of cooling water laced with toxic tritium, from the storage tanks at the Fukushima Nuclear Power Plant.