For the first time in nearly two years, Russia exported more natural gas to Europe than the U.S. did, according to the Financial Times, despite Europe’s vow to end all Russian gas imports by the end of 2023 after Russia attacked Ukraine.
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BANK OF ENGLAND LEAVES KEY RATE UNCHANGED
As economists expected, the Bank of England’s (BoE’s) governing committee held its key interest rate at its 16-year high of 5.25 percent, where it has been since August 2023.
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EUROZONE’S BUSINESS ACTIVITY SLUMPS IN JUNE
Business activity in the 20-country Eurozone slowed unexpectedly this month after French President Emmanuel Macron’s call for elections shocked markets and the area’s industrial sector saw its worst month this year.
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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
It’s global. The numbers are there for all to see. From developed to underdeveloped nations, economies are slowing down and/or contracting.
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SPOTLIGHT ON THE U.S. HOUSING MARKET: SALES FALL, PRICES RISE
The median selling price of U.S. homes in May was $419,300, the National Association of Realtors (NAR) reported, the highest on record and 5.8 percent above the price a year earlier.
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FACTORY OUTPUT INCREASED IN MAY
Although retail sales slipped 0.1 percent last month, industrial production increased 0.9 percent, more than twice economists’ 0.4-percent forecast and reversing a decline in March and flat output in April.
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RETAIL SALES FALL FLAT IN MAY
U.S. retail sales increased by a scant 0.1 percent in May as retailers had to offer more discounts to entice cash-strapped consumers to buy, the commerce department reported.
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NEED A JOB? THE MILITARY-INDUSTRIAL COMPLEX IS HIRING
Defense contractors plan to hire tens of thousands of workers this year, expanding their payrolls at the fastest clip since the Cold War ended in the 1990s, according to a Financial Times survey of 20 defense-related companies in Europe and the U.S.
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MILITARY AID IS BALLOONING U.S. BUDGET DEFICIT
U.S. military aid to Israel and Ukraine is helping to push this fiscal year’s budget deficit from the $1.4 trillion estimated in February to $1.9 trillion, the nonpartisan Congressional Budget Office (CBO) has projected.