The U.S. stock market’s global dominance will peak this year and then decline, Michael Hartnett, Bank of America’s chief global strategist, has warned.
Tag: Consumer Spending
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U.S. ECONOMY GREW 2.8 PERCENT IN 2024
U.S. GDP expanded by 2.8 percent last year, the Commerce Department reported. The growth was smaller than 2023’s 3.2 percent but compared to much of the world, the U.S. economic growth is doing better than most.
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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 this year.
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AUSTRALIA’S ECONOMY SLIPS TOWARD RECESSION AND “NATIONAL EMERGENCY”
In this year’s third quarter, Australia’s economy squeaked out growth of 0.8 percent, year on year, down from 1 percent in the preceding three months, government figures show. The expansion was the slimmest since the end of the COVID War, the World Socialist Web Site (WSWS) reported.
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U.S. GDP GREW 2.8 PERCENT IN OCTOBER
The U.S. economy expanded by 2.8 percent in July through September as consumer spending remained strong and exports surged, the Commerce Department said.
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ECONOMIC BRIEFS
Britain’s shoppers cut their spending by 0.7 percent in October from September in anticipation of higher taxes, The Wall Street Journal reported, but “there are signs spending could pick up in coming months,” the journal said.
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U.S. RETAILERS SCALE BACK IMPORTS AHEAD OF HO-HUM HOLIDAY SEASON
From 1 October, 2023, through 30 September this year, U.S. companies imported roughly 155 million tons of goods shown as "Christmas" items on paperwork required to be filed on imports, Bloomberg reported.
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BANK OF CANADA CUTS INTEREST RATE BY HALF A PERCENT
Faced with Canada’s sinking economy, the Bank of Canada (BoC) cut its key rate from 4.25 percent to 3.75 percent on 23 October.
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INFLATION, CONSUMER SPENDING BARELY BUDGE IN AUGUST
The Personal Consumption Expenditures Price Index, which is the U.S. Federal Reserve’s favorite inflation measure ticked up just 0.1 percent in August from July, its smallest rise in three months, the Bureau of Economic Analysis reported.
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EUROZONE’S SECOND-QUARTER GROWTH MISSES ESTIMATE
The economic output of the 20-country Eurozone grew just 0.2 percent in this year’s second quarter, Eurostat, the European Union’s statistics agency, reported after previously estimating a 0.3-percent expansion.
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