Americans’ outlook on the nation’s economy is within reach of a record low set during the COVID War, the University of Michigan’s twice-monthly survey of consumer sentiment discovered.
Tag: inflation
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BANK OF CANADA CUTS RATE
Last week, Canada’s central bank cut its key rate for the fourth time this year, dropping it to 2.25 percent and announcing that it will defer any future rate cuts indefinitely.
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ECB FREEZES INTEREST RATE AT 2 PERCENT
The European Central Bank (ECB) has decided to hold its policy interest rate at 2 percent where it has rested since June. The bank has taken two percentage points off the rate since June 2024.
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LAYOFFS ARE ON THE RISE AROUND THE WORLD
Major employers including Amazon and Nestlé have announced plans to shed workers as consumers tighten spending, tariffs crimp global trade, and artificial intelligence (AI) replaces workers up and down the corporate ladder.
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FED CUTS RATE, WILL RE-ENTER THE BOND MARKET
By a vote of 10 to 2, the U.S. Federal Reserve’s Open Market Committee cut its policy interest rate by a quarter point on 29 October, dropping it to 4 percent, its lowest level in three years.
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NEW POLL CONFIRMS CONSUMERS’ DARK MOOD
The lingering trade war and government shutdown dragged consumers’ outlook lower last month, The Conference Board’s most recent poll found.
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ZOMBIE CORPORATIONS ARE WALKING THE LAND
The number of “zombie” companies—those whose operating income is too small to cover interest payments on their debts—has reached its highest since early 2022.
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PAY GROWTH SLOWS FOR AMERICAN WORKERS
Aside from a post-COVID spurt, real income for U.S. workers in their prime earning years ages 25 to 54 is growing at its slowest pace since the economy began to recover from the Great Recession more than a decade ago, the JPMorgan Chase Institute reported.
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KERING REPORTS THIRD CONSECUTIVE DROP IN QUARTERLY REVENUE
Kering, the luxury conglomerate that owns Balenciaga, Brioni, and St. Laurent, among others, reported a 10-percent decline in third-quarter revenue to $3.96 billion year on year, marking its third losing quarter in a row.
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CANADIAN BUSINESSES, CONSUMERS BRACE FOR A RECESSION
A third of Canadian businesses are preparing for a recession, according to a new survey by the Bank of Canada (BoC). A separate poll of the country’s households found two-thirds expect a recession during the next 12 months.