Traders work on the floor of the New York Stock Exchange, June 29, 2023.Brendan McDermid | ReutersGlobal stock markets tumbled on Wednesday after ratings agency Fitch downgraded the United States' long-term credit rating — but top economists say there is nothing to worry about.Fitch announced late on Tuesday that...
Job vacancies and layoffs edged lower in June, according to a report Tuesday that points to a stable labor market.Employment openings totaled 9.58 million for the month, edging lower from the downwardly revised 9.62 million in May, the Labor Department said in its monthly Job Openings and Labor Turnover...
Cityscape of Saudi capital Riyadh.Harri Jarvelainen Photography | Moment | Getty ImagesSaudi Arabia's economy slowed in the second quarter, as crude output cuts and a drop in oil prices reined in one of the fastest growing nations of the G20.Riyadh's GDP expanded by an annual 1.1% in the second...
The Bank of Japan headquarters in Tokyo.Bloomberg | Getty ImagesThe Bank of Japan announced Friday "greater flexibility" in its monetary policy — surprising global financial markets.The central bank loosened its yield curve control — or YCC — in an unexpected move with wide-ranging ramifications. It sent the yen whipsawing...
Inflation showed further signs of cooling in June, according to a gauge released Friday that the Federal Reserve follows closely.The personal consumption expenditures price index excluding food and energy increased just 0.2% from the previous month, in line with the Dow Jones estimate, the Commerce Department said.So-called core PCE...
The European Central Bank announced a new rate decision Thursday.Daniel Roland | AFP | Getty ImagesThe European Central Bank on Thursday announced a new rate increase of a quarter percentage point, bringing its main rate to 3.75%.The latest move completes a full year of consecutive rate hikes in the...
The U.S. economy showed few signs of recession in the second quarter, as gross domestic product grew at a faster-than-expected pace during the period, the Commerce Department reported Thursday.GDP, the sum of all goods and services activity, increased at a 2.4% annualized rate for the April-through-June period, better than...
Turkish Central Bank Governor Hafize Gaye Erkan answers questions during a news conference for the Inflation Report 2023-III in Ankara, Turkey on July 27, 2023.Anadolu Agency | Anadolu Agency | Getty ImagesTurkey's central bank expects inflation to hit 58% by the end of 2023, its new governor Hafize Gaye...
A view of high-rise buildings is seen along the Suzhou Creek in Shanghai, China on July 5, 2023.Ying Tang | NurPhoto | Getty ImagesThe Chinese economy could be facing a prolonged period of lower growth, a prospect which may have global ramifications after 45 years of rapid expansion and...
The U.S. Federal Reserve Building in Washington, D.C.Win Mcnamee | ReutersThe Federal Reserve launched its FedNow instant-payments service Thursday, following several years of developing a system officials say will allow the faster flow of cash for businesses and individuals.Whether it's providing instant access to paychecks, allowing for last-minute bill...