Jason Douglas of The Wall Street Journal tells his readers that capital is pouring into factories that make items such as electric vehicles, batteries, and renewable energy in an effort to jolt Beijing's ailing economy. He writes: China is doubling down on manufacturing to reboot its economy after a turbulent year, a strategy that risks igniting new tensions over trade as countries step up support for prized industries and global growth teeters. The push for new growth drivers comes as figures showed the world’s second-largest economy expanded in 2023 at its weakest rate in decades, aside … [Read more...]
China’s Economic Slowdown
Stella Yifan Xie of The Wall Street Journal is reporting a festering property-market meltdown has offset much of the post-pandemic recovery in China. In the fourth quarter, it recorded one of its slowest growth rates since 1990. She writes: China’s economic growth rate finished at one of the lowest levels in decades last year, underscoring the heavy toll that a property-sector collapse and weak consumer confidence have taken on the world’s second-largest economy despite the lifting of all Covid-19 restrictions. Gross domestic product in China expanded 5.2% in the fourth quarter and for the … [Read more...]
Inflation Edges Up in December
Gwynn Guilford and Nick Timiraos of The Wall Street Journal report that the pace of price increases accelerated in December. They write: Prices ticked up in December, a reminder of the pressures still facing consumers after a year when inflation fell by nearly half and paychecks grew, delivering real wage gains in 2023 for the first time in three years. Inflation’s cool down from historic highs keeps the Federal Reserve on track to hold rates steady later this month and contemplate cutting them later this year. But Americans aren’t in the clear yet. The consumer-price index increased 3.4% … [Read more...]
Steady Gains for Job Market To Cap Off Year
Amara Omeokwe and Chip Cutter of The Wall Street Journal are reporting that unemployment held at 3.7% last month and hiring was revised lower in prior months. They write: Employers hired at a solid pace in December, capping a year of steady gains for a job market that continues to defy expectations and remains a bright spot in a gradually cooling economy. The U.S. economy added 216,000 jobs last month with most industries increasing employment, the Labor Department reported Friday. That was larger than November’s gain of 173,000, and better than forecasters were expecting. For all of 2023, … [Read more...]
Are Fed Rate Hikes Over?
Nick Timiraos of The Wall Street Journal reports that some officials have highlighted the risks of ‘an overly restrictive stance’ on interest rates as inflation cools. He continues: Federal Reserve officials thought they were done raising interest rates when they decided last month to hold them steady, but minutes of the meeting didn’t reveal a meaningful debate about when to start lowering rates. While nearly all officials anticipated policy rates would eventually be lowered before the end of this year, the written account of the Dec. 12-13 meeting, released Wednesday, underscored … [Read more...]
2024 Job Market Forecast
Jeffrey Sparshott and Gabriel T. Rubin of The Wall Street Journal are reporting that forecasters expect unemployment to edge higher and hiring to slow in 2024. They write: Employers slowed hiring and handed out smaller raises in recent months, signs of fading momentum in the job market that have some forecasters expecting unemployment to rise in 2024. And that might be OK. The key for American workers and Federal Reserve policymakers is to have the labor market cool without collapsing. That would support household incomes while helping inflation drift lower, putting the economy on a glide … [Read more...]
U.S. Economy Expanded at a Revised 4.9% Annual Pace
Jeffry Bartash of MarketWatch is reporting that the economy has slowed toward year’s end. He writes: The numbers: The U.S. economy expanded at a revised 4.9% annual pace in the third quarter, a surprising burst of growth that appears to have tapered off at year’s end. Growth of gross domestic product, the official scorecard for the economy, was reduced from a previously reported 5.2% in the government’s third estimate. It was still the biggest increase in GDP in a decade, however, excluding the pandemic years of 2020-21. Yet while the economy is still growing, it’s cooled off quite a … [Read more...]
What the U.S. Leading Index is Signaling
Jeffry Bartash of MarketWatch reports that the economy appears headed for recession. He writes: The numbers: The leading economic index declined 0.5% in November, falling for the 20th month in a row, and continued to signal a recession ahead. Economists polled by the Wall Street Journal had forecast a 0.5% drop in the leading index, a gauge of 10 indicators designed to show whether the economy is getting better or worse. The last time the index fell so many times in a row was during the Great Recession, from the end of 2007 through 2009. Key details: Nine of the 10 … [Read more...]
Consumer Confidence Jumps in December
From the Conference Board's December release on Consumer Confidence: The Conference Board Consumer Confidence Index® increased in December to 110.7 (1985=100), up from a downwardly revised 101.0 in November. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—rose to 148.5 (1985=100) from 136.5 last month. The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—leapt to 85.6 (1985=100) in December, up from its downwardly revised reading of 77.4 in November. This sharp increase brings … [Read more...]
Housing Starts Jump to a Six-Month High
Aarthi Swaminathan of MarketWatch is reporting that U.S. housing starts have surged to their highest level since May. She writes: The numbers: Construction of new homes rose 14.8% in November, as builders scaled up new projects. The pace of construction increased as builders saw strong home-buying demand, amid a shortage of homes for sale. So-called housing starts rose to 1.56 million annual pace from 1.36 million in November, the government said Tuesday. That’s how many houses would be built over an entire year if construction took place at the same rate in every month as it did in … [Read more...]
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