Moody's has cut its outlook to negative on China's debt. Will a new round of stimulus save China from a debt implosion? Weilun Soon reports in The Wall Street Journal: China’s mounting local government debt woes are putting pressure on the country’s credit ratings. Moody’s Investors Service lowered its outlook for China’s credit rating from stable to negative on Tuesday, warning that the financial stresses of some regional and local governments will require Beijing to provide support to them. That could weigh on China’s government finances at a time when its economy is slowing. The … [Read more...]
Biden’s Debt-Fueled Spending Binge and America’s Credit Rating
Since the “temporary” stimulus package of 2009 was enacted by Barack Obama and greased through the system by Ben Bernanke’s Federal Reserve, Americans have faced ever more burdensome budget deficits. After Joe Biden moved into the White House, the dangerous spending reached a new level. Uncontrolled money printing has set America up for some hard lessons as the interest on the federal debt rapidly closes in on $1 trillion a year. This time around, the Federal Reserve isn’t running a bond-buying program while pegging interest rates at zero. Instead, the Obama/Biden-style spending will be … [Read more...]
Neither Snow, Nor Rain, Nor Heat, Nor….Inflation Costs?
The U.S. Postal Service on Tuesday reported a $6.5 billion net loss for the twelve months ending Sept. 30 and said it will not break even next year as first-class mail fell to the lowest volume since 1968. David Shepherd reports at Reuters: The Postal Service said revenue fell 0.4% to $78.2 billion results. U.S. Postmaster General Louis DeJoy said the loss includes $2.6 billion in inflation costs "above what we projected and what we were able to recover... We are not happy with this result." The agency has been aggressively hiking stamp prices and is in the middle of a 10-year … [Read more...]
Job Market Warning as Holiday Hiring Dips
Austin Hufford of The Wall Street Journal is reporting that stores and warehouses are adding fewer extra workers and finding it easier to fill those roles. He writes: Businesses need fewer extra workers for holiday jobs this fall after fighting in recent years to find enough staff to stock shelves, fill boxes and deliver packages during the year-end rush. That could be a warning of a weakening labor market, which is already showing signs of cooling. The number of seasonal positions publicly advertised this fall fell to the lowest level in a decade, according to outplacement-services … [Read more...]
Will Florida Popularize Austrian Economics?
A recent Mises Institute event held in Fort Myers, Florida attracted a number of local Republican officials and additional interest from others in the area. Is it possible Florida could lead the United States in the adoption of the principles of Austrian economics? Joseph Sansone discusses the event at Mind Matters and Everything Else, writing: The Mises Institute held an event this past Saturday in Fort Myers Florida. Founded in 1982 by Llewellyn Rockwell, promotes the Austrian school of economics following the intellectual tradition of economist Ludwig von Mises, the Austrian economist the … [Read more...]
Global Economic Activity Outlook
John Kemp of Reuters reports that the global business cycle is in transition. He writes: Global economic activity was mixed during the third quarter of 2023, with distinct signs of improvement in the United States and China but continued sluggishness elsewhere. Global industrial production was up by just 0.4% in August 2023 compared with the same month a year earlier, according to estimates compiled by the Netherlands Bureau for Economic Policy Analysis (CPB). But trade volumes were down by 3.8% in August compared with a year earlier and have not grown for a year, a sign of stagnation … [Read more...]
Could Cooling Inflation Provide a Reason to Hold Rates?
Justin Lahart of The Wall Street Journal tells readers that investors are pretty sure that not only will the Fed not raise rates this week, but that it won’t be raising them again this year or next. He writes: For a quick rundown of the challenges Federal Reserve policy makers will be sorting through when they meet this week, last week’s economic data fits the bill. Start with gross domestic product. The Commerce Department on Thursday reported that the economy grew at a blistering 4.9% annual rate in the third quarter, marking the fastest pace since the fourth quarter of 2021. The last … [Read more...]
Eurozone on Brink of Recession? ECB Halts Record Rate Run Increase
Tom Fairless and William Boston of The Wall Street Journal report the record run on rate increases by the European Central Bank has ended at ten on fears of recession. They write: The European Central Bank held interest rates steady, ending a historic run of 10 consecutive rate increases as Europe’s currency union teeters on the brink of recession and uncertainty rises around the global economy. Major central banks including the Federal Reserve have paused interest-rate increases after a rapid series of hikes as inflation eases from last year’s multidecade highs. Now investors are … [Read more...]
Is the Electric Vehicle Market Cooling?
Mike Colias of The Wall Street Journal reports that the Detroit automaker posted strong profit but cites a slowing market for electric vehicles and says it is losing $200 million a week on the UAW strike. He writes: General Motors is abandoning a self-imposed target to build 400,000 electric vehicles by mid-2024, the latest sign that automakers are concerned about the viability of the market for battery-powered cars. The Detroit automaker walked back the goal while reporting a healthy third-quarter profit, despite the hit from the continuing United Auto Workers strike. The walkout, … [Read more...]
U.S. Economy Shows Some Life as Inflation Cools
Jeffrey Bartash of Market Watch reports that the U.S. economy has gotten off to a good start in the fourth quarter as inflation cools. He writes: The U.S. economy improved at the start of the fourth quarter due to slower inflation and fresh hopes that interest rates have peaked, a pair of S&P surveys showed. The S&P flash U.S. services-sector index rose to a three-month high of 50.9, from 50.1 in the prior month. Most Americans are employed on the service side of the economy. The S&P U.S. manufacturing-sector index, meanwhile, climbed to a six-month high of 50, from 49.8 … [Read more...]
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