High inflation “hurts everyone” but especially those on low and fixed incomes, the head of the Reserve Bank of Australia has stressed following a sluggish economic growth report. Governor Michele Bullock warned rising prices eat into savings and erode purchasing power, and should inflation stay higher for longer, more borrowers will end up in mortgage … Read more
A trader signals an offer in the Standard & Poor’s 500 stock index futures pit at the CME Group in Chicago on Dec. 14, 2010. Scott Olson | Getty Images News | Getty Images The relationship between the 10- and 2-year Treasury yield briefly normalized Wednesday, reversing a classic recession indicator. Following economic news that … Read more
Farmers are bracing for the potential impact of China’s new anti-dumping investigation into Canadian canola imports, which comes amid an already tumultuous year of economic and environmental challenges. China’s announcement Tuesday was in response to Canada planning to impose increased tariffs on Chinese-made electric vehicles, steel and aluminum. While the federal government says those tariffs … Read more
The U.S. produced more oil in 2023 than has ever been produced in any year by any country, according to the U.S. Energy Information Administration. Big Oil has become more productive as horizontal drilling and hydraulic fracturing, which is also known as fracking, have seen technological breakthroughs. U.S. oil production hit a low of 5 … Read more
Job openings slumped to their lowest level in three and a half years in July, the Labor Department reported Wednesday in another sign of slack in the labor market. The department’s closely watched Job Openings and Labor Turnover Survey showed that available positions fell to 7.67 million on the month, off 237,000 from June’s downwardly … Read more
speaking at Jackson Hole on August 23, 2024. David A. Grogan | CNBC Atlanta Federal Reserve President Raphael Bostic signaled Wednesday that he is ready to start lowering interest rates even though inflation is still running above the central bank’s target. Previously one of the more hawkish policymakers, or in favor of tighter policy to … Read more
Oil pumpjacks operate as the Lake Fire burns in Los Padres National Forest with evacuation warnings in the area on July 6, 2024 near Los Olivos, California. Mario Tama | Getty Images Oil prices extended declines during Asia trading hours, after a report that Libya’s oil production was set to be restored pressured prices overnight. … Read more
WASHINGTON — The same economic statistics, essentially the same economic message — the only difference is that Vice President Kamala Harris is having considerably better success selling them to Americans as she runs for president than did her boss and the sitting president, Joe Biden. Both point out that the economy is in far better … Read more
Workers assemble second-generation R1 vehicles at electric auto maker Rivian’s manufacturing facility in Normal, Illinois, U.S. June 21, 2024. Joel Angel Juarez | Reuters U.S. factories remained in slowdown mode in August, fueling fears about where the economy is headed, according to separate manufacturing gauges. The Institute for Supply Management monthly survey of purchasing managers … Read more
China said on Tuesday it plans to start an anti-dumping investigation into canola imports from Canada, after Ottawa moved to impose tariffs on Chinese electric vehicles, lifting prices of domestic rapeseed oil futures to a one-month peak. Canada has followed the lead of the United States and European Union, and announced last week a 100 per cent … Read more
