Shopping for the holidays starts with inflation dampening spirits

NEW YORK (AP) — While Black Friday will mark a return to familiar holiday shopping patterns, uncertainty remains. The US labor market remains strong, consumer spending is resilient and inflation is slowing. But higher prices for food, rent, gas and other household expenses have taken a toll on shoppers. As a result, many are reluctant … Read more

FTSE 100 Live 18 November: Retail sales improve in October, supermarket sales weak

1668770913 Surprise rally in retail sales ‘calm before the storm’ The High Street experienced a surprise rebound in October as retail sales rose 0.6%, but analysts said the calm before the storm as the cost-of-living crisis deepens. The Office for National Statistics said the higher-than-expected jump – which follows a 1.5% fall in September – … Read more

Oil companies make huge profits amid consumer pressure

Major oil companies saw profits soar in the third quarter of 2022, continuing a trend of huge profits in the industry, even as Russia’s invasion of Ukraine is fueling rising prices for consumers. Exxon Mobil reported its highest-ever profit at $19.7 billion for the quarter Friday morning, while Shell reported its second-highest at $9.5 billion. … Read more

Janet Yellen: Treasury Secretary says she sees no signs of recession in US economy

CNN — Treasury Secretary Janet Yellen said in an exclusive interview with CNN on Thursday that she saw no signs of a recession anytime soon as the US economy recovered from six months of contraction. During a one-on-one interview in Ohio that aired on CNN’s “Erin Burnett OutFront,” Yellen said Thursday’s third-quarter GDP data released … Read more

US consumer perseveres despite inflation, recession risk

Shoppers carry bags in San Francisco, California, on Thursday, September 29, 2022. David Paul Morris | Bloomberg | Getty Images US consumers have shown a willingness to continue paying higher prices in the face of a sluggish economy that credit card giants say could fall into recession American Express and Bank of America. American Express … Read more

Moody’s Mark Zandi sees relief within 6 months

According to Mark Zandi of Moody’s Analytics, the US will halve inflation within six months. His call, which comes on the eve of another major inflation report, hinges on oil prices remaining at current levels, supply chain problems continuing to ease and car prices starting to rise. Everything else can stay the same, according to … Read more

Inflation: Australian credit card spending could rock RBA’s economic plan

In recent years, the Australian people have had quite the love affair with their credit cards, with credit card purchases reaching a record high of 20 percent of GDP in 2008. Since then, Australians have gradually moved away from credit cards, reduced their outstanding balances and increasingly took advantage of various rewards programs rather than … Read more

Business confidence rises with strong profits, but consumers are becoming more pessimistic

There is a big difference in mood in the economy. Most important points: Consumers are deeply pessimistic, but still spend Business confidence has improved However, economists believe that spending will fall as interest rates rise Businesses are enjoying prosperous conditions with high profits and growing confidence, but consumer confidence has slipped into deeply negative territory. … Read more

UK withdrawals hit record high as Brits struggle with inflation

Post Office has attributed the record amount for in-person cash withdrawals in its 11,500 branches to more staycations in the UK and people using cash to manage their budget. gannet77 | Getty Images The UK post office, which offers both banking and postal services, processed a record £801 million ($967 million) in personal cash withdrawals … Read more

66% are afraid of a recession. What concerns each generation most?

A customer shops at a Kroger supermarket on July 15, 2022 in Houston. Brandon Bell | Getty Images While experts debate whether the US is on the brink of an economic downturn, many Americans are already bracing for a recession. So far, 66% of Americans are concerned that a major recession is imminent, compared to … Read more