WA Premier Mark McGowan warns recession is coming next year

Western Australian Prime Minister Mark McGowan has warned that a recession is coming next year, having previously only indicated it was a risk. His comments came while answering reporters’ questions about an ongoing pay dispute with striking nurses, reiterating that the current deal being offered was generous. “We expect a recession to come next year,” … Read more

US composite PMI suggests economy is on brink of recession – Mish Talk

Weakness in demand weighed on private sector activity in November The S&P Global Flash US Composite PMI™ shows an escalation in weak private sector demand. Main findings Flash US PMI Composite Output Index at 46.3 (October: 48.2). 3 months low. Flash US Services Business Activity Index at 46.1 (October: 47.8). 3 months low. Flash US … Read more

What are Buy Nothing groups? Experts say trend could help Canadians deal with inflation – National

For Edith Wu, Facebook is not only a social platform to connect with friends and family, but also the perfect place to find free items for her baby. “I usually go to Facebook groups that give away free stuff in my area. There are also mom groups that sell second hand stuff,” says Wu, who … Read more

Sober or clear? Europe stands for holidays during the energy crisis

VERONA, Italy (AP) — Early-season revelers sipping mulled wine and shopping for holiday decorations filled Verona’s Christmas Market over the inaugural weekend. But beyond the wooden market stalls, the Italian city still hasn’t decked out its granite-clad pedestrian streets with twinkling Christmas lights as officials debate how bright to make the season amid an energy … Read more

The $5.7 billion surplus from BC’s fiscal update beats previous estimates

The BC government announced a projected budget surplus of $5.7 billion on Friday, dwarfing the previous estimate. Treasury Secretary Selina Robinson said the increase over the previous forecast of $5 billion came from higher income tax and income tax revenues of $3.7 billion in 2021. Read more: The opposition is questioning spending as Eby pledges … Read more

Christmas turkey dinners may be rarer because of bird flu | News

There is a threat of turkey shortages in BC this Christmas season as farmers are forced to kill many of their birds due to avian flu. Estimates are that normal turkey supply could be reduced by as much as 20 percent in the coming weeks, with the birds available for selling significantly more than in … Read more

Inflation is falling. Here’s what that means for annual pay increases

Fizkes | Ivory | Getty Images Inflation and annual wages are not in a one-to-one relationship. That became apparent to many workers last year when their annual earnings increases in pay and wages fell nowhere near the highest inflation rate in four decades. Many workers complained, even as wages were raised more than what had … Read more

The recession will be an inch deep but a mile wide, says UBS strategist

According to UBS Investment Bank’s chief strategist, global economic conditions will change next year and that will turn around underperforming markets and sectors. Bhanu Baweja told CNBC’s “Squawk Box Europe” on Wednesday that between one-third and one-half of the countries the bank covers globally are facing a recession. “It’s an inch deep, but it’s a … Read more

20,000 employees left Apple supplier Foxconn’s Chinese campus: Source | Business and economy

The staff departure stems from concerns about Apple’s ability to deliver products for the busy holiday season. More than 20,000 workers at Apple supplier Foxconn’s massive Chinese plant, mostly new hires not yet working on the production lines, have left, a Foxconn source familiar with the matter told Reuters news agency Friday. The exit from … Read more