Economy

A picture taken on August 14, 2018 shows the logo of Turkey’s Central Bank at the entrance of its headquarters in Ankara, Turkey. ADEM ALTAN | AFP | Getty Images Turkey’s central bank is opting for a different monetary tightening method as it grapples with climbing inflation, after previously signaling that its rate-hiking cycle was

The European Central Bank must take its time to get interest rate cuts right and will have a clearer picture of inflationary pressures in June, the institution’s chief economist told CNBC. “A lot of evidence is accumulating, but what’s also fair to say is that the transition from this holding phase, we’ve been on hold

Gas prices are displayed at a gas station on March 12, 2024 in Chicago, Illinois.  Scott Olson | Getty Images From consumer and wholesale prices to longer-term public expectations, reports this week served up multiple reminders this week that inflation isn’t going away anytime soon. Data across the board showed pressures increasing at a faster-than-expected

 A customer shops for food at a grocery store on March 12, 2024 in San Rafael, California.  Justin Sullivan | Getty Images News | Getty Images Wholesale prices accelerated at a faster than expected pace in February, another reminder that inflation remains a troublesome issue for the U.S. economy. The producer price index, which measures

Customers shop at a Costco store on August 31, 2023 in Novato, California. According to a report by the Commerce Department, consumer spending rose 0.8% in July beating expectations of 0.7%. (Photo by Justin Sullivan/Getty Images) Justin Sullivan | Getty Images News | Getty Images Consumers increasingly doubt the Federal Reserve can achieve its inflation

LONDON — U.K. gross domestic product grew 0.2% in January, the Office for National Statistics said Wednesday, as construction output jumped more than expected. The headline figure was in line with the forecast from economists polled by Reuters. It follows a 0.1% contraction in December, while the U.K. economy entered a shallow recession in the

People shop at the Macy’s store on Herald Square on January 19, 2024 in New York City.  Michael M. Santiago | Getty Images News | Getty Images Consumer spending bounced back in February from a January dip, with a little help from leap day. But sales still registered good gains even after correcting for that

Fresh chicken breasts are displayed for sale in the meat area of a Sprouts Farmers Market grocery store in Redondo Beach, California on February 23, 2024.  Patrick T. Fallon | AFP | Getty Images Inflation rose again in February, keeping the Federal Reserve on course to wait at least until the summer before starting to

Shoppers are seen in a Kroger supermarket in Atlanta on Oct. 14, 2022. Elijah Nouvelage | AFP | Getty Images Rising gasoline prices likely put a floor under inflation in February, potentially reinforcing the Federal Reserve’s decision to take a go-slow approach with interest rate reductions. Economists expect that prices across a broad spectrum of

Logo of Aramco, officially the Saudi Arabian Oil Group, Saudi petroleum and natural gas company, seen on the second day of the 24th World Petroleum Congress at the Big 4 Building at Stampede Park, on September 18, 2023, in Calgary, Canada.  Artur Widak | Nurphoto | Getty Images Saudi Arabia’s state oil giant Aramco reported

European Central Bank policymakers on Thursday lowered their annual inflation and growth forecasts, as they confirmed a widely expected hold of interest rates. Staff projections now see economic growth of 0.6% in 2024, from a previous forecast of 0.8%. They presented a more positive picture on inflation, with the forecast for the year brought to

Job creation topped expectations in February, but the unemployment rate moved higher and employment growth from the previous two months wasn’t near as hot as initially reported. Nonfarm payrolls increased by 275,000 for the month while the jobless rate moved higher to 3.9%, the Labor Department reported Friday. Economists surveyed by Dow Jones had been

A sign posted outside a restaurant looking to hire workers in Miami on May 5, 2023. Joe Raedle | Getty Images News | Getty Images Unemployment among Black women fell in February as the number of those looking for work increased, data released Friday by the U.S. government showed. The U.S. unemployment rate edged higher

More than 75 employers were taking resumes and talking to prospective new hires at a career fair in Lake Forest, CA on Wednesday, February 21, 2024.  Paul Bersebach | Medianews Group | Orange County Register | Getty Images Layoff announcements in February hit their highest level for the month since the global financial crisis, according

A workers stocks the shelves in a CVS pharmacy store on February 07, 2024 in Miami, Florida.  Joe Raedle | Getty Images Job growth in the U.S. likely decelerated in February while still a long way from stall speed as companies continue to keep up demand for workers. When the Labor Department releases the nonfarm

Yousef Gamal El-Din | CNBC Egypt’s pound hit a record low against the dollar on Wednesday after its central bank hiked interest rates by 600 points and devalued the currency. The steps were meant to facilitate an agreement with the International Monetary Fund, which is expected to confirm the extension of its current $3 billion

People work at a restaurant at Chelsea Market in Manhattan on February 02, 2024 in New York City.  Spencer Platt | Getty Images Private sector job growth improved during February though growth was slightly less than expected, payrolls processing firm ADP reported Wednesday. Companies added 140,000 positions for the month, an increase from the upwardly

British Finance Minister Jeremy Hunt said earlier this month the U.K. would not enter a recession this year. Hannah Mckay | Reuters LONDON — Economists expect U.K. Finance Minister Jeremy Hunt to use a small fiscal windfall to deliver a modest package of tax cuts at his Spring Budget on Wednesday. Heading into what will