Economy

Growth in the euro zone economy accelerated in the second quarter of the year, but the region’s prospects get hit as Russia continues to reduce gas supplies. The 19-member bloc registered a gross domestic product rate of 0.7% in the second quarter, according to Eurostat, Europe’s statistics office, beating expectations of 0.2% growth. It comes

Treasury Secretary Janet Yellen said Thursday the U.S. economy is in a state of transition, not recession, despite two consecutive quarters of negative growth. Recession, Yellen insisted, is a “broad-based weakening of our economy” that includes substantial layoffs, business closures, strains in household finances and a slowdown in private sector activity. “That is not what

People shop in a supermarket as inflation affected consumer prices in New York City, June 10, 2022. Andrew Kelly | Reuters Everyone who cares knows that recessions happen when there are two consecutive quarters of negative growth — everyone, that is, except for the people who actually decide when the economy is in recession. For

Foreman Angel Gonzalez and Anthony Harris, with E-Z Bel Construction, work on pipes along Fredericksburg Road during an excessive heat warning in San Antonio, Texas, July 19, 2022. Lisa Krantz | Reuters The White House is sure the economy is not in a recession nor headed for one. Wall Street is pretty sure there is

In this article GS NEW YORK, NEW YORK – MAY 02: Elon Musk attends the 2022 Costume Institute Benefit celebrating In America: An Anthology of Fashion at Metropolitan Museum of Art on May 02, 2022 in New York City. (Photo by Sean Zanni/Patrick McMullan via Getty Images) Sean Zanni | Patrick Mcmullan | Getty Images

The queue of vessels waiting to unload goods at the Port of Los Angeles, North America’s busiest container port, has fallen 80% since the start of the year as global container prices continue to slide, pointing to more easing in supply chain disruptions.  The backlog of vessels waiting outside Los Angeles has fallen from a

A woman walks in front of a store on February 22, 2021, in New York City. John Smith | Corbis News | Getty Images Initial jobless claims hit their highest level since mid-November last week, the latest sign that a historically tight labor market is beginning to slow, according to Labor Department data released Thursday.

U.S. Treasury Secretary Janet Yellen (pictured here at a news conference, ahead of the G-20 meeting in Bali on July 14), said supply chain resilience is a key focus of the Biden-Harris administration. Made Nagi | Reuters U.S. Treasury Secretary Janet Yellen has reiterated the need for the United States and its trusted trading partners

The U.S. Treasury building in Washington, D.C. Bloomberg | Bloomberg | Getty Images China’s holdings of U.S. debt have fallen below $1 trillion for the first time in 12 years amid rising interest rates that have made Treasurys potentially less attractive. Continuing a trend that began early in 2021, China’s portfolio of U.S. government debt

Job growth accelerated at a much faster pace than expected in June, indicating that the main pillar of the U.S. economy remains strong despite pockets of weakness. Nonfarm payrolls increased 372,000 in the month, better than the 250,000 Dow Jones estimate and continuing what has been a strong year for job growth, according to data

Commuters travel on the L train system in the Loop on July 27, 2021 in Chicago, Illinois. Scott Olson | Getty Images The U.S. unemployment rate fell for Black women last month even as the overall metric held steady across the board, but labor force participation also slipped for the group. Headline unemployment hovered at

A worker wearing a protective mask slices beef in the butcher section of a Stew Leonard’s supermarket in Paramus, New Jersey, on Tuesday, May 12, 2020. Angus Mordant | Bloomberg | Getty Images June’s big payroll jump helped clear away some of those recession clouds for a U.S. economy that nonetheless faces some stormy weather

Rising gas prices are piling pressure on the U.S. economy. Bloomberg | Getty Images The odds of the U.S. economy falling into recession by next year are greater than 50%, Richard Kelly, head of global strategy at TD Securities, said Monday, outlining three possible ways it could get hit. Rising gas prices combined with a

A woman shops in a supermarket as rising inflation affects consumer prices in Los Angeles, California, June 13, 2022. Lucy Nicholson | Reuters Consumers’ inflation expectations over the next year hit record highs, though the outlook over the longer term grew a little more optimistic, according to a survey Monday from the New York Federal

Shoppers paid sharply higher prices for a variety of goods in June as inflation kept its hold on a slowing U.S. economy, the Bureau of Labor Statistics reported Wednesday. The consumer price index, a broad measure of everyday goods and services related to the cost of living, soared 9.1% from a year ago, above the

A pedestrian carries a shopping bag while walking through Union Square on May 17, 2022 in San Francisco, California. Justin Sullivan | Getty Images Consumer spending held up during June’s inflation surge, with retail sales rising slightly more than expected for the month amid rising prices across most categories, the Commerce Department reported Friday. Advance

A Federal Reserve economic survey released Wednesday pointed to elevated recession fears along with a belief that soaring inflation will last at least through the end of the year. The central bank’s “Beige Book,” a collection of views from across its 12 districts, noted the economy is growing at just a “modest” pace since the

Inflation hit hard at the wholesale level in June, as producer prices surged a near-record amount from a year ago due to a big jump in energy costs, the Bureau of Labor Statistics reported Thursday. The producer price index, a measure of the prices received for final demand products, increased 11.3% from a year ago,