Wealthier Americans are driving retail spending and powering US economy
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Wealthier Americans are driving retail spending due to strong gains in income, home equity, and stock market wealth; Federal Reserve research indicates a shift from pre-pandemic spending patterns; lower-income consumers are squeezed by high prices, affecting discretionary spending; inflation-adjusted consumer spending rose 3% in 2022 and 2.5% in 2023; retail sales rose 0.4% from August to September 2024; restaurant sales increased by 1%; the economy grew at an estimated 3.4% in Q3 2024; home equity for the wealthiest increased by 70% since Q1 2020; stock market wealth for the richest rose by 86%; spending for upper-income households increased by 17% since January 2018; lower-income households saw only a 7.9% increase; the share of discretionary spending for the lowest-income households fell by 2.5 percentage points; rising credit card and auto loan delinquencies indicate struggles for lower-income consumers; economists remain optimistic about future spending as inflation-adjusted incomes rise.

#Retail #Economy #Spending #Wealth #Inflation #Income #FederalReserve #ConsumerBehavior #EconomicGrowth #DiscretionarySpending

https://abcnews.go.com/US/wireStory/wealthier-americans-driving-retail-spending-powering-us-economy-114918556 

 Stock market today: Asian shares gain as China releases plan for market support
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Asian shares rise after China's central bank announces support plans; China's economy grew 4.6% in Q3 2024, down from 4.7% in Q2; average growth for 2024 is 4.8%, below the 5% target; central bank guidelines allow loans for stock repurchases at 2.25% interest; Shanghai Composite index up 2.1% to 3,232.14; Hong Kong's Hang Seng index up 2.2% to 20,519.78; U.S. stocks remain near record highs with S&P 500 at 5,841.47; European Central Bank cuts interest rate by 0.25%; U.S. crude oil at $70.92 per barrel.

#AsianMarkets #China #StockMarket #Economy #InterestRates #UsEconomy #Growth #Stimulus #FinancialNews #GlobalMarkets

https://abcnews.go.com/US/wireStory/stock-market-today-asian-shares-gain-china-releases-114918214 

 Stock market today: Asian shares climb after blockbuster US jobs report
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Asian shares advanced on October 7, 2024, following a strong U.S. jobs report that raised economic optimism; Japan's Nikkei 225 index rose 1.9% to 39,354.63; Prime Minister Shigeru Ishiba, in office since last week, aims for salary increases and economic support; U.S. employers added 254,000 jobs in September, surpassing forecasts; S&P 500 closed at 5,751.07, near its all-time high; oil prices fell with U.S. crude at $74.19 per barrel; tensions in the Middle East continue to impact markets.

#AsianShares #UsJobsReport #StockMarket #EconomicOptimism #Japan #OilPrices #S&p500 #ShigeruIshiba #Employment #MiddleEastTensions

https://abcnews.go.com/Business/wireStory/stock-market-today-asian-shares-climb-after-blockbuster-114552440 

 Jobs report is likely to show another month of modest but steady hiring gains
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The U.S. labor market continues to add jobs, with an expected 140,000 jobs added in September, similar to August's 142,000; economists note a slowdown in hiring momentum; the Federal Reserve raised interest rates 11 times in 2022 and 2023 but began cutting rates last month; inflation remains a concern, with prices 19% higher than February 2021; the economy grew at 3% from April to June and is projected to grow at 2.5% for July-September; layoffs are near record lows, but job openings have decreased to 8 million from a peak of 12.2 million; fewer Americans are quitting jobs, with job-hopping pay premiums declining; average hourly wages are expected to rise 0.2% in September; the Fed plans further rate cuts to support the job market.

#JobsReport #UsEconomy #LaborMarket #Inflation #FederalReserve #Employment #Wages #EconomicGrowth #JobOpenings #September2024

https://abcnews.go.com/US/wireStory/jobs-report-show-month-modest-steady-hiring-gains-114488931 

 Stock market today: Asian shares slip and the yen weakens against the dollar
==========

Asian shares mostly lower on October 3, 2024; U.S. stocks stalled as investors awaited Middle East developments; U.S. dollar gained against yen, trading at 146.51; Tokyo's Nikkei 225 index rose 2% to 38,552.06; Shigeru Ishiba chosen as new Liberal Democrat leader; Bank of Japan Gov. Kazuo Ueda indicated no further rate hikes; Hong Kong's Hang Seng dropped 1.4% to 22,124.37; oil prices rose amid concerns over Iran-Israel conflict; U.S. benchmark crude oil at $71.10 per barrel; S&P 500 gained less than 1 point to 5,709.54; Nike shares fell 6.8% despite strong profits; Tesla shares down 3.5% despite increased deliveries.

#AsianMarkets #Yen #UsStocks #OilPrices #ShigeruIshiba #BankOfJapan #Nikkei225 #HangSeng #Nike #Tesla

https://abcnews.go.com/Business/wireStory/stock-market-today-asian-shares-mixed-yen-slips-114455433 

 US job openings rise to 8 million as labor market remains sturdy
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U.S. job openings rose to 8 million in August 2024, up from 7.7 million in July; economists expected no change. Layoffs decreased, but job quits fell to the lowest since August 2020. Job openings peaked at 12.2 million in March 2022. Inflation decreased from 9.1% in June 2022 to 2.5% in August 2024. The Federal Reserve raised interest rates 11 times in 2022 and 2023, but cut the benchmark rate by half a percentage point last month. Hiring averaged 116,000 new jobs per month from June to August 2024; September's report is expected to show 143,000 new jobs and an unemployment rate of 4.2%.

#JobOpenings #LaborMarket #Inflation #FederalReserve #Employment #Economy #August2024 #InterestRates #Unemployment #EconomicReport

https://abcnews.go.com/Business/wireStory/us-job-openings-rise-8-million-labor-market-114385588 

 Fed Chair Powell says the US economy is in 'solid shape' with more rate cuts coming
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Federal Reserve Chair Jerome Powell indicated that more interest rate cuts are forthcoming, contingent on economic developments; the Fed's current interest rate is approximately 4.8%; two additional quarter-point cuts are anticipated at meetings in November and December 2024; inflation fell to 2.2% in August, while core inflation rose slightly to 2.7%; unemployment decreased to 4.2%, still above last year's low of 3.4%; hiring has slowed to an average of 116,000 jobs per month; Powell emphasized the Fed's goal is to maintain a healthy economy and job market, not to prevent a recession; the neutral rate is estimated at about 3%; differing views among Fed officials on the pace of rate cuts were noted.

#FederalReserve #InterestRates #JeromePowell #Economy #Inflation #Unemployment #JobMarket #RateCuts #Nashville #EconomicPolicy

https://abcnews.go.com/Business/wireStory/fed-chair-powell-us-economy-solid-shape-rate-114360248 

 A looming port strike could fuel inflation and cause layoffs, experts say
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Tens of thousands of dockworkers are set to strike as soon as Oct. 1; a port shutdown could cost the economy up to $4.5 billion daily; East and Gulf Coast ports account for over half of U.S. container imports; a prolonged strike could drive up prices and cause layoffs; 75% of U.S. imported bananas come through these ports; potential price increases may delay Federal Reserve interest rate cuts; manufacturing disruptions could lead to layoffs in related industries; the last East and Gulf Coast strike lasted seven weeks in 1977; President Biden can intervene under the 1947 Taft-Hartley Act but is currently monitoring the situation.

#Dockworkers #Strike #Inflation #Economy #Manufacturing #Biden #Tafthartley #SupplyChain #Labor #Shipping

https://abcnews.go.com/Business/looming-port-strike-fuel-inflation-cause-layoffs-experts/story?id=114070962 

 Stock market today: Wall Street drifts around its record heights
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U.S. stocks are near record highs as of September 25, 2024; S&P 500 up 0.1%, Dow Jones up 5 points, Nasdaq up 0.2%; 41st all-time high for S&P 500 this year; Treasury yields steady after consumer confidence drop; Federal Reserve expected to cut interest rates by half a percentage point at next meeting; Cintas stock rose 1.1% after strong profit report; Stitch Fix fell 34.5% due to revenue forecast; KB Home down 5.8% despite increased orders; global markets mixed with Shanghai up 1.2%, South Korea down 1.3%, London down 0.1%; job market concerns persist as hiring slows.

#StockMarket #S&p500 #FederalReserve #Cintas #StitchFix #InterestRates #ConsumerConfidence #GlobalMarkets #EconomicOutlook #WallStreet

https://abcnews.go.com/US/wireStory/stock-market-today-asian-shares-extend-gains-after-114065506 

 Wider Middle East war could spike oil prices and rekindle US inflation, experts say
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Israeli airstrikes in Lebanon have killed about 550 people and injured 1,850 since September 24, 2024; potential wider conflict could push gas prices above $5 per gallon; oil prices surged 1.5% on September 24, 2024, and have climbed over 8% in two weeks; U.S. oil production reached a record 12.9 million barrels per day in 2023; Iran's involvement could disrupt global oil supply; weak economic performance in Europe and China is currently lowering oil demand; experts warn of inflationary shocks from rising oil prices.

#MiddleEast #OilPrices #UsEconomy #Inflation #Israel #Hezbollah #Iran #GasPrices #GlobalSupply #EconomicImpact

https://abcnews.go.com/US/wider-middle-east-war-spike-oil-prices-rekindle/story?id=113922941 

 Unemployment is low but rising quickly. Is it reason to worry?
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Unemployment rate increased from 3.7% to 4.2% in 2024; Federal Reserve cut interest rates to maintain job growth; Acting Labor Secretary Julie Su not concerned about hiring slowdown; Economists divided on labor market outlook; Job growth slowed from nearly 400,000 jobs/month in 2022 to 116,000 jobs/month; 'Prime age' workers at a 23-year high; Claudia Sahm's 'Sahm Rule' indicates rising unemployment may precede recession; Over 10% of Americans underemployed or out of labor force; Future job market trajectory uncertain.

#Unemployment #Economy #FederalReserve #JobGrowth #InterestRates #LaborMarket #Recession #EconomicAnalysis #Employment #Inflation

https://abcnews.go.com/Business/unemployment-low-rising-quickly-reason-worry/story?id=113868600 

 Biden to celebrate progress of American economy in Thursday remarks
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President Joe Biden will speak on September 19, 2024, at the Economic Club of Washington, D.C., to celebrate progress in the American economy, highlighting the first key interest rate cut since 2020 and falling inflation. White House Chief of Staff Jeff Zients emphasized that the remarks will not declare victory but will outline significant progress and ongoing challenges, particularly in childcare and housing costs. National Economic Adviser Lael Brainard noted the need for more affordable housing and the importance of enabling more workers to participate in the labor force. Concerns about rising unemployment and geopolitical risks were addressed, with officials asserting the economy remains healthy.

#Biden #Economy #InterestRates #Inflation #Housing #Employment #Covid19 #EconomicPolicy #Affordability #GeopoliticalRisks

https://abcnews.go.com/US/biden-celebrate-progress-american-economy-thursday-remarks/story?id=113833192 

 GOP Gov. DeWine defends Haitian immigrants: 'They came to Springfield to work'
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Ohio Governor Mike DeWine defended Haitian immigrants in Springfield, stating they are legal and came to work, countering claims from former President Donald Trump that they are eating pets. DeWine emphasized the positive impact of the immigrants on the local economy, noting Springfield's population increase from 58,000 to 73,000. He condemned conspiracy theories and hate group activities in the area, announcing $2.5 million in state funding to improve primary care access due to increased patient numbers. DeWine expressed support for the Republican nominee while acknowledging legitimate border issues.

#HaitianImmigrants #MikeDewine #DonaldTrump #Springfield #Ohio #Economy #ConspiracyTheories #HateGroups #PrimaryCare #Politics

https://abcnews.go.com/Politics/gop-gov-dewine-defends-haitian-immigrants-springfield-work/story?id=113690058 

 Congress targets Chinese influence in health tech. It could come with tradeoffs
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Complete Genomics, a San Jose biotechnology company, faces potential exclusion from the U.S. market due to ties with China; the U.S. House passed the BIOSECURE Act with a 306-81 vote on September 12, 2024, aimed at countering China's influence in health tech; the bill prevents federal funding from benefiting companies linked to China, including Complete Genomics, BGI, MGI, WuXi AppTec, and WuXi Biologics; supporters argue it protects health data and reduces reliance on China, while opponents warn it could delay drug development and raise costs; Rep. Brad Wenstrup sponsors the bill, emphasizing national security; critics, including Rep. Jim McGovern, argue against targeting specific companies; the bill allows eight years for U.S. companies to sever ties with Chinese firms; BIO supports the bill, citing national security concerns.

#Congress #China #HealthTech #Biotechnology #NationalSecurity #Legislation #CompleteGenomics #BiosecureAct #DrugDevelopment #Innovation

https://abcnews.go.com/US/wireStory/congress-targets-chinese-influence-health-tech-tradeoffs-113651967 

 30,000 Boeing workers are poised for a potential strike. Here's what's at stake
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30,000 Boeing workers are set to vote on a tentative agreement with the IAM on September 12, 2024; the agreement includes a 25% raise over four years, but workers sought a 40% increase; a strike could begin as soon as September 13, 2024; Boeing's CEO Kelly Ortberg took over last month; Boeing carries nearly $60 billion in debt and has seen a 40% drop in share price in 2024; a strike could weaken Boeing's production and impact the U.S. economy, which Boeing contributes nearly $80 billion to annually; the IAM represents 33,000 workers in Washington, Oregon, and California; workers express frustration over compensation amid rising living costs and company mismanagement.

#Boeing #Strike #Union #Iam #Labor #Economy #Ceo #Wages #Employment #Aerospace

https://abcnews.go.com/Business/30000-boeing-workers-poised-potential-strike-stake/story?id=113616770 

 Stock market today: Wall Street is steady following economic reports with few surprises
==========

U.S. stocks are mixed on September 12, 2024; S&P 500 up 0.2%, on track for fourth winning week; Dow Jones down 45 points (0.1%); Nasdaq up 0.5%; Nvidia rose 2.6% after an 8.1% jump; Moderna down 17% after pushing break-even forecast to 2028; Treasury yields steady; unemployment benefits applications ticked up; wholesale prices up 1.7% in August; Fed expected to cut rates by 0.25% next week; Kroger shares up 3.3% after strong profit report; Alaska Air Group up 0.9% after raising profit forecast; Delta Air Lines initially rose but fell 0.6%; European Central Bank cut rates by 0.25%; Japan's Nikkei 225 index rose 3.4%.

#StockMarket #Economy #Nvidia #Moderna #FederalReserve #InterestRates #Kroger #AlaskaAir #DeltaAirLines #TreasuryYields

https://abcnews.go.com/Business/wireStory/stock-market-today-asian-shares-rally-encouraged-wall-113611327 

 US filings for unemployment benefits inch up slightly but remain historically low
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Jobless claims rose by 2,000 to 230,000 for the week of Sept. 7, 2024; four-week average of claims increased by 500 to 230,750; total Americans collecting jobless benefits rose by 5,000 to approximately 1.85 million for the week of Aug. 31; claims averaged 213,000 per week in the first four months of 2024; claims hit 250,000 in late July; employers added 142,000 jobs in August, up from 89,000 in July; revised report shows U.S. economy added 818,000 fewer jobs from April 2023 to March 2024; Fed raised interest rates 11 times in 2022 and 2023 to combat inflation; inflation nearing Fed's 2% target; analysts expect a quarter-point rate cut at next Fed meeting.

#Unemployment #JobMarket #Economy #InterestRates #Inflation #LaborDepartment #JoblessClaims #Employment #FederalReserve #EconomicTrends

https://abcnews.go.com/Business/wireStory/us-filings-unemployment-benefits-inch-slightly-remain-historically-113617788 

 Fact-checking Kamala Harris and Donald Trump's 1st presidential debate
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The first presidential debate of the 2024 election took place on September 10, 2024, at Philadelphia's National Constitution Center, hosted by ABC News; Vice President Kamala Harris and former President Donald Trump were the participants; Harris claimed 16 Nobel laureates warned Trump's plan could increase inflation, which was mostly true; she also stated Trump proposed a 20% tax on goods, which is true but needs context; Trump claimed inflation is at its worst in history, which is false; Harris said Trump left the worst unemployment since the Great Depression, which needs context; Trump killed a bipartisan border security bill, which is true; Trump falsely claimed Haitian migrants were eating pets in Ohio; Harris claimed Trump intends to implement Project 2025, which needs context; Trump said he would not sign a national abortion ban, contradicting Harris's claim; Trump falsely stated no one was fired over the Afghanistan withdrawal; Harris's claim about Trump's fracking stance needs context; Trump claimed he offered 10,000 National Guard troops for January 6, which is false; Harris's claim about Trump's immunity from prosecution is partly true; Trump's claim about the Nord Stream 2 pipeline is mostly false; Harris's assertion about Trump's Taliban deal needs context; Trump's claims about abortion laws and the 2020 election loss are false; Trump's assertion about military equipment left in Afghanistan is false; Harris's claim about Trump's Central Park 5 ad is true; Trump's claim about love letters to Kim Jong Un is false; Harris's claim about clean energy investments needs context; Trump's comments about an assassination attempt are false; Trump's statement about Ashli Babbitt's shooting is misleading.

#Debate #Factcheck #Harris #Trump #2024Election #Politics #Economy #Immigration #Abortion #Afghanistan

https://abcnews.go.com/Politics/fact-checking-kamala-harris-donald-trumps-1st-presidential/story?id=113567997 

 Harris set to oppose sale of US Steel to a Japanese firm during joint Pennsylvania event with Biden
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Vice President Kamala Harris plans to oppose the sale of U.S. Steel to Nippon Steel during a joint campaign event with President Joe Biden in Pittsburgh on September 2, 2024; both leaders emphasize the importance of maintaining domestic ownership of U.S. Steel; Harris aims to appeal to American steel workers and voters in Pennsylvania, a critical swing state; this event marks their first joint campaign appearance since Biden's endorsement of Harris in July; Harris has positioned herself as a new leader while supporting Biden's policies; she has promised to address inflation and housing shortages; the pair will also attend Pittsburgh's Labor Day parade, part of their campaign blitz ahead of the November elections; Harris will debate Donald Trump on September 10, 2024.

#KamalaHarris #JoeBiden #UsSteel #NipponSteel #Pennsylvania #LaborDay #2024Election #Campaign #Politics #SteelIndustry

https://abcnews.go.com/US/wireStory/harris-biden-boost-pennsylvania-set-attend-labor-day-113318294 

 US applications for unemployment benefits rise, still at historically healthy levels
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Jobless claims rose by 4,000 to 232,000 for the week of Aug. 17, 2024; four-week average of claims decreased by 750 to 236,000; 1.86 million Americans collected jobless benefits for the week ending Aug. 10; claims averaged 213,000 a week from January to May; claims hit 250,000 in late July; Federal Reserve raised interest rates 11 times in 2022 and 2023 to a 23-year high; inflation decreased from over 9% in June 2022 to 2.9% last month; employers added 114,000 jobs in July, below the average of 218,000; unemployment rate rose to 4.3%; Labor Department revised job growth down by 818,000 from April 2023 to March 2024; job openings fell from 12.2 million in March 2022 to 8.2 million in June 2024; Fed expected to cut rates in September.

#Unemployment #JoblessClaims #Economy #Inflation #FederalReserve #InterestRates #JobMarket #Employment #Biden #Harris

https://abcnews.go.com/Business/wireStory/us-applications-unemployment-benefits-inch-remain-historically-healthy-113055643 

 Japan stocks lift Asian market higher after US retail data boost Wall Street
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Japanese stocks led gains in Asian markets after Wall Street rallied to one of its best days of the year; The Nikkei 225 surged 2.9% to 37,800.42; The Hang Seng in Hong Kong added 1.6% to 17,376.44; The Shanghai Composite index edged 0.1% higher to 2,879.93; The S&P 500 jumped 1.6% for its fourth-best day of the year; The Dow Jones Industrial Average rose 1.4%; The Nasdaq composite burst 2.3% higher; U.S. shoppers increased their spending at retailers last month by much more than economists expected; The 10-year Treasury yield climbed up to 3.91% from 3.84%; The two-year Treasury yield jumped to 4.09% from 3.96%; Traders widely expect the Federal Reserve to cut its main interest rate at its next meeting in September

#Japan #AsianMarkets #WallStreet #Nikkei225 #HangSeng #ShanghaiComposite #S&p500 #DowJonesIndustrialAverage #Nasdaq #UsRetailData #TreasuryYield #FederalReserve

https://abcnews.go.com/US/wireStory/japan-stocks-lift-asian-market-higher-after-us-112884334 

 How major US stock indexes fared Thursday, 8/15/2024
==========

Wall Street rallied closer to its record highs following signs that the U.S. economy is holding up better than expected; The S&P 500 jumped 1.6% Thursday, marking its sixth gain in a row; The Dow Jones Industrial Average jumped 1.4%, and the Nasdaq composite added 2.3%; Treasury yields leaped in the bond market following reports of increased spending at retailers and fewer workers applying for unemployment benefits; Walmart rose sharply after raising its sales forecast; The S&P 500 rose 88.01 points, or 1.6%, to 5,543.22; The Dow Jones Industrial Average rose 554.67 points, or 1.4%, to 40,563.06; The Nasdaq composite rose 401.89 points, or 2.3%, to 17,594.50; The Russell 2000 index of smaller companies rose 51.15 points, or 2.5%, to 2,135.47; For the week, the S&P 500 is up 199.06 points, or 3.7%; The Dow is up 1,065.52 points, or 2.7%; The Nasdaq is up 849.19 points, or 5.1%; The Russell 2000 is up 54.55 points, or 2.6%; For the year, the S&P 500 is up 773.39 points, or 16.2%; The Dow is up 2,873.52 points, or 7.6%; The Nasdaq is up 2,583.14 points, or 17.2%; The Russell 2000 is up 108.40 points, or 5.3%



https://abcnews.go.com/Business/wireStory/major-us-stock-indexes-fared-thursday-8152024-112875057 

 How major US stock indexes fared Friday, 8/9/2024
==========

The S&P 500 rose 0.5% on Friday, with a weekly loss of less than 0.1%. The Dow Jones Industrial Average rose 0.1%, and the Nasdaq composite added 0.5%. Expedia Group reported stronger-than-expected profits. The S&P 500 closed at 5,344.16, the Dow Jones Industrial Average closed at 39,497.54, and the Nasdaq composite closed at 16,745.30. The Russell 2000 index fell 0.2% to 2,080.92. For the week, the S&P 500 is down less than 0.1%, the Dow is down 0.6%, the Nasdaq is down 0.2%, and the Russell 2000 is down 1.3%. For the year, the S&P 500 is up 12%, the Dow is up 4.8%, the Nasdaq is up 11.6%, and the Russell 2000 is up 2.7%.

#UsStockMarket #S&p500 #DowJonesIndustrialAverage #NasdaqComposite #ExpediaGroup #Russell2000

https://abcnews.go.com/Business/wireStory/major-us-stock-indexes-fared-friday-892024-112724434 

 What does the economic slowdown mean for the election?
==========

The recent stock market downturn and economic slowdown have raised concerns about the impact on the upcoming US presidential election between Vice President Kamala Harris and former President Donald Trump. Experts believe that a mild economic cooldown or market turmoil in August will not significantly affect the election outcome. However, a severe economic downturn could damage Harris's prospects. The disappointing jobs report and rising unemployment rate have triggered recession indicators, but the labor market is still growing and the GDP is solid. The Federal Reserve may cut interest rates to mitigate the economic cooldown. The election forecast remains largely unchanged, with Harris in a virtual tie with Trump. It would take a severe economic downturn over the coming months to change the election outlook. Goldman Sachs economists have raised the probability of a US recession in the next year. Overall, economic performance could still shift the election prospects, but it is unlikely to change significantly.

#UsEconomy #EconomicSlowdown #PresidentialElection #KamalaHarris #DonaldTrump #StockMarket #JobsReport #UnemploymentRate #Gdp #FederalReserve #InterestRates #Recession #EconomicForecast

https://abcnews.go.com/Business/economic-slowdown-election/story?id=112637665 

 The US economy has defied recession forecasts for years. Is this time different?
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A global stock sell-off on Monday sparked concerns of a possible economic downturn; Japan's Nikkei 225 stock index dropped more than 12%, its worst day of trading since 1987; Major US stock indexes plummeted more than 2%; Nvidia, a chipmaker, dropped as much as 14% before recovering some losses; Economists disagree on whether current economic conditions warrant serious concern about a possible recession or foretell resilience; Some analysts voice optimism, pointing to continued economic growth and a tendency for markets to overreact; Others caution of a monthslong labor market cooldown indicating wider economic weakness and a potential downturn; The disappointing jobs report on Friday triggered the stock market downswing; The unemployment rate climbed to 4.3%, the highest level since October 2021; Some economists doubt whether the rising unemployment rate signals a recession, attributing it to an increase in eligible workers rather than layoffs; Nancy Lazar, chief global economist at Piper Sandler, believes the uptick in the unemployment rate indicates a recession will take place before the end of the year; Goldman Sachs economists raised the probability of a US recession in the next year from 15% to 25%; The market downturn has triggered calls for a large interest rate cut at the Fed's next meeting in September; Economists believe an interest rate cut would not help the economy avoid an imminent recession; Market swings can bring about a recession due to overreactions and self-reinforcing feedback loops.

#UsEconomy #Recession #StockMarket #JobsReport

https://abcnews.go.com/Business/recession-fears-loom-economy-time/story?id=112588104 

 Japan's Nikkei 225 share benchmark plunges nearly 8% as worries over the U.S. economy trigger sell-offs in world markets
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Japan's Nikkei 225 share benchmark plunges nearly 8% as worries over the U.S. economy trigger sell-offs in world markets; The sell-offs are a result of concerns about the U.S. economy; The Nikkei 225 share benchmark in Japan drops by almost 8%; The drop in the Nikkei 225 is due to worries over the U.S. economy; The sell-offs in world markets are triggered by concerns about the U.S. economy



https://abcnews.go.com/US/wireStory/japans-nikkei-225-share-benchmark-plunges-8-worries-112568507 

 Japan's Nikkei 225 index plunges 8% as world markets tremble over risks to the US economy
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Japan's benchmark Nikkei 225 stock index has fallen as much as 8.1%; The market's broader TOPIX index also fell 8%; The Nikkei 225 dropped 5.8% on Friday and it is headed for its worst two-day decline ever; Share prices have fallen in Tokyo since the Bank of Japan raised its benchmark interest rate on Wednesday; The dollar was trading at 143.07 yen, down from 146.45 late Friday; South Korea's Kospi plummeted 6.5% as Samsung's shares sank 7.7%; Taiwan's Taiex crumbled, losing 7.4% as Taiwan Semiconductor Manufacturing Co., the world's biggest chip maker, dropped 8%; The future for the S&P 500 was 1.5% lower and that for the Dow Jones Industrial Average was down 0.7%; The VIX, an index that measures how worried investors are about upcoming drops for the S&P 500, fell about 26% as of early Monday; Bitcoin was down 14% at $54,155.00; U.S. benchmark crude oil gained 9 cents to $73.61 per barrel while Brent crude was flat at $76.81 per barrel; Hong Kong's Hang Seng index lost 0.2% to 16,908.96 and the S&P/ASX 200 in Australia declined 12.8% to 7,722.60; The Shanghai Composite index edged 0.1% higher; The S&P 500's 1.8% decline Friday was its first back-to-back loss of at least 1% since April; The Dow Jones Industrial Average dropped 1.5%, and the Nasdaq composite fell 2.4%; The Nasdaq composite is 10% below its record set last month; The Federal Reserve may have kept its main interest rate at a two-decade high for too long, raising risks of a recession in the world's largest economy

#Japan #Nikkei225 #StockMarket #Selloffs #UsEconomy #BankOfJapan #InterestRate #Tokyo #SouthKorea #Kospi #Samsung #Taiwan #Taiex #TaiwanSemiconductorManufacturingCo #ChipMaker #S&p500 #DowJonesIndustrialAverage #Vix #Bitcoin #CrudeOil #HangSengIndex #S&p/asx200 #ShanghaiCompositeIndex #FederalReserve #Recession

https://abcnews.go.com/US/wireStory/japans-nikkei-225-index-plunges-7-global-sell-112566489 

 Japan's benchmark Nikkei 225 stock index drops nearly 5%, extending sell-offs stoked by worries over the US economy
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Japan's benchmark Nikkei 225 stock index drops nearly 5% due to worries over the US economy; sell-offs continue; concerns about the US economy stoke the sell-offs



https://abcnews.go.com/US/wireStory/japans-benchmark-nikkei-225-stock-index-drops-5-112566485 

 Stocks fall sharply as worries mount about weakening US economy. Dow drops 600, Nasdaq closes 10% below July high (CORRECTS: A previous APNewsAlert erroneously reported the Nasdaq's most recent high occurred in June})
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Stocks fall sharply as worries mount about weakening US economy; Dow drops 600, Nasdaq closes 10% below July high; Nasdaq's most recent high occurred in July; Trump's comments on Jewish Democrats and second gentleman Doug Emhoff spark criticism; Former Olympic champion Marion Jones reflects on her conviction and looks to the future; Trump lashes out at Biden over historic prisoner exchange that freed Paul Whelan and Evan Gershkovich; IT outages reported across the globe

#StockMarket #UsEconomy #Dow #Nasdaq #Trump #JewishDemocrats #DougEmhoff #MarionJones #PrisonerExchange #PaulWhelan #EvanGershkovich #ItOutages

https://abcnews.go.com/US/wireStory/stocks-fall-sharply-worries-mount-weakening-us-economy-112524126 

 Eurozone economy grew modestly by 0.3% in the second quarter as Germany shrank, highlighting growth gap with U.S.
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The Eurozone economy grew by 0.3% in the second quarter, while Germany experienced a contraction; this highlights the growth gap between the Eurozone and the U.S.

#Eurozone #Germany #Us #EconomicGrowth

https://abcnews.go.com/US/wireStory/eurozone-economy-grew-modestly-03-quarter-germany-shrank-112393071 

 How major US stock indexes fared Thursday, 7/25/2024
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Smaller stocks and other formerly unloved areas of the market rose up while Big Tech stocks gave back gains; The S&P 500 fell 0.5% after a healthy gain from earlier in the day evaporated; The Dow Jones Industrial Average rose 0.2%; The Nasdaq composite lost 0.9%; The Russell 2000 index of smaller companies rose 1.3%; For the week, the S&P 500 is down 1.9%, the Dow is down 0.9%, the Nasdaq is down 3.1%, and the Russell 2000 is up 1.8%; For the year, the S&P 500 is up 13.2%, the Dow is up 6%, the Nasdaq is up 14.5%, and the Russell 2000 is up 9.7%



https://abcnews.go.com/Business/wireStory/major-us-stock-indexes-fared-thursday-7252024-112284350 

 US economy grew much faster than expected in 2nd quarter
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The U.S. economy grew at a 2.8% annualized rate over three months ending in June, doubling the rate of growth from the previous quarter. The data could complicate the path toward an expected interest rate cut from the Federal Reserve in September. Inflation has slowed, but remains higher than the Fed's target rate. If the Fed cuts interest rates while the economy is heating up, it risks rekindling rapid price increases. The chances of an interest rate cut in September stand at more than 80% according to market sentiment.

#UsEconomy #GdpGrowth #FederalReserve #Inflation #InterestRates

https://abcnews.go.com/Business/us-economy-grew-faster-expected-2nd-quarter/story?id=112263048 

 What we heard about the economy, immigration and foreign policy at the RNC
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The Republican National Convention (RNC) focused on Trump's strengths with voters, highlighting the economy, immigration, and foreign policy. Voters trust Republicans and former President Donald Trump on the economy, immigration, and foreign policy, while they trust Democrats and President Joe Biden more on abortion, healthcare, protecting democracy, and uniting the country. The RNC speeches were organized around Trump's platform of making America "wealthy," "safe," and "strong." Republicans emphasized concerns about the cost of living, inflation, and high prices, with many speakers mentioning inflation and its impact on families. Immigration was a key issue, with speakers criticizing Biden's handling of the issue and connecting it to crime and the drug overdose crisis. Foreign policy was also discussed, with speakers highlighting Trump's strong stance and criticizing Biden's policies on Russia, Ukraine, Israel, Palestine, Iran, and China. The RNC maintained message discipline and reinforced the same themes throughout the event, tying them to the issues where they have an advantage with voters.

#Rnc #RepublicanParty #DonaldTrump #JoeBiden #Economy #Immigration #ForeignPolicy

https://abcnews.go.com/538/heard-economy-immigration-foreign-policy-rnc/story?id=112179494 

 Who will replace Joe Biden as presidential nominee? Kamala Harris does best against Trump in polls
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Kamala Harris is seen as a likely top contender to replace Joe Biden as the Democratic nominee for president. Biden endorsed Harris for the Democratic nominee. In a potential matchup between Harris and former President Donald Trump, they were nearly tied in polls. Other potential successors include Gretchen Whitmer, Gavin Newsom, Andy Beshear, J.B. Pritzker, Pete Buttigieg, and Michelle Obama. Whitmer, Newsom, and Buttigieg were also polled against Trump with varying results. Harris has been campaigning for Biden and expressed confidence in defeating Trump. Whitmer defended Biden's debate performance and criticized Trump. Newsom praised Biden's leadership. Beshear thanked Biden for his leadership. Pritzker has been a vocal Biden surrogate. Buttigieg supported Biden in the 2020 campaign. Michelle Obama has repeatedly stated she has no interest in running for president. In a poll, she led Trump by a significant margin.

#JoeBiden #KamalaHarris #DonaldTrump #GretchenWhitmer #GavinNewsom #AndyBeshear #JbPritzker #PeteButtigieg #MichelleObama

https://abcnews.go.com/Politics/biden-drops-replace-harris-trump-polls/story?id=111648515 

 At Trump's GOP convention, there’s little to be heard on health care
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Health care issues received little attention at the Republican National Convention where Donald Trump was nominated as the party's 2024 presidential candidate. In 2016, the GOP focused on repealing the Affordable Care Act and overturning Roe v. Wade, but the change in tone reflects Trump's political sensitivities. The GOP's 2024 platform promises not to cut Social Security or Medicare and vows to protect Medicare and find cures for Alzheimer's disease and cancer. The convention speakers instead focused on inflation, crime, and immigration. The GOP platform also stripped federal limits on abortion and supports state-level elections on abortion policy. Vaccine skepticism has grown in the Republican Party, with only 36% of Republicans saying they're confident in the safety of COVID-19 vaccines.

#RepublicanNationalConvention #DonaldTrump #HealthCare #AffordableCareAct #RoeVWade #Medicare #SocialSecurity #Inflation #Crime #Immigration #Abortion #VaccineSkepticism

https://abcnews.go.com/Health/trumps-gop-convention-heard-health-care/story?id=112102972 

 Fact-checking Donald Trump's RNC speech on immigration, the economy, world affairs and more
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Former President Donald Trump closed out the final night of the 2024 Republican National Convention with a 92-minute speech that addressed a host of issues on Americans' minds; Trump claimed there was "a massive invasion at our southern border that has spread misery, crime, poverty, disease and destruction to communities all across our land," which is false as there is no evidence of a major surge in crime caused by recent arrivals and crime is down across the country overall; Trump also claimed he would end the immigration crisis "by closing our border and finishing the wall, most of which I have already built," which is false as he had actually implemented roughly 450 miles of barriers, much of which was just upgrading existing barriers that already existed; Trump argued dangerous criminals "are coming from prisons and jails, from mental institutions and insane asylums, and terrorists at levels never seen before," which needs context as he was likely referring to the latest statistics released by Immigration and Customs Enforcement; Trump said his administration "ended all catch-and-release," which is false as migrants were more likely to be "released" through this process under Trump compared to Biden; Trump claimed the tax legislation passed during his presidency was the largest tax cut ever, which needs more explanation as it was the fourth-largest since 1940 in inflation-adjusted dollars and ranked seventh as a percentage of GDP; Trump said the U.S. had the best economy in the history of our country, "no inflation" and soaring incomes, which is false as unemployment rates matched or exceeded those levels under Joe Biden, GDP growth under Trump was well below that of previous presidents, wage growth increased but did not soar, and inflation was not zero but low; Trump said he would reverse government regulations to encourage the development of electric vehicles, saying he’d be "saving the U.S. auto industry from complete obliteration, which is happening right now," which is false as employment in auto and parts manufacturing had risen by 127,800 jobs through December 2023 under Biden's presidency; Trump claimed credit for the war and defeating ISIS, the great economy, the biggest tax cuts ever, the biggest regulation cuts ever, the creation of Space Force, and the rebuilding of the military, which needs context as he rightly gets credit for shrinking the territory ISIS controlled but it’s wrong to say ISIS was or is defeated; Trump claimed the U.S. left behind $85 billion worth of military equipment in Afghanistan, which is false as the United States spent $88.6 billion in Afghanistan providing security assistance over the course of two decades, and only a fraction of it was for hardware; Trump claimed he's leading in Nevada by 14 points, which is false as he leads Biden by only 6 points in the Silver State; Trump said, "We’ve had the worst inflation we’ve ever had under this person [Biden]," which is false as the overall rate is nowhere near a record; Trump said of Biden's administration, "This is the only administration that said we're going to raise your taxes by four times what you're paying now," which is false as Biden proposes a tax increase of roughly 7% over the next decade, not 300%, and about 83% of the proposed Biden tax increase would be borne by the top 1% of taxpayers.



https://abcnews.go.com/Politics/fact-checking-donald-trumps-rnc-speech-immigration-economy/story?id=112091019 

 Amazon Prime Day 2024: Shop top picks and discounts in tech, home and more
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Amazon Prime Day 2024 is running from July 16-17, featuring discounts on tech, gadgets, styles, beauty brands, and home essentials. Prime members get exclusive access to deals on Amazon Echo, Fire TV, and Kindle devices. ABC News is curating noteworthy deals, including flash deals, steep discounts, and products seen on their shows. Some featured deals include a 35% discount on an Anker portable charger, a 55% discount on a Matein travel laptop backpack, a $180 discount on the Dyson V15 Detect Plus Cordless Vacuum, and a 57% discount on the Arcade1Up Mortal Kombat Head-to-Head Arcade Table. ABC News may receive a commission for purchases made through their shopping links.

#AmazonPrimeDay #Shopping #Discounts #Tech #Home #Anker #Matein #Dyson #Arcade1up

https://abcnews.go.com/Shop/live-updates/best-amazon-prime-day-deals-2024/?id=111957386 

 China reports its economy slowed in the last quarter, expanding 4.7% in annual terms
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China's economy expanded 4.7% in annual terms in the last quarter, indicating a slowdown. The report was released by China. The slowdown in the economy is a significant development. The news was reported by ABC News on July 14, 2024, at 10:10 PM. The article provides no additional information about the topic.



https://abcnews.go.com/US/wireStory/china-reports-economy-slowed-quarter-expanding-47-annual-111941094