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☆ International Monetary Fund raises U.S. growth forecast for 2023, leaves global outlook unchanged
▼ + stars: | 2023-10-10 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Attendees arrive at the event campus on the opening day of the annual meetings of the International Monetary Fund (IMF) and World Bank in Marrakesh, Morocco, on Monday, Oct. 9, 2023. The International Monetary Fund on Tuesday released its latest World Economic Outlook, which revised its forecast for U.S. growth higher while predicting slower expansion for the euro zone. The IMF raised its U.S. growth projection for this year by 0.3 percentage points, compared with its July update, to 2.1%. It hiked next year's forecast by 0.5 percentage points, to 1.5%. Its euro area growth forecast for 2023 was revised down by 0.2 percentage points to 0.7%, meanwhile, and for 2024 was lowered by 0.3 percentage points to 1.2%.

Organizations: International Monetary Fund, Bank, Monetary Fund, IMF Locations: Marrakesh, Morocco, U.S, United Kingdom

☆ IMF says global economy 'limping along', cuts growth forecast for China, euro zone
▼ + stars: | 2023-10-10 | by ( Andrea Shalal | ) www.reuters.com time to read: +7 min

China Daily via REUTERS Acquire Licensing RightsSummary Global growth forecast unchanged at 3.0% in 2023Inflation dropping but 'not quite there yet'-IMF chief economistIMF raises U.S. forecast, cuts outlook for China, euro areaMARRAKECH, Morocco, Oct 10 (Reuters) - The International Monetary Fund on Tuesday cut its growth forecasts for China and the euro zone and said overall global growth remained low and uneven despite what it called the "remarkable strength" of the U.S. economy. In its latest World Economic Outlook, the IMF left its forecast for global real GDP growth in 2023 unchanged at 3.0% but cut its 2024 forecast to 2.9% from its July forecast of 3.0%. Even in 2028, the IMF is projecting global growth of just 3.1%. You put all these things together and you have a slowdown in medium-term growth," Gourinchas told Reuters. If the real estate crisis deepened, China's growth could be lowered by as much as 1.6% percentage point, which in turn would knock 0.6 percentage points off global growth, Gourinchas said.

Persons: Pierre, Olivier Gourinchas, Gourinchas, It's, it's, Andrea Shalal, Andrea Ricci, Catherine Evans Organizations: REUTERS Acquire, IMF, Monetary Fund, World Bank, Reuters, Research, Labor, U.S, autoworkers, Thomson Locations: Jinhua, Zhejiang province, China, MARRAKECH, Morocco, U.S, COVID, Ukraine, Israel, Marrakech, United States, Japan

☆ Treasury yields fall as investors seek safe havens amid Israel-Hamas conflict
▼ + stars: | 2023-10-10 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the 2-year Treasury yield was down by over nine basis points to 4.9843%. The 10-year Treasury yield was last more than 12 basis points lower at 4.6571%. U.S. Treasury yields fell on Tuesday as trading resumed after Columbus Day, with investors weighing the potential geopolitical and economic impact of the Israel-Hamas war . Concerns about the implications of the Israel-Hamas conflict continued, with investors considering whether it may affect markets and the global economy. Investors poured into government bonds, which are traditionally seen as safer investments, driving Treasury yields lower.

Persons: Philip Jefferson, Lorie Logan Organizations: U.S, Treasury, Columbus, Investors, Hamas, Israel, Federal, Dallas, Fed, International Monetary Fund Locations: Israel, Gaza

☆ UK opposition Labour announces sweeping economic reforms in promise to 'rebuild Britain'
▼ + stars: | 2023-10-09 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

LIVERPOOL, England — Britain's main opposition Labour party on Monday vowed to "rebuild Britain" if it wins the 2024 General Election, as Shadow Finance Minister Rachel Reeves announced a host of new economic pledges aimed at stimulating growth. The lifeblood of a growing economy is business investment," Reeves said, further cementing the party's recalibration in recent years as a centrist, pro-business alternative to the ruling Conservatives. Truss and then-Chancellor Kwasi Kwarteng opted not to seek an independent appraisal from the OBR, breaking with traditional norms of economic policy. Labour holds around a 20-point lead over the Conservatives across most major polling, with the ruling party damaged by a string of scandals and the fallout from Sunak's predecessor Liz Truss's "mini-budget." In order to catalyze and de-risk business investment, Labour would create a new national wealth fund, Reeves also announced.

Persons: Rachel Reeves, Jeremy Hunt, Reeves, Liz Truss, Kwasi Kwarteng, Rishi Sunak, Liz Truss's Organizations: Labour, Shadow, Conservative Party Locations: LIVERPOOL, England, Britain, Liverpool, France, Germany, America

☆ HS2: Britain's high-speed rail fiasco reflects grim economic reality
▼ + stars: | 2023-10-05 | by ( Mark Thompson | ) edition.cnn.com time to read: +6 min

“Our plan will drive far more growth and opportunity here in the north than a faster train to London ever would,” he said Wednesday. Some of the alternatives Sunak highlighted were predicated on the delivery of HS2, said Henrietta Bailey, CEO of Greater Birmingham Chambers of Commerce. “This is the biggest and most damaging U-turn in the history of UK infrastructure,” the High Speed Rail Group, which represents companies such as Siemens, Hitachi and Bombardier, said in a statement. “The decision … sends a hugely disappointing message about our commitment to completing major infrastructure projects in the UK,” said Stephen Phipson, chief executive of Make UK, which represents manufacturing firms. The country must hope that his latest policy reversal doesn’t deter investors and further undermine a struggling UK economy, perpetuating a doom-loop of weak growth and underinvestment.

Persons: Rishi Sunak, Sunak, ”, Henrietta Bailey, Stephen Phipson, Mark Allen, ” Sunak, —, Liz Truss, he’s, Sunak blinked, James Mason, ” — Hanna Ziady Organizations: London CNN —, Leeds, Birmingham Chambers of Commerce, HS2 —, Conservative, Speed Rail Group, Siemens, Hitachi, Bombardier, Make, Investors, Treasury, Business Locations: England, United Kingdom, London, Germany, France, Italy, China, Japan, Edinburgh, Birmingham, Manchester, Britain, West, North Yorkshire

☆ Premarket stocks trading: ESG has lost its meaning. One advocate says let's throw it in the trash
▼ + stars: | 2023-10-03 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Dedicated ESG funds have also lost popularity with investors. Total assets under management in ESG funds fell by about $163.2 billion globally during the first quarter of 2023 from the year before, according to data provider Lipper. According to the latest Fed projections, officials forecast just one more interest rate hike this year — and rate cuts next year. When members of his board ask him whether interest rates could really go that high, his answer is always “yes,” he told Bloomberg. There are a lot of “potential bad outcomes,” Dimon said, but the worst-case economic scenario would be stagflation, with low growth and high interest rates.

Persons: “ ESG, ESG, What’s, Lipper, Lynn Forester de Rothschild, ESG “, ”, Rothschild, King Charles II, Bill Clinton, Archbishop of Canterbury Justin Welby, ’, Stephen Hall, Philip Morris, “, Robert Jenkins, Jenkins, Jamie Dimon, Dimon, It’s, ” Dimon, “ you’re, Satya Nadella, Brian Fung, Nadella, ” Nadella, else’s Organizations: CNN Business, Bell, New York CNN, Fox News, Republican, Biden, Council, Inclusive Capitalism, “ Investment, Better, CNN, Jamie Dimon JPMorgan, Federal, Bloomberg, Times, Microsoft, Google Locations: New York, Times of India, United States

☆ Be prepared for 7% interest rates, warns Jamie Dimon
▼ + stars: | 2023-10-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +3 min

Most analysts say the central bank will raise interest rates just one more time, in November, by 0.25 percentage points from its current range of 5.25%-5.50%. However, Dimon told Bloomberg TV it’s possible the central bank will continue hiking rates by another 1.5 percentage points, to 7%. According to the latest Fed projections, officials forecast just one more interest rate hike this year — and rate cuts next year. Still, Dimon, who leads the largest bank in the United States, says Americans need to be prepared for interest rates to surge. There are a lot of “potential bad outcomes,” Dimon said, but the worst-case economic scenario would be stagflation, with low growth and high interest rates.

Persons: Jamie Dimon, Dimon, It’s, ”, ” Dimon, “ you’re, “ They’re, “ Organizations: New, New York CNN, JPMorgan, Federal, Bloomberg, Times Locations: New York, Times of India, United States, Ukraine, China

Again, Republicans have not produced evidence that Joe Biden got paid in any of these arrangements. Jim Jordan falsely claims Hunter Biden said he was unqualified for Burisma boardRepublican Rep. Jim Jordan of Ohio repeated a false claim about Hunter Biden that CNN debunked when Jordan made the same claim last week. “We learned yesterday, in the search warrant…examining Hunter Biden electronic communications, they weren’t allowed to ask about Political Figure 1,” Jordan said. Facts First: Mace’s claim is false; we do not “already know” that Joe Biden took any bribe. Burchett on Hunter Biden’s taxesRep. Tim Burchett, a Tennessee Republican, falsely claimed that Hunter Biden never paid taxes on his foreign income.

Persons: Joe Biden –, Biden, James Comer, Joe Biden’s, Joe Biden, ” – Hunter, –, Hunter Biden –, Hunter Biden, Jim Jordan, Jordan, “ Hunter Biden’s, ” Jordan, wasn’t, “, Boies Schiller, ” Biden, ”, wasn’t Biden, Hunter, Trump’s, David Weiss, Weiss, Joe Biden weren’t, Hunter Biden Comer, Comer, Hunter Biden’s, Abbe Lowell, Lowell, ” Lowell, Ian Sams, ’, ” Comer, Nancy Mace, Jonathan Turley, Republican Sen, Chuck Grassley, Donald Trump, Burisma, Mykola Zlochevsky, Devon Archer, Archer, Zlochevsky’s, embellishing, Burchett, Tim Burchett, Hunter Biden “, doesn’t, “ Who’s, ” Burchett, Byron Donalds, James Biden, Alexandria Ocasio, Cortez, Byron Donalds of, Donalds, wouldn’t, James Biden’s, ” Donalds, Pat Fallon, Dad, ‘, Fallon Organizations: CNN, Republican, Republicans, Post, Burisma Holdings, ABC News, Biden, ABC, Amtrak, UN, Food, Eastern, Justice, House Republicans, Justice Department, Department, Trump, GOP, United, Democratic, FBI, George Washington University, Biden ”, Tennessee Republican, IRS, Rep, Wednesday, New Yorker Republican, Yorker Locations: Washington, Ukraine, China, Romania, Ohio, Ukrainian, Beijing, United States, Wilmington , Delaware, South Carolina, Burisma, ”, Iowa, Tennessee, Alexandria, Cortez of New York, Byron Donalds of Florida, Texas

☆ US consumer spending was weaker in the second quarter than previously estimated
▼ + stars: | 2023-09-28 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

However, consumer spending, America’s economic engine, was revised much lower, to a 0.8% annualized rate, according to data released Thursday. Spending in the second quarter grew at its weakest pace since the first quarter of 2022, when it was flat. Consumer spending accounts for about 70% of economic output. The second quarter stretches from April through June, but the Commerce Department releases consumer spending figures on a monthly basis. In July, consumer spending jumped a robust 0.8%, the strongest monthly gain since January, as shoppers spent on concerts, films, toys and recreational equipment.

Persons: ”, Claire Li, Gregory Daco Organizations: DC CNN, Commerce, Commerce Department, Moody’s Investors, Moody’s Investors Service Locations: Washington, EY

☆ Chinese EV maker Nio releases a smartphone it expects at least half of its users to buy
▼ + stars: | 2023-09-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Chinese electric vehicle maker Nio launches a smartphone at an event in Shanghai on Sept. 21, 2023. He told CNBC that among Nio users from which the company makes a profit, more than half are iPhone users, while the other half uses flagship Android phones from Huawei and other brands. Nio is the first high-end Chinese electric car brand to release its own smartphone, which Li said the company developed in about a year. Huawei also sells its in-car software to other electric car companies such as Avatr and BAIC's Arcfox. He pointed out that the Nio phone app has 600,000 active users a day, about 1.5-times the number of car users.

Persons: Evelyn Cheng, William Li, Li, Nio Organizations: CNBC SHANGHAI, CNBC, Huawei, Apple Locations: Shanghai, China, Europe, Germany

☆ How Wall Street makes money by predicting the Fed’s decisions
▼ + stars: | 2023-09-20 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

There, you will find a bar chart plotting the share of traders predicting a rate hike, cut or no change in interest rates at an upcoming meeting. Traders’ actions translate into interest rate decision probabilitiesWhen the Fed changes interest rates it’s actually changing what’s known as the federal funds rate target range. The federal funds rate is the interest rate banks charge each other to borrow money, and it impacts the interest rate consumers pay for a variety of loans, including some mortgages. But it wasn’t until 2013 that the CME Group launched the FedWatch tool, giving everyone access to the information without having to do complex calculations. Why the FedWatch Tool is so closely followedThe Fed’s interest rate decisions can have serious implications for your investments.

Persons: that’s, Jerome Powell, ” Powell, Agha Mirza, Mirza, ”, FedWatch, ” Mirza, Alex McGrath, Ben Bernanke, Ken Kuttner, Powell’s Jackson, Dow, Greg Daco, Daco, McGrath, ” McGrath Organizations: New, New York CNN, Federal, Chicago Mercantile Exchange, CME Group, CNN, Fed, Index, “ Investors, Williams College Locations: New York, EY

As a financial planner, I have to be honest with you and say passive income is a bit of a myth. This is a realistic, achievable, and accessible way for most people to build passive income. Start a business (or invest in one)You can create passive income if you can build a business that operates without you. This path to passive income is one of the most narrowly available to a small group of people, though. But if your goal is passive income, earning royalties provides an avenue to achieving that for your future self.

Persons: it's, Read, doesn't Organizations: Service Locations: Wall, Silicon

ECB President Christine Lagarde has said the latest rate decision will be made based on available data, a switch from the last nine meetings when rate hikes were signaled ahead of time. But Valli added that it was “a very close call.”Market indicators of future rate moves show many are leaning against an ECB rate hike Thursday. They are betting that the U.S. Federal Reserve might manage a “soft landing” by finishing its rate hikes without pushing the economy into a downturn. Economists and investors generally expect the Fed to skip a rate hike at its meeting next week, but it could increase again in November. The flip side is that rate hikes can hurt economic growth if they're overdone.

Persons: Christine Lagarde, Marco Valli, Valli, Klaas Knot Organizations: European Central Bank, ECB, Federal Reserve, UniCredit Bank, Services, U.S . Federal Reserve, Fed, Bank of Locations: FRANKFURT, Germany, Milan, France, Spain, Italy, Europe's, Europe, China, U.S, Central, Ukraine, Bank of England

☆ America is in a factory boom again. Even a recession may not bring it down this time
▼ + stars: | 2023-09-09 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

A few days before Biden’s speech in Maine, the Fed approved raising interest rates to their highest level in more than 22 years, continuing an aggressive inflation-busting campaign. Customers are also being pinched with higher interest rates,” a food, beverage and tobacco products manufacturer told the ISM in its August survey. “When we built our first building, interest rates were around 14% or so, and that was in the early ’80s,” she said. “We’ve seen some plans go on hold or on a slower burn until those companies see what happens with interest rates and the economy,” he said. Recession or not, the bull case for US manufacturing has the industry — and Biden — in a good mood.

Persons: Kathie Leonard, Leonard, —, ”, ” Leonard, Joe Biden, “, ’ ” Leonard, Biden, Charles Krupa, Paul Krugman, Goldman Sachs, It’s, Scott Paul, Paul, it’s, Auburn Manufacturing’s Leonard, “ we’ve, Julianna Keeling, Lou Pektor, “ We’ve, Jennifer Harris, bode Organizations: DC CNN, Maine Department of Economic, Community Development, Auburn Manufacturing, CNN, Auburn Manufacturing Inc, AP, Commerce Department, Fed, P Global, Institute for Supply Management, Alliance for American Manufacturing, PMI, ISM, Labor Department, Auburn, Manufacturers, Fed Companies, National Economic Council, National Security Council Locations: Washington, Maine, Portland, Auburn , Maine, United States, Pointe, Lehigh

☆ Australian economy grows modestly in Q2, eases recession fears
▼ + stars: | 2023-09-06 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

Data from the Australian Bureau of Statistics on Wednesday showed real gross domestic product (GDP) rose 0.4% in the second quarter, slightly beating forecasts of 0.3%. The world's 12th largest economy got a boost from net exports, with the return of students and tourists, and public investment. "For all its challenges, the Aussie economy remains remarkably resilient," said Harry Murphy Cruise, an economist at Moody's Analytics. Government consumption will also moderate from its elevated levels, and business investment will ease on the back of squeezed profits." Household consumption, which used to be the engine of growth, remained subdued with just a 0.1% gain in the quarter due to spending on essential goods and services.

Persons: Harry Murphy Cruise, Jim Chalmers, Chalmers, Sean Langcake, Stella Qiu, Jacqueline Wong, Lincoln Organizations: SYDNEY, Australian Bureau, Statistics, Moody's, Consumers, Reserve Bank of Australia, BIS Oxford, Thomson Locations: China

☆ What the August jobs report means for the Fed
▼ + stars: | 2023-09-02 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —The long-robust US job market is continuing to cool, according to several economic indicators released this week. It’s clear the labor market has cooledThere are plenty of signs that the job market has continued to weaken and that momentum is largely expected to continue in the months ahead. The August jobs report showed that average hourly earnings grew at a monthly pace of just 0.2%, or 4.3% annually. “Pretty much everything in the labor market has cooled back to the pre-pandemic temperature,” Julia Pollak, chief economist at ZipRecruiter, told CNN. It’s also possible the job market holds steady if recession fears continue to fade, allowing businesses to address stubborn staffing shortages.

Persons: Jerome Powell, Powell, “, ”, Steve Wyett, ” Julia Pollak, we’ve, Nick Bunker, ” Bunker, It’s, they’ve, ” Pollak Organizations: DC CNN, Federal Reserve, Kansas City, Labor, BOK Financial, Fed, of Labor Statistics, Labor Department, CNN, Commerce Department, US, Banks Locations: Washington, Jackson Hole , Wyoming

☆ 'We're one gust of wind away from recession': A JPMorgan global strategy chief shares why the economy is still at risk despite rising optimism — and 3 places he's bullish on now
▼ + stars: | 2023-09-01 | by ( James Faris | ) www.businessinsider.com time to read: +7 min

"We're one gust of wind away from recession," Kelly said. While he hasn't seen any cracks in that industry recently, he's wary of dismissing that as a risk, especially if interest rates climb further. The smartest investments to make now are in Europe, Japan, and emerging markets excluding China, Kelly said. But emerging markets are where many of the most tantalizing opportunities are, in Kelly's opinion. An exception within emerging markets is China.

Persons: JPMorgan's David Kelly, Kelly, David Kelly, Kelly inched, It's, hasn't, homebuilding, it's, he's Organizations: Asset Management, Fed, Federal, JPMorgan Asset Management, 19.9x, Japan's Nikkei Locations: Europe, Japan, China

☆ Australia Q2 business investment hits highest in 7-1/2 years
▼ + stars: | 2023-08-31 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

The central business district (CBD) of Melbourne can be seen from the area located along the Yarra River called Southbank located in Melbourne, Australia, July 27, 2016. Spending of A$37.58 billion ($24.43 billion) was the highest since late 2015, while investment in equipment reached a record peak of A$17.53 billion. Firms also lifted spending plans for the fiscal year to June 2024 to A$157.8 billion, up 14.5% on the previous quarter. Figures for gross domestic product (GDP) for the June quarter are due next week and analysts are tipping growth of only around 0.3%. ($1 = 1.5370 Australian dollars)Reporting by Wayne Cole; Editing by Christopher Cushing and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: David Gray, Nomura, Andrew Ticehurst, Wayne Cole, Christopher Cushing, Stephen Coates Organizations: REUTERS, Rights, Australian Bureau, Statistics, Reserve Bank of Australia, Investors, Thomson Locations: Melbourne, Southbank, Australia

☆ What higher-for-longer interest rates could mean for tech stocks
▼ + stars: | 2023-08-31 | by ( Krystal Hur | American Airlines Flight Attendants Vote To Authorize A Strike | ) edition.cnn.com time to read: +5 min

CNN —After roaring higher for most of this year, the rally in tech stocks sputtered in August as investors grew increasingly worried about how long the Federal Reserve will keep interest rates high. Strong economic data in recent months has investors betting that the Fed will keep interest rates higher for longer. Higher yields also mean companies will need to pay more interest on their debt in the future, eating into future cash flows. Sustained, lofty yields could particularly pose a problem for tech stocks, which often trade at a premium because of the promise of rapid growth. Any sell-off in tech could reverberate across the broader market, since those stocks are largely responsible for propelling this year’s rally.

Persons: Ivana Delevska, Spear, Bryan Mena, CNN’s Gregory Wallace, Julie Hedrick, “ We’re, Read Organizations: CNN Business, Bell, CNN, Federal Reserve, Treasury, Nvidia, Devices, Marvell Technology, Gross, Commerce, American Airlines, Association of Professional, Airline

☆ The US economy grew more slowly in the second quarter than previously estimated
▼ + stars: | 2023-08-30 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —The US economy grew more slowly in the second quarter than previously estimated — a good sign for the Federal Reserve, which is attempting to cool demand to bring down price increases. Gross domestic product, the broadest measure of economic output, rose at an annualized rate of 2.1% in the second quarter, according to the Commerce Department’s second estimate, released Wednesday morning. The second estimate factored in greater consumer spending, government outlays and exports, compared with the initial estimate. Economic growth in the second quarter was mostly broad based, but there were some signs of weakened demand for goods purchases and imports. Consumer spending, which accounts for about 70% of economic output, was revised slightly higher in the second estimate.

Persons: ”, Bill Adams, Barbie, Taylor Swift, Jerome Powell, ” Powell, Biden, Lydia Boussour, “ Organizations: DC CNN, Federal Reserve, Gross, Commerce, Consumer, Comerica Bank, The Commerce Department, Kansas City, Atlanta Fed, Fed Locations: Washington, United States, Wells Fargo, EY

☆ US second-quarter economic growth revised lower as inventories drop
▼ + stars: | 2023-08-30 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Economists polled by Reuters had expected GDP for the second quarter would be unrevised. Inventories were a small drag to GDP growth instead of adding 0.14 percentage point as estimated last month. It is expanding at a pace well above what Fed officials regard as the non-inflationary growth rate of around 1.8%. GDPINFLATION COOLINGThe government's measure of inflation in the economy, the price index for gross domestic purchases, rose at a 1.7% rate, revised down from the 1.9% rate estimated last month. An alternative measure of growth, gross domestic income, or GDI, rebounded at a 0.5% rate in the second quarter.

Persons: Elizabeth Frantz, Lydia Boussour, Lucia Mutikani, Chizu Nomiyama, Paul Simao Organizations: REUTERS, Commerce Department, Wednesday, Federal Reserve, Gross, Reuters, Fed, ADP, Thomson Locations: Arlington , Virginia, U.S, WASHINGTON, EY, New York

☆ Biden takes his reelection pitch to Wisconsin, a state Republicans are wooing in 2024
▼ + stars: | 2023-08-15 | by ( Emma Kinery | ) www.cnbc.com time to read: +3 min

President Joe Biden spoke in Milwaukee, Wisconsin on Tuesday, a week before Republicans meet there for their first presidential debate. "Look folks, it's really kind of basic: We just decided to invest in America once again," Biden said in Wisconsin. Wisconsin is a key battleground state that Biden won in 2020, but which former President Donald Trump won in 2016. In an unusual move, the Biden reelection campaign also issued a statement on his Wisconsin trip, criticizing Republicans' track record in the state. Biden spoke with Hawaii Governor Josh Green and FEMA Administrator Deanne Criswell on the plane ride to Wisconsin.

Persons: Joe Biden, Biden, Olivia Dalton, Donald Trump, Trump, MAGA, Kevin Munoz, Dalton, Jill, we've, I've, Josh Green, Deanne Criswell Organizations: White, House, Wisconsin, Biden, Hawaii, FEMA Locations: Delaware, Washington , U.S, Milwaukee , Wisconsin, Wisconsin, America, Ingeteam, Milwaukee, Hawaii, Maui

Official data on Friday showed the economy grew 0.2% in the second quarter, against the consensus for a flat reading in a Reuters poll of economists. The strong showing bolstered bets that the BoE would keep on raising interest rates, given the central bank stressed this month that resilience in the economy was one of the factors that would underpin its judgement. The central bank itself had pencilled in growth of 0.1% for the second quarter. "With much of the drag from higher interest rates still to come, we are sticking to our below-consensus forecast that the UK is heading for a mild recession later this year," said economist Ruth Gregory from consultancy Capital Economics. Reporting by Andy Bruce and David Milliken; editing by William James, Kate Holton and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Sterling, BoE, Neil Birrell, Jeremy Hunt, Ruth Gregory, Andy Bruce, David Milliken, William James, Kate Holton, Christina Fincher Organizations: Bank of England, U.S ., Reuters, Bank of, Miton, National Statistics, Manufacturing, Reuters Graphics, Capital Economics, Thomson Locations: Bank of England, Britain, Germany, France, Italy, United States

LONDON — The U.K. economy beat expectations with 0.2% growth in the second quarter, boosted by household consumption and manufacturing output, the Office for National Statistics said Friday. The economy expanded by 0.5% in June, beating a forecast of 0.2% growth. It follows monthly GDP growth of 0.1% in May and 0.2% in April. Output was bolstered by 1.6% growth in manufacturing and 0.7% in production in the second quarter, while services grew by 0.1%. In its most recent monetary policy report, it said it expects quarterly GDP growth to remain around 0.2% in the near term.

Persons: eking, King Charles III, Mike Coop, CNBC's, Coop, Jeremy Hunt, BoE, Ruth Gregory Organizations: National Statistics, Reuters, Bank of, ONS, Morningstar, Bank of England, of England, IMF, Finance, Capital Economics Locations: Germany, France, Italy

☆ Ahead of two key inflation reports, what would a soft landing look like exactly?
▼ + stars: | 2023-08-06 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

But aside from simply skirting a recession, it’s not obvious what the economy would look like in a soft landing. And who even declares that the Fed has officially defied the odds and achieved a soft landing? The main aspect of a soft landing, according to economists, is the absence of a recession, which is determined by the National Bureau of Economic Research (NBER.) In a soft landing, the job market has to remain intact. The other key feature of a soft landing is for the Fed to successfully control inflation, but that’s open to some interpretation.

Persons: we’ve, ”, Kayla Bruun, “, Julia Pollak, ” Pollak, Josh Markman, cooldown, Austan Goolsbee, ” Goolsbee, Raphael Bostic, Michelle Bowman, Patrick Harker, Armour, Ralph Lauren Organizations: CNN Business, Bell, DC CNN, Federal Reserve, Bank of America, Fed, National Bureau of Economic Research, Morning, Atlanta, ZipRecruiter, Labor, Bel Air Investment Advisors, Federal, Federal Reserve Bank of Chicago, Bloomberg, Atlanta Fed, “, Tyson Foods, UPS, Fox, Restaurant Brands, The National Federation of Independent Business, US Commerce Department, China’s National Bureau of Statistics, Disney, US Labor Department, National Statistics, University of Michigan Locations: Washington

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