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☆ Now that inflation is slowing, here's when 10 experts think we'll see a recession
▼ + stars: | 2023-11-16 | by ( Jacob Zinkula | Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

High interest rates could slow consumer spending and lead to layoffs. Since March 2022, the Federal Reserve has hiked interest rates 10 consecutive times to fight inflation as the country emerged from its pandemic recovery. Here's how experts are feeling about the economy headed into the new year, and whether they think a recession is on the horizon. Some think a recession is likely in 2024Some experts predict high interest rates will take a toll on the economy, making a recession likely sometime next year. AdvertisementOthers think a recession is unlikely in 2024Other experts don't see a recession hitting the US economy in the next year.

Persons: —, Janet Yellen, Jerome Powell, he's, Ken Griffin, we're, Griffin, Arend Kapteyn, Bhanu Baweja, Marc Lasry, Lasry, Rob Arnott, Jeffrey Gundlach, Bill Adams, Raphael Bostic, Brian Moynihan, Goldman Sachs, Jan Hatzius, Goldman, Hatzius Organizations: Service, Federal Reserve, Bloomberg, Citadel, UBS, Capital, National Bureau of Economic Research, CNBC, DoubleLine, Comerica Bank, Atlanta Federal Reserve, UCLA, Bank of America, Reuters Locations: United States, Dallas, Atlanta

New home prices in October dropped 0.3% month-on-month after a 0.2% dip in September, according to Reuters calculations based on National Bureau of Statistics (NBS) data. Once a key engine of economic growth accounting for around a quarter of China's economic activity, a regulatory crackdown since 2020 to curb debt has tightened liquidity and raised default risks for developers, delaying many projects. Out of 70 cities, 56 reported declines in monthly prices last month, marking the most cities number since October 2020, up from 54 in September. TWIST AND TURNSHouse prices in three major cities Beijing, Shenzhen and Guangzhou all fell month-on-month in October. For existing home, NBS data showed 67 cities posted month-on-month price declines in October, up from 65 in September.

Persons: Ma Hong, Ma, Liu Aihua, Zhang Dawei, Zhang, Liangping Gao, Ella Cao, Ryan Woo, Jacqueline Wong Organizations: National Bureau of Statistics, Authorities, Zhixin Investment Research Institute, Nomura, HK, Thomson Locations: BEIJING, Beijing, Shenzhen, Guangzhou

☆ U.S. crude prices fall nearly 4% as inventories rise amid demand worries
▼ + stars: | 2023-11-16 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

An aerial view of a crude oil storage facility is seen on May 4, 2020 in Cushing, Oklahoma. U.S. crude prices fell nearly 4% on Thursday as inventories rose while industrial production fell. U.S. crude inventories rose by 3.6 million barrels last week while production held steady at a record 13.2 million barrels per day, according to data released by the Energy Information Agency Wednesday. Phil Flynn, an oil expert with the Price Futures Group, said slower industrial production combined with increased supply are playing into the slowing demand theory. OPEC said China's crude imports remain healthy, rising by 11.4 million barrels per day in October.

Persons: Phil Flynn, Flynn Organizations: Cushing , Oklahoma ., West Texas Intermediate, Brent, Energy Information Agency, United Auto Workers, Federal Reserve, Price Futures, National Bureau of Statistics, of Petroleum, International Monetary Fund, OPEC Locations: Cushing , Oklahoma, Cushing , Oklahoma . U.S, China

☆ Real estate made China rich. Now it's looking more like kryptonite.
▼ + stars: | 2023-11-16 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

It’s a sign a key engine for the world’s second-largest economy is still sputtering, despite Beijing’s stimulus packages. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementChina's property crash worsened last month in a sign the world's second-largest economy is still facing headwinds despite recent government interventions. Evergrande serves as a case in point for how an industry that contributed to China's economic boom for decades has turned into a point of weakness. That's a sign investors are looking past US president Joe Biden's San Francisco summit with Chinese premier Xi Jinping and zeroing back in on China's economic struggles, according to analysts.

Persons: —, That's, that's, Evergrande, Hui Ka Yan, Joe Biden's, Xi Jinping, Hargreaves, Susannah Streeter, Joe Biden Organizations: Service, National Bureau, Statistics, Bloomberg, Cato Institute, CSI Locations: China, Beijing, Chinese, Joe Biden's San Francisco

☆ China’s Retail Spending Picks Up, as Housing Slump Deepens
▼ + stars: | 2023-11-15 | by ( Cao Li | ) www.wsj.com time to read: 1 min

Workers at a logistics center in Hengyang, China, sorting packages for delivery after the Singles Day shopping festival. Photo: str/Agence France-Presse/Getty ImagesHONG KONG—China’s economy showed modest signs of improvement in October as consumer spending picked up, but the country’s prolonged property slump worsened. Retail sales rose 7.6% compared with the same period last year, when stringent Covid lockdowns kept a tight lid on spending activities, according to data released Wednesday by China’s National Bureau of Statistics. October’s sales accelerated from September’s 5.5% year-over-year growth and topped the 7% expected by economists.

Persons: lockdowns Organizations: Agence France, Getty, HONG, China’s National Bureau of Statistics, September’s Locations: Hengyang, China, HONG KONG

[1/2] FILE PHOTO: Robotic arms assemble cars in the production line for Leapmotor's electric vehicles at a factory in Jinhua, Zhejiang province, China, April 26, 2023. Retail sales, a gauge of consumption, rose 7.6% in October, quickening from a 5.5% gain in September and hitting the fastest growth since May. Analysts had expected retail sales to grow 7.0% due to the low base effect in 2022 when COVID curbs disrupted consumers and businesses. The PBOC has cut banks' reserve requirement ratio (RRR) twice this year to free up liquidity to aid the economic recovery. Fixed asset investment expanded 2.9% in the first 10 months from the same period a year earlier, versus expectations for a 3.1% rise.

Persons: Xing Zhaopeng, Albee Zhang, Liangping Gao, Shri Navaratnam Organizations: REUTERS, Rights, National Bureau of Statistics, Analysts, ANZ, People's Bank of China, Bloomberg, Thomson Locations: Jinhua, Zhejiang province, China, Rights BEIJING, quickening

☆ China's unfinished property projects are 20 times the size of Country Garden
▼ + stars: | 2023-11-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

HANGZHOU, CHINA - NOVEMBER 15, 2023 - An aerial photo shows a new property under construction in Hangzhou City, Zhejiang Province, China, Nov 15, 2023. (Photo credit should read CFOTO/Future Publishing via Getty Images)BEIJING — The size of unfinished, pre-sold homes in China is about 20 times the size of property developer Country Garden as of the end of 2022, according to a Nomura report on Wednesday. "We estimate that there are around 20 million units of unconstructed and delayed pre-sold homes," said Nomura's Chief China Economist Ting Lu and a team. About 3.2 trillion yuan ($440 billion) is needed to complete those remaining units, according to the analysts' estimates. Ensuring construction of the homes has been a government priority since delays make people less willing to buy new apartments.

Persons: Nomura, Ting Lu Organizations: National Bureau, Statistics, Publishing, Getty Images, U.S, Bloomberg News, China Locations: HANGZHOU, CHINA, Hangzhou City, Zhejiang Province, China, BEIJING

☆ China retail sales, industrial data grow faster than expected in October
▼ + stars: | 2023-11-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

(Photo by Costfoto/NurPhoto via Getty Images) Nurphoto | Nurphoto | Getty ImagesBEIJING — China on Wednesday reported better-than-expected retail sales and industrial data for October, while the real estate drag worsened. Retail sales grew by 7.6% last month from a year ago, above the 7% growth forecast by a Reuters poll. watch nowWithin retail sales, sports and other leisure entertainment products saw sales surge by 25.7% in October from a year ago, the data showed. The International Monetary Fund last week cited Beijing's policy announcements as a reason to raise its China growth forecast for the year to 5.4%. Real estate and related sectors have accounted for about a quarter of China's gross domestic product.

Persons: Gita Gopinath Organizations: Getty, Nurphoto, Retail, Reuters, Investment, National Bureau of Statistics, Catering, Monetary Fund, IMF, CNBC, UBS Locations: CHONGQING, CHINA, Chongqing, China, BEIJING, Beijing

☆ China's property sales extend declines, weighing on outlook
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

Property sales by floor area fell 20.33% year-on-year against a 19.77% fall in September, according to Reuters calculations based on data released by the National Bureau of Statistics (NBS). Sales fell 7.8% year-on-year in January-October, compared with a 7.5% slide in the first nine months of 2023. Property investment fell 16.7% from a year earlier after an 18.7% slide in September, according to Reuters calculations. New construction starts measured by floor area fell 23.2% year-on-year, after a 23.4% slump in the first nine months. Funds raised by China's property developers were down 13.8% year-on-year after a 13.5% fall in January-September.

Persons: Thomas Peter, Ping, Liangping Gao, Ella Cao, Ryan Woo, Sam Holmes Organizations: REUTERS, Rights, National Bureau of Statistics, Authorities, Bloomberg, Reuters, HK, Ping An Insurance, Thomson Locations: Zhengzhou, Henan province, China, Rights BEIJING

☆ China's Jan-Oct property sales fell 7.8% y/y, investment down 9.3%
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Thomas Peter/File Photo Acquire Licensing RightsBEIJING, Nov 15 (Reuters) - Property sales by floor area in China fell 7.8% year-on-year in January-October, compared with a 7.5% slide in the first nine months of 2023, suggesting China's property sector is yet to emerge from its slump. Property investment in the first 10 months of 2023 fell 9.3% from a year earlier, after dropping 9.1% in January-September, according to data from the National Bureau of Statistics (NBS) released on Wednesday. New construction starts measured by floor area fell 23.2% year-on-year, after a 23.4% slump in the first nine months. Funds raised by China's property developers were down 13.8% year-on-year after a 13.5% fall in January-September. (This story has been corrected to change sales fall percentage to 7.8%, from 6.8%, in the headline and paragraph 1)Reporting by Liangping Gao, Ella Cao and Ryan Woo; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas Peter, Liangping Gao, Ella Cao, Ryan Woo, Sam Holmes Organizations: REUTERS, Rights, National Bureau of Statistics, Thomson Locations: Zhengzhou, Henan province, China, Rights BEIJING

☆ Time to invest in China? The pros weigh in on what sectors and stocks to play right now
▼ + stars: | 2023-11-15 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +5 min

Chinese stocks too have done poorly. 'High confidence in the tradable value' While the Chinese economy "is not very strong," Wong has "high confidence in the tradable value," of Chinese stocks. Stocks to play Goldman is overweight on several sectors including online retail, media/entertainment, tech hardware, health care equipment and services and food & beverage. Other stocks the investment bank sees outperforming "as the China growth story evolves" include internet services provider NetEase , technology hardware manufacturer Xiaomi , and manufacturing conglomerate BYD . China-focused ETFs Elsewhere, Saxo's Wong has his eye on the new infrastructure (such as 5G technology), industrial technology and agricultural technology themes.

Persons: Redmond Wong, Wong, Goldman Sachs, Stocks, Goldman, Saxo's Wong, — CNBC's Michael Bloom, Clement Tan Organizations: Shenzhen Component, Saxo, CNBC, National Bureau of Statistics, Tech, Baidu, Galaxy Entertainment, Mining, China Resources Beer, Miniso, Hong Kong Exchange, CSI Agriculture, CSI 5G Communications, CSI Technology, Enterprises Locations: Shenzhen, China, Taiwan, India, South Korea, Brazil, Mexico

☆ What Long-Term Care Looks Like Around the World
▼ + stars: | 2023-11-14 | by ( Jordan Rau | ) www.nytimes.com time to read: +4 min

Provinces and territories fund long-term care services through general tax revenue. Notably, Canada’s long-term care system is separate from its national health care system, which pays for hospitals and doctors with no out-of-pocket costs to patients. on long-term care, 80 percent more than the United States spent. Britain has also taken steps to shield people from losing all of their wealth to pay for long-term care. Singapore recently instituted a system of mandatory long-term care insurance for those born in 1980 or later.

Persons: D.P., 🇸 🇬, ove, —, Kath l Organizations: Uni, pla, Citi, emi Locations: D. data, nis

☆ You can thank China and record US oil output for lower gas prices
▼ + stars: | 2023-11-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

But the cost of crude oil has been largely declining since the middle of October. The average for a gallon of gas in the United States, meanwhile, dropped to $3.37, according to AAA. This “steady, if slow” decline in gas prices, said an AAA spokesperson, may soon gain speed if oil prices continue their descent. They’re more concerned with economic weakness in China and an increase in oil production in the United States. In the first week of November, US crude oil production reached a new record of 13.2 million barrels per day.

Persons: ” David Kelly, ”, ” David Morrison, refiners, ” Craig Erlam, Brent, Chris Isidore, “, Ted Decker, Refinitiv, Read, Homebuyers Organizations: CNN Business, Bell, New York CNN, AAA, Asset Management, Federal Reserve, Trade, China’s National Bureau of Statistics, . West Texas Intermediate, International Energy Agency, Revenue, National Association of Realtors, Census Locations: New York, Europe, Saudi Arabia, Russia, United States, China, Iran, America, United

☆ The Fed is terrified Americans could get used to high inflation. It may already be happening.
▼ + stars: | 2023-11-12 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Fed officials don’t expect inflation to reach 2% until 2026, according to their latest economic projections released in September. If there’s one thing that would make the Fed quake in its boots, it would be worsening inflation expectations. The keyword there is “timely.”Sticky inflation could possibly “un-anchor” inflation expectations or elicit a consistent deterioration in Americans’ perception on inflation. “The Fed really just wants people to not expect inflation will run at 4% forever.”So what’s kept inflation expectations in check this long? For individuals and married people filing separately, the new federal standard deduction will increase to $14,600, up from $13,850 this year.

Persons: we’ve, Raphael Bostic, “, ” Luke Tilley, ”, Jerome Powell, presser, Powell, Michelle Bowman, Tilley, ” Drew Matus, what’s, Matus, “ They’re, Jeanne Sahadi, Lisa Cook, Phillip Jefferson, Michael Barr, Loretta Mester, Austan Goolsbee, John Williams, Christopher Waller, Mary Daly Organizations: DC CNN, Federal Reserve, Fed, University of Michigan’s, Atlanta Fed, Bloomberg, Investment Advisors, CNN, ”, New York Bankers Association, New York Fed, MetLife Investment Management, IRS, Tyson Foods, Depot, US Labor Department, National Federation of Independent Business, China’s National Bureau of Statistics, Target, National Statistics, US Commerce Department, Walmart, National Association of Home Builders, San Francisco Fed Locations: Washington, Wilmington, Palm Beach , Florida

Lending data from China's central bank offers a glimpse of government priorities: as of the end of September, outstanding loans to the troubled property sector fell 0.2% year-on-year but lending to the manufacturing sector jumped 38.2%. This time, the government's focus is narrower, targeting high-tech and "advanced manufacturing", a goal laid out in 2021 in the 14th five-year plan. It grew 11.3% in the first nine months of 2023 year-on-year, compared with 6.3% for overall manufacturing investment, according to data from China's National Bureau of Statistics. For example, Guangdong province has increased lending to both high-tech and advanced manufacturing by about 45%, state media reported. During the first half of 2023, outstanding loans to the high-tech manufacturing sector in the eastern province of Shandong jumped 67%.

Persons: Jens Eskelund, Eskelund, Xi Jinping, Joe Biden, Frederic Neumann, Neumann, Tao Wang, Wang, Fu, Lu Zhengwei, Siyi Liu, Kripa Jayaram, Robert Birsel Organizations: Rights, European Chamber of Commerce, Asia Pacific Economic Cooperation, U.S, Reuters Graphics, overcapacity, HSBC, UBS, China's National Bureau of Statistics, Rystad Energy, EV, China Passenger Car Association, Bank, Industrial Bank, Thomson Locations: Suqian, Jiangsu province, China, CHINA, Rights BEIJING, Europe, Beijing, San Francisco, Xi, Asia, Guangdong province, Shandong, Dongguan, Shanghai

☆ TikTok and Instagram users would be willing to pay for everyone to get off social media, research finds
▼ + stars: | 2023-11-10 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +2 min

Many users would ditch social media in exchange for being paid a small fee, a study found. What if there was an option where everyone else they knew would stop using social media, too? AdvertisementAdvertisementThe researchers found that users would be willing to pay $28 and $10 "to have others, including themselves, deactivate TikTok and Instagram, respectively." Social media remains a key resource for people looking for a convenient way to keep on top of updates from friends, colleagues, and current affairs. AdvertisementAdvertisementThat said, the results underscore a view that people feel compelled to use social media despite how awful it can make them feel.

Persons: —, they'd Organizations: Service, National Bureau of Economics Research

☆ China's consumer prices dip back into decline amid limp demand
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +3 min

BEIJING, Nov 9 (Reuters) - China's consumer prices swung back into contraction and factory-gate deflation persisted in October as domestic demand struggled, weighing on the outlook for any broader-based recovery in the world's second-largest economy. The headline figure was dragged by a further slump in pork prices, down 30.1%, speeding up from a 22% slide in September, amid an oversupply of pigs and weak demand. Consumer prices slipped into deflation in July and returned to positive territory in August but were flat in September. "The data shows combating persistent disinflation amid weak demand remains a challenge for Chinese policymakers," said Bruce Pang, chief economist at Jones Lang Lasalle. "We expect China's economy to grow by 5.0% in 2023, in accordance with the target set by authorities, followed by 4.0% growth in 2024 and 2025," said Moody's on Thursday.

Persons: China's, Bruce Pang, Jones Lang Lasalle, Gao, Ella Cao, Ryan Woo, Sam Holmes Organizations: National Bureau of Statistics, Jones, Authorities, Thomson Locations: BEIJING, China, Beijing, West

☆ China's consumer prices swing to declines in October
▼ + stars: | 2023-11-09 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: 1 min

China's consumer prices fell in October, as the world's second-largest economy struggled with an uneven post-Covid recovery. Data from China's National Bureau of Statistics on Thursday showed October consumer price index shrank 0.2% year-on-year, more than the 0.1% decline expected by economists polled by Reuters. This comes after China's CPI was unexpectedly flat in September, highlighting the need for further policy support. Producer prices declined 2.6%, slightly smaller than an expected decline of 2.7% and has been in negative territory for the 13th straight month. China's PPI was at 2.5% in September, showing factory deflationary pressures remained.

Organizations: China's National Bureau, Statistics, Reuters, PPI Locations: China

☆ CNBC Daily Open: Slowing demand means fewer revenue beats
▼ + stars: | 2023-11-09 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Disney pluses subscribersDisney's shares jumped around 3% in extended trading after the company reported quarterly earnings. But the firm's revenue fell short of estimates — its second consecutive miss — even as quarterly revenue increased 5% to $21.24 billion year on year. Weakness in ArmArm reported earnings for the first time after its initial public offering.

Persons: — Organizations: CNBC, Dow Major, Dow Jones, Japan's Nikkei, China's National Bureau, Statistics, Disney, BNP, CNBC Pro Locations: Asia, Pacific, China

☆ China slips back into deflation in October after pork prices plunged
▼ + stars: | 2023-11-09 | by ( Manav Tanneeru | Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Consumer prices in China fell more than expected last month, sliding the country back into deflation and renewing concerns about the strength of the world’s second largest economy. As China’s most consumed meat, pork has an outsized weighting in the consumer price index. He said deflation was a “pernicious” situation characterized by a decline in consumer prices as well as the prices of assets and wages, leading to a sharp slowdown in economic activity. But consumer prices recovered in August. This drop “reflects uncertainty around the solidity of China’s recovery,” HSBC Greater China economist Erin Xin noted in a report.

Persons: Goldman Sachs, Robert Carnell, ”, Erin Xin Organizations: Hong Kong CNN —, National Bureau of Statistics, Economics, Asia Pacific, ING, ” HSBC Locations: China, Hong Kong

☆ China’s Prices Fall Again, Renewing Fears of Deflation
▼ + stars: | 2023-11-08 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +1 min

Prices are falling again in China after a two-month reprieve, with households and businesses wary of spending even as state-controlled banks pump money into the construction of more factories. The decline in prices could put China on the cusp of a pernicious economic condition called deflation, in which companies and workers find that they receive less money for their goods or their work, while their debts remain as heavy as ever. In the United States, by contrast, inflation has been brought down substantially, although consumer prices are still higher than before the pandemic. Consumer prices in China dipped 0.2 percent in October compared with a year earlier, the National Bureau of Statistics said on Thursday. Falling food prices played an important role, notably a 30 percent plunge in pork prices as Chinese farmers began raising more pigs.

Organizations: National Bureau of Statistics Locations: China, United States, Europe

☆ South Korea's Yoon to Attend APEC Summit, Visit Europe
▼ + stars: | 2023-11-08 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +1 min

SEOUL (Reuters) - South Korean President Yoon Suk Yeol will attend the APEC summit in San Francisco on Nov. 15-18, Yoon's office said on Wednesday. After the U.S. trip, Yoon is set to pay a state visit to Britain on Nov. 20-23 following an invitation from King Charles and visit France on Nov. 23-26 as part of efforts to bolster support for hosting the 2030 World Expo, Yoon's deputy national security adviser Kim Tae-hyo said. The host country for the 2030 expo is expected to be decided this month by a vote of the member states of the International Bureau of Expositions, the expo organising body. Yoon will also visit the Netherlands on Dec. 12-13 following an invitation from King Willem-Alexander, local media reported, in what would be the first state visit by a South Korean president since the countries established diplomatic ties in 1961. (Reporting by Soo-hyang Choi, Ju-min Park; Editing by Ed Davies)

Persons: Yoon Suk, Yoon, King Charles, Kim Tae, hyo, King Willem, Alexander, Soo, hyang Choi, Ed Davies Organizations: APEC, International, South Locations: SEOUL, San Francisco, U.S, Britain, France, Paris, Netherlands, South Korean

☆ The fight over return-to-office is getting dirty
▼ + stars: | 2023-11-07 | by ( Ed Zitron | ) www.businessinsider.com time to read: +13 min

Evidence is as evidence doesAs the return-to-office battle has heated up in the past six months, there has been a marked increase in declarations that remote work is less productive. The researchers determined that remote workers were 18% less productive than their in-person counterparts. Just the vibesDespite the limited evidence against it, corporations are increasingly trying to kill remote work. That's what makes the move to kill off remote work so frustrating. It's not clear that the return-to-office move is about making workers more productive or building a better culture.

Persons: it's, Mike Hopkins, they're, India —, Nicholas Bloom, who's, David Baszucki's, Geico, Amazon's Andy Jassy, Geico's Todd Combs, there's, Safra, Larry Ellison, wrongheaded, galvanizing sycophants, Ed Zitron Organizations: Amazon, Amazon Studios, National Bureau of Economic Research, Journalists, Stanford, Meta, —, Writers Guild of America, SAG, United Auto Workers Locations: India

☆ It's a terrible time to be a HENRY
▼ + stars: | 2023-11-07 | by ( Juliana Kaplan | Cork Gaines | ) www.businessinsider.com time to read: +8 min

Their wage and job growth is slower than lower earners, they're piling on debt, and childcare costs are soaring. Workers with earnings in the bottom 10% of wages saw higher wage gains than those in the top 10%. AdvertisementAdvertisementWhile wage gains have stabilized a bit, the bottom half of workers are still notching greater gains than those at the top. Meanwhile, the already rich — those who make over $250,000 — only saw their childcare costs increase by about 4%. As the labor market continues to slow, and childcare costs only rise with the end of pandemic-era subsidies , it might continue to be a bad time to be a HENRY.

Persons: —, there's, Aaron Terrazas, What's, Priya Malani, HENRYs, Goldman Sachs, they're, HENRY Organizations: Service, MIT, University of Massachusetts Amherst, of Economic Research, Bureau of Labor Statistics, Bank of America Institute, Walmart, Consumer Finances, Federal Reserve, Fed

☆ Stocks week ahead: Here’s how America’s economy could begin to weaken
▼ + stars: | 2023-11-05 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

The job market or spending? The spending argument: But there have been instances in which spending weakened before the job market. “I think it starts with the perception of the labor market,” Drew Matus, chief market strategist at MetLife Investment Management, told CNN. The ticket-industry giant said it has sold a record 140 million tickets so far this year, up 17% year-over-year and has already surpassed the 121 million tickets sold in all of 2022. In the third quarter, Ticketmaster sales surged 57% to $833 million and 90 million fee-bearing tickets were sold in the period.

Persons: can’t, ” Shannon Seery, “ It’s, ” Seery, Luke Tilley, ” Tilley, Jerome Powell, ” Drew Matus, ”, Taylor Swift, Parija Kavilanz, Swifties, Taylor, Michael Rapino, Beyoncé, Harry Styles, Bunny, Jonas Brothers, Bruce Springsteen, Lisa Cook, Michael Barr, Jeffrey Schmid, Christopher Waller, John Williams, Lorie Logan, Ralph Lauren, Steve Madden, Phillip Jefferson, Raphael Bostic, Tom Barkin, Christine Lagarde Organizations: CNN Business, Bell, DC CNN, CNN, Employers, Investment Advisors, Companies, National Bureau of Economic Research, CNN Wednesday, Federal, MetLife Investment Management, Ticketmaster, Ryanair, Goodyear, Fed, Reserve Bank of Australia, Uber, Occidental Petroleum, KKR, The Carlyle Group, US Commerce Department, Biogen, Warner Bros, Teva Pharma, The New York Times Company, Armour, SeaWorld, MGM Resorts, China’s National Bureau of Statistics, Sony Group, Astrazeneca, Tapestry, News Corp, US Labor Department, Soho House, National Statistics, European Central Bank, University of Michigan Locations: Washington, Wells, Wilmington, Lyft, Brookfield, Soho

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