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The Latest Breaking News on Economy

Japan Household Spending Sees First Rise In 14 Months

Japan's household spending rose in April for the first time in 14 months, official data showed Friday, as wages grow at the fastest pace in three decades.

International Business Times

Asian Markets Swing As Traders Eye Major US Jobs Report

Asian markets fluctuated Friday and investors trod cautiously ahead of US jobs data that could play a key role in the Federal Reserve's plans for cutting interest rates, with the bank's next policy decision looming next week.

International Business Times

Watchdog ends investigation into description of UK economy ‘going gangbusters’

Exclusive: ONS official’s remarks, not intended as comment on overall state of the economy, were later used by Sunak

The Guardian - UK

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Stock Market Today: Stocks Rise as JOLTS Lifts September Rate-Cut Odds

The main indexes gained ground Tuesday after data showed job openings fell to a three-year low in April.

Kiplinger

Wages bump unlikely to concern Reserve Bank: economists

A 3.75 per cent boost to minimum wages and awards will deliver a small real gain to millions of Australian workers without throwing fuel on the inflation fire.

AAP

The great nonpartisan divide that's plaguing Americans

This divide has persisted for years since the pandemic.

Axios

Washout for UK retailers in pre-election blow for Rishi Sunak

Retail sales across the UK plunged by 2.3 per cent in April, following a 0.2 per fall in March, figures revealed

The Independent UK

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Congress' Budget Process Is Broken. Here's One Idea for Fixing It.

Lawmakers should be freed from "the dead hand of some guy from 1974," says former Congressional Budget Office director.

Reason

Where the inflation and national debt figures leave Sunak’s five priorities

Most of the Prime Minister’s five priorities had not been achieved by the end of last year.

The Independent UK

Inflation: Why has it fallen and what it means for you

April’s inflation rate of 2.3% means that if an item cost £100 a year ago, the same thing would now cost £102.30

The Independent UK

Majority of Americans wrongly believe US is in recession – and most blame Biden

Exclusive Harris poll for the Guardian shows 55% believe economy is shrinking, in troubling sign for president’s re-election bid

The Guardian - US

Queensland budget forecast to be at least $3b deficit

Queensland's treasurer has revealed the upcoming budget will forecast a $3 billion deficit as the government spends on cost-of-living relief measures.

AAP

Renew the generalised system of preferences

In the pantheon of obscure international trade terminology, the “generalised system of preferences,” or GSP, has a special place.

The Hindu

'More work to do' to make Australia competitive

Business groups have called for more productivity measures but warned federal budget spending boosts to tackle cost-of-living pressures could fuel inflation.

AAP

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The Guardian - AU

2024 budget delivers minor surplus but deficits loom over economy as Australia’s spending ramps up

Major shortfalls predicted over next two years as Jim Chalmers downplays potential for inflationary pressures

The Guardian - AU

Federal budget 2024: $300 energy rebates, cheaper medicines and rent relief in Jim Chalmers’ cost-of-living budget

Treasurer takes gamble on pre-election cost-of-living package that is likely to spark debate about whether the government is doing enough to tame inflation

AAP

Workers to enjoy real wages growth, despite inflation

Australia's labour market is proving remarkably resilient, despite slowing economic growth, meaning workers can expect wages growth to outstrip inflation.

The Guardian - UK

UK real pay grows at fastest rate in two years as unemployment rises

Figures provide mixed message for Bank of England when it considers interest rate cut next month

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The Guardian - UK

What does progress look like on a planet at its limit?

Putting endless growth above our wellbeing and the environment is no longer viable

AAP

Government defends faster inflation fall than RBA

Inflation will be back within the Reserve Bank's target range a year earlier than the bank has predicted, based on government budget figures.

AAP

Wages, jobs updates to come with budget week

As well as a federal budget, Australia will get its quarterly check-up on worker wages, business surveys and monthly jobs figures.

International Business Times

UK Economy Exits Recession Ahead Of Election

Gross domestic product expanded 0.6 percent in the first three months of this year, the Office for National Statistics (ONS) said, noting strong growth in service industries and car manufacturing.

AAP

Consumers tipped to stash tax-cut savings for rainy day

Australians plan to stash their stage three tax cut cash, a key cost of living relief measure in the budget, in promising news for inflation

AAP

Cost of living, net-zero industries focus of May budget

The third federal budget under the Albanese government will be handed down on Tuesday and a number of measures have already been unveiled.

The Guardian - AU

Budget sneak peek predicts higher wages and tax breaks – but no increase for Australians on jobseeker

Government dampens hopes for an increase to jobseeker, despite pressure from economists, social justice groups and equality advocates

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