Page 30 - Us Economy
US faces 'unacceptable levels of inflation': Yellen tells senators
US Treasury Secy said she saw bulk of inflation being caused by supply and demand mismatches, including excessive demand for goods over services during the pandemic and severe supply chain disruptions
 "US faces 'unacceptable levels of inflation': Yellen tells senators")
US recession imminent and inevitable? Not if the Fed can thread the needle
"I still think we're going to navigate through without a recession. But obviously it's going to be very, very tight because risks are very high," Moody's Mark Zandi said
 "US recession imminent and inevitable? Not if the Fed can thread the needle")
Goldman's Lloyd Blankfein urges 'dial back' on negativity over economy
Lloyd Blankfein's comments came the same day that Elon Musk said Tesla Inc. will cut its salaried workforce by 10%.
 "Goldman's Lloyd Blankfein urges 'dial back' on negativity over economy")
Tesla pauses all hiring. Need to cut staff by 10%, says Elon Musk
Tesla CEO Elon Musk said he had a "super bad feeling" about the economy and that the electric carmaker needed to cut staff by around 10%
 "Tesla pauses all hiring. Need to cut staff by 10%, says Elon Musk")
Solid US job growth anticipated in May; unemployment rate seen at 3.5%
The Labor Department's closely watched employment report on Friday, also expected to show strong wage gains last month
 "Solid US job growth anticipated in May; unemployment rate seen at 3.5%")
Dollar wobbles as traders await update on US jobs data, cues on Fed hike
Markets have locked in consecutive 50-basis-point Fed hikes in June and July but the dollar has been pushed around this week by uncertainty about what happens after that
 "Dollar wobbles as traders await update on US jobs data, cues on Fed hike")
US manufacturing sector expands faster in May amid supply constraints
The Purchasing Managers' Index stood at 56.1 per cent, up 0.7 percentage points from the April reading
 "US manufacturing sector expands faster in May amid supply constraints")
Inflation zaps US savings rate, warning sign for consumer spending: Report
The personal savings rate, as a percentage of disposable income, fell to 4.4 per cent in April, the lowest level since 2008 in the US, according to the Commerce Department
 "Inflation zaps US savings rate, warning sign for consumer spending: Report")
Wall Street analysts think any stock market rally will be short-lived
An analyst thinks earnings estimates remain too high and sees the S&P 500 trading close to 3,400 by the end of the second-quarter earnings season in mid-August
 "Wall Street analysts think any stock market rally will be short-lived")
Equities rise, yields fall after data shows US inflation may have peaked
Consumer spending, which accounts for more than two-thirds of US economic activity, increased 0.9% last month, and although inflation continued to increase in April, it was less than in recent months
 "Equities rise, yields fall after data shows US inflation may have peaked")
US economy contracted by 1.5% in Q1, but consumers kept spending
Last quarter's drop in the US gross domestic product the broadest gauge of economic output does not likely signal the start of a recession.
Uncertain US economic outlook jars markets amid Ukraine war, Fed rate hike
The outlook for the US economy is unusually cloudy as war rages in Ukraine, commodity prices surge and the Federal Reserve embarks on a tricky campaign to tame inflation with higher interest rates.
 "Uncertain US economic outlook jars markets amid Ukraine war, Fed rate hike")
US Prez Biden launches Indo-Pacific trade deal, warns over inflation
Nations joining the US in the Indo-Pacific Economic Framework are Australia, Brunei, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam
 "US Prez Biden launches Indo-Pacific trade deal, warns over inflation")
Recession not inevitable, pain to last 'some time,' says Biden in Tokyo
We have problems that the rest of the world has, Biden said, but less consequential than the rest of the world has
 "Recession not inevitable, pain to last 'some time,' says Biden in Tokyo")
Sagging global economy burdens Biden ahead of US midterm elections
Foreign affairs and geopolitics have returned as issues that could shape the opinions of U.S. voters
US at 'very, very high risk' of recession, says Goldman Sachs' Blankfein
Goldman Sachs Senior Chairman Lloyd Blankfein urged companies and consumers to gird for a US recession
 "US at 'very, very high risk' of recession, says Goldman Sachs' Blankfein")
Surging prices of natural gas squeeze US industrial sector: Report
US natural gas futures have doubled this year, far more than the increases in retail gasoline and diesel that have made Americans angry at the US energy industry and the government
 "Surging prices of natural gas squeeze US industrial sector: Report")
Gold gains as dollar, Treasury yields weaken after US inflation data
A weaker dollar makes gold attractive for overseas buyers, while lower Treasury yields reduce the opportunity cost of holding zero-yield bullion
 "Gold gains as dollar, Treasury yields weaken after US inflation data")
Dollar hovers near two-decade high of 103.92 as US inflation moderates
The consumer price index climbed 8.3% on an annual basis in April, easing from 8.5% in March but outstripping the 8.1% estimate of economists
US House approves $40 bn in Ukraine aid, beefing up Biden request
The House approved a fresh $40 billion Ukraine aid package as lawmakers beefed up President Biden's initial request, signalling a magnified, bipartisan commitment to thwart Russia's invasion