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The Latest Breaking News on Economy

ASX slumps, Wall St suffers biggest falls since 2020 after US inflation shock

An unexpected rise in US consumer prices sees global share markets take fright on worries about more aggressive interest rate rises by the US central bank. The Australian dollar plunges on a surging greenback.

ABC News

Kwarteng plan to boost growth ‘could take decade to achieve target’

Expected ‘sugar rush’ of tax cuts could knock growth off track by forcing up inflation and interest rates, economists warn

The Independent UK

Workers’ real pay drops for ninth month in row

Figures indicate that real pay dropped by 3.9% in the three months to July, one of the largest falls since records began

Evening Standard

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UK unemployment is lowest since 1974 but workers face pay squeeze

Winter likely to be among the toughest in living memory as inflation fuels cost of living crisis

The Guardian - UK

New chancellor tells Treasury to aim for growth not seen since 2008 crash

Kwasi Kwarteng demands annual 2.5 per cent rise, after Liz Truss blamed Treasury ‘orthodoxy’ for UK’s feeble economic record

The Independent UK

Number of people in UK with long-term sickness rose to record 2.5m in July

Almost 400,000 have exited jobs market with long-term health problems since early 2020, ONS says

The Guardian - UK

Markets rattled and pound slides after US inflation higher than hoped in August – as it happened

Investors brace for further interest rate rises, as US CPI rose 8.3% in the year to August, dashing hopes of a larger fall, and food inflation is highest since 1979

The Guardian - UK

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In Argentina, where inflation is expected to hit 95 per cent by year's end, people mourn the 'death' of their wages

Amid political scandals, unrest and failed assassination attempts, hyperinflation in Argentina once hit 5,000 per cent. Now, with real wages plummeting, the country is lurching closer to familiar disaster.

ABC News

Recession watch: Will the economy shrink this year after it grew in July? – City experts look ahead

Can the energy price cap help the stuttering UK economy avoid a full-blown recession?

Evening Standard

UK economy grows more slowly than expected amid cost of living crisis

GDP rises by 0.2% in July as worker shortages and inflation weigh on activity

The Guardian - UK

UK ‘still at risk of recession’ despite July rebound; markets lifted by Ukraine’s advances – business live

UK economy expanded by 0.2% in July, less than hoped, with growth driven by customer-facing services such as the sports and recreation sector

The Guardian - UK

Yellen hopeful economy will avoid recession, but says inflation needs to be tamed

WASHINGTON — Treasury Secretary Janet Yellen said she remains hopeful the U.S. economy can avoid recession, but added that Americans understand the need for the Federal Reserve to conquer inflation.

Tribune News Service

Fragile state of UK economy scrutinised as nation mourns

GDP, inflation and retail sales figures due to be released over next few days

The Guardian - UK

Central bankers talk tough, but they can’t fight inflation like this

Raising rates has no effect when the things that are rising in price the fastest, such as fuel and food, are essential purchases

The Guardian - UK

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ABC News

Inflation shows no sign of slowing down in America and interest rate hikes will likely continue, warns top US economist

Loretta Mester is one of the 12 people who determine the official interest rate in the United States, and she has a grim warning for American households already struggling to pay their bills.

The Guardian - UK

Ukraine needs ‘radical’ reform to sustain war effort, warn economists

Anti-corruption measures and progressive taxes among actions recommended by leading academics

Evening Standard

ECB makes biggest rate hike in eurozone history lifting rates by 0.75%

European Central Bank intensifies its fight against inflation but euro falls under parity with the dollar

Dublin Live

ECB announces major increase in eurozone interest rates

The ECB lifted its deposit rate to 0.75% from zero and raised the main refinancing rate to 1.25%, which is their highest level since 2011

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The Independent UK

Fewer Americans apply for jobless aid last week

Fewer Americans filed for unemployment benefits last week as the labor market remains continues to remain strong despite decades high inflation

The New Daily

RBA boss Philip Lowe flags slower rate hikes, rebukes critics calling for his resignation

Reserve Bank governor Philip Lowe has foreshadowed slower mortgage bill hikes later this year as the bank grapples with massive uncertainties about the outlook for soaring inflation and the economy.

The Japan News/Yomiuri

BOJ's continued monetary-easing policy leaves yen vulnerable

The weakening of the yen continues unabated. As part of efforts to buoy the economy, the Bank of Japan appears set to continue its massive monetary-easing policy, in stark contrast to the approach adopted by the United States.

The Japan News/Yomiuri

Few effective options for govt, BOJ

In the past, the government and the Bank of Japan have directly intervened in foreign exchange markets by selling or buying yen when there have been excessive movements in the yen's value.

The Independent UK

European Central Bank to join US Fed in outsized rate hikes

Europe is going to see higher interest rates

AAP

RBA governor alludes to slower rate hikes

More rate hikes are in store and the case for a slower pace of tightening grows stronger, the Reserve Bank of Australia's governor says.

The Independent UK

Liz Truss’s rejection of windfall tax ‘to saddle UK with debt for decades’

Bill could be higher than cost of bank bailout after 2008 financial crash, expert warns

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