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The Latest Breaking News from Recession

The 'richcession' is real—Unemployment is rising for the 6-figure salary set, BofA data shows

People making $125,000 and more are getting laid off faster than anyone else, in a reversal of the typical recession playbook.

Fortune

UBS to pay $1.44 billion to settle 2007 financial crisis-era mortgage fraud case, last of such cases

UBS will pay U.S. authorities $1.44 billion to settle the last lingering legal case over Wall Street’s role in the housing bubble of the early 2000s, which ultimately led to the 2008 financial crisis and Great Recession

The Independent UK

OPINION - The Standard View: The UK economy is stuck in a low-growth trap

The UK economy is not in recession but it is stuck in a low-growth trap. GDP in the three months to June registered a 0.2 per cent jump, marking the fifth successive quarter in which the economy has kept its head above water since a 0.5 per cent advance in…

Evening Standard

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UK shrugs off recession as economy grows by 0.2% in second quarter

The meagre GDP growth means there is no immediate risk of recession, but leaves the UK stuck in a low growth trap

Evening Standard

From eggs to electronics to used cars, consumer inflation eased its grip on US households in July

The moderating pace of inflation, combined with a resilient job market, has raised hopes that the Federal Reserve may be able to tame inflation without causing a painful recession.

Chicago Sun-Times

Shock at dramatic water loss in wake of Ukraine dam blast attack

When the Kakhovka dam was destroyed in early June, a vast expanse of water disappeared. The water’s dramatic recession has had far-reaching effects on the population of surrounding towns, notably Nikopol. But as residents adapt to the new landscape, Ukrainian authorities and environmental experts are grappling with the best strategy…

France 24

UK ‘at risk of recession next year’ due to soaring interest rates, economists warn

The National Institute of Economic and Social Research warns it will be another year until UK GDP recovers to where it was before the coronavirus pandemic

The Independent UK

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UK economy faces ‘stuttering growth’ over next 2 years due to higher interest rates

The National Institute of Economic and Social Research says the economy will avoid a recession

The Independent UK

Early election dilemma for Rishi Sunak as economists warn of recession

Recession more likely than not by end of 2024 when Tories will have to go to country

The Independent UK

Risk of UK recession at next general election is 60%, says thinktank

Economic experts say it will take until third quarter of 2024 for output to return to pre-pandemic peak

The Guardian - UK

UK economy faces ‘stuttering growth’ due to higher interest rates – think tank

The National Institute of Economic and Social Research said in its main forecast that the economy will avoid a recession

The Independent UK

Why the US will break out first from the low-growth trap

Western economies must adopt industrial strategies, boost R&D and exploit new tech to prosper – Americans realise this better than Europeans

The Guardian - UK

Buy or Hold for August: Bank of America (BAC) vs. Wells Fargo & Company (WFC)

The Fed’s annual stress test showed that America’s largest banks, including Bank of America (BAC) and Wells Fargo & Company (WFC), were highly unlikely to stumble in a severe recession scenario. Both banks beat the consensus EPS and revenue estimates in the second quarter. So, which of these two banks…

StockNews.com

Hunt’s warning to Tories: stick with me or look as chaotic as Johnson

Chancellor looks safe for now despite speculation, but calls for change may get louder as general election looms

The Guardian - UK

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The Independent UK

US economy likely generated 200,000 new jobs in July, showing more resilience in face of rate hikes

The American economy has generated at least 200,000 new jobs for a record 30 straight months

Zenger

Bank Of America Retracts Recession Forecast, Citing Strong Job Market And Consumer Spending

BofA becomes the first major Wall Street bank to backtrack on recession prediction, reflecting growing economic optimism.

Fortune

Why the economy feels so bad when experts say it’s so good

“Americans have always been waiting for the other shoe to drop.”

Kiplinger

After the Best Start in 26 Years, What Comes Next for Stocks?

History says the market should end the year with even more gains.

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news in one place.

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The Guardian - UK

Bank of England says interest rates will remain high for at least two years

Policymakers vote for quarter-point rise to 5.25%, the 14th increase in a row, as Bank rules out prospect of recession

Fortune

‘Imagine no recession, it’s easy if you try.’ Bank of America flip-flops on its recession call, arguing a ‘soft landing’ is on the way

The investment bank has been predicting a recession since the summer of 2022. A full year later, it’s having second thoughts.

Barchart

Is There a Bubble Forming in Unprofitable Tech Stocks?

Shares of unprofitable technology companies have rallied sharply this year amid rising optimism that the U.S. will avoid a recession and that the Federal Reserve will soon end its interest rate hiking campaign. A basket of unprofitable technology stocks tracked by Goldman Sachs has surged +43% since May, its best...

The Guardian - US

‘Erosion of governance’ led Fitch to downgrade US credit rating

Trump’s efforts to overturn election and political polarization led agency to decision, says senior director

Evening Standard

Times are tough, but the doomsters’ predictions have been wrong so far

City Comment: If you had believed the mainstream forecasters, we would already be in recession

The Guardian - UK

TUC urges Bank of England to halt ‘reckless’ interest rate increases

Unions say widespread job losses in recent months have left UK ‘teetering on the brink of recession’

Fortune

Remote work is the reason why Wall Street was wrong about a recession

More people with more freedom equals more spending.

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