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The Latest Breaking News from Samuel Tombs

US retail sales beat expectations in May as energy costs stay high

US retail sales significantly exceeded expectations in May, climbing 0.9 percent to $763.7 billion, driven by a substantial 3.4 percent increase in spending at gas stations. This surge, fueled by elevated energy costs due to the Middle East war, indicates robust consumer spending despite inflation pressures.

The Economic Times

Economists are questioning the K-shaped economy narrative

The K-shaped narrative has seeped into how policymakers think about risk.

Axios

FTSE 100 finishes week with rise despite falls in mining stocks

The index closed with an increase of more than 51 points to 10,223.54.

Evening Standard

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7 ways Europe could hurt the U.S. if Trump doesn’t back down over Greenland

A comprehensive package of economic sanctions against the U.S. would increase price inflation in America.

Fortune

Donald Trump promised a new ‘golden age’ for the US economy. Where is it?

Most Americans have yet to see this boom – but they’ve certainly heard a lot about it from the president

The Guardian - US

Top analysts say Trump’s tariffs are suppressing wage growth as companies cut costs to pay for them

A key job market indicator recently hit zero, signaling that employers are reducing pay growth when offering new jobs.

Fortune

What could come after interest rate cuts this week

Rapidly deteriorating job growth has solidified support for a quarter-point interest rate adjustment among Fed officials.

Axios

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Gold hits new record and stock futures tumble as Wall Street worries over Trump’s tariff price increases

Top of the list of usual suspects is, of course, "uncertainty."

Fortune

US Second Quarter GDP Growth To Reflect Tariff Turbulence

US economic growth is expected to rebound in the second quarter, analysts said, in a momentary comeback reflecting trade shifts as companies tried to avoid the harshest of President Donald Trump's wide-ranging tariffs.

International Business Times

Fed governor breaks ranks and says rate cuts could resume next month to prevent further cracks in the job market

“If you’re starting to worry about the downside risk to the labor market, move now, don’t wait,” Waller told CNBC.

Fortune

US Retail Sales Slow In October After Hurricanes

Analysts noted that devastating hurricanes in recent months likely disrupted consumption after the government data were released Friday.

International Business Times

US economy added only 12,000 jobs in October in shock pre-election drop – as it happened

Live, rolling coverage of business, economics and financial markets as non-farm payrolls numbers deliver economic surprise days before presidential election

The Guardian - UK

Recession verdict for UK economy will be no laughing matter for Hunt and Sunak

Figures on GDP, wages and inflation this week are set to offer Labour plenty of scope for criticising Tories’ economic competence

The Guardian - UK

Unemployment Rate in the UK: Official Figures Show Potential Discrepancy

The new data, derived from experimental results within the Labour Force Survey, could potentially exert pressure on the Bank of England to reconsider any immediate plans for interest rate cuts.

International Business Times UK

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The Guardian - UK

Hunt hit by higher-than-expected public borrowing despite rise in tax revenues

Analysts blame rises in welfare costs and debt interest bill for monthly deficit of £14.3bn in November

International Business Times UK

UK Consumer Inflation Rate Unexpectedly Decreases In November

Jeremy Hunt says that wages will go up as prices go down next year after it was announced that the rate of inflation has decreased to 3.9 per cent.

The Guardian - UK

UK construction dives amid housebuilding slump and HS2 pause

Scrapping of second HS2 leg likely to concern contractors after data shows sector’s biggest contraction in September since pandemic

The Independent UK

Average UK house price £14,500 lower in September than a year earlier

Some experts suggested that the house price downturn may only have a few months left to run, amid wider developments in the economy.

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The Guardian - UK

Zombie Britain sees zero growth – and that’s the good news

Some surveys predict recession, but with pay and confidence rising, they may be wrong. That’s the best we, and the PM, can hope for

The Guardian - UK

Post-Brexit shift in immigration may mean higher wages and more self-sufficient UK economy

Sunak faces headache over India trade deal as upheaval continues in handling overseas labour

The Guardian - UK

UK interest rates now expected to peak at 5.5%; offshore wind power auction flops – as it happened

Government criticised as Britain’s latest subsidy auction to help support new renewable energy projects awarded no contracts for offshore wind projects

The Guardian - UK

UK jobs market is cooling despite record pay growth

Risks of interest rate overkill rising fast even though wages grew strongly in last quarter

The Guardian - UK

Another interest rate rise? News on prices and wages may decide

The MPC will look at this week’s earnings and inflation figures, but energy volatility could also come into play

The Independent UK

Construction sector grows despite rate rises dealing ‘hammer blow’ to housing

Commercial building work and civil engineering offset sharp falls in residential house building, an influential survey showed.

The Guardian - UK

UK GDP: mortgage payers’ worst fears are likely to come true

Cycle of interest rate rises are expected to continue after better than forecast economic data

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People

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Office for National Statistics

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International Monetary Fund

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