For many retailers the last three months of the year & especially the run up to #Christmas are when they make much of their money & lurch into #profit for the year.... so news that consumer spending is down (both in value adjusted for #inflation & volume) suggests not only has #BlackFriday failed to spur consumption, but the #costoflivingcrisis will shape buying this Christmas (unsurprisingly).
Early 2024 may see a spate of retail failures & closures; another symptom of a coming #recession
For those living in the eurozone, rising rents, mortgages and energy prices have created difficult economic conditions with wages hardly meeting outgoing essentials. It certainly feels like a recession - but is it?
Economist Osama Rizvi clears up the confusing headlines around whether Europe is out of a recession, currently in one - or about to enter one.
The continuing #costoflivingcrisis is reflected in a pre-xmas drop in consumer spending & suggest that a winter #recession is more likely;
Politicians should recall #Keynes focus on 'effective demand' in driving economic activity.
Whatever else is wrong about #economic#inequality, if you impoverish the less wealthy (who are much more likely to spend their income/wealth) then you prompt a decline in economic activity.
Of course, this is exactly what the BoE want, whatever the social costs!
Schools were shut and non-essential construction was banned around #Delhi as the #AirQuality index in the city almost hit 500 – the highest the measurement will go and 100 times the limit deemed to be healthy by the #WorldHealthOrganization.
In terms of the global economy, #LarryFink, chief executive of the world’s largest asset manager, #BlackRock, said a combination of the #Hamas atrocities of 7 October, #Israel’s resultant attack on #Gaza and #Russia’s invasion of #Ukraine last year had pushed the world “almost to a whole new future”.
The problem with #economic#recession is duration or #time.
But what if the wealthy #corporations and #billionaire class could not longer manipulate recession to benefit themselves?
The duration in recession gives the powerful, from politician to investor, TIME to move their assets and place their bets on any recovery, extending the suffering on the poor and working class.
What if recession doesn't work like that anymore?
What if duration is compressed?
Or recession over before they can predict?
"Biden has steered the country out of a #recession and #pandemic, gotten through a slew of critical legislation (some bipartisan), avoided a default on the #debt, set the stage for about 14 million new #jobs and overseen a resurgence of manufacturing. Internationally, he has restored the #UnitedStates’ image and solidified and expanded #NATO in defense of #Ukraine.