UK workers suffer biggest hit to their wages since records began
Average real wages — which account for inflation — fell by 3% between April and June compared with the same period last year, according to data from the Office for…
The US economy didn’t get the recession memo
The brutal GDP report released on July 28, showing the economy had contracted for a second quarter in a row, led some to insist the much-feared recession had already arrived.…
Inflation, explained: Why prices keep going up and who’s to blame
Let’s start with the simplest version: Inflation happens when prices broadly go up. That “broadly” is important: At any given time, the price of goods will fluctuate based on shifting…
The Rhine is shrinking, endangering Europe’s top economy
Water in the river has dropped to “exceptionally low” levels in some areas, disrupting shipping on the country’s most important inland waterway, German officials told CNN on Friday. A lack…
Energy bills: UK recession looms as households feel pain
Official data published on Friday showed that the country’s GDP dropped by 0.1% in the second quarter of this year. Some analysts believe the recession forecast by the Bank of…
Price hikes took a breather in July, fueling hopes that inflation has peaked
“I think inflation probably has peaked in year-over-year terms,” said Bill Adams, chief economist at Comerica Bank. The Consumer Price Index is an aggregated snapshot of a wide array of…
Analysis: The frontrunner to become the UK’s next leader has a risky economic plan
But Truss, in a debate that same day hosted by Sky News, struck an optimistic note, saying a recession was “not inevitable.” “We can change the outcome, and we can…
The Bank of England just made its biggest rate hike in 27 years
The Bank of England raised the cost of borrowing by 50 basis points to 1.75% — the sixth time the central bank has raised rates since December, and follows recent…
China extends property loans at the fastest pace in three years as mortgage crisis spreads
The China Banking and Insurance Regulatory Commission (CBIRC) reiterated Thursday that it will provide “active credit support” for property developers, so they can complete delayed or stalled projects as soon…
Not everyone can afford air conditioning during a brutal heat wave. Here’s how they cope
And, to avoid using her stove while upstairs, she makes sandwiches and warms up food in the microwave. Morris, 65, already had her power shut off in June — when…