China’s economic future isn’t looking all that bright and is starting to have political implications for President Xi Jinping. The Chinese Academy of Social Sciences expects annual growth to slow to 5.3% in 2022 from 8% in 2021. Real-estate giant Evergrande, declared in default last month by ratings agencies, unleashed a wave of defaults in the country’s property sector, which…
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Sleepy Truckers Get Forgotten in Supply Crisis Choking Economy
(Bloomberg) -- President Joe Biden’s sweeping infrastructure law was supposed to ease problems for the trucking industry and relieve supply chain woes, but the law overlooked a vital necessity for truckers: Parking.Most Read from BloombergOvercrowded truck stops force drivers to often spend hours scavenging for parking wherever they can find it, even in illegal and unsafe spots. The problem has…
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Opinion | Economic Trends Aren’t What They Used to Be
Back in 2010 a group of conservative academics, economists and money managers signed an open letter warning that the efforts of the Federal Reserve to support the economy would be dangerously inflationary. But the inflation never came. So four years later Bloomberg reached out to as many of the signatories as they could, to ask what happened.Not one was willing…
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Biden takes aim at GOP for ‘talking down’ economic recovery
President BidenJoe BidenCarville advises Democrats to 'quit being a whiny party' Wendy Sherman takes leading role as Biden's 'hard-nosed' Russia negotiator Sullivan: 'It's too soon to tell' if Texas synagogue hostage situation part of broader extremist threat MORE on Friday sharpened his attacks against Republicans on the economy, accusing them of “talking down” the economic recovery as he lauded the…
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The Effect of Stimulus and Increased Unemployment Payments on the Economy in 2022
LPETTET / Getty Images/iStockphotoThis year, most Americans will receive little or no extra help from the government for the first time since 2019. As the country confronts its first year without stimulus since the start of the pandemic, it’s unclear if people as individuals or the economy as a whole are ready to remove the training wheels just yet.See: $1M…
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‘COVID Zero’ Hong Kong pushes supply chain to breaking point | Economy
Hong Kong’s Omicron outbreak is dealing a double whammy to businesses. Not only will new social distancing curbs crimp revenue for retailers and restaurants, a slashing of flights they rely on to bring everything from Australian cherries to Wagyu beef into the financial hub is set to raise costs and boost inflation. Cathay Pacific Airways Ltd., the city’s most connected…
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Semiconductor Stocks Called ‘The New Oil’ Of The Economy
A Wall Street firm sees a "bumpy yet rewarding ride" for semiconductor stocks in 2022 and named Nvidia stock its top pick. X BofA Securities analyst Vivek Arya remains bullish on semiconductor stocks, despite their recent downturn. He called semiconductors "the new 'oil' of the rapidly digitizing global economy." As such, semiconductors are playing a critical role in a host…
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Jamie Dimon sees the best economic growth in decades, more than 4 Fed rate hikes this year
Jamie Dimon said the U.S. is headed for the best economic growth in decades."We're going to have the best growth we've ever had this year, I think since maybe sometime after the Great Depression," Dimon told CNBC's Bertha Coombs during the 40th Annual J.P. Morgan Healthcare Conference. "Next year will be pretty good too."Dimon, the longtime CEO and chairman of…
Continue Readingthe Economy Has Been ‘More Than Fine’ Without Student Debt
Student-loan payments have been on pause for nearly two years, with a recent extension through May 1. There's controversy over the merits of broad relief, with some arguing it's bad for the economy. But experts told Insider it gave borrowers more financial flexibility, allowing for the pursuit of better jobs. Loading Something is loading. It's been almost two years since…
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Fed’s Powell pumped trillions into the economy. Now, he may be the party killer.
Powell is widely credited with taking quick and sweeping action to keep the economy afloat during the severe pandemic disruptions, so his confirmation is not in any jeopardy. But heightened frustration among Americans about soaring prices is fueling congressional pressure on the Fed chief — a Republican who was first elevated to the chair by President Donald Trump — over…
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