While recessions of the past, notably during the global financial crisis of 2008-2009, were protracted and severe, indications suggest that this downturn may be milder and short-lived.
China's new year holiday spending last week surged past pre-pandemic levels, official figures showed, a rare bright spot for an economy struggling with sluggish consumption and deflation.
Britain is in recession, official data showed Thursday, dealing another blow to embattled Prime Minister Rishi Sunak, whose Conservative party is forecast to lose a general election expected this year.
While US stocks closed up, the picture in Europe was less positive: London, Paris and Frankfurt all ended lower as investors locked in profits from recent gains.
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.
The US Federal Reserve is widely expected to start cutting interest rates in the coming months, as inflation edges closer to its long-run target of two percent.
The Office For National Statistics reports that the annual rate of growth in earnings, including annual bonuses, has slowed to 6.5 per cent.
Asian stocks opened cautiously on Friday, largely continuing an end-of-year rally that has been boosted by investors' expectations of a US Federal Reserve rate cut as early as March.
Global stocks were mixed Thursday on the penultimate trading day of 2023, while oil prices fell on easing worries about shipping disruptions in the Red Sea.
The Bank of England on Thursday held its key interest rate and warned it will remain high to tackle inflation, indicating in contrast with the Federal Reserve that cuts were unlikely any time soon.
US consumer inflation cooled more than expected last month, according to government data published Tuesday, providing welcome news for policymakers looking to control price increases without damaging the economy.
Nine members of the Monetary Policy Committee (MPC) voted 6-3 in favour of maintaining the current rate, in a move that was widely anticipated.
The Federal Reserve will likely announce it is holding interest rates at a 22-year high on Wednesday, as it looks to tackle inflation without damaging the resilient US economy.
The figures are worrying reading, as the Bank of England (BoE) prepares for its latest interest rate decision next week.
If you were a calf and saw your entire herd stampeding off into the distance, you'd likely feel you should join in too.
CPI reported a year-on-year increase of 6.7 per cent, maintaining the same pace as the previous month, contrary to economists' predictions of a dip to 6.6 per cent.
In retaliation for the mass murder of more than 900 Israeli nationals, Israel has cut off all food, water and electricity supplies in Gaza. In Gaza, more than 700 people have been killed in the air strikes.
The Digital Poverty Alliance published a report that shows 18 to 34-year-old British youths and women are more prone to digital poverty than 35 to 55-year-old Brits and men, and improving digital skills could save 24,000 lives annually.
Wall Street stocks were mixed Monday after the US narrowly avoided a government shutdown, while European indexes tumbled on renewed interest rates concerns.
Musk live-streamed his visit to the US-Mexico border to give people an idea of the "real situation".
Economically inactive British youths can now get employment support through the Youth Offer programme, which will reduce work barriers with assistance like interview coaching.
Unison members will strike across 24 council areas for three days from Tuesday in a dispute over pay, following their rejection of Cosla's recent offer.
Whilst high interest rates are putting pressure on Western stock exchanges, China and Russia are facing difficulties of their own.
US stocks advanced Thursday as investors shrugged off sticky inflation data and its impact on future central bank policy on interest rates, but European stocks mostly dipped.
Eurozone inflation remained unchanged in August, official data showed Thursday, leaving the European Central Bank faced with a conundrum over whether to continue hiking interest rates amid fears of a deepening economic downturn.
China halved the stamp duty on securities transactions, state media reported Sunday, in an effort to restore confidence in the world's second-largest stock market as the country battles an economic slowdown.
The Halifax House Price Index found a -2.4 per cent annual decline, a monthly change of -0.3 per cent, in house prices, with the Director of Halifax Mortgages insisting that the equivalent of this drop in terms of cash is a thousand pounds.
Britain's annual inflation rate dropped sharply in July to a 15-month low, official data revealed Wednesday, off the back of lower energy prices and in line with economists' expectations.
The number of people not working in t.he UK due to chronic illnesses has soared since the pandemic, putting pressure on the British economy, analysts said on Tuesday.
Global stocks fell Tuesday after disappointing data from China deepened concerns over its economy, while strong US retail numbers and worries surrounding the American banking sector cast a pall on Wall Street.