Economy contracts by 0.1% in second quarter

Economy contracts by 0.1% in second quarter

Shoppers walk through the rain on Oxford Street in London. Tolga Akmen/AFP/Getty Images The U.K. economy contracted in the second quarter of 2022, as the country’s cost-of-living crisis hit home. Official figures published Friday showed that gross domestic product (GDP) shrank by 0.1% quarter on quarter in the second three months of the year, less … Read more

Fed expected to stick with hawkish interest rate hikes, strategists say

Fed expected to stick with hawkish interest rate hikes, strategists say

The Federal Reserve is unlikely to pivot from its hawkish interest rate hikes despite positive signs this week that inflation in the U.S. could be easing, according to market strategists. On Thursday, the producer price index surprisingly fell 0.5% in July from the prior month, compared with an estimate of a 0.2% gain, according to … Read more

Pakistan’s finance minister says country headed in ‘right direction’

Pakistan’s finance minister says country headed in ‘right direction’

Pakistan’s finance minister said the government has taken steps that will put the country on the right track and help the South Asian nation avoid an economic collapse. But that will cause pain for its people, he added. The country is desperately fighting for its survival as the recent rise in commodity and energy prices … Read more

USPS to request rate increase due to inflation, DeJoy says

USPS to request rate increase due to inflation, DeJoy says

WASHINGTON — Inflation is going to add over $1 billion to the U.S. Postal Service budget, necessitating a request for another rate increase in January, but the service is well prepared for the November election, Postmaster General Louis DeJoy said Tuesday. The Postal Service has already delivered about 40 million ballots to and from voters … Read more