Economy News

The U.S. economy is showing signs of strain as unemployment climbed from 4.1% to 4.3% in July, increasing the number of jobless Americans to around 7.2 million.

In 2024, the stock market has been influenced by two opposing trends: the S&P 500’s strong performance driven by major tech companies and growing recession concerns fueled by fears of an AI bubble, high interest rates, and escalating national debt.

On Monday, Elon Musk and former President Donald Trump held a highly anticipated interview, tackling various subjects including inflation, trade, and nuclear energy.

A well-known economist who previously forecasted signs of economic strain in the U.S. by mid-2024 now anticipates a severe collapse in the cryptocurrency market.

As the Federal Reserve maintains its policy interest rate at a 23-year high of 5.25%-5.50%, anticipation builds for a potential rate cut in September.

Central banks across many developing nations are increasingly moving their reserves into gold and local currencies, reducing their reliance on the U.S. dollar.

The US Consumer Price Index (CPI) report for July, due on August 14, is expected to show a rise, which could influence the Federal Reserve’s upcoming rate decisions.