British Pound Plunges to Record Low Against US Dollar

The British pound dipped to a record low against the U.S. dollar on Monday, as uncertainty surrounding the U.K. economy grows. The pound dropped to roughly $1.03 Monday and recovered slightly on Tuesday, rising back to $1.07, according to CNN Business.The pound is faced with the highest level of inflation among G7 nations (Canada, France, Germany, ...
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US Rail Strike Averted, Truckload Capacity Jumps

​A potential U.S. rail strike was averted last week when labor unions and railroads reached a tentative agreement, facilitated by President Joe Biden's administration. But the situation underscored the fragility of the economy and supply chains.The announcement made by Labor Secretary Marty Walsh states if unions accept the deal, workers will get m...
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US Inflation Rates Remain High Despite Slight August Drop

U.S. inflation rates slowed for a second consecutive month in August—the result of a significant drop in gas prices. Still, the costs of other goods remain stubbornly high. The Consumer Price Index rose 8.3% last month year over year, down from an 8.5% jump in July and a four-decade high of 9.2% in June.Strip away volatile food and energy prices, a...
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China’s Trade Growth Weakens in August

China's exports to the U.S. fell in August for the first time since May 2020, while shipments to Russia surged, "adding to evidence that slowing economies and the war in Ukraine are shifting global trade flows along geopolitical fault lines," according to Bloomberg."China's slowdown is rippling across the world, with the weak import figures spellin...
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Eurozone Inflation Hits 9.1% Record High in August

Inflation hit a new record of 9.1% this month in European countries that use the euro currency. Economists say this is caused by a sharp rise in energy prices due to the Russia-Ukraine war. Annual inflation in the eurozone's 19 countries rose from 8.9% to 9.1% in just one month from July to August, according to the European Union statistics agency ...
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72% of Economists Warn of a Recession in 2023

All eyes are on the Federal Reserve as it fights the worst inflation in four decades with aggressive interest rate hikes. Most economists (73%) expect the Fed to be unsuccessful in taming inflation in the next two years without triggering a recession, according to the National Association for Business Economics (NABE). 72% predict a recession by th...
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