The euro zone economy will grow slower than expected this year after price growth eroded purchasing power and high ECB interest rates curbed credit, but inflation in 2024 will also be slower than expected, the European Commission said on Thursday.
U.S. business inventories rebounded in December, driven by rising stocks at retailers and wholesalers.
Companies in the United States and Canada have kicked off 2024 with thousands of job cuts across sectors, signaling that the spate of layoffs seen in 2023 could persist as they scramble to rein in costs.
While job cut announcements in the United States more than doubled month-on-month to 82,307 in January, they were down 20% from a year earlier, according to a report by outplacement firm Challenger, Gray & Christmas earlier in February.
The technology sector, which accounted for the highest number of layoffs in 2023, has seen 34,000 job cuts in 141 firms so far this year, according to tracking website Layoffs.fyi.
Source: Investing
U.S. retail sales fell by the most in 10 months in January, but economists cautioned against reading too much into the sharp drop amid frigid temperatures and difficulties adjusting the data for seasonal fluctuations at the start of the year.
Oil prices fell slightly in Asian trade on Friday, weighed by persistent concerns over slowing demand following a warning from the International Energy Agency and a swathe of weak economic readings.
The dollar was steady on Friday, on track for its fifth straight weekly gain, as investors take stock of economic data and firm expectations of the Federal Reserve cutting rates in June, while the yen traded at the psychologically key 150 per dollar level.