_{FINANCIAL NEWS}

US Consumer Confidence Sees Sharpest Drop in 3 Years Amid Significant Labor Market Weakening

The Conference Board's Consumer Confidence Index dropped sharply, with the largest monthly decline since August 2021. The "Present Situation" component fell from 134.6 to 124.3, while future expectations decreased from 86.3 to 81.7. This brought the overall index down from 105.6 to 98.7, below the lowest estimates.

The decline is attributed to consumer concerns about the labor market, such as reduced working hours, slower payroll growth, and fewer job openings, despite low unemployment and elevated wages. This data was collected before the Federal Reserve's recent 50 basis point rate cut.Read More.

_{ECONOMIC NEW}

Can the US Prevent a Global Recession?

The global economy is in trouble outside of the U.S. Europe is on the brink of recession, with minimal growth for three consecutive quarters, and despite the European Central Bank's interest rate cuts, European stocks are still struggling. In China, economic weakness has led to rate cuts and liquidity injections, but Chinese stocks have been stagnant since late 2022. Meanwhile, Japan's stock market is strong, but its currency, the Yen, is collapsing, causing volatility in global markets.

The U.S. remains the only major economy showing growth, with a GDP increase of around 3% and stock markets consistently reaching all-time highs. As the global economy falters, the burden falls on the U.S. to prevent a worldwide recession. Read More.