Official figures reveal that decreased consumer spending, physician strikes, and a drop in school attendance negatively impacted the UK economy towards the end of last year, pushing the country into a recession. According to data, there was a more prominent contraction of the economy than initially projected, with a 0.3 percent decrease during the last quarter of 2023, following an earlier shrinkage between July and September.
The news is likely to hurt the performance of Prime Minister Rishi Sunak’s Conservative Party in the upcoming elections. Sunak promised economic growth for the country in January.
In private briefings, sources suggested the government’s measurement of a successful promise would be if the economy increased during this period compared to the prior quarter. However, the data signifies that Sunak’s pledge has not been met. In 2023, the UK economy demonstrated an annual growth of 0.1 percent. Excluding years impacted heavily by the Covid pandemic, this year’s growth rate is the lowest since 2009 — the aftermath of the global financial crisis.
Other countries are also in economic distress. The European Union narrowly escaped a recession in the latter half of 2023, while Japan confirmed its economy had contracted for a second quarter in a row. The Office for National Statistics stated that various factors contributed to the economic downturn at the end of the last year, including lower consumer spending in December following November’s Black Friday sales, strikes by junior doctors, and a one percent drop in school attendance.
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Official figures reveal that decreased consumer spending, physician strikes, and a drop in school attendance negatively impacted the UK economy towards the end of last year, pushing the country into a recession. According to data, there was a more prominent contraction of the economy than initially projected, with a 0.3 percent decrease during the last quarter of 2023, following an earlier shrinkage between July and September.
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Editor’s Notes
Behind-the-scenes political intrigue exclusively for Pulse+ subscribers.
I’ve been a little busy watching the Fani Willis debacle today, so I haven’t been able to watch any UK news media to ascertain their reasoning behind the new recession
I’ve been a little busy watching the Fani Willis debacle today, so I haven’t been able to watch any UK news media to ascertain their reasoning behind the new recession show more
The post-COVID job “recovery” touted by Joe Biden has been driven almost entirely by the flow of foreign workers into the American labor force, according to a new study from the Center for Immigration Studies (CIS). The immigration policy group found that the figure of 2.7 million ‘additional’ individuals joining the workforce in the fourth quarter of 2023 came about because of an increase of 2.9 million legal or illegal immigrant jobs and a decline of 183,000 native-born American jobs.
Since the economic recovery began in late 2020, the number of U.S.-born workers entering the labor market has yet to return to pre-pandemic levels. Despite the sluggish job recovery among native workers, the U.S. experienced a hot job market — driven by a flood of cheap, foreign labor, the CIS study shows. Immigrant labor recovery has far outpaced native-born recovery when comparing fourth-quarter numbers at the end of each year since 2020.
The National Pulse previously reported that the influx of legal and illegal immigrants has likely had a ‘cooling’ effect on inflation by depressing wages across the county. The downward wage pressure creates a degree of ‘demand destruction’ — and declining demand should correlate to falling prices.
The influx of immigrant labor has also likely fueled negative perceptions about the economy for groups of native-born Americans being displaced in the job market. Recently Van Jones, who served in the Obama government, slammed President Joe Biden, saying the jobs he’s made available to the Black community are “crappy.”
Competing with cheap, immigrant labor can be difficult for native-born Americans regardless of whether the job is blue-collar or white-collar. A look at salaries for H1B visa holders working in technology versus the industry average shows a significant difference in compensation — with the gap sometimes being ten thousand dollars or more.
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The post-COVID job "recovery" touted by Joe Biden has been driven almost entirely by the flow of foreign workers into the American labor force, according to a new study from the Center for Immigration Studies (CIS). The immigration policy group found that the figure of 2.7 million 'additional' individuals joining the workforce in the fourth quarter of 2023 came about because of an increase of 2.9 million legal or illegal immigrant jobs and a decline of 183,000 native-born American jobs.
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The White House and Biden campaign are desperate to convince Americans that Joe Biden has done an excellent job handling the economy and that it is doing well under his watch. But so-called ‘Bidenomics’ has been an unmitigated disaster for most Americans.
Here are some of the top things people are concerned about in the real world:
1. With Biden in the White House, we’ve had a three-year inflation rate of 20 percent.
When inflation goes up, the value of the dollar goes down. That means people have less money to buy things, and the things they buy become more expensive.
2. Speaking of inflation, producer prices have risen 17.9 percent since Biden took office, according to the Bureau of Labor Statistics.
This is the most significant increase since 12-month data were first calculated in November 2010. Producers are forced to increase the cost of the goods they make to keep up with rising inflation and stay profitable.
3. Rising inflation has real-world consequences. Sixty percent of Americans currently struggle to afford groceries.
This fact may be shocking, but it shouldn’t be surprising. Between January 2022 and January 2023, food prices rose over 10 percent, and the prices of staple foods like eggs and milk have increased dramatically since Biden took office.
4. Overall, food costs are up 21 percent since Biden took office.
But food isn’t the only thing that has become more expensive under Biden’s watch. According to the Bureau of Labor Statistics, rent costs are up 19 percent, and power costs are up 29 percent. Last year, it was reported that a record number of Americans are struggling to pay rent; these numbers help explain why.
5. Not only has Biden’s blatant economic mismanagement made it more expensive to eat, more costly to pay rent, and more expensive to power one’s home — it’s also made it more costly to drive.
Under the Biden regime, the average price of a gallon of gas exceeded $3 for 974 days in a row or nearly three years.
6. Another thing that’s become significantly more expensive under Biden’s watch is financing a home.
After three years of Bidenomics, the 30-year mortgage rate hit a 22-year high — a whopping 7.31 percent. Analysts say some homeowners could spend over 60 percent of their paychecks on their mortgages.
7. To put those mortgage rates into perspective, when Donald Trump was President, a $2000 mortgage paid for a house worth over $460,000.
Under the Biden regime, a $2000 mortgage is only enough for a house worth less than $295,000.
8. Given the eye-wateringly high mortgage rates, it’s no wonder that home ownership has been deemed “unaffordable” in 99 percent of the country.
America was once a place where most working- and middle-class families could own their own homes. Thanks to Bidenomics, that core part of the American Dream is a distant memory.
9. Given that practically everything needed to live and exist in modern society has become more expensive under Joe Biden’s watch, it’s hardly surprising that most Americans are struggling financially.
Sixty-two percent of Americans — nearly two-thirds of the population — report living paycheck to paycheck.
With all this in mind, it’s hardly surprising that a new poll shows Trump with an 11-point lead over Biden in terms of who would best handle the economy.
The numbers don’t lie. Bidenomics broke the American economy, and average Americans are suffering for it.
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The White House and Biden campaign are desperate to convince Americans that Joe Biden has done an excellent job handling the economy and that it is doing well under his watch. But so-called 'Bidenomics' has been an unmitigated disaster for most Americans.
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Official data reveals US inflation was higher than forecasted last month, causing an unplanned downslide in Wall Street’s pre-market trading on Tuesday. Despite economists’ predictions of the annual rate dropping to 2.9 percent, the actual price growth for January was 3.1 percent. These figures represent a decrease from December’s Consumer Price Index (CPI), which stood at 3.4 percent.
The month-on-month CPI rose by 0.1 percent from December’s 0.2 percent to make 0.3 percent in January, outpacing the expected 0.2 percent. The “core” index, which omits the mercurial food and energy prices, also had a 0.1 percent increase from 0.3 percent to 0.4 percent. This index is regarded as a better gauge of inflation’s likely future trend. The US Bureau of Labor Statistics proclaimed that January’s upward trend was attributed largely to increases in costs for shelter, vehicle insurance, and medical care.
Less optimism about the economy is felt by the majority of Americans, who encounter personal financial struggles. This perception is somewhat countered by the consumer confidence figures released by the University of Michigan, indicating an increase to the highest level since July 2021. As the annual inflation figures ease towards the two percent mark, Federal Reserve policymakers are set to decrease interest rates for the first time in four years, which could come as early as May.
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Official data reveals US inflation was higher than forecasted last month, causing an unplanned downslide in Wall Street's pre-market trading on Tuesday. Despite economists' predictions of the annual rate dropping to 2.9 percent, the actual price growth for January was 3.1 percent. These figures represent a decrease from December's Consumer Price Index (CPI), which stood at 3.4 percent.
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Treasury Secretary Janet Yellen admitted the price level of many goods in the United States will likely remain high for the foreseeable future but argued it isn’t President Joe Biden’s fault. Her remarks came during an appearance before the Senate Banking Committee on Thursday for a hearing addressing the financial stability of the U.S. economy.
Senator John Kennedy (R-LA) pressed Sec. Yellen on whether Americans should expect a decrease in prices any time soon. The Louisana Republican bluntly asked Biden’s Treasury Secretary: “These high prices, caused by ‘Bidenomics,’ are here to stay – aren’t they?”
“Well, the high prices were not caused by ‘Bidenomics,'” responded Sec. Yellen, before trying to shift the blame for inflation: “We suffered a pandemic that resulted in severe dislocations.” Cutting through the spin, Sen. Kennedy again pressed Yellen on whether prices would fall, asking: “But if I could ask you, they’re here to stay, aren’t they?” Responding to Kennedy, Sec. Yellen admitted she does not expect the level of prices to go down.
The Biden government has struggled to control inflation’s effects on the U.S. economy and its impact on American consumers. After taking office, President Biden pushed several large spending bills through Congress, including the American Rescue Plan – a $1.9 trillion ‘stimulus‘ bill passed by Congress in March of 2021 intended to speed up the economic recovery from the COVID-19 pandemic.
In the months after the stimulus bill was signed into law, the U.S. experienced what initially appeared to only a gradual increase in the rate of inflation — with the rate rising from 2.6 percent in February to 5 percent in May and remaining around that number for several months. As the stimulus took effect, however, the inflation rate rapidly increased, jumping from 5.4 percent in September 2021 to 9.1 in June 2022.
WATCH:
YELLEN: "The high prices were not caused by Bidenomics!"@SenJohnKennedy: "They're here to stay, aren't they?"
Treasury Secretary Janet Yellen admitted the price level of many goods in the United States will likely remain high for the foreseeable future but argued it isn't President Joe Biden's fault. Her remarks came during an appearance before the Senate Banking Committee on Thursday for a hearing addressing the financial stability of the U.S. economy.
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The European Union (EU) is diluting radical green agenda policies on emissions as farmers stricken by onerous regulations, tax hikes, price rises, and a glut of Ukrainian produce stage protests across the bloc.
Initially, the EU intended to require all sectors to cut emissions, specifying a 30 percent reduction in agricultural “pollution” by 2040. The revised plan omits this, a push to end fuel subsidies, and plans to pressure EU citizens into eating less meat.
The upheaval has been primarily driven by farmers fearing the economic impact of the EU’s green policies. There have been significant protests in Germany, France, Belgium, and the Netherlands, among other countries.
The updated draft now frames agriculture positively, highlighting the sector’s role in the EU’s “food sovereignty.”
The European Commission, the EU’s unelected executive, now claims it will take a “balanced approach.” Supposedly, this will give equal consideration to climate change and citizens’ livelihoods.
Whether the concessions will be enough to dissuade farmers from their protests remains to be seen. On Friday, farmers in Poland began what is expected to be a 30-day blockade of the Ukrainian border. They are protesting being undercut by the flood of Ukrainian produce the EU has allowed into the bloc.
Ukrainian farmers do not face the same costly regulations as EU farmers. This has made it difficult for EU farmers to remain competitive.
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The European Union (EU) is diluting radical green agenda policies on emissions as farmers stricken by onerous regulations, tax hikes, price rises, and a glut of Ukrainian produce stage protests across the bloc.
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Fast-food lovers in California should prepare for sticker shock, as companies say the state’s new minimum wage increase will lead to more expensive Big Macs and burritos.
Back up:The state recently passed laws to increase the minimum wage to $20 an hour for fast-food workers – up from the previous $16 hourly rate. This goes into effect in April.
The effect: Fast food chains like McDonald’s, Chipotle, and In-N-Out warn that franchisees will be forced to increase prices to cover the added labor costs.
McDonald’s says franchisees could see costs surge by $250,000 per store annually.
Chipotle says Californians can expect as much as a 9 percent rise in menu prices.
Jack in the Box anticipates up to an 8 percent rise in prices.
Zoom out:California is home to over 761,900 fast-food workers. This jump would give the state the highest minimum wage, surpassing Washington D.C.’s $16.5 hourly rate.
Big picture: A 2021 study by the nonpartisan Congressional Budget Office found that a $15 national minimum wage would lead to a loss of 1.4 million jobs.
My take: Minimum wage jobs are meant to be starter jobs for teens and young adults. If adults are working at fast food restaurants, I do not fault them for desiring a ‘livable wage.’ However, mandating unreasonable wages is not the solution. If the government wants to step in, it should focus its energy on providing training and opportunities to get those adults into jobs where the market dictates a livable wage.
The lead Donald Trump holds over Joe Biden in terms of who would handle the economy better is the biggest of any candidate in the history of NBC polling.
The network, which began asking voters which candidate for the presidency would handle the economy better in 1992, found that 55 percent of voters believed that Trump would do the better job, compared to just 33 percent who put their faith in Biden.
Forty-eight percent also rated Trump as more likely to be competent and effective, against just 37 percent for Biden. In 2020, Biden led Trump on this measure by nine points, but his advantage has evaporated now voters have seen him in action in the White House.
The 81-year-old Democrat’s approval rating currently sits at 37 percent, lower than at any point in either his presidency or his predecessor’s.
Trump now leads Biden in all seven swing states, by margins as high as ten percent in North Carolina and eight percent in Nevada and Georgia — both officially won by Biden in 2020.
📊 NBC News National Poll Highlights
▪ 55% – Proportion of voters who believe that Trump is better dealing with the economy than Biden (33%) — the largest advantage of any candidate in the NBC poll's history back to 1992. — ▪ 48% – Share of voters who say that Trump will do a… pic.twitter.com/r18J9unWby
The lead Donald Trump holds over Joe Biden in terms of who would handle the economy better is the biggest of any candidate in the history of NBC polling.
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Editor’s Notes
Behind-the-scenes political intrigue exclusively for Pulse+ subscribers.
The global head of credit for Vanguard — the second-largest global asset manager with $8.6 trillion in investments — has warned that there are signs the United States could slip into an economic recession in the second half of 2024. Chris Alwine, who leads the global credit team at Vanguard, says he believes the Federal Reserve hasn’t yet pulled off its ‘soft landing’ and that strong jobs numbers will likely delay any interest rate cuts until much later in the year.
“The challenge that the Fed has is that to be able to land that soft landing, which is always a low probability, they have to be able to ease policy at the exact correct time, which is difficult, and they need a little bit of luck,” Alwine said in a recent interview with Barron’s. He added that 2024 is likely to be “a tale of two halves” with greater economic risks emerging in the 3rd and 4th quarters.
“What would precipitate that shallow recession is that corporations are just not hiring, with a modest increase in layoffs,” Alwine noted.
Strong job market numbers over the past few months, cheered by the Biden government, will likely cause the Federal Reserve to push back an expected cut to interest rates until at least the 3rd quarter of 2024. With rates remaining elevated, layoffs in capital-intensive industries are likely to continue — eventually causing the hot job market to cool.
Despite the positive employment reports, voter confidence in the economy remains low. High interest rates, continued worries about inflation, sluggish GDP projections, and fears of a recession are all likely drivers of President Joe Biden’s low economic approval rating.
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The global head of credit for Vanguard — the second-largest global asset manager with $8.6 trillion in investments — has warned that there are signs the United States could slip into an economic recession in the second half of 2024. Chris Alwine, who leads the global credit team at Vanguard, says he believes the Federal Reserve hasn't yet pulled off its 'soft landing' and that strong jobs numbers will likely delay any interest rate cuts until much later in the year.
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Stephen Schwarzman, CEO of Blackstone, expressed serious concerns about the future of the U.S. economy should President Joe Biden win another term in the White House. In an interview with Bloomberg in Davos, Switzerland, Schwarzman cited the current $2 trillion deficit, increasing debt-to-GDP ratio, and open borders policy as economic threats.
He questioned whether the nation could endure another four years of these economic conditions. “I don’t know that the country, frankly, is prepared for four more years of that,” Schwarzman said in Davos.
As of January 31, the U.S. national debt reached $34.1 trillion, surpassing the combined GDP of the world’s next five largest economies: China, Japan, Germany, India, and the United Kingdom. Simultaneously, the U.S. federal budget deficit stood at $1.75 trillion. The country’s debt-to-GDP ratio sits at around 122 percent. Schwarzman commented that the U.S. should aim to “get our financial house in order,” but he did not believe a significant financial crisis was impending.
Despite his warning, Schwarzman expressed optimism for the future of the American economy in 2024. He referenced the slowed economy as a normal response to high interest rates but projected that rates would decrease during the latter part of the year. With Blackstone measuring U.S. inflation at approximately 2 percent, the Federal Reserve’s target rate, Schwarzman said he is confident in the likelihood of Fed rate cuts.
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Stephen Schwarzman, CEO of Blackstone, expressed serious concerns about the future of the U.S. economy should President Joe Biden win another term in the White House. In an interview with Bloomberg in Davos, Switzerland, Schwarzman cited the current $2 trillion deficit, increasing debt-to-GDP ratio, and open borders policy as economic threats.
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