Economy
Growth, inflation, trade, employment, and macroeconomic indicators.
New York Fed’s Williams says inflation is still too high but expects energy prices to ease
New York Fed President John Williams said inflation is still far above the Fed’s goal and that policymakers must stay alert if price pressures prove persistent. He said oil and energy prices should eventually ease, while the labor market remains stable and the Fed stays data-dependent.
PepsiCo says North American customers are pulling back as gas prices squeeze demand
PepsiCo beat second-quarter revenue and earnings estimates, but said North American demand softened as higher gas prices and tighter budgets curbed impulse purchases. The company reaffirmed full-year guidance and is leaning on smaller packs, meal bundles and extra shelf space to support sales.
Fed names Marc Andreessen, Doug McMillon and others to lead new task forces
The Federal Reserve has named outside leaders to five task forces created by Chair Kevin Warsh, including Marc Andreessen, Doug McMillon, Raj Chetty and Mervyn King. The panels will advise on productivity, communications, the balance sheet, inflation and economic data as Warsh presses for a broader review of Fed operations.
India sets $1 trillion export goal for current fiscal year as merchandise, services trade rise
India has set a $1 trillion export target for the current fiscal year, with Commerce Minister Piyush Goyal citing stronger merchandise and services growth, new trade agreements and a seven-point export action plan after a Board of Trade meeting in New Delhi.
GW3 road map to pitch Mackay as critical minerals processing hub
Greater Whitsunday Alliance is preparing to launch a Critical Minerals Regional Roadmap aimed at positioning Mackay-Isaac-Whitsunday as a processing and services hub, building on recent advocacy from the Resources Centre of Excellence and the region’s industrial base.
Key question for the Fed: Is the economy improving, or is this a head fake?
The June U.S. jobs report showed payroll growth was much weaker than expected, with 57,000 jobs added and unemployment at 4.2%. The report also revised April and May lower by a combined 74,000 jobs, pushing the Fed debate back toward whether the labor market recovery is fragile.
The economic assumptions that broke
New July 1 reporting says the inflation, rate and growth assumptions that shaped the start of 2026 have broken down under pressure from AI investment, Iran-related energy effects and shifting labor dynamics. Fed Chair Kevin Warsh said inflation risks have eased, but the outlook remains unsettled.
Maersk raises profit guidance as new US tariffs fuel demand
A.P. Moller-Maersk raised its 2026 underlying EBITDA guidance to $8 billion-$10 billion from $4.5 billion-$7 billion, citing stronger Far East demand and higher spot rates as U.S. tariffs drive front-loading.
British American Tobacco slashes 9,000 jobs
British American Tobacco said it will cut or outsource 9,000 jobs, including 5,500 direct removals and 3,500 outsourced roles, as part of a restructuring aimed at saving £600 million a year by 2028.
Freight shipping costs surge as companies race to beat new Trump tariffs
Freight rates on major Asia-U.S. and Asia-Europe routes have jumped as companies rush to move cargo before expected Trump tariffs take effect, with benchmark container prices hitting multi-year highs.
Inside Jamieson Greer's Quiet Ascent as Trump's Trade Architect
Jamieson Greer has moved to the center of Trump's trade policy, including direct India talks and an internal split over who controls key tariff channels.
What Europe’s heatwave is costing now, and what may come next
Late-June heat is already pushing up electricity prices, tightening grid margins and disrupting work across western Europe, while economists and officials warn the longer-term cost could deepen if severe heat becomes recurrent.
Trump threatens 100% tariff on countries that tax US digital services
Trump threatened a 100% tariff on imports from countries that impose digital services taxes on U.S. companies, drawing a sharp response from the European Commission. The warning could escalate transatlantic trade tensions over how tech firms are taxed.
Trump revives 100% tariff threat against countries with digital services taxes
Donald Trump threatened a 100% tariff on imports from countries with digital services taxes, escalating a long-running transatlantic dispute and drawing a sharp response from the European Commission.
US tariffs halve Scottish salmon exports and cut whisky shipments
Fresh Q1 2026 trade data show UK food and drink exports to the US fell 28%, with Scottish salmon down 45.6% and Scotch whisky down 27% despite earlier tariff relief moves.
Key TG Jones landlords back restructuring plan ahead of court ruling on retailer's future
TG Jones has won support from more than 80% of landlords controlling its top stores for a restructuring plan that would close up to 150 shops and cut rents, but the proposal still needs High Court approval and faces opposition from other creditor groups.
US jobless aid filings fall to 215,000 last week as layoffs remain low despite economic headwinds
Weekly U.S. jobless claims fell to 215,000 in the week ending June 20, beating expectations and suggesting layoffs remain subdued even as economic uncertainty persists.
GDP growth revised up to 2.1% in first quarter, but underlying demand softened
The Commerce Department’s final estimate showed the U.S. economy grew at a 2.1% annual rate in the first quarter of 2026, up from 1.6%, though a key measure of underlying demand was revised lower.
PCE inflation hits 4.1% in May
The Bureau of Economic Analysis said the PCE price index rose 0.4% in May and 4.1% from a year earlier, while core PCE increased 0.3% on the month and 3.4% year over year. The report kept attention on whether inflation remains high enough to pressure the Federal Reserve to keep rates elevated.
Heatwave pushes Great Britain's grid operator to call for extra electricity from power plants
Great Britain’s grid operator issued a rare summer electricity margin notice and asked power plants for about 1,900 MW of extra capacity as a heatwave and low wind tightened supply margins. Neso said power was not at risk, but the move highlights how hot weather can strain the grid and raise balancing costs.
Heatwave's long-term economic impact becomes clearer after the initial disruption
France's early June heatwave is visibly disrupting work, schools, transport and construction, but the sharper economic concern is the longer-term drag on growth, investment and adaptation costs.
European electricity prices surge as heatwave lifts demand and cuts supply
A Europe-wide heatwave is pushing wholesale electricity prices sharply higher as cooling demand rises and supply is constrained by weak wind, heat-limited gas units and cooling issues at some French nuclear reactors.
UK services sector contracts at fastest pace since January 2023 as global shares tumble after US tech sell-off
UK services activity contracted at the fastest pace since January 2023 in June, while a U.S.-led tech sell-off dragged global shares lower and Brent crude fell after Washington temporarily eased Iran sanctions.
Rising Trucking Rates Drive U.S. Companies Back to the Railroad
U.S. trucking rates are climbing toward four-year highs, and some retailers and manufacturers are shifting freight back to intermodal rail as rail operators expand service and truck supply tightens.