The Federal Reserve Bank of New York’s September general business conditions index jumped nearly 30 points to minus 1.5, after plunging more than 42 points a month earlier in the second-worst decline on record, data showed Thursday. A reading below zero indicates contraction, and the measure has been exceptionally volatile over the last several months.
And inflation, although showing signs of peaking, is still running at an uncomfortable 7.6%, nearly four times the central bank’s target. With core measures and service inflation still rising, there is a risk that sticky underlying price pressures could still become entrenched, keeping pressure on Macklem and his officials to further tighten policy.
The S&P Global flash composite purchasing managers output index slid 2.7 points to 45, the weakest reading since May 2020, the group reported Tuesday. Excluding the pullback in the early months of the pandemic, the August figure is the weakest print in data back to 2009. Readings below 50 indicate contraction.
Some of the estimated decline “can be chalked up to lower gasoline prices, but the majority looks to be due to consumer fatigue,” Royce Mendes, head of macro strategy at Desjardins Securities Inc., said in a report to investors. “Canadians have been feeling the pinch from both high inflation and rising interest rates. So it … Read more
The man who keeps riling up the Twitterverse is at it again. On Tuesday, Elon Musk teased he would purchase his favorite childhood sports team, tweeting “Also, I’m buying Manchester United ur welcome.” While many fans of the famous club would love to see new ownership after the Red Devils slipped to the bottom of … Read more
The owners have held some preliminary discussions about the possibility of bringing in a new investor, the people said, asking not to be identified because the information is confidential. The American Glazer family is not yet ready to cede control of Manchester United, which could be valued at about £5 billion ($6 billion), the people … Read more