July 28, 2022
US Economy Shrinks for a Second Quarter, Fueling Recession Fears
The drumbeat of recession grew louder after the US economy shrank for a second straight quarter, as decades-high inflation undercut consumer spending and Federal Reserve interest-rate hikes stymied businesses and housing.
Gross domestic product fell at a 0.9% annualized rate after a 1.6% decline in the first three months of the year, the Commerce Department’s preliminary estimate showed Thursday. Personal consumption, the biggest part of the economy, rose at a 1% pace, a deceleration from the prior period.
UK Says House Prices Are More Unaffordable Than Ever for Buyers
Britain’s housing market is more unaffordable than ever after a surge in property prices lagged the pace of wage increases.
England’s homes were selling for 8.7 times the average annual household disposable income as of March 2021, the Office for National Statistics said Thursday. That’s the highest since records began in 1991.
Top India Carmaker’s Profit Disappoints as High Costs Bite
Maruti Suzuki India Ltd., India’s biggest carmaker, reported a lower-than-expected quarterly profit as rising input costs and supply chain constraints hurt earnings.
Net income was 10.1 billion rupees ($126 million) in the three months ended June 30, compared with a profit of 4.4 billion rupees a year earlier, the unit of Japan’s Suzuki Motor Corp. said in a statement Wednesday. That fell short of the average analyst estimate of 15.7 billion rupees, according to data compiled by Bloomberg.
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