British consumer prices rose by 2.3% in annual terms in April, slowing from a 3.2% increase in March, the Office for National Statistics said on Wednesday. The Bank of England and economists polled by Reuters had forecast an annual rate of 2.1%.
Results for: Economy
Recent polls show former President Trump leading President Biden in six key battleground states. Some Black voters who supported Biden in 2020 are now expressing dissatisfaction with his economic policies and handling of foreign crises. They cite concerns about inflation, illegal immigration, and Biden’s decision to withhold an arms shipment to Israel as reasons for their shift towards Trump. Political analyst Gianno Caldwell explains that many Black voters feel they have been misled by the left and media and believe that Trump would be a better choice for their economic well-being.
Recent polling shows that President Joe Biden is losing support from Black voters, particularly in key swing states. A New York Times/Siena poll found that 76% of Black voters rate the economy today as “fair” or “poor,” while only 22% judged it “excellent” or “good.” This shift in support is significant, as Black voters have traditionally been a reliable voting bloc for Democrats. However, with the economy and other issues affecting their communities, some Blacks are considering switching their support to the Republican Party.
President Biden has faced criticism from Eric Trump and former Obama adviser David Axelrod over his recent claims regarding inflation and the economy. Biden asserted that no president has been more successful in job creation and inflation reduction, while dismissing concerns about rising costs of living. However, Eric Trump labeled him a “clown” for his inaccurate statement that he inherited 9% inflation upon taking office. Axelrod, a CNN political analyst, described Biden’s stance as a “terrible mistake,” arguing that it could hurt his reelection prospects.
The Biden administration’s new “green” energy mandates will make it even harder for Americans to afford homes, according to experts. The mandates, which are being pushed through the Department of Housing and Urban Development (HUD), will add $31,000 to the cost of a new home. The administration claims that the higher upfront cost will pay for itself via lower energy bills, but the breakeven point is 90 years.
Travel within China saw a notable increase on the first day of a major public holiday, with rail and car journeys accounting for the majority of trips. However, consumer spending on travel remains subdued, leading to concerns about the pace of economic recovery. The decline in domestic airline fares and the preference for driving over flying indicate that travelers are adjusting to the economic constraints.
US President Joe Biden has attributed India’s economic struggles to its reluctance to accept immigrants. According to Biden, xenophobia, or a fear of foreigners, is hindering the growth of India and other nations, while immigration has fueled the economic prosperity of the United States. The US has since clarified Biden’s remarks, stating that he was emphasizing the role of immigrants in strengthening the US economy.
The fight against inflation has been going well for the Federal Reserve and economy, but small business owners remain unconvinced about the progress being made. A recent CNBC|SurveyMonkey Small Business Survey found that only 24% of small business owners believe inflation has reached a peak, while 75% expect it to continue rising. This frustration is reflected in a decline in small business confidence in the Fed, with only 31% of business owners now saying they have confidence in the central bank.
Despite a positive market reaction to Fed Chair Powell’s comments after the FOMC meeting on Wednesday, in which he all but ruled out another rate hike this year, small business confidence in the Fed has declined. Last quarter, a little over one-third (35%) of business owners said they had confidence in the Fed. That’s not fallen back to 31%, where it was in Q2 of last year.
Inflation remains a top concern for small businesses, even as the overall economy remains strong. Over one-quarter (27%) of business owners describe the economy as “excellent or good,” which has not trended lower even as inflation fears have picked back up. It’s also notably up from 21% in the year-ago quarterly survey.
The CNBC|SurveyMonkey Small Business Confidence Index was unmoved quarter-over-quarter, at 47 out of 100, and up one point from Q2 of last year. The data is consistent with other recent small business survey findings, with both the Goldman Sachs’ 10,000 Small Businesses Voices survey and the CNBC survey finding that a majority of small business owners are facing inflationary pressures. Inflation will loom large in how America’s small business owners tilt in the presidential election. Inflation is the No. 1 issue over which small business owners say they will vote, with 63% of survey respondents citing it, followed by economic growth at 61%.
CNBC’s Jim Cramer advised investors to trust Federal Reserve Chair Jerome Powell’s assurance that a rate hike is unlikely despite lingering inflation concerns. While Powell’s remarks soothed Wall Street, Cramer anticipates investor anxiety ahead of Friday’s employment data, which will offer insights into the economy’s health. Cramer emphasized Powell’s consistent stance on interest rates, expressing confidence that he will prevent an economic recession. Additionally, the Fed’s decision to slow bond sales and Powell’s dismissal of stagflation fears were seen as positive signs by Cramer.
A recent Gallup poll reveals that a growing number of Americans are concerned about the state of the economy, which has surpassed immigration as the top issue of concern. Seventeen percent of respondents rated the economy as the country’s primary problem, with concerns rising steadily over the past few months. This trend comes ahead of the presidential election in November, where the economy is expected to play a significant role in determining the outcome. President Biden has highlighted economic growth but faces persistent concerns among Americans, especially in key battleground states. Immigration remains a significant concern for 27% of Americans, despite a decline in illegal border crossings. The poll also suggests that Republicans are more likely to view immigration as a top issue than Democrats. Other concerns include the government, with 20% of respondents ranking it as the country’s primary problem.