Signs of a global economic downturn appear in statistics of three of the biggest economies. Data show GDP of Japan and Germany declined in the third quarter, while weak growth of credit and consumption suggests China is headed into a slump.
Tomorrow's leaders may never reach that designation if we don't allow some leeway for communication that comes across as overly enthusiastic or candid, writes Karin Hurt. "We don't just need more people speaking up, we need to help our emerging leaders speak up in a way that can be heard so their ideas can add the most value," she writes.
Deciding how much and how quickly to raise interest rates is the main challenge facing the Federal Reserve, Chairman Jerome Powell said. He also noted concerns about a slowdown in the global economy.
Senators have advanced the nomination of Michelle Bowman for a seat on the Federal Reserve Board, and she is expected to be confirmed this week. If approved, Bowman will be the third Trump appointee to be confirmed to the board.
Many Americans know when they would like to retire but not how much money they'll need, finds a survey for MassMutual. The average age at which the survey's respondents expect to retire is 62, but only 56% of them have calculated how much income they'll need.
The North Carolina Office of the Commissioner of Banks has approved a charter for American Bank & Trust, the first banking startup in the state since 2008. The bank must raise $20 million before it opens.
The Federal Deposit Insurance Corp. wants input on small-dollar loans for consumers and how banks could help, seemingly reversing course on a 2013 policy that discourages banks from small-dollar lending. Washington policies have forced consumers to use less-regulated lenders, such as pawnshops, and the banking industry is ready to help consumers facing economic hardship, CBA President and CEO Richard Hunt says.
JPMorgan Chase plans to change to credit cards that are tapped at the payment terminal, instead of insertion. The cards might decrease time spent at checkout, because each transaction takes about a second.
The US economy likely will continue to grow at an annual rate of slightly above 3%, but a labor shortage could affect that figure, economists said at a briefing by The Conference Board. Employers have had difficulty finding professional workers, and now it is becoming a challenge to recruit blue-collar workers.
Treasury Department data for October, the first month of the new fiscal year, show the US government ran a deficit of $100 billion. Federal spending rose 18% from October 2017.
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