Latest from James Graham

• Jan 19, 2023

  More bad news for the beleaguered housing market

  

  There’s more bad news out this morning for the embattled housing sector. Housing starts, the metric used to measure the number of new homes being constructed in the U.S., fell for a fourth consecutive month. KPMG Chief Economist Diane Swonk helps us break down what the data means for the wider economy. And, Treasury Janet Yellen said that her department would take “extraordinary measures” to keep the U.S. government paying its debts as Congress mulls increasing the debt ceiling. And, a story about how a $30 million philanthropic donation to start an Illinois addiction treatment center played out when staffers had to actually run the place.

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• Jan 19, 2023

  Buckle up, the debt ceiling fight is just beginning

  

  It’s estimated that the U.S. government will hit the Congressionally-mandated debt ceiling today, meaning it will have to find ways to shuffle funds around until Congress raises the limit. Lawmakers are gearing up for a protracted fight on Capitol Hill. Recent data from the Federal Reserve Bank of New York show that inflation is hitting low-income households, especially those that are Black and Latino, the hardest. And, amid unease following the collapse of FTX, crypto miners are being squeezed by high energy costs and lower prices for cryptocurrencies. 

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• Jan 19, 2023

  French workers walk out

  

  From the BBC World Service: France faces a day of national strikes as President Macron’s retirement reforms divide the country. The plans, which include pushing the country’s retirement age up to 64, are facing major pushback from unions. Also, how carbon can be captured from the atmosphere. And, Pakistan’s former president thinks he can solve the country’s economic crisis.

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• Jan 18, 2023

  Lots of consumers said “No thanks” to buying a car in 2022

  

  Consumers seemingly couldn’t buy enough cars during the peak of the pandemic, but recent data shows that the auto industry saw widespread declines in vehicle sales last year. We delve into what drove the decline and what car sellers are doing to adjust. Lower vehicle sales also contributed to an overall decline in retail sales in December — a good sign for investors, says Susan Schmidt. But that may not be the case for others — we checked in with a number of small businesses to see how they’re faring. And, the BBC’s Ruth Alexander reports on the global rise in egg prices. 

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• Jan 18, 2023

  Millennials are buying more and more homes

  

  A big change in the housing market is happening — young people aged 25 to 34 are making up a bigger and bigger proportion of homeowners. A new analysis from Harvard’s Joint Center for Housing Studies says millennials, a group that has traditionally faced difficulties with high home prices, are making inroads as they age and start families. Global demand for oil will reach a new record this year, according to the International Energy Agency. And, the Bank of Japan again declined to raise interest rates, bucking expectations and continuing the country’s policy of ultra-loose monetary policy that has kept rates near zero for years. 

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• Jan 18, 2023

  Has global inflation peaked?

  

  From the BBC World Service: Global inflation seems to be easing – but there’s still no quick fix. The latest data from Europe suggests the worst of the inflation pain might be over for now. We hear from consumers and businesses in the UK where prices are still high, and we take a look at Japan’s unique approach to rising prices. Plus, Elon Musk changed Twitter’s blue tick system and now an unlikely party has been taking advantage – Afghanistan’s Taliban.

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• Jan 17, 2023

  The latest data on China’s economy isn’t good at all

  

  Fresh economic data from the Chinese government paints a picture of a rapidly slowing — and aging — economy. The world’s second-largest economy reported just 3 percent GDP growth in the fourth quarter, a number that’s the lowest in decades besides the first year of the pandemic. And, this week’s World Economic Forum summit in Davos, Switzerland is underway and tackling global issues in an age of increasing fractiousness among world powers. 

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• Jan 17, 2023

  Davos kicks off amid a wave of global crises

  

  The annual meeting of the World Economic Forum kicked off this week in Davos, Switzerland, bringing together a collection of the world’s most powerful people to discuss a range of global issues. On the agenda for participants will be problems like climate change, geopolitical fragmentation, and even a question of the summit’s own relevance. Zanny Minton Beddoes, the Editor-in-chief of The Economist, gives her view on the ground in Davos. Electric vehicle sales accounted for 10 percent of all new global car sales in 2022, another indication of the EV industry’s meteoric rise. And, Walmart and Salesforce announced a partnership to improve deliveries and other logistical aspects of the retail giant’s business. 

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• Jan 17, 2023

  China’s population falls for the first time in 60 years

  

  From the BBC World Service: Chinese officials say the country has entered an “era of negative population growth”. We examine what a decreasing workforce and a growing elderly population means for China’s economic future. Meanwhile India is guzzling Russian oil at a record rate.  Plus, we ask why is the cost of a box of eggs soaring around the world?

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• Jan 16, 2023

  What do bank and Netflix earnings say about the economy?

  

  It’s that time of the year again: earnings season. Publicly traded companies across the economy are reporting their fourth-quarter results, and they so far portray a mixed picture of the economy. Michael Hewson, Chief Market Analyst at the London-based CMC Markets, tells us what he’s looking at, including reports from banks and Netflix. Bank earnings that have come out so far have shown increased caution at those financial institutions, which boosted their rainy day reserves in anticipation of increased financial malaise. And, what the CEO of energy giant Equinor has to say about the future of household energy. 

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