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The US economy is in for a sharp slowdown in 2024 as a closely watched survey of top economists foresees stubbornly high inflation, a rise in unemployment and a 50% chance of recession.

A slew of headwinds will slow the current quarter’s Gross Domestic Product — a comprehensive measure of economic activity and performance — to a pace of 1.2%, according to the National Association for Business Economics’ latest Outlook Survey released on Monday.

That’s versus a 5.2% annualized rate during the third quarter, the Commerce Department reported — the fastest rate of expansion since the end of 2021. Adjusted for inflation, real GDP increased 2.1%.

Panelists foresee the GDP slowing even further, to 1%, between the fourth quarter of 2023 and the fourth quarter of 2024, NABE President and Morgan Stanley chief economist Ellen Zentner said in the survey, which was earlier reported on by Fox Business.

On the heels of the dismal data, of the 30-plus economists surveyed, one in four said they’re now forecasting a recession, assigning a probability of at least 50%, NABE reported.

The last time the US experienced a financial crisis was in 2008. At the time, of the economic downturn, the federal funds rate was 5.25% while inflation rose 4.1% on an annual basis, per the Consumer Price Index.

Now, inflation isn’t slowing as quickly as the Fed has hoped, and remains well above central bankers’ goal at 3.2%. That’s a trend that will likely remain entrenched during the coming year, according to the survey.

“Panelists anticipate further slowing in core inflation — excluding food and energy costs — but doubt it will reach the Federal Reserve Boards 2% target before year-end 2024,” said NABE Outlook Survey Chair Mervin Jebaraj, director of the Center for Business and Economic Research at the University of Arkansas.

Meanwhile, the Bureau of Labor Statistics last month released a weaker-than-expected October jobs report, when the economy only added 150,000 positions — as the unemployment rate came in above the Fed’s 3.8% year-end forecast, at 3.9%.

When November job data comes out on Friday, employers are expected to have added 180,000 positions, while unemployment is expected to hold at 3.9%.

The Federal Reserve Bank of Atlantas GDPNow forecasting model attributed the impending economic slowdown to a decline in construction spending and manufacturing as labor costs have surged and productivity has waned.

In New York, construction has been hindered by the precipitous 421a property tax exemption, which was given to real estate developers building new multifamily residential housing buildings in New York City before it expired in June 2022.

A lack of 421a, coupled with high borrowing rates, have pumped the brakes on new development.

An economic slowdown is also likely on the horizon as Taylor Swift’s blockbuster concert, “Eras Tour,” leaves the US.

Since Swift’s three-hour show kicked off in March in Arizona, loyal Swifties have shelled out so much for tickets and hotel rooms that the show has spurred growth in the economy of each of the cities its stopped at.

In Pittsburgh, an estimated 24,000 hotel rooms were booked at premium prices by fans making the Eras Tour pilgrimage back in June for the three-hour set, while tourists drummed up more traffic than usual for local businesses, from parking garages to restaurants.

While Swift’s concert continues its 100-plus-city trot around the globe, Beyonce’s “Renaissance” concert has also drawn a slew of fanfare as its embarked on a 56-stop world tour.

The economy will surely miss the so-called “Taylor Swift effect” after the 33-year-old songstress returns stateside to take her final Eras Tour bow in Indianapolis, Ind., in November 2024.

Beyonce, meanwhile, concluded her Renaissance tour on Oct. 1 in Kansas City, Mo.

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TV presenter Jay Blades appears in court charged with two counts of rape

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TV presenter Jay Blades appears in court charged with two counts of rape

TV presenter Jay Blades has appeared in court charged with two counts of rape.

The 55-year-old appeared via video link at Telford Magistrates’ Court and spoke only to confirm his name, address and date of birth at the six-minute hearing on Wednesday.

Blades, from Claverley in Shropshire, was granted conditional bail to appear at Shrewsbury Crown Court on 10 September.

He was not required to enter pleas during his first appearance.

The presenter found fame on the furniture restoration programme The Repair Shop after he started presenting in 2017.

A furniture restorer, he was the face of the popular BBC show that featured people having their treasured objects repaired and rejuvenated until he stepped back from presenting the programme last year.

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Blades was also the presenter of the BBC’s Money For Nothing until 2020 and took part in Celebrity Masterchef, Celebrity Bake Off, and Comic Relief.

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OU’s Mateer denies gambling, was ‘inside joke’

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OU's Mateer denies gambling, was 'inside joke'

Oklahoma starting quarterback John Mateer, after screenshots of past references to “sports gambling” on his Venmo account surfaced online Monday, denied ever being involved with gambling, saying Tuesday it was instead “inside jokes” with his friends.

School officials became aware of the screenshots late Monday night and are looking into the situation, a source told ESPN’s Pete Thamel.

“The allegations that I once participated in sports gambling are false,” Mateer posted to X on Tuesday. “My previous Venmo descriptions did not accurately portray the transactions in question but were instead inside jokes between me and my friends.

“I have never bet on sports. I understand the seriousness of the matter but recognize that, taken out of context, those Venmo descriptions suggest otherwise. I can assure my teammates, coaches, and officials at the NCAA that I have not engaged in any sports gambling.”

Screenshots posted online Monday night showed Mateer allegedly twice included “sports gambling” in memos for transactions on Nov. 20, 2022, while he was a freshman at Washington State. Both transactions were allegedly made to a Venmo account for Richard Roaten, believed to be a teammate at Washington State at the time.

College athletes are prohibited from betting on any sport offered by the NCAA, with penalties up to loss of eligibility.

OU Athletics issued a statement saying it “takes any allegations of gambling seriously and works closely with the NCAA in any situation of concern.” The school said its “unaware of any NCAA investigation and has no reason to believe there is one pending.”

Mateer, the No. 1 overall player in ESPN’s portal rankings, transferred to Oklahoma from Washington State this offseason. He passed for 3,139 yards and 29 touchdowns last season, his third with the Cougars.

Oklahoma is ranked 18th in the first Associated Press Top 25 poll. The Sooners open their season at home Aug. 30 against Illinois State.

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Kreul intentions: Five-star DE picks Sooners

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Kreul intentions: Five-star DE picks Sooners

Oklahoma secured its most significant commitment yet in the 2026 recruiting cycle on Tuesday when defensive end Jake Kreul, No. 22 in the 2026 ESPN 300, announced his pledge to the Sooners on “The Pat McAfee Show.”

Kreul, a 6-foot-3, 235-pound edge rusher from Florida’s IMG Academy, entered August as the lone remaining uncommitted among the 23 five-star prospects in ESPN’s prospect rankings for the 2026 cycle. He chose Oklahoma over Ole Miss and Texas following a slate of official visits this spring that included trips to all three finalists as well as Colorado, Florida and Ohio State.

Kreul lands with the Sooners as the 16th overall pledge and only the third ESPN 300 commit in Oklahoma coach Brent Venables’ 2026 recruiting class following the program’s 6-7 finish to the 2024 season. Kreul now stands as the top-ranked member of Venables’ latest class alongside fellow top-300 pledges in No. 5 dual-threat quarterback Bowe Bentley (No. 168 overall) and wide receiver Daniel Odom (No. 258). If Kreul ultimately signs later this year, it will represent Oklahoma’s fourth consecutive cycle with at least one five-star addition dating to the 2023 class.

Kruel took part in the 2025 Under Armour All-America Game earlier this year and will enter his senior season at IMG Academy this fall. One of the most polished defensive prospects in the 2026 class, he closed his junior campaign in 2025 with 39 tackles, 11 hurries and 6 sacks.

Oklahoma joined the likes of Florida and Ole Miss among the first major programs to prominently enter the mix for Kreul’s commitment nearly two years ago. Kreul told ESPN last month that his relationships with Sooners defensive line assistants Todd Bates and Miguel Chavis, along with Venables’ background of nearly two decades as a defensive coordinator were driving factors in his heavy interest in Oklahoma.

“The opportunity to play for a defensive-minded head coach and one of the best minds in the sport in coach Venables is something you may not get at every school,” Kreul said. “That piece is something that’s been very present for me throughout in terms of building my relationship with Oklahoma.”

Kreul now stands as the seventh defender bound for Oklahoma in 2026 and a cornerstone member of the Sooners’ latest class. Along the defensive line, Oklahoma also holds pledges from three-star defensive tackle Brian Harris and defensive ends Matthew Nelson and Daniel Norman.

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