Connect with us

Published

on

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.

Continue Reading

Entertainment

YouTuber Jake Paul strikes defeat against former boxing champ Mike Tyson in Texas

Published

on

By

YouTuber Jake Paul strikes defeat against former boxing champ Mike Tyson in Texas

YouTuber-turned-boxer Jake Paul has defeated one of the greatest-ever fighters, former heavyweight world champion Mike Tyson, who’s more than twice his age.

The bout was won on a unanimous points decision at the AT&T Stadium in Arlington, Texas – home of the Dallas Cowboys and the biggest NFL stadium in the US.

The fight was already controversial but then arguably failed to live up to the hype. Boos were heard from the crowd in the final two rounds, after a perceived lack of action.

Mike Tyson, left, fights Jake Paul during their heavyweight boxing match, Friday, Nov. 15, 2024, in Arlington, Texas. (AP Photo/Julio Cortez)
Image:
The heavyweight boxing match took place in Arlington, Texas. Pic: AP

Boxing careers compared

This was not Paul’s first professional fight. The 27-year-old American YouTube star made his debut in 2020 with his most high-profile clash against Tyson Fury’s brother Tommy Fury last year, which he lost by a split decision.

The so-called “Problem Child” has since defeated former UFC contender Nate Diaz, professional boxer Andre August, former Gold Gloves champion Ryan Bourland and most recently MMA fighter Mike Perry.

In contrast, “Iron Mike” Tyson, 58, was ranked among the best heavyweight boxers of all time.

More on Jake Paul

During his career, he knocked out 44 opponents – retiring from professional boxing in 2005 after defeat against Kevin McBride.

He returned to the ring in 2020 for a bout against fellow boxing icon Roy Jones, which ended in an unofficial draw.

Mike Tyson, left, fights Jake Paul during their heavyweight boxing match, Friday, Nov. 15, 2024, in Arlington, Texas. (AP Photo/Julio Cortez)
Image:
Mike Tyson struggled at times against Jake Paul, 31 years his junior. Pic: AP

‘Someone’s getting put to sleep’

Earlier this week, Paul said he believed the bout would not go the distance. “No, someone’s getting put to sleep,” he said. “It’s going to be a war, and we’re both heavy hitters. It’s not going the full 16 minutes.”

Tyson was more reflective: “I’ve been through so many ups and downs since my last fight with Kevin McBride,” he said.

“I’ve been in rehab. I’ve been in prison, been locked up. Never in a million years did I believe I’d be doing this.”

Several states would not allow the bout to go ahead, and the Texas Athletic Commission only agreed to the fight if there were changes, due to Tyson’s age.

It limited the contest to eight rounds lasting a maximum of two minutes instead of three. Both boxers were also required to wear heavier gloves, designed to lessen the force of punches.

The fight was initially scheduled for 20 July, but was postponed when Tyson suffered an ulcer flareup.

Taylor defends title

Katie Taylor, center, celebrates after defeating Amanda Serrano during their undisputed super lightweight title bout, Friday, Nov. 15, 2024, in Arlington, Texas. (AP Photo/Julio Cortez)
Image:
Katie Taylor celebrates after defeating Amanda Serrano in Texas. Pic: AP

Meanwhile, among the undercard fights, Irish boxer Katie Taylor successfully defended her super lightweight world title against Puerto Rico’s Amanda Serrano.

But it was tight. Taylor claimed the rematch 95-94 for all three judges in an epic battle.

The bout came two and a half years after the pair fought at Madison Square Garden, which Taylor won on a split decision.

Bout suffered from buffering

Earlier in the evening thousands of Netflix users in the US reported problems seeing the coverage, with some posting on social media about buffering.

At one point, more than 98,000 people had reported issues according to Downdetector, which tracks outages.

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the fullest version.

You can receive Breaking News alerts on a smartphone or tablet via the Sky News App. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.

Continue Reading

US

YouTuber Jake Paul strikes defeat against former boxing champ Mike Tyson in Texas

Published

on

By

YouTuber Jake Paul strikes defeat against former boxing champ Mike Tyson in Texas

YouTuber-turned-boxer Jake Paul has defeated one of the greatest-ever fighters, former heavyweight world champion Mike Tyson, who’s more than twice his age.

The bout was won on a unanimous points decision at the AT&T Stadium in Arlington, Texas – home of the Dallas Cowboys and the biggest NFL stadium in the US.

The fight was already controversial but then arguably failed to live up to the hype. Boos were heard from the crowd in the final two rounds, after a perceived lack of action.

Mike Tyson, left, fights Jake Paul during their heavyweight boxing match, Friday, Nov. 15, 2024, in Arlington, Texas. (AP Photo/Julio Cortez)
Image:
The heavyweight boxing match took place in Arlington, Texas. Pic: AP

Boxing careers compared

This was not Paul’s first professional fight. The 27-year-old American YouTube star made his debut in 2020 with his most high-profile clash against Tyson Fury’s brother Tommy Fury last year, which he lost by a split decision.

The so-called “Problem Child” has since defeated former UFC contender Nate Diaz, professional boxer Andre August, former Gold Gloves champion Ryan Bourland and most recently MMA fighter Mike Perry.

In contrast, “Iron Mike” Tyson, 58, was ranked among the best heavyweight boxers of all time.

More on Jake Paul

During his career, he knocked out 44 opponents – retiring from professional boxing in 2005 after defeat against Kevin McBride.

He returned to the ring in 2020 for a bout against fellow boxing icon Roy Jones, which ended in an unofficial draw.

Mike Tyson, left, fights Jake Paul during their heavyweight boxing match, Friday, Nov. 15, 2024, in Arlington, Texas. (AP Photo/Julio Cortez)
Image:
Mike Tyson struggled at times against Jake Paul, 31 years his junior. Pic: AP

‘Someone’s getting put to sleep’

Earlier this week, Paul said he believed the bout would not go the distance. “No, someone’s getting put to sleep,” he said. “It’s going to be a war, and we’re both heavy hitters. It’s not going the full 16 minutes.”

Tyson was more reflective: “I’ve been through so many ups and downs since my last fight with Kevin McBride,” he said.

“I’ve been in rehab. I’ve been in prison, been locked up. Never in a million years did I believe I’d be doing this.”

Several states would not allow the bout to go ahead, and the Texas Athletic Commission only agreed to the fight if there were changes, due to Tyson’s age.

It limited the contest to eight rounds lasting a maximum of two minutes instead of three. Both boxers were also required to wear heavier gloves, designed to lessen the force of punches.

The fight was initially scheduled for 20 July, but was postponed when Tyson suffered an ulcer flareup.

Taylor defends title

Katie Taylor, center, celebrates after defeating Amanda Serrano during their undisputed super lightweight title bout, Friday, Nov. 15, 2024, in Arlington, Texas. (AP Photo/Julio Cortez)
Image:
Katie Taylor celebrates after defeating Amanda Serrano in Texas. Pic: AP

Meanwhile, among the undercard fights, Irish boxer Katie Taylor successfully defended her super lightweight world title against Puerto Rico’s Amanda Serrano.

But it was tight. Taylor claimed the rematch 95-94 for all three judges in an epic battle.

The bout came two and a half years after the pair fought at Madison Square Garden, which Taylor won on a split decision.

Bout suffered from buffering

Earlier in the evening thousands of Netflix users in the US reported problems seeing the coverage, with some posting on social media about buffering.

At one point, more than 98,000 people had reported issues according to Downdetector, which tracks outages.

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the fullest version.

You can receive Breaking News alerts on a smartphone or tablet via the Sky News App. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.

Continue Reading

Politics

Elon Musk ‘shot down’ OpenAI’s ICO plan in 2018 over credibility concerns

Published

on

By

<div>Elon Musk 'shot down' OpenAI's ICO plan in 2018 over credibility concerns</div>

According to a court filing, Elon Musk said that the proposed initial coin offering (ICO) “would simply result in a massive loss of credibility for OpenAI.”

Continue Reading

Trending