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Globe and Mail
3 days ago
- Business
- Globe and Mail
U.S. consumer spending slows in April, inflation rises moderately
U.S. consumer spending increased marginally in April, with households opting to boost savings amid mounting economic uncertainty because of a constantly changing tariff landscape. The report from the Commerce Department on Friday suggested the economy struggled to rebound early in the second quarter after contracting in the January-March quarter for the first time in three years. Gross domestic product could, however, get a lift from a sharp contraction in the goods trade deficit last month as the front-running of imports to beat tariffs faded. Inflation was muted in April, with a measure of underlying price pressures posting its smallest annual increase in four years. A U.S. trade court on Wednesday blocked most of President Donald Trump's import duties from going into effect in a sweeping ruling that the president overstepped his authority. They were temporarily reinstated by a federal appeals court on Thursday, adding another layer of uncertainty over the economy's outlook. 'Consumers appeared to be saving for a rainy day last month as the Liberation Day tariff shock shook consumer confidence,' said Scott Anderson, chief U.S. economist at BMO Capital Markets. Consumer spending, which accounts for more than two-thirds of economic activity, rose 0.2 per cent last month after an unrevised 0.7 per cent jump in March, the Commerce Department's Bureau of Economic Analysis said. That was in line with economists' expectations. Spending was supported by outlays on services, mostly housing and utilities, health care as well as restaurants, hotels and motel stays. But goods spending softened amid cutbacks on purchases of motor vehicles and parts, clothing and footwear as well as recreational goods and vehicles. Pre-emptive buying of goods ahead of Trump's sweeping import tariffs helped to push spending higher in the prior month. Most of the tariffs have been implemented though higher duties on goods have been delayed until July. Duties on Chinese imports have been slashed to 30 per cent from 145 per cent until mid-August. Economists have argued that Trump's aggressive trade policy will sharply slow economic growth this year and boost inflation, concerns echoed by Federal Reserve officials. Minutes of the U.S. central bank's May 6-7 meeting published on Wednesday noted 'participants judged that downside risks to employment and economic activity and upside risks to inflation had risen, primarily reflecting the potential effects of tariff increases.' The U.S. central bank has kept its benchmark overnight interest rate in the 4.25 per cent to 4.50 per cent range since December. The economy contracted at a 0.2 per cent annualized rate in the first quarter after growing at a 2.4 per cent pace in the October-December quarter, largely depressed by a flood of imports. With most of the tariffs in place, imports are collapsing, helping to compress the goods trade deficit by 46 per cent to $87.6 billion in April, a separate report from the Commerce Department's Census Bureau showed. Goods imports decreased $68.4 billion to $276.1 billion. Exports of goods increased $6.3 billion to $188.5 billion. U.S. stocks opened lower. The dollar rose against a basket of currencies. U.S. Treasury yields edged higher. But given the on-again and off-again nature of the tariffs, the front-running of imports is probably not over, and neither is the gloom over the economy likely to lift soon, evident in the deterioration in consumer sentiment. That is prompting consumers to build savings. The saving rate jumped to a one-year high of 4.9 per cent from 4.3 per cent in March. Inflation was benign in April, with retailers likely still selling inventory accumulated before the tariffs. The Personal Consumption Expenditures (PCE) Price Index rose 0.1 per cent last month after being unchanged in March, the BEA said. In the 12 months through April, PCE prices increased 2.1 per cent after advancing 2.3 per cent in March. Stripping out the volatile food and energy components, the PCE price index gained 0.1 per cent last month following an upwardly revised 0.1 per cent gain in March. The so-called core PCE inflation was previously reported to have been unchanged in March. In the 12 months through April, core inflation rose 2.5 per cent. That was the smallest advance since March 2021 and followed a 2.7 per cent increase in March. The Fed tracks the PCE price measures for its 2 per cent inflation target. Economists expect inflation to accelerate this year as tariffs raise goods prices. Consumers' one-year inflation expectations have soared. The Fed minutes on Wednesday showed some policymakers assessed that the surge in short-term inflation expectations 'could make firms more willing to raise prices.' They also saw a risk that longer-term inflation expectations 'could drift upward, which could put additional upward pressure on inflation.'
Associated Press
23-05-2025
- Business
- Associated Press
Burnout Expert Scott Anderson Shares Surprising Recovery Methods on New Podcast Episode
05/22/2025, Beverly Hills California // KISS PR Brand Story PressWire // The Burnout Club Podcast is distributed by Mission Matters Media. In the latest episode of The Burnout Club Podcast, host Patrice Bonfiglio welcomes business coach and licensed therapist Scott Anderson for an eye-opening conversation on reversing burnout. Anderson, founder of DoubleDare and author of You're Not Toast, opens up about his own experience with burnout and introduces counterintuitive techniques designed to help high-performing professionals recover—starting with just seconds a day. With more than 30 years as a business owner and credentials in both executive coaching and mental health, Anderson has developed the Burnout Breakthrough Method. His process focuses on identifying internal causes of burnout—such as perfectionism, lack of boundaries, and overachievement—rather than blaming external circumstances. 'Most of the time, we're the ones causing our own burnout,' said Anderson during the interview. 'That's the good news. Because if we're causing it, we can also fix it.' Throughout the episode, Anderson explains why common fixes like vacations or sabbaticals often fail and shares his 'mini vacation' method—short, focused moments of mindfulness and physical awareness that help break the stress cycle. He also touches on the psychological roots of burnout, the importance of complete breaks during the day, and how leaders can achieve more by shifting away from fear-driven behaviors. Anderson's practical advice, backed by science and clinical experience, offers listeners immediate tools for relief. He invites those struggling with burnout to visit to schedule personalized support. Listeners can watch the full interview on YouTube, where The Burnout Club continues to explore the intersection of success and well-being. About The Burnout Club Podcast The Burnout Club Podcast, hosted by hedge fund veteran Patrice Bonfiglio, provides a platform for candid conversations about burnout across industries. Through interviews with professionals and experts, the podcast explores the root causes of burnout and offers real-world tools for recovery and prevention Media Communications: The Burnout Club Podcast is distributed by Mission Matters Media. [email protected]
Yahoo
22-05-2025
- Business
- Yahoo
Burnout Expert Scott Anderson Shares Surprising Recovery Methods on New Podcast Episode
In The Burnout Club Podcast, Scott Anderson discusses how high-achievers can reverse burnout through fast, practical techniques - Powered by Mission Matters Media Scott Anderson, founder of DoubleDare and author of 'You're Not Toast,' appears on The Burnout Club Podcast to share tools for fast burnout recovery. Beverly Hills California, May 22, 2025 (GLOBE NEWSWIRE) -- The Burnout Club Podcast is distributed by Mission Matters Media. In the latest episode of The Burnout Club Podcast, host Patrice Bonfiglio welcomes business coach and licensed therapist Scott Anderson for an eye-opening conversation on reversing burnout. Anderson, founder of DoubleDare and author of You're Not Toast, opens up about his own experience with burnout and introduces counterintuitive techniques designed to help high-performing professionals recover—starting with just seconds a day. With more than 30 years as a business owner and credentials in both executive coaching and mental health, Anderson has developed the Burnout Breakthrough Method. His process focuses on identifying internal causes of burnout—such as perfectionism, lack of boundaries, and overachievement—rather than blaming external circumstances. 'Most of the time, we're the ones causing our own burnout,' said Anderson during the interview. 'That's the good news. Because if we're causing it, we can also fix it.' Throughout the episode, Anderson explains why common fixes like vacations or sabbaticals often fail and shares his 'mini vacation' method—short, focused moments of mindfulness and physical awareness that help break the stress cycle. He also touches on the psychological roots of burnout, the importance of complete breaks during the day, and how leaders can achieve more by shifting away from fear-driven behaviors. Anderson's practical advice, backed by science and clinical experience, offers listeners immediate tools for relief. He invites those struggling with burnout to visit to schedule personalized support. Listeners can watch the full interview on YouTube, where The Burnout Club continues to explore the intersection of success and well-being. About The Burnout Club PodcastThe Burnout Club Podcast, hosted by hedge fund veteran Patrice Bonfiglio, provides a platform for candid conversations about burnout across industries. Through interviews with professionals and experts, the podcast explores the root causes of burnout and offers real-world tools for recovery and prevention Media Communications: The Burnout Club Podcast is distributed by Mission Matters Media. AdamTorres@ Attachment Scott Anderson, founder of DoubleDare and author of 'You're Not Toast,' appears on The Burnout Club Podcast to share tools for fast burnout in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-04-2025
- Business
- Yahoo
Commentary: How courts could upend the Trump tariffs
Congress won't stop him. Voters can't. And most of the nation's top business leaders are staying mum. But there's a chance the US court system will knock down President Trump's punishing tariff regime, or at least dial it back. There are now at least seven lawsuits challenging the vast array of new import taxes Trump has levied on some $3 trillion worth of imports. The plaintiffs include a group of blue states, a handful of small businesses, and a Native American tribe. As with many other Trump matters, the basis for action is Trump's aggressive use of presidential authority. The Supreme Court may be the ultimate decider. Trump has imposed tariffs much faster than he did during his first term because he's using a novel justification for doing so. Trump's 2025 tariffs are based on a 1977 law called the International Emergency Economic Powers Act, or IEEPA, which Congress passed to provide firm guidelines on a president's emergency powers. During his first term, Trump used different laws to justify new tariffs on imports, which took longer and required more procedural steps. IEEPA doesn't mention the word 'tariff' or say anything about a president's power to impose taxes, which normally rests with Congress. It doesn't forbid those things, either. What the law does say is that a president must formally declare a national emergency to justify the use of IEEPA, which unlocks many powers the president wouldn't otherwise have. Trump has declared at least eight national emergencies and used those declarations to justify many of the tariffs he has imposed so far this year. He declared emergencies relating to illegal migration, along with opioid and fentanyl shipments into the United States, to justify tariffs on imports from Mexico, Canada, and China. Another emergency declaration set the stage for the April 2 'Liberation Day' tariffs on dozens of trading partners. In that case, Trump claimed that the emergency is 'large and persistent' annual trade deficits. Read more: What Trump's tariffs mean for the economy and your wallet The lawsuits challenge Trump's tariffs on three basic levels, according to Scott Anderson of Lawfare and the Brookings Institution. One is that IEEPA doesn't include the imposition of tariffs as an emergency presidential power. Another challenge is that Trump is claiming national emergencies when there are none. Some of the suits also challenge the validity of the 1977 law itself. None of those arguments is a slam dunk. But the plaintiffs could gain traction by arguing that Trump's arbitrary imposition of tariffs, in an on-again-off-again fashion, is weakly connected to the so-called emergencies he has declared. 'The reason this is so vulnerable to legal challenges is that they've taken such broad universal action based on the premise of a national emergency,' Anderson said. 'It strains credulity for what constitutes a national emergency.' While some of the plaintiffs may seem obscure, they are reportedly backed by well-funded interest groups that can afford to hire prominent lawyers. And the two state-based suits, led by California and Oregon, are meant to represent the broad public interest by defending individuals harmed by the tariffs. 'It is not just a question of deep-pocketed private interests,' research firm Capital Alpha partners explained in an April 28 analysis. 'We think the state cases are worthy of special attention because they bring public resources to the table and can easily sustain a battle all the way to the Supreme Court.'To many economists and business operators, there's no emergency requiring any change to the nation's trading system. Before Trump took office, the US economy was performing well, with a bout of inflation dissipating as growth and employment held up. By many measures, the US economy is the world's most dynamic. Trump describes America's $1.2 trillion trade deficit in goods as a 'loss' he wants to rectify. But it's not a loss. Trade deficits merely represent transactions in which Americans pay foreign producers for stuff they want. Foreigners get dollars, and end up investing many of them back into the US economy via stock and bond purchases. If there's any economic emergency, it's Trump's own policy, which has raised the average tariff on imports from 2.5% to 27% and begun to damage the economy in numerous ways. Recession odds have jumped from 27% when Trump took office to more than 60%. Courts are unlikely to focus on economic arguments, however, or dictate what, exactly, constitutes a national emergency. Instead they'll most likely focus on whether the tariffs as Trump has applied them are a reasonable way to address the emergencies that Trump claims exist. There is a range of possible outcomes that could cheer or distress investors. Courts could block some of the Trump tariffs as early as this summer, pending a final legal outcome. 'An injunction ordered by any of these courts would be a setback for Trump,' Capital Alpha partners said. If there is an injunction, the Trump administration would probably try to fast-track the matter to the Supreme Court for a definitive ruling. The litigation could also move more slowly with courts ruling in favor of Trump. The plaintiffs could appeal until they get to the Supreme Court, but the high court wouldn't necessarily take the case if lower courts had already ruled against the plaintiffs. There could also be partial rulings that make a confusing matrix of tariffs even gnarlier. Courts could rule against the tariffs but only in certain jurisdictions, for instance, or only regarding certain plaintiffs. If courts do strike down Trump's use of IEEPA to justify tariffs, it won't be the end of Trump's trade war. That may simply force Trump to tighten his rationale for tariffs in ways more likely to survive legal challenges. 'You could see them using IEEPA in more targeted ways,' Anderson said. 'If they can build a somewhat more credible claim of a national emergency, then the tariffs would become much more defensible.' To lawyers, anyway. Rick Newman is a senior columnist for Yahoo Finance. Follow him on Bluesky and X: @rickjnewman. Click here for political news related to business and money policies that will shape tomorrow's stock prices. Sign in to access your portfolio
Yahoo
06-03-2025
- Business
- Yahoo
Plans approved for new development above Southwark Tube station
Plans for a new development above Southwark Tube station have been approved. The joint venture between Places for London, Transport for London's property company, and central London developer Helical, will see 429 purpose-built student accommodation units and 44 affordable homes built on the site. The development will also include a new Bauhaus-inspired block, which will house the student accommodation. The project, designed by architects AHMM, will also include new retail and community spaces, including a shared community garden. The development will aim to deliver the highest standards for sustainability and is targeting a 4.5-star Home Quality Mark for the affordable housing provision. Scott Anderson, head of property development at Places for London, said: "It's wonderful news to have received approval for our over station development above Southwark station. "Designed to preserve the architectural heritage of the station and aiming for the highest of sustainability standards, our plans with Helical will bring new homes and provide real benefits for London. "We're proud to be providing improvements to the local community through new high-quality and affordable homes and student accommodation which will help to alleviate pressure on the housing market in the area." The development will also include improvements to the public realm, with an increase in greenery and active frontages on the Cut and Isabella Street. Future residents will benefit from easy and fast public transport connections across the capital, with London Bridge and Waterloo within walking distance. Matthew Bonning Snook, CEO of Helical plc, added: "This planning approval is a further positive step forward in our JV with Places for London. "Whilst the site benefitted from planning permission for a 220,000 sq ft office scheme we have brought forward a more valuable proposition at this important site which will deliver much in demand purpose built student accommodation and affordable housing along with high quality public realm and significant benefits to the local community." The development is one of three initial sites that Places for London and Helical are delivering as part of the Platinum Portfolio joint venture. A 140,000 sq ft office building at 10 King William Street is underway, and is due for completion in December 2026 in a supply constrained market in the heart of the City of London. Another office development of 235,000 sq ft at Paddington is progressing and due to start early next year. The proposals form part of Places for London's wider housing programme, which will provide thousands of homes across the capital. Work has started on Places for London sites across London that will deliver 4,300 homes, and more than 1,300 homes have been completed, of which 54 per cent are affordable homes. Cllr Helen Dennis, cabinet member for new homes and sustainable development at Southwark Council, said: "We want decent homes for everyone in Southwark and I'm delighted this project to provide 44 much-needed council homes has the green light to move forward. "I'm particularly pleased that we reached a creative solution, using our planning policies to turn a negative situation into a positive at Styles House. "Even more local residents will now benefit from this deal, with 44 new council homes in a development that will also enhance the existing estate. "I look forward to seeing building works getting started again here soon, delivering new council homes for those in need."
