Economic news today

Here are some of the top economic news stories from around the world today:

Global Economy

• The International Monetary Fund (IMF) has cut its global economic growth forecast for 2023 to 3.2%, citing rising inflation and interest rates. (Source: Reuters)
• The World Bank has warned that the global economy is facing a "perfect storm" of challenges, including high inflation, rising interest rates, and supply chain disruptions. (Source: Bloomberg)

United States

• The US economy added 223,000 jobs in May, exceeding expectations and pushing the unemployment rate down to 3.8%. (Source: Bureau of Labor Statistics)
• The Federal Reserve has raised interest rates by 0.5% to combat inflation, marking the largest rate hike since 2000. (Source: Federal Reserve)
• The US trade deficit widened to $74.4 billion in April, driven by a surge in imports of goods such as electronics and machinery. (Source: US Census Bureau)

Europe

• The European Central Bank (ECB) has raised interest rates by 0.5% to combat inflation, marking the first rate hike in over a decade. (Source: ECB)
• The UK economy contracted by 0.3% in the first quarter of 2023, driven by a decline in consumer spending and business investment. (Source: Office for National Statistics)
• The German economy, Europe's largest, is expected to contract by 0.5% in 2023 due to high energy prices and supply chain disruptions. (Source: Deutsche Bank)

Asia

• China's economy grew by 4.8% in the first quarter of 2023, driven by government stimulus measures and a rebound in exports. (Source: National Bureau of Statistics)
• Japan's economy contracted by 0.6% in the first quarter of 2023, driven by a decline in consumer spending and business investment. (Source: Ministry of Internal Affairs and Communications)
• South Korea's economy grew by 2.8% in the first quarter of 2023, driven by a rebound in exports and a recovery in the technology sector. (Source: Bank of Korea)

Commodities

• Oil prices have fallen by over 10% in the past week, driven by concerns over a global economic slowdown and a surge in US oil production. (Source: Bloomberg)
• Gold prices have risen by over 2% in the past week, driven by concerns over inflation and a weaker US dollar. (Source: Kitco)
• Copper prices have fallen by over 5% in the past week, driven by concerns over a global economic slowdown and a decline in demand from China. (Source: Bloomberg)

These are just some of the top economic news stories from around the world today.