Economists at financial giant Goldman Sachs have raised the likelihood of a recession in the United States in the next 12 months from 15 percent to 25 percent, according to a report to its clients on Sunday.
The 10-percentage-point hike is higher than their previous forecast.
The report also says that the U.S. economy seems to be "fine overall," with no major financial imbalances.
It also notes the Federal Reserve has ample room for rate cuts, adding the central bank would take quick action when necessary.
On last Friday, the U.S. Bureau of Labor Statistics released its latest jobs report that showed the U.S. unemployment rate rose by 0.2 percentage points to 4.3 percent in July, the highest level since October 2021, and the job growth slowed to 114,000.
Goldman Sachs raises US recession likelihood to 25 percent: report
Goldman Sachs raises US recession likelihood to 25 percent: report
A global wave of festive celebrations is unfolding as the Chinese Lunar New Year approaches, with the 2025 Spring Festival Gala promotional video by China Media Group (CMG) serving as a cultural bridge, connecting people from diverse backgrounds to the richness of Chinese traditions.
The Spring Festival falls on Jan 29 this year, ushering in the Year of the Snake, according to the Chinese lunar calendar.
At the new compound of the Mission of China to the AU in Addis Ababa, the capital of Ethiopia, a gala was held on Monday to celebrate the upcoming Chinese Lunar New Year, or Spring Festival.
Featured Chinese foods and traditional performances from both China and Africa, among others, the event has brought together over 300 participants including the representatives of the AU and the Chinese community in Addis Ababa.
Monique Nsanzabaganwa, deputy chairperson for the African Union Commission, said AU-China cooperation has achieved gratifying and fruitful results during the previous years, noting China's 35-year-long tradition of dispatching its foreign minister to Africa on their first overseas trips at the start of a year.
The AU is willing to work with China to make greater contribution to the development and prosperity of the Global South, she said.
"I wish Africa-China relations will achieve greater progress in 2025 and building an all weather Africa-China community with a shared future for the new era will yield fruitful results," Nsanzabaganwa said.
The promotional video for the 2025 Spring Festival Gala was also aired at the event, marking a step forward in cultural exchange while igniting interest in Chinese traditions among attendees.
Meanwhile, cinemas in landmark locations across Johannesburg, Cape Town, and Durban in South Africa conducted a synchronized screening of the promotional video for the Spring Festival Gala, marking a first for the collaborative initiative.
A South Korean expatriate residing in South Africa expressed that seeing the promotional video of the gala, which represents elements of the Chinese Lunar New Year, in South African cinemas evoked a warm sense of longing for family reunions within her.
"As a foreigner, I was very impressed by the Chinese Spring Festival Gala last year, I was so happy to see the beautiful performances in South Africa's shopping mall at Nu Metro (Cinema). I'm very looking forward to see the live performance with my husband and baby at this Chinese New Year," she said.
In addition, the Chinese Embassy in Zambia on Sunday held the 2025 Zambia-Chinese Spring Festival Temple Fair with a display of Chinese culture in celebration of the upcoming Spring Festival.
Featuring various Chinese cultures, including a kung fu performance, the celebration attracted scores of both Chinese people and local people, officials from the Chinese embassy and the Zambian government, and representatives of Chinese enterprises operating in Zambia.
Chinese food was also on display, while Chinese companies took advantage of the ceremony to showcase their products and services.
During the event, the promotional video for the gala made a stunning appearance, becoming the focal point of the gathering.
In December last year, the United Nations Educational, Scientific and Cultural Organization inscribed "Spring Festival, social practices of the Chinese people in celebration of the traditional new year" on the Representative List of the Intangible Cultural Heritage of Humanity.
Promotional video for CMG Spring Festival Gala screened in various countries