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
China's trade-in program for home appliances during the National Day holiday has led to a surge in sales revenues which topped 17.835 billion yuan (about 2.53 billion U.S. dollars), according to data from the Ministry of Commerce (MOC).
During the seven-day National Day holiday starting on Oct 1, nearly 2.52 million consumers purchased 3.745 million units across eight categories of household appliances through the trade-in program, with sales reaching 17.835 billion yuan.
The eight categories were refrigerators, washing machines, televisions, air conditioners, computers, water heaters, household stoves and range hoods.
Among them, the top three categories were air conditioners, refrigerators and computers, with sales reaching 4.519 billion yuan, 3.797 billion yuan, and 2.624 billion yuan, respectively.
Since the introduction of the trade-in policy for home appliances, about 8.24 million consumers have purchased about 11.78 million home appliances in eight categories, generating sales exceeding 55.793 billion yuan.
"The consumer traffic in our store has increased dramatically, almost tripling that of last year, and our sales have more than doubled," said Wang Yisheng, a home appliance store owner in Nanjing City of east China's Jiangsu Province.
The country also reported a surge in vehicle sales. As of Oct 7 midnight, the MOC's automobile trade-in platform had received over 1.27 million subsidy applications, driving new car sales to exceed 160 billion yuan, of which applications for subsidies related to new energy vehicles accounted for more than 60 percent of the total.
"I have been driving my old car for eight years. I am very satisfied with the power, handling and comfort of the new car. After I learned about the generous incentives offered by the government's 'trade-in' policy, I made the purchase without hesitation," said Mr. Chen, a consumer from Yongzhou City of central China's Hunan Province.
China's home appliance sales surge under trade-in program during National Day holiday
