International

US consumer confidence dips in November: survey

| By AFP |

US consumers were gloomier about the state of the American economy in November, likely due to a rise in gas prices and as recession risks loom, according to a survey released Tuesday.

The closely-watched consumer confidence index dipped to 100.2 in November, down two points from the month before, in a second straight month of decline, said think tank The Conference Board.

“Consumers’ expectations regarding the short-term outlook remained gloomy,” said Lynn Franco, senior director of economic indicators at The Conference Board.

The drop in consumer confidence this month, in line with analyst expectations, was “most likely prompted by the recent rise in gas prices,” she said.

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Data on consumers’ short-term outlook suggests the likelihood of a recession remains elevated as well.

“Inflation expectations increased to their highest level since July, with both gas and food prices as the main culprits,” Franco said.

Consumer inflation in the United States has been hovering at the highest level in decades, prompting the Federal Reserve to take aggressive steps to raise interest rates and cool the economy.

The central bank walks a tightrope trying to bring down surging costs while avoiding tipping the world’s biggest economy into a downturn.

For now, consumer intentions to buy homes, automobiles and big-ticket appliances have moderated.

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“The combination of inflation and interest rate hikes will continue to pose challenges to confidence and economic growth into early 2023,” Franco said.

But with inflation showing signs of easing and central bankers noting it would take time for policy effects to be realized, a growing number of voices including Fed officials have advocated for smaller steps in the coming months.

The consumer sentiment reading “remains depressed compared to pre-pandemic” levels, said economist Rubeela Farooqi of High Frequency Economics.

Overall, measures of sentiment “are sending a negative signal about household spending,” even if consumption continues to support growth for now, she added.

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International

One Dead, Three Injured in Shooting at Cree Nation in Saskatchewan

One person was killed and three others were injured in a shooting reported early Tuesday in the Big Island Lake Cree Nation, in the Canadian province of Saskatchewan, according to local media.

Police said they were alerted to the incident in a remote area located approximately 392 kilometers northwest of the city of Saskatoon. Authorities issued a dangerous persons alert for two suspects, who were described as armed.

Saskatchewan police urged residents to seek shelter immediately, lock their doors, and avoid the area while the situation remains under investigation. Officers are working to determine whether the shooting was a targeted attack or a random act of violence.

As a precautionary measure, seven health-care facilities in the surrounding area were placed under lockdown, Saskatchewan Premier Scott Moe said in a post on X.

International

Mexico’s President Visits Victims After Train Derailment Kills 13 in Oaxaca

Mexican President Claudia Sheinbaum visited on Monday the victims injured in a train accident that left 13 people dead in the southern state of Oaxaca and announced financial assistance for those affected by the derailment of the Interoceanic Train, which was inaugurated in 2023.

The train, carrying 241 passengers and nine crew members, derailed on Sunday while traveling along the Interoceanic Corridor, a major infrastructure project that connects the Pacific coast with the Gulf of Mexico across the Isthmus of Tehuantepec. The corridor was one of the flagship initiatives of former President Andrés Manuel López Obrador’s administration (2018–2024).

Sheinbaum visited three hospitals in the neighboring towns of Tehuantepec and Salina Cruz, where around 20 injured passengers remain hospitalized. She also went to a funeral home to accompany the families of those who lost their lives in the accident.

According to Mexico’s Navy Secretary, Raymundo Morales, the accident occurred when one of the locomotives derailed, causing all four railcars to leave the tracks.

International

Six killed, including baby, in armed attack near tourist beach in Ecuador

Six people, including a baby girl about two years old, were killed on Sunday in an armed attack near a tourist beach in southwestern Ecuador, police said. The shooting, carried out with rifles, also left three people wounded.

The incident took place in the coastal town of Puerto López, in the province of Manabí, a popular tourist destination known for whale watching. The attack occurred amid a surge of violence over the weekend that left at least nine people dead nationwide, according to local media reports.

“There are six fatalities and three injured,” Colonel William Acurio, the local police commander, told reporters on Sunday. He confirmed that one of the victims was a baby “approximately two years old.”

Authorities have not released further details about the motive behind the attack or whether arrests have been made.