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

Nine People Killed in Two Armed Attacks in Manabí, Ecuador

At least nine people were killed Monday in two nearly simultaneous armed attacks in the province of Manabí, located on Ecuador’s Pacific coast, one of the areas hardest hit by violence in the country, according to the National Police.

The first attack left seven people dead and took place in Camarones, a rural area of the Jama canton. The second occurred in the sector known as La Y, in the seaside town of Canoa, part of the San Vicente canton, where two people were killed.

According to preliminary reports, both incidents occurred early Monday morning when armed men intercepted the victims. Authorities said the motives behind the attacks remain under investigation.

The assault in Camarones happened around 1:15 a.m. local time, when a group of armed individuals stormed a ranch in the area. The victims have not yet been officially identified.

About 15 minutes later, in Canoa, two men traveling in a motorized taxi were intercepted by armed suspects riding motorcycles and shot. One of the victims was identified as a 28-year-old passenger, while the identity of the driver has not yet been confirmed.

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The attacks occurred just days after another multiple homicide on February 12 at a ranch in San Juan de las Cucarachas, a rural area of the Santa Ana canton in Manabí, which left six people dead.

Manabí has been experiencing escalating insecurity linked to disputes among organized crime groups, including drug trafficking networks and territorial control conflicts. In response, the government has maintained a state of emergency in the province since August to address the surge in violence attributed to these criminal organizations.

International

Over 40 Million Affected by Major Snowstorm in Northeastern U.S.

More than 40 million people across the northeastern United States are facing a new major snowstorm this Monday, including residents of New York City, where local authorities have shut down roads to traffic.

The storm triggered widespread flight cancellations early in the morning and caused power outages affecting thousands of homes and businesses throughout the region.

New York City Mayor Zohran Mamdani banned non-essential vehicle travel at least until noon and ordered the closure of public schools as a precautionary measure. Authorities in neighboring states, including New Jersey and Rhode Island, imposed similar restrictions to ensure public safety.

This marks the second major winter storm to hit the East Coast in less than a month, leading to growing frustration among residents.

“I’m fed up. I don’t want to see another snowflake,” said Vincent Greer, a resident of Wildwood, New Jersey, as he shoveled accumulated snow from in front of his building.

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Officials continue to urge residents to remain indoors, avoid unnecessary travel, and monitor local advisories as crews work to clear roads and restore power.

International

Ninth Victim Recovered After Deadliest U.S. Avalanche in Decades

Rescue teams in California on Saturday recovered the body of the ninth and final victim of a deadly avalanche in the Sierra Nevada mountains, according to the local sheriff’s office.

The avalanche struck a group of 11 skiers and four guides on Tuesday as they were returning from a three-day backcountry trip near Castle Peak, a 2,777-meter (9,111-foot) mountain and popular tourist destination on the U.S. West Coast.

Six people were rescued alive on Tuesday. Authorities said the incident marks the deadliest avalanche in the United States since 1981.

“All nine individuals who lost their lives in the February 17 Castle Peak avalanche have been safely recovered from the mountain,” the Nevada County Sheriff’s Office said in a statement.

“There are no words that can truly capture the magnitude of this loss, and our hearts grieve alongside the families affected by this catastrophic event,” Sheriff Shannan Moon said.

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Officials had warned on Thursday that search operations would likely continue through the weekend due to severe weather conditions in the area.

Survivors were able to call for help shortly after the avalanche occurred. However, near-zero visibility and the risk of additional snow slides prevented rescue teams from reaching them for several hours.