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
As of 20:38 on Saturday, China's total box office revenue for the ongoing Qingming Festival holiday had surpassed 300 million yuan (about 41.28 million U.S. dollars), according to data from online platforms.
The three-day Qingming Festival, which started on Friday this year, is a traditional Chinese holiday that falls on the 15th day after the Spring Equinox. While it is a time to enjoy the greenery of springtime and to visit the graves of ancestors, the holiday has also become a busy period for cultural and tourism activities in China, including visits to the cinema.
The U.S. produced film "A Minecraft Movie", Chinese animated blockbuster "Ne Zha 2" and crime thriller "We Girls" are currently ranked as the top three. Data showed that "A Minecraft Movie", adapted from the beloved sandbox game, has currently topped the chart and been a hit with family audiences. Notably, over 15 percent of its viewers have attended screenings in groups. Meanwhile, "We Girls", a drama centering on marginalized communities has made a significant impact since its premiere on Friday, breaking the single-day box office record for its genre during the Qingming Festival period over the past five years. Despite the wave of new releases, "Ne Zha 2", a holdover, has once again witnessed a surge in viewership and secure the third spot in the rankings during the Qingming Festival holiday box-office period, buoyed by enduring fan loyalty.
China's box office hits 300 million yuan during Qingming holiday
