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usnews.com

UK Treasury Chief Faces Headwinds as He Delivers First Budget Under New Prime Minister, Andy Burnham

British Treasury chief John Healey faces a fine balancing act when he delivers his first budget statement, with the economic backdrop made more difficult as a result of the turmoil caused by the Iran war UK Treasury Chief Faces Headwinds as He Delivers First Budget Under New Prime Minister, Andy Burnham Healey, who was appointed Chancellor of the Exchequer in July when Andy Burnham became prime minister, takes center stage when he stands up in the House of Commons in what is arguably Parliament's key set-piece of the calendar. Even though the British economy has been more resilient than anticipated this year and has grown strongly, the problem is that the money just isn’t there for Healey to enact many of the Labour government's ambitions on restoring the health of the country's public services. The U.K.’s economy has been hit — like others — by the inflation generated by the Iran war…

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wsfa.com

More young adults are living with their parents, according to survey

(CNN) - The high cost of living and a challenging job market are keeping more young Americans at home. Nearly half of adults under the age of 30 now live with a parent, according to the Federal Reserve’s latest survey of household economics and decision-making. That’s up 6 percentage points since 2022 and 12 percentage points since 2019. The cost of housing, high mortgage rates and everyday expenses like groceries and gas are the main reasons behind the trend. According to AAA data, U.S. diesel futures have also surged above $5 a gallon, for the first time since April 2022. Americans are feeling a little better about the economy after consumer confidence hit a 12-year low in September. According to the Conference Board’s latest report, the consumer confidence index jumped 7.5 points in October to 91.7.

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Tariffs and Trade

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politico.eu

Why a deal between France and Germany won’t rescue Europe’s auto industry

The agreement risks angering trade partners and further undercutting the competitiveness of European automakers. BRUSSELS — A deal between France and Germany on cars has helped break a stalemate in the European Parliament on two major industry measures. But the agreement will do little to address the acute problems facing Europe’s struggling automakers. Under the agreement reached during the Oct. 15-16 EU leaders’ summit, Berlin would accept stricter “Made in Europe” content requirements for cars in the proposed Industrial Accelerator Act, while Paris agreed to soften the EU’s emissions-reduction targets. European lawmakers reached a separate compromise last week, also easing proposed emissions targets under the European Commission’s Automotive Package. The bargains mark an attempt by Europe’s biggest economies to respond to the crisis in the car industry. But critics say they do too…

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scienceofmoney.org

A discriminating algorithm sparks less moral outrage than a human loan officer, study finds

New research published in The Journal of Social Psychology reveals an unexpected catch in how the public reacts when these lending algorithms discriminate against minority applicants. Not only do people feel less moral outrage when a machine discriminates compared to a human loan officer, but transparently explaining the historical roots of the AI’s bias actually makes the public even less angry. Psychological theory suggests this gap happens because of how human beings evaluate right and wrong. When we witness an unfair act, we automatically try to read the actor’s mind to figure out their underlying motives. People naturally assume that a human decision-maker has feelings, personal beliefs, and the capacity for malice or prejudice. While observers recognize that an algorithm can perform tasks and make decisions, they do not view the software as having inner feelings or conscious…

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