Lipstick index and stupid radishes.

In the US, "The consumer price index (CPI) rose 2.9% last month from a year ago, the Labor Department said in a statement." "So called 'core inflation', excluding volatile food and energy prices also eased last month to 3.2% - its lowest since 2021.The July CPI data are good news for US Federal Reserve as it weighs the right time to start bringing interest rates down from a 23-year high." ET. "US stocks ended higher on Friday (16 Aug), extending their biggest weekly percentage gains of the year as worries of an economic downturn eased." "All three indexes recorded their biggest weekly percentage gains since late October, with the S&P 500 and the Nasdaq posting their first weekly gain in five." Reuters. Not so fast. "Although (Warren) Buffett has been skeptical of the valuations in the equities market and has been publicly lamenting about the absurd prices, he has done something that should worry investors - buying stakes in a cosmetic company called Ulta Beauty Inc." "Juliet Schor, a professor of sociology and economics propounded the theory that during tough economic times, women spend money on affordable luxury than other expensive consumption. She described it as a 'hope in a bottle'." ET. "Retail sales in the United States soared past analyst expectations in July," as overall retail sales came in at $709.7 billion, up 1.0% from the June figure, said the Department of Commerce." ET. On the other hand, "China's Economy grew much slower than expected in the second quarter," as "The world's second-largest economy grew 4.7% in April-June, official data showed, its slowest since the first quarter of 2023 and missing a 5.1% forecast in a Reuters poll." "Smart money, as the saying goes, is bailing out of China. The country's millionaires and billionaires are emigrating in record numbers, with 2024 likely to see an out migration of 15,200 such people." Forbes. In another big irritation, "China's 7 million ride-hailing drivers are facing the threat of job loss from artificial intelligence as robotaxis begin to proliferate." "Drivers in Wuhan have a unique nickname for Aollo Go vehicles, calling them 'stupid radishes' due to their tendency to cause traffic jams." ET. In Pakistan, financial difficulties have soared by 14% in the last one year, so that "74% of urban population in the country being unable to meet their monthly expenses with their current income." BS. To make matters worse, "The Senate Standing Committee on Overseas Pakistanis was informed about deplorable standard of Pakistani workforce, mainly in the Gulf region, has led to the shifting of preferences by Gulf employers to hire workforce from other regional countries, such as Bangladesh, instead of Pakistan." "He said that 50% of the crime rate among the UAE labor force is reportedly attributed to Pakistanis." Dawn. A recession in the US would hurt exports from China. A recession in China would reduce support for 'iron brother' Pakistan (Tribune). India is already dealing with trouble in Myanmar and Bangladesh. We don't need a massive social disruption in Pakistan as well. Sadly, bad things come in threes (wiktionary).