Federal Reserve Chairman Jerome Powell delivered a stern commitment Friday to halting inflation, warning that he expects the central bank to continue raising interest rates in a way that will cause &#...
Tag: Breaking News: Economy
Home prices fall for the first time in three years, biggest drop since 2011
An aerial view from a drone shows homes in a neighborhood on January 26, 2021 in Miramar, Florida. According to two separate indices existing home prices rose to the highest level in 6 years. Joe Raed...
Jobless claims edge lower as Fed looks to cool labor market
A “We’re Hiring” sign is posted at a Target store on August 05, 2022 in San Rafael, California. Justin Sullivan | Getty Images Initial filings for unemployment benefits declined slig...
Fed minutes July 2022:
Federal Reserve officials at their July meeting indicated they likely would not consider pulling back on interest rate hikes until inflation came down substantially, according to minutes from the sess...
Retail sales July 2022:
Shoppers leave a Nordstrom store on May 26, 2021 in Chicago, Illinois. Scott Olson | Getty Images Retail activity was flat in July as falling fuel prices held back gas station sales and consumers turn...
U.S. is in housing recession, homebuilders say
A worker drills plywood on a single family home under construction in Lehi, Utah, on Friday, Jan. 7, 2022. George Frey | Bloomberg | Getty Images Builder sentiment in the market for single-family home...
Goldman sees a ‘feasible but difficult path’ for the Fed to defeat inflation without a recession
Construction workers outside the Marriner S. Eccles Federal Reserve Building, photographed on Wednesday, July 27, 2022 in Washington, DC. Kent Nishimura | Los Angeles Times | Getty Images The Federal ...
Consumer prices rose 8.5% in July, less than expected as inflation pressures ease a bit
Prices that consumers pay for a variety of goods and services rose 8.5% in July from a year ago, a slowing pace from the previous month due largely to a drop in gasoline prices. On a monthly basis, pr...
Consumers’ expectations of future inflation decreased significantly in win for the Federal Reserve
Gas prices are displayed at an Exxon gas station on July 29, 2022 in Houston, Texas. Brandon Bell | Getty Images The consumer outlook for inflation decreased significantly in July amid a sharp drop in...
Fed Governor Bowman sees ‘similarly sized’ rate hikes ahead after three-quarter point moves
Federal Reserve Bank Governor Michelle Bowman gives her first public remarks as a Federal policymaker at an American Bankers Association conference In San Diego, California, February 11 2019. Ann Saph...
Jobs report July 2022: 528,000
Hiring in July was far better than expected, defying multiple other signs that the economic recovery is losing steam, the Bureau of Labor Statistics reported Friday. Nonfarm payrolls rose 528,000 for ...
US weekly jobless claims rise to 260,000 ahead of nonfarm payrolls report
A sign for hire is posted on the window of a Chipotle restaurant in New York, April 29, 2022. Shannon Stapleton | Reuters Initial claims for unemployment insurance totaled 260,000 last week, near the ...
These charts show why we may not be in a recession
If the U.S. economy is in recession, someone forgot to tell the jobs market. The employment picture over the past six months is behaving nothing like an economy in a downturn, instead creating jobs at...
Fed’s Bullard sees more interest rate hikes ahead and no U.S. recession
St. Louis Federal Reserve President James Bullard said Wednesday that the central bank will continue raising rates until it sees compelling evidence that inflation is falling. The central bank officia...
Fed’s James Bullard expresses confidence that the economy can achieve a ‘soft landing’
James Bullard Olivia Michael | CNBC St. Louis Federal Reserve President James Bullard said Tuesday that he still thinks the economy can avoid a recession, even though he expects the central bank will ...
Fed’s Mary Daly says ‘our work is far from done’ in raising rates
Mary Daly, President of the Federal Reserve Bank of San Francisco, poses after giving a speech on the U.S. economic outlook, in Idaho Falls, Idaho, U.S., November 12 2018. Ann Saphir | Reuters The Fed...
Household debt tops $16 trillion as inflation surges and rates rise
A “For Sale” sign outside a house in Albany, California, US, on Tuesday, May 31, 2022. Homebuyers are facing a worsening affordability situation with mortgage rates hovering around the hig...
Job openings fell sharply in June as labor market shows signs of slowing
A man walks past a “We Are Hiring” sign in New York City on July 8, 2022. Angela Weiss | AFP | Getty Images Job openings plunged in June to their lowest level since September 2021 in a pot...
Yellen says the economy is not in a recession despite GDP slump
Treasury Secretary Janet Yellen said Thursday the U.S. economy is in a state of transition, not recession, despite two consecutive quarters of negative growth. Recession, Yellen insisted, is a “...
Watch Treasury Secretary Janet Yellen talk live about the state of the U.S. economy
[The stream is slated to start at 1:30 p.m. ET. Please refresh the page if you do not see a player above at that time.] Treasury Secretary Janet Yellen speaks Thursday at a news conference on the stat...
GDP fell 0.9% in the second quarter, the second straight decline and a strong recession signal
The U.S. economy contracted for the second straight quarter from April to June, hitting a widely accepted rule of thumb for a recession, the Bureau of Economic Analysis reported Thursday. Gross domest...
Fed decision July 2022:
The Federal Reserve on Wednesday enacted its second consecutive 0.75 percentage point interest rate increase as it seeks to tamp down runaway inflation without creating a recession. In taking the benc...
Pending home sales fell 20% in June as mortgage rates soared
A “Sale Pending” sign outside a house in Discovery Bay, California, on Thursday, March 31, 2022. David Paul Morris | Bloomberg | Getty Images Signed contracts to purchase existing homes dr...
Here’s how to know if we’re in a recession, and it’s not what you think
Trays of beef are for sale in the meat section of a supermarket in McLean, Virginia, June 10, 2022. Saul Loeb | AFP | Getty Images Everyone who cares knows that recessions happen when there are two co...
The numbers show the U.S. economy is at least teetering on a recession
Foreman Angel Gonzalez and Anthony Harris, with E-Z Bel Construction, work on pipes along Fredericksburg Road during an excessive heat warning in San Antonio, Texas, July 19, 2022. Lisa Krantz | Reute...
Jobless claims rise again in another sign that labor market is cooling
A man walks past a “Now Hiring” sign in New York City on July 8, 2022. Angela Weiss | AFP | Getty Images Initial jobless claims hit their highest level since mid-November last week, the la...
Mortgage demand drops to lowest level in 22 years
Daniel Acker | Bloomberg | Getty Images The pain in the mortgage market is only getting worse as higher interest rates and inflation hammer American consumers. Mortgage demand fell more than 6% last w...
China U.S. debt holdings go under $1 trillion for 1st time in 12 years
The U.S. Treasury building in Washington, D.C. Bloomberg | Bloomberg | Getty Images China’s holdings of U.S. debt have fallen below $1 trillion for the first time in 12 years amid rising interes...
Sales rose more than expected in June as consumers remain resilient despite inflation
A pedestrian carries a shopping bag while walking through Union Square on May 17, 2022 in San Francisco, California. Justin Sullivan | Getty Images Consumer spending held up during June’s inflat...
Powell, Clarida cleared of wrongdoing in Fed trading controversy
Federal Reserve Board Chairman Jerome Powell speaks to reporters after the Federal Reserve raised its target interest rate by three-quarters of a percentage point to stem a disruptive surge in inflati...
Fed Governor Waller says he’s open to ‘larger’ rate hike this month than in June
Christopher Waller, U.S. President Donald Trump’s nominee for governor of the Federal Reserve, speaks during a Senate Banking Committee confirmation hearing in Washington, D.C., U.S, on Thursday...