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Paul WisemanInc.com |
Inflation continued to ease as consumer spending held up, bringing the Fed closer to a likely interest-rate cut in September.
The Producer Price Index posted the largest one-month increase in over a year.
"We’re not just an inflation-targeting central bank," Powell told the House Financial Services Committee on the second of two days of semi-annual...
The government also sharply revised down its estimate of job growth for April and May by a combined 111,000.
Report from the Labor Department also showed that the unemployment rate ticked up from 4% to a still-low 4.1%.
It's a scenario that terrifies America's auto industry.
"We need to avoid lower-for-longer economic growth around the world," said The World Bank's deputy chief economist Ayhan Kose.
Trump and Biden agree on essentially nothing else, from taxes and climate change to immigration and regulation.
April's figure is just over half the previous month's number.
Consumers kept spending at a solid pace, but overall, the economy's “momentum is cooling," said one economist.
In 2019, the CBO estimated that net immigration would equal about 1 million in 2023. The actual number was more than triple that estimate: 3.3...
The Labor Department said its producer price index rose 2.1% last month from March 2023, the biggest year-over-year jump since April 2023.
Friday’s report from the Labor Department also showed that the unemployment rate dipped to 3.8% from 3.9% in February.
"There is plenty of speculation that employment has slowed down," but data doesn't stand it up, one economist said.
“Most Americans are not just looking for disinflation," the Fed's Lisa Cook said last year. “They’re looking for deflation."
Powell said Friday he still expected "inflation to come down on a sometimes bumpy path to 2%."
The personal consumption expenditures (PCE) price index rose 0.3% from January to February, decelerating from a 0.4% increase the previous month.
The government upped its estimate of GDP growth for the last quarter of 2023 to 3.4%, from an earlier 3.2%.
Last month’s job growth was up from a revised gain of 229,000 jobs in January. The unemployment rate ticked up two-tenths of a point to 3.9%.
The job market’s health over the past three years, as the economy accelerated out of the pandemic recession, has been remarkably steady and strong.
The economy grew 2.5% for all of 2023, topping the 1.9% growth in 2022.
Chronic worker shortages have led many companies to invest in machines to do some of the work they can’t find people to do.
A year ago, most forecasters expected the U.S. economy—the world’s largest—to slide into a recession.
The last time that Mexican goods imported by the United States exceeded the value of China's imports was in 2002.
The unemployment rate stayed at 3.7%, just above a half-century low.
But job openings ticked up to 9 million last month.
The resilient American economy has led the IMF to upgrade its outlook for the whole world this year.
Thursday’s report from the Commerce Department said GDP decelerated from its sizzling 4.9% growth rate the previous quarter.
The expected reading for the fourth quarter would be a deceleration from a vigorous 4.9% growth rate in the July-September quarter, but still robust.
Producer prices fell for the third month in a row in December, declining 0.1% and rising a mild 1% on an annual basis.
Overall prices rose 0.3% from November and 3.4% from 12 months earlier, compared to respective increases of 0.1% and 3.1% the previous month.
The World Bank forecast Tuesday that the world economy will expand just 2.4% this year, down from 2.6% in 2023, 3% in 2022 and 6.2% in 2021.
The unemployment rate was unchanged at 3.7%, the 23rd month in a row that it remained below 4%.
The Labor Department is expected to report Friday that employers added a still-solid 160,000 jobs last month, according to a survey of forecasters by...
Federal Reserve minutes released Wednesday show that officials felt the economic outlook was uncertain enough that that further hikes may be in the...
America's employers posted 8.8 million job openings in November, the fewest since March 2021, and quits fell to pre-pandemic levels.
A look back at 10 top business stories in 2023.
The producer price index — which tracks inflation before it reaches consumers — was flat from October to November, after a 0.4% fall the month...
Employers posted 700,000 fewer job openings in November as hiring slows from the breakneck pace of the past two years.
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