U.S. services gauge hits lowest level since May 2020 as orders cool
U.S. service providers expanded in October at the slowest pace since May 2020 as orders growth and business activity moderated, suggesting the broader economy continues to cool.
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Car loan rates head for 14-year high in new barrier for buyers
The average annual percentage rate on new-car loans was 6.3% last month, the highest since April 2019, according to Edmunds.
U.S. manufacturing nears stagnation as price gauge hits 2-year low
Ten manufacturing industries reported a contraction in October, led by furniture, wood products, paper products and textiles. Eight industries expanded.
Shein’s U.S. expansion starts with distribution center in Indiana
The apparel company founded in China is pushing to get its ultra-low priced merchandise on doorsteps more quickly by opening more North American distribution centers, including a major hub in Whitestown.
Clock ticking for private equity to spend through tougher times
Rising interest rates, inflation and recession risks have eroded consumer confidence and left buyout firms facing a new reality of higher financing costs and potentially lower returns.
Fed seen aggressively hiking rates again, triggering global recession
Federal Reserve officials will maintain their resolutely hawkish stance next week, laying the groundwork for interest rates reaching 5% by March 2023, moves that seem likely to lead to a U.S. and global recession, economists surveyed by Bloomberg said.
AutoNation’s CEO warns of used-car price drop as rising rates curb demand
The biggest U.S. chain of car dealerships said used-vehicle prices are softening as rising interest rates curb demand from more price-sensitive buyers.
Congress probes telecom giants’ tactics in U.S. internet aid program
A leading congressional committee opened a probe of AT&T, Charter, Dish Network, T-Mobile and Verizon on Wednesday, aiming to explore if these and other telecom giants are “abiding by the law” in administering a federal aid program.
Biden hails bid to curb bank ‘junk fees’ as boon to consumers
The guidance announced Wednesday by the Consumer Financial Protection Bureau could deal a significant blow to banks that earned nearly $8.5 billion from the charges last year.
Inflation starts to drag on consumers powering U.S. economy
Most economists expect Americans to keep spending at a relatively lackluster pace through the end of the year. Overall uncertainty about consumer spending is weighing on a range of companies.
White House set to tap oil reserve again amid high fuel prices
Gasoline prices, one of the most visible signs of inflation, are a political headache for President Biden, who in recent weeks has repeatedly warned oil companies against raising costs.
UPDATE: Kroger to acquire Albertsons in $24.6B deal
The combination of the nation’s No. 2 and No. 4 grocery chains is likely to face a lengthy antitrust review with an uncertain outcome.
Rents accelerate most since 1990, keeping U.S. cost of living high
Overall shelter costs in the United States saw their biggest year-over-year increase since 1982.
Core U.S. inflation rises to 40-year high, likely securing big Fed hike
The report stresses how high inflation has broadened across the economy, eroding Americans’ paychecks and forcing many to rely on savings and credit cards to keep up.
U.S. producer price growth tops forecasts, keeping pressure on Fed
Prices paid to U.S. producers rose in September by more than expected, suggesting inflationary pressures will take time to moderate and keeping the Federal Reserve on its aggressive interest rate-hike path.
Screening procedure fails to prevent colon cancer deaths, large study finds
A 10-year study by researchers from Poland, Norway and Sweden published in the New England Journal of Medicine questions the benefits of colonoscopy screening exams.
U.S. jobless claims rise by more-than-expected 219,000
The pickup in claims—if sustained—would suggest lackluster spending in various sectors and uncertainty about the economy’s prospects are prompting some businesses to lay off workers.
Amazon plans to hire 150,000 workers for holiday season
Amazon.com plans about the same number of seasonal workers as last year despite slowing sales and predictions of a lackluster holiday shopping season.
U.S. job openings drop to 10.1M, lowest since June 2021
U.S. job openings plummeted in August, likely a welcome sign for Federal Reserve officials as they seek to cool demand for workers without triggering a spike in unemployment.
Retailers still have a lot of extra stuff that shoppers don’t want
The inventory glut that dragged down U.S. retailers over the past two quarters is likely getting worse. For shoppers, that means better deals.