CBO projects higher unemployment, slow exit from inflation
The office’s updated 10-year Budget and Economic Outlook outlined stark expectations for the decade ahead.
Economy
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U.S. economy keeps charging ahead, adding pressure on Fed to hike
The U.S. economy showed remarkable resilience at the start of the year, highlighting robust demand that’s keeping inflation elevated and heaping pressure on the Federal Reserve to stomp the brakes even harder.
U.S. inflation down slightly, but remains stubbornly high
Tuesday’s consumer price report from the government showed that inflationary pressures in the U.S. economy remain high and are likely to fuel price spikes well into this year.
U.S. adds surprisingly strong 517,000 jobs despite Fed hikes
January’s job growth far exceeded December’s 260,000 total and extended a streak of powerful hiring gains that raised concerns at the Federal Reserve about inflation pressures.
U.S. factory gauge falls for fifth month to lowest since May 2020
The latest data—released Wednesday—underscores how a combination of rising interest rates, waning demand for merchandise, and economic uncertainty are weighing on factory activity.
U.S. consumer confidence lags as 2023 gets under way
American consumers are kicking off 2023 a bit less confident than they were at the end of last year as inflation and the possibility of a recession loom.
U.S. wage growth slowed in the final quarter of 2022
Pay and benefits for America’s workers grew at a healthy but more gradual pace in the final three months of 2022, the third straight slowdown that could help reassure the Federal Reserve that wage gains won’t fuel higher inflation.
IMF upgrades outlook for global economy in 2023
The International Monetary Fund, a 190-country lending organization, foresees inflation easing this year, a result of aggressive interest rate hikes by the Federal Reserve and other major central banks.
Fed, set to impose smaller hike, might hint at fewer increases
With signs of weaker economic growth along with steadily lower inflation readings, reduced consumer spending and even some signs of a slowdown in the job market, the Federal Reserve is now navigating a more treacherous terrain.
Key inflation gauge cools further, paving way for smaller Fed rate hike
The figures added to mounting evidence that the worst bout of inflation in a generation has passed as the Fed’s aggressive tightening campaign works its way through the economy.
U.S. inflation, consumer spending cooled in December
The Federal Reserve’s preferred inflation gauge eased further in December, and consumer spending fell — the latest evidence that the Fed’s series of interest rate hikes are slowing the economy.
U.S. economy grew 2.1% in 2022, but recession fears linger
The latest figures point to a strong but slowing economy that has been tempered by the Federal Reserve’s aggressive efforts to control inflation.
Wholesale inflation in U.S. eased further in December
The ongoing slowdown in wholesale price growth is adding to evidence that the worst bout of inflation in four decades is steadily easing, though it remains far above the Federal Reserve’s target of 2%.
U.S. consumer inflation eases for sixth straight month
The softer readings add to growing signs that the worst inflation bout in four decades is gradually waning. Still, the Fed doesn’t expect inflation to slow enough to get close to its 2% target until well into 2024.
Inflation report could show another month of cooling price hikes
The U.S. inflation report for December being released Thursday morning could provide another welcome sign that the worst bout of spiking prices in four decades is slowly weakening.
Can U.S. avoid recession? As inflation eases, optimism rises
An economic downturn is still possible. Yet in recent weeks, with inflation showing widespread signs of easing, a more cheerful view has gained traction: Maybe a recession isn’t inevitable after all.
Cooler hiring, milder pay gains could aid inflation fight
America’s employers added a solid 223,000 jobs in December, but average hourly pay growth eased in December to its slowest pace in 16 months.
U.S. labor data surprise as job market runs hotter than forecast
Private payrolls increased 235,000 last month, led by small- and medium-sized businesses, according to data from ADP Research Institute in collaboration with Stanford Digital Economy Lab. The figure exceeded all but one forecast in a Bloomberg survey of economists.
U.S. job openings still high in sign of economic resilience
The high number of vacancies suggest the Fed will continue raising its benchmark interest rate at its coming meetings to quell inflation. Those higher rates will also raise the cost of mortgages, auto loans and other consumer and business borrowing.
IMF chief warns of ‘tough year’ for world economy
International Monetary Fund Managing Director Kristalina Georgieva said one third of the world is expected to be in recession in 2023.