Poll: Many pessimistic about improving standard of living
Most of those polled said that raising a family and owning a home are important to them, but more than half said these goals are harder to achieve compared with their parents’ generation.
Economy
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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.
U.S. consumers spent slightly more in August
The figures suggest that the economy is showing some resilience despite sharply rising interest rates, violent swings in the stock market, and high inflation.
College Football Playoff title game generated $156M in spending
Commissioned by the local organizing committee, the study generally covered a four day period from Jan. 7 to 10. It found about 56,000 people visited Indianapolis for the game, spending an average of $281 per day.
U.S. jobless claims fall unexpectedly to lowest since late April
Applications for U.S. unemployment insurance dropped unexpectedly to a five-month low, suggesting robust demand for workers amid economic uncertainty.
U.S. consumer confidence rises for second month
A strong job market and lower gas prices appear to be contributing to more optimistic views of the economy. But inflation and rising interest rates both threaten Americans’ propensity to spend.
U.S. business activity gauge improves, but still shows contraction
The improvement in bookings suggests demand is holding up yet remains tenuous as customers of service providers adjust to still-elevated prices and higher interest rates.
Powell’s stark message: Inflation fight could cause recession
The Federal Reserve delivered its bluntest reckoning Wednesday of what it will take to finally tame painfully high inflation: Slower growth, higher unemployment and potentially a recession.
Fed attacks inflation with another big hike and expects more
The Federal Reserve boosted its benchmark short-term rate, which affects many consumer and business loans, to a range of 3% to 3.25%, the highest level since early 2008.
FedEx to close 90-plus stores, put off hiring as demand slumps
The company warned it will likely miss Wall Street’s profit target for its fiscal first quarter that ended Aug. 31. And it said it expects business conditions to further weaken in the current quarter amid weaker global volume.
Retail sales saw slight increase in August amid inflation
Overall spending has slowed and shifted increasingly toward necessities like food, while spending on electronics, furniture, new clothes and other non-necessities has faded.
U.S. wholesale inflation declined last month to still-high 8.7%
The cost of services—which are increasingly driving consumer inflation—rose 0.4% in August, driven by higher prices for public transportation, car rentals and some financial services.
U.S. inflation slows for second month but remains stubbornly high
Sharply lower prices for gas and cheaper used cars slowed U.S. inflation in August for a second straight month, though many other items rose in price, indicating that inflation remains a heavy burden for American households.
Brad Chambers: Economic momentum shows Indiana is playing to win
But like any good businessperson, our eyes must be on the horizon, scanning for risks that could endanger Indiana’s future growth.
Powell: Fed hoping higher rates won’t mean deep U.S. recession
New research released Thursday concluded that the Federal Reserve will probably have to accept a much higher unemployment rate than it expects—possibly as high as 7.5%—to curb inflation.
Americans splurge on beauty, despite pullbacks elsewhere
One possible explanation for why beauty is thriving when consumers are more apprehensive about their spending is a long-held theory known as the “lipstick index,” which posits that lipstick sales rise during times of economic downturn.
Red-hot labor market has helped boost unions
Economists say tight labor markets tend to give workers more leverage to form unions and to demand higher wages and better working conditions, while downturns tend to make workers less willing to make collective demands of their employers.
Consumers more confident in August as gas prices dip
Following three straight monthly declines, U.S. consumer confidence rebounded in August as inflation moderated and gas prices fell.
Job vacancies rise after 3 months of declines, dashing Fed hopes for cooling
The increase that the government reported Tuesday will be a disappointment for Federal Reserve officials, who are seeking to cool hiring by raising short-term interest rates to try to slow borrowing and spending, which tend to fuel inflation.
Stocks fall as Fed chair says rates to remain high ‘for some time’
Federal Reserve leader Jerome Powell acknowledged the rate hikes will hurt the job market and U.S. households, but he also said the pain would be worse if inflation were allowed to fester.