U.S. inflation reached 40-year high of 9.1% in June
Rising costs have seeped into nearly every corner of the economy, with grocery prices jumping 12.2% compared with a year ago. Rents have risen 5.8% and new car prices have increased 11.4%.
Economy
Articles
There’s no U.S. recession until an obscure panel of ‘eggheads’ says it is so
While many countries define an economic downturn as two consecutive quarters of negative growth for gross domestic product, the U.S. defers this assessment to elite academics at the National Bureau of Economic Research.
Economists expect fresh U.S. inflation peak, keeping Fed on aggressive rate path
The consumer price index probably increased 8.8% in June from a year earlier, marking the largest jump since 1981, according to the median forecast in a Bloomberg survey.
U.S. employers added surprisingly solid 372,000 jobs in June
The surprisingly strong gain will likely spur the Federal Reserve to keep raising interest rates to cool the economy and slow price increases.
Retailers scale back hiring as worry about slowdown grows
The changing mindset comes as companies confront a pullback in consumer spending, the prospect of an economic downturn and surging labor costs.
U.S. job openings slip, but employment landscape remains solid
U.S. employers advertised fewer jobs in May as the economy has shown signs of weakening, though the overall demand for workers remained strong.
From stocks to crypto, a punishing six months for investors
The S&P 500, Wall Street’s broad benchmark for many stock funds, closed the first half of 2022 with a loss of more than 20% after starting the year at an all-time high. It’s the worst start to a year since 1970, when Apple and Microsoft had yet to be founded.
Key inflation gauge tracked by the Fed remains a high 6.3%
Thursday’s report from the Commerce Department provided the latest evidence that painfully high inflation is pressuring American households and inflicting particular harm on low-income families and people of color.
Powell: ‘No guarantee’ Fed can tame inflation, spare jobs
Federal Reserve Chair Jerome Powell repeated his hope that the Fed can achieve a so-called soft landing, but said the job had become more difficult.
Inflation hits state capital, infrastructure projects
Ever-increasing prices at the pump and grocery store checkout line aren’t the only places where Hoosiers can see the impact of inflation—state building projects are also feeling the budgetary strain.
U.S. consumer confidence slumps to lowest level in 16 months
Persistent inflation and rising interest rates have Americans as pessimistic as they’ve been about the future in almost a decade.
Indianapolis population dips, concerns rise
Two decades of sustained growth came to a close in Indianapolis last year when the city experienced a population decrease, raising some concerns about its economic future.
Powell: Fed will decide on rate hikes ‘meeting by meeting’
Federal Reserve Chair Jerome Powell on Wednesday underscored the Fed’s determination to raise interest rates high enough to slow inflation, a commitment that has fanned concerns that the central bank’s fight against surging prices could tip the economy into recession.
Oil refineries are making a fortune, but that’s not stopping them from closing
A White House desperate to bring down gas prices is having little success persuading refinery owners to expand operations, and more closures are imminent.
Crypto investors’ hot streak ends as harsh ‘winter’ descends
It’s a dizzying turn of events for investments and companies that at the start of 2022 seemed to be at their financial and cultural apex. The industry’s combined assets back then were estimated to be worth more than $3 trillion; today, they are worth less than a third of that. Maybe.
Yellen: Recession not inevitable, gas tax holiday weighed
Treasury Secretary Janet Yellen is offering a dose of optimism even as economists grow increasingly worried about a recession fueled by skyrocketing inflation.
Indiana unemployment rate holds steady in May at 2.2%
An estimated 73,911 Hoosiers are currently unemployed and seeking jobs, the state reported Friday. That’s down from 88,240 in December and 100,696 in November.
Recession fears grow as Dow closes below 30,000, mortgage rates spike
Financial markets shuddered Thursday as they adjusted to the Federal Reserve’s latest attempts to address inflation.
High gasoline prices crimping drivers’ spending at the pump
The slowdown in demand threatens a wide range of businesses that rely on a summer pickup in activity as Americans vacation, take road trips and just generally hit the road in bigger numbers for a wide range of activities.
Fed’s aggressive rate hikes raise likelihood of recession
Economic history suggests that aggressive, growth-killing rate hikes could be necessary to finally control inflation. And typically, that is a prescription for a recession.