Stellantis CEO Carlos Tavares resigns as carmaker continues to struggle with slumping sales
In recent months, Tavares had come under fire from U.S. dealers and the United Auto Workers union after the release of dismal financial performance reports.
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Inflation gauge ticks higher with price pressures still stubborn
Consumer prices rose 2.3% in October from a year earlier. That’s up from 2.1% in September, although it’s still only modestly above the Fed’s 2% target.
U.S. economy grew at 2.8% pace in third quarter on strong consumer spending
Within the GDP data, a category that measures the economy’s underlying strength rose at a solid 3.2% annual rate from July through September, up from 2.7% in the April-June quarter.
Trump fills out his economic team with two veterans of his first administration
Trump on Tuesday announced he has chosen international trade attorney Jamieson Greer to be his U.S. trade representative and Kevin Hassett as director of the White House National Economic Council.
U.S. consumer confidence ticks higher on better outlook for hiring
The Conference Board doesn’t break out its responses by party, but another measure of consumer sentiment by the University of Michigan showed that optimism about the economy jumped among Republicans after the election.
Rising price of paying national debt complicates Trump’s promises on growth, inflation
Not only is the federal debt at roughly $36 trillion, but the spike in inflation after the coronavirus pandemic has pushed up the government’s borrowing costs such that debt service next year will easily exceed spending on national security.
U.S. economy should continue growing in 2025, economist says
The U.S. economy is strong and should continue to grow next year, Fifth Third Bank Chief Investment Strategist Tom Jalics said at IBJ’s 2025 Economic Forecast breakfast Thursday.
Right before the election, inflation rose to 2.6 percent annual rate
The bulk of October’s monthly increase was driven by a rise in shelter costs, which were up 0.4 percent last month and grew by 4.9 percent annually.
U.S. consumer sentiment advances to highest level since April
The upbeat picture also reflected Americans’ forecasts for slower inflation. Consumers expect prices will climb 2.6% over the next year, the lowest since 2020.
Restaurants, other services still in grip of high inflation
While prices for most goods have been falling throughout the year, inflation for food services and home and auto insurance remain stubbornly high.
Key U.S. inflation gauge, spending pick up in mixed economic report
The Federal Reserve’s preferred measure of underlying U.S. inflation posted its biggest monthly gain since April, bolstering the case for a slower pace of interest-rate cuts following last month’s outsize reduction.
U.S. economy grew at 2.8% pace in third quarter, Commerce Department says
Growth in business investment slowed sharply on a drop in investment in housing and in nonresidential buildings such as offices and warehouses. But spending on equipment surged.
Wealthier Americans are driving retail spending, powering economy
It’s a trend that has surprised many: Why, despite being squeezed by high prices, have Americans kept spending at retail stores and restaurants at a robust pace? One key reason is a relatively simple one.
Retail trade group expects to see slower rise in holiday sales
The National Retail Federation said its 2024 forecast indicates that shoppers will make $979.5 billion to $989 billion worth of purchases in November and December.
Consumer sentiment slips on frustration over high prices
The survey bottomed out in June 2022, when inflation peaked at 9.1%, and has since risen by about 40%, though it remains significantly below pre-pandemic levels.
Inflation hits lowest point in three years, but core prices remain elevated
Excluding volatile food and energy costs, “core” prices, a gauge of underlying inflation, remained elevated in September, driven up by rising costs for medical care, clothing, auto insurance and airline fares.
U.S. manufacturing activity contracts for sixth straight month
Thirteen industries reported contraction in September, led by printing, plastics and rubber, and wood products. Five sectors expanded.
Economy grew at solid 3% rate last quarter, government says in final estimate
Business investment increased at a vigorous 8.3% annual pace last quarter, led by a 9.8% rise in investment in equipment.
American consumers feeling less confident as concerns about jobs take center stage
The Conference Board, a business research group, said Tuesday that its consumer confidence index fell to 98.7 in September, from 105.6 in August. It was the biggest month-to-month decline since August of 2021.
U.S. retail sales ticked up last month in sign of ongoing consumer resilience
Americans spent a bit more at retailers last month, providing a small boost to the economy just as the Federal Reserve considers how much to cut its key interest rate.