Inflation gauge tracked by the Federal Reserve falls to lowest point in 2 years
Last month’s progress in easing overall inflation was tempered by an elevated reading of “core” prices, a category that excludes volatile food and energy costs.
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First-quarter U.S. economic growth revised up sharply
Despite the big increase, the government’s third and final report on January-March economic growth still marked a deceleration from the 2.6% annual rate from October through December and the 3.2% growth from July through September.
Belief that U.S. might avoid recession growing among economists
Analysts say a “rolling recession” and what they call a “richcession” could help the economy as a whole manage to avoid a full-fledged recession.
U.S. consumer confidence jumps to highest level since early 2022
The Conference Board said that consumers’ fears of a recession declined in June, with 69.3% of respondents saying a recession is somewhat or very likely in the next 12 months, down from 73.2% in May.
Retail sales rise 0.3%, helped by stronger sales at auto dealers
Spending increased at online retailers and at restaurants and bars. Department stores, electronic stores, and furniture stores also posted increases.
Inflation eased further in May, but remains above normal levels
Housing costs continue to be a major driver of overall inflation. Rent rose 0.5 percent in May over the month before, only a minor improvement from a 0.6 percent increase in April. Rental costs are still up 8.7 percent over last year.
People spending less on hotels, flights, restaurants and more
An emerging pullback should be welcome news for the Federal Reserve, which has been taking aggressive steps for more than a year to slow the economy enough to bring down inflation.
Employers added 339,000 jobs in May, strong growth that defied headwinds
The May jobs report reveals the 29th straight month of strong job growth that has come to define the pandemic recovery economy.
Macy’s cuts full-year outlook in latest sign of retail slowdown
Macy’s is being swept up in a broader pullback in retail spending as consumers feel squeezed by rising prices and higher interest rates.
House OKs debt ceiling bill, sends Biden-McCarthy deal to Senate
The hard-fought deal to avoid a default crisis pleased few, but lawmakers assessed it was better than the alternative—a major economic upheaval if Congress failed to act.
Fed likely to skip interest-rate hike in June, officials signal
Leading Federal Reserve officials are sending out stronger signals that they will forego an increase at the central bank’s next meeting, though they indicate hikes could resume later this year.
U.S. job openings rise unexpectedly to highest mark since January
The resilience of the American labor market continues to complicate the Federal Reserve’s efforts to fight inflation.
U.S. consumer confidence declines for 4th time in 5 months
Consumer confidence fell in May as Americans became more pessimistic about the labor market, on top of elevated anxiety over inflation.
McCarthy, Biden race to woo lawmakers to pass debt ceiling package
The bill faces a tricky path to final passage, which must happen by June 5, when the federal government will exhaust funding to pay its bills.
Inflation measure closely tracked by Federal Reserve increased in April
Friday’s report from the government showed that despite rising prices, consumers remain willing to spend.
U.S. economy headed for downturn in second half of 2023, forecasters say
Economists now see a sharper decline in private investment in the second half of the year than previously projected.
Fewer Americans apply for jobless benefits as labor market still showing strength
Since the pandemic purge of millions of jobs three years ago, the U.S. economy has added jobs at a breakneck pace and Americans have enjoyed unusual job security.
Walmart shines in rough retail environment, ratchets up outlook
Walmart reported strong first-quarter sales results as the nation’s largest retailer’s pledge of lower prices continues to draw budget-conscious consumers.
Federal Reserve officials split over what to do next to fight inflation
The stubbornness of high inflation is dividing the Federal Reserve over how to manage interest rates, leaving the outlook for the Fed’s policies cloudier than at any time since it unleashed a streak of 10 straight rate hikes.
Retail sales up modest 0.4%, buoyed by online, dining spending
Consumers are facing plenty of challenges heading into the second half of the year from tightening credit to a weaker job market.