U.S. consumer inflation eases to 7.7% over past 12 months
Helping drive the inflation slowdown from September to October were used car prices, which dropped for a fourth straight month. Also down were the prices of clothing and medical care.
Inflation
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First-time U.S. home buyers oldest on record, least diverse since 1997
About 88% of all home buyers were white/Caucasian, 6 percentage points more than in 2021.
Inflation putting tighter squeeze on already pricey kids sports
Sticker shock in youth sports is nothing new, but the onslaught of double-digit inflation across America this year has added a costly wrinkle on the path to the ballparks, swimming pools and dance studios across America.
Fed unleashes another big rate increase, but hints at smaller hikes
The Federal Reserve on Wednesday raised its key short-term interest rate to a range of 3.75% to 4%, its highest level in 15 years.
Powell likely to be pressed on how soon Fed will slow hikes
Looming over the Federal Reserve meeting that ends Wednesday is a question of intense interest: Just how high will the Fed’s inflation-fighters raise interest rates—and might they slow their rate hikes as soon as next month?
U.S. job openings rise to 10.7M in bad news for inflation fight
U.S. job openings rose unexpectedly in September, suggesting that the American labor market is not cooling as fast as the inflation fighters at the Federal Reserve hoped.
Fed seen aggressively hiking rates again, triggering global recession
Federal Reserve officials will maintain their resolutely hawkish stance next week, laying the groundwork for interest rates reaching 5% by March 2023, moves that seem likely to lead to a U.S. and global recession, economists surveyed by Bloomberg said.
Key U.S. inflation gauge stayed at high 6.2% in September
A measure of inflation that is closely monitored by the Federal Reserve remained painfully high last month, the latest sign that prices for most goods and services in the United States are still rising steadily.
Average mortgage rates top 7% for the first time in 2 decades
Many potential homebuyers have moved to the sidelines as mortgage rates have more than doubled this year. Sales of existing homes have declined for eight straight months.
Inflation starts to drag on consumers powering U.S. economy
Most economists expect Americans to keep spending at a relatively lackluster pace through the end of the year. Overall uncertainty about consumer spending is weighing on a range of companies.
Average long-term U.S. mortgage rates continue to climb
The National Association of Realtors said Thursday that sales of previously occupied U.S. homes fell in September for the eighth month in a row.
Rents accelerate most since 1990, keeping U.S. cost of living high
Overall shelter costs in the United States saw their biggest year-over-year increase since 1982.
Core U.S. inflation rises to 40-year high, likely securing big Fed hike
The report stresses how high inflation has broadened across the economy, eroding Americans’ paychecks and forcing many to rely on savings and credit cards to keep up.
Social Security benefits to jump by 8.7% next year
The cost-of living adjustment—the largest in more than 40 years—means the average recipient will receive more than $140 extra a month beginning in January, the Social Security Administration said Thursday.
U.S. producer price growth tops forecasts, keeping pressure on Fed
Prices paid to U.S. producers rose in September by more than expected, suggesting inflationary pressures will take time to moderate and keeping the Federal Reserve on its aggressive interest rate-hike path.
U.S. veterinary prices spike amid high demand, faster consolidation
The surging cost of veterinary services illustrates how high inflation has spread well beyond physical goods, such as cars, that became scarce as the economy accelerated out of the pandemic recession, to numerous services.
Another month of solid hiring suggests more big Fed hikes
America’s employers slowed their hiring in September but still added a solid number of jobs, likely keeping the Federal Reserve on pace to keep raising interest rates aggressively to fight persistently high inflation.
Fed’s Cook says more rate hikes needed to combat inflation
Comments by Federal Reserve Governor Lisa Cook, Neel Kashkari and Raphael Bostic suggest the Federal Reserve is unlikely to slow its campaign against inflation anytime soon.
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.