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.
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.
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.
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.
Overall shelter costs in the United States saw their biggest year-over-year increase since 1982.
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.
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.
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.
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.
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.
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 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.
The figures suggest that the economy is showing some resilience despite sharply rising interest rates, violent swings in the stock market, and high inflation.
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.
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.
Democrats called JPMorgan Chase, Bank of America, Wells Fargo and Citigroup to Washington, D.C., to talk about pocketbook issues as households contend with the highest inflation since the early 1980’s and the midterm election looms just weeks away.
Overall spending has slowed and shifted increasingly toward necessities like food, while spending on electronics, furniture, new clothes and other non-necessities has faded.
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.
The hotter-than-expected inflation reading has traders bracing for the Federal Reserve to ultimately raise interest rates even higher than expected to combat inflation, with all the risks for the economy that entails.
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.
