BREAKING NEWS
Federal Reserve official sees signs of slowing economy but not ready to cut rates
Read full article: Federal Reserve official sees signs of slowing economy but not ready to cut ratesA top Federal Reserve official said Friday that massive uncertainty created by President Donald Trump’s tariffs has caused some businesses to cut back on hiring and spending, threatening to slow the economy, but he added that it’s not yet clear whether the central bank should cut its key interest rate.
US businesses brace for Trump's tariffs on Canada, Mexico and China to drive up costs
Read full article: US businesses brace for Trump's tariffs on Canada, Mexico and China to drive up costsFrom an ice cream parlor in California to a medical supply business in North Carolina to a T-shirt vendor outside Detroit, U.S. businesses are bracing to take a hit from the taxes President Donald Trump has imposed on imports from Canada, Mexico and China, America’s three biggest trading partners.
Stock market today: Wall Street surrenders gains after White House confirms Trump tariff move
Read full article: Stock market today: Wall Street surrenders gains after White House confirms Trump tariff moveStocks surrendered early gains and closed lower after the White House said President Donald Trump would impose promised tariffs on some key U.S. trading partners.
Trump says he will 'demand' that interest rates come down, but it won't be that simple
Read full article: Trump says he will 'demand' that interest rates come down, but it won't be that simplePresident Donald Trump has pledged cheaper prices and lower interest rates, but an economy transformed by the pandemic will make those promises difficult to keep.
The Fed expects to cut rates more slowly in 2025. What that could mean for mortgages, debt and more
Read full article: The Fed expects to cut rates more slowly in 2025. What that could mean for mortgages, debt and moreThe Federal Reserve’s third interest rate cut of the year will likely have consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers and businesses.
Fed's Powell highlights slowing job market in signal that rate cuts may be nearing
Read full article: Fed's Powell highlights slowing job market in signal that rate cuts may be nearingThe Federal Reserve faces a cooling job market as well as persistently high prices, Chair Jerome Powell said in testimony to Congress, a shift in emphasis away from the Fed’s single-minded fight against inflation that suggests it's moving closer to cutting interest rates.
US growth slowed sharply last quarter to 1.6% pace, reflecting an economy pressured by high rates
Read full article: US growth slowed sharply last quarter to 1.6% pace, reflecting an economy pressured by high ratesThe nation’s economy slowed sharply last quarter to a 1.6% annual pace in the face of high interest rates, but consumers — the main driver of economic growth — kept spending at a solid pace.
Fed's unwanted ally in bid to tame inflation: Credit crunch
Read full article: Fed's unwanted ally in bid to tame inflation: Credit crunchThe Federal Reserve is getting some unwanted help in its drive to slow the U.S. economy and defeat the worst bout of inflation in four decades: a cutback in bank lending.
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US consumer spending rose a moderate 1.4% in September
Read full article: US consumer spending rose a moderate 1.4% in SeptemberFriday’s report from the Commerce Department also showed that income, which provides the fuel for spending, rose 0.9% in September. The September report showed that consumer spending on durable goods such as autos shot up 3% in September. Spending on nondurable goods, like food and clothing, rose by a smaller 1.5%. The third quarter rebound was led by a record 40.7% increase in consumer spending in the third quarter. The spending and income report showed that inflation, as measured by the Federal Reserve's preferred gauge, was 0.2% in September and 1.4% over the past 12 months.
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Persistently high layoffs suggest a slow US economic rebound
Read full article: Persistently high layoffs suggest a slow US economic reboundThe number of laid-off workers seeking unemployment benefits barely fell last week to 1.5 million, the government said Thursday. The report is “telling us that the scars from the job losses in the recession will be longer-lasting than we expected,” said Gregory Daco, chief U.S. economist at Oxford Economics. In May, for example, employers added 2.5 million jobs — an increase that caught analysts off-guard because the number of applications for unemployment aid was still so high. Some likely factors help explain why applications for jobless benefits remain so high even as businesses increasingly reopen and rehire some laid-off workers. “We’re starting to see more job losses among higher-skilled positions that are harder to recall," said Brad Hershbein, a senior economist at the Upjohn Institute.