The U.S. budget deficit poses a “significant risk” for global fiscal developments and outlooks, according to the International Monetary Fund (IMF). In its latest Fiscal Monitor report, IMF economists stated that U.S. and Chinese fiscal policies produce “profound effects” on the worldwide economy and present challenges for baseline fiscal projections in advanced and developing economies. […]
The U.S. annual inflation rate came in hotter than expected for the fourth consecutive month in March, suggesting that the last mile in the inflation fight could be a slow and bumpy road for the Federal Reserve. According to the Bureau of Labor Statistics (BLS), the consumer price index (CPI) rose to 3.5 percent last […]
The U.S. economy added a higher-than-expected 303,000 new jobs in March, while the unemployment rate was still below 4 percent, according to the Bureau of Labor Statistics (BLS). The labor market continues to remain resilient in a climate of high-interest rates and above-trend inflation. February job gains were revised down by 5,000 to 270,000. The […]
The U.S. international trade deficit widened at a larger-than-expected pace and ballooned to the highest level in 10 months, according to new data from the Bureau of Economic Analysis (BEA). In February, the trade imbalance increased to $68.9 billion from an upwardly revised $67.6 billion in January. This represented the largest shortfall since April 2023. […]
The Biden administration abruptly halted refilling the nation’s Strategic Petroleum Reserve (SPR) as the Department of Energy tries to keep “the taxpayer’s interest at the forefront.” The latest decision comes as crude oil prices have rocketed amid geopolitical tensions and global market tightness. Last month, the Energy Department’s Office of Petroleum Reserves announced the solicitation […]
Federal Reserve Chair Jerome Powell is unsure if the back-to-back, hotter-than-expected inflation readings are something more than just a bump in the road. In prepared remarks at Stanford University on Apr. 3, the central bank chief reiterated that it would be inappropriate for monetary policymakers to cut interest rates. “On inflation, it is too soon […]
The Federal Reserve’s preferred inflation measurement rose, leading to broader concerns that the progress on the fight against inflation has stalled or might signal that another wave of price pressures could happen. In February, the Personal Consumption Expenditures (PCE) price index rose to 2.5 percent, up from 2.4 percent in January, according to the Bureau […]
The Francis Scott Key Bridge disaster at the Port of Baltimore is expected to produce a ripple effect for both the local and national economy—from supply chain disruptions to potential inflationary pressures. As officials and experts examine the fallout after a cargo ship struck the bridge, causing its collapse, experts are debating how a closed […]
Former President Donald Trump is expected to gain $3 billion, doubling his net worth, as a result of a windfall from his social media outlet, Truth Social, going public. Investors voted to approve a merger between Digital World Acquisition Corp. (DWAC) and Trump Media & Technology Group (TMTG), the owner of Truth Social. The newly […]
The Federal Reserve kept interest rates unchanged at the March Federal Open Market Committee (FOMC) policy meeting on March 20, but officials signaled that three rate cuts were still planned for this year. Monetary authorities kept the benchmark Fed funds rate at a range of 5.25 percent and 5.5 percent, the highest level in 23 […]
Former President Donald Trump’s political power was on full display as several states, including battleground territories, held their Republican primaries on March 19. The presumptive GOP nominee added to his 2024 endorsement record, with many key Trump-backed candidates scoring victories. In the Ohio Republican Senate primary race, Trump-backed MAGA candidate, Bernie Moreno, secured the GOP […]
Producer prices ran hotter than expected for the second straight month, fueled by an increase in energy costs, serving as a reminder that the inflation fight may be far from over. In February, the Producer Price Index (PPI), a measurement of the amount received by producers for goods, surged 0.6 percent, up from 0.3 percent […]
The U.S. annual inflation rate has risen to a higher-than-expected 3.2 percent, underscoring the challenges policymakers face in reducing it to the 2 percent target. Economists had projected the consumer price index (CPI) to climb 0.4 percent in February, up from the previous month’s 0.3 percent reading. According to the Bureau of Labor Statistics (BLS), […]
The White House projected in its latest budget proposal that the U.S. government will add trillions of dollars more to the national debt over the next decade amid sky-high annual budget deficits. Administration officials released President Joe Biden’s $7.3 trillion budget framework for fiscal year 2025, which aims to tackle various issues, including crime, border […]
The U.S. economy added a larger-than-expected 275,000 new jobs in February as the labor market continues to defy economists’ expectations of a slowing market. According to the Bureau of Labor Statistics (BLS), the unemployment rate rose to 3.9 percent last month, up from 3.7 percent in January. This was higher than market forecasts of 3.7 […]
With multiple factors weighing against his chances in the 2024 election, President Joe Biden faced a deeply divided Congress on March 7 to deliver a fiery State of the Union address, blaming President Donald Trump and Republicans for the array of crises facing the nation and highlighting his record since taking office. In the roughly […]
Commercial real estate challenges are a “manageable problem,” but they could take “several years” to be resolved, Federal Reserve Chair Jerome Powell told lawmakers as financial markets monitor another potential bank failure. Speaking before the House Financial Services Committee on March 6 to deliver his semi-annual monetary policy report, Mr. Powell reiterated his position that […]
Former South Carolina Gov. and U.N. Ambassador Nikki Haley won the Vermont GOP presidential primary in what was a tough night for her campaign on March 5. She won with 50 percent of the vote over former President Donald Trump. The Republican frontrunner garnered nearly 46 percent of the vote. This was Ms. Haley’s second […]
Former President Donald Trump will meet privately with Hungarian Prime Minister Viktor Orban at his Mar-a-Lago estate in Florida next week, a source with Mr. Orban’s team confirmed to The Epoch Times. Over the past few years, the former U.S. president and Mr. Orban have frequently praised each other, and throughout the 2024 election campaign, […]
Most aspiring homeowners say the high cost of living and insufficient incomes are barriers to purchasing a home in today’s real estate market, according to a new Bankrate survey. Fifty-one percent of people who want to buy a residential property think the cost of living is too high. Fifty-four percent believe their income is not […]
A key Federal Reserve inflation measure rose as expected in January, signaling that monetary authorities could witness stalled progress in their inflation fight. According to the Bureau of Economic Analysis (BEA), the personal consumption expenditure (PCE) price index rose 0.3 percent monthly, up from 0.1 percent in the previous month and in line with the […]
U.S. economic growth was revised downward, and prices were adjusted upward for the fourth quarter, missing market expectations. Despite changes in the second estimate of the GDP figures, the national economy still showed robust growth in the final three months of 2023. The economy expanded 3.2 percent in the October to December period, down from […]
Federal Reserve officials do not believe it is appropriate to reduce interest rates until there is greater confidence inflation is heading toward the central bank’s target, as some policymakers warned progress on inflation could stall. According to minutes from the January Federal Open Market Committee (FOMC) policy meeting, officials want to wait for more numbers […]
The House of Representatives passed a bill on Feb. 15 that would reverse President Joe Biden’s pause on U.S. exports of liquefied natural gas (LNG). The tally was 224–200, with nine Democrats joining all 215 Republicans in favor of the Unlocking our Domestic LNG Potential Act of 2024, which House Republican Conference Chair Elise Stefanik […]
The U.S. budget deficit is 16 percent higher than a year ago as the federal shortfall reached $532 billion in the first four months of the fiscal year, according to new Treasury data. Last month, the federal shortfall was $22 billion, down 43 percent year over year when the monthly deficit was $39 billion. Outlays […]
For the first time in more than 20 years, the United States purchased more goods from Mexico than China in 2023, highlighting a change in international trade and spotlighting America’s de-risking efforts. Last year, according to new Census Bureau data, the United States imported more than $475.6 billion worth of goods from its southern neighbor […]
Federal Reserve Chair Jerome Powell dashed the hopes of investors again, repeating the central bank’s position that it will not be as quick to cut interest rates as the financial markets anticipate. During a lengthy interview with CBS News’ “60 Minutes” that aired on Feb. 4, Mr. Powell pledged to take a careful approach to […]
The U.S. economy created 353,000 new jobs in January, nearly doubling economists’ forecasts, highlighting a solid labor market to kick off 2024. According to the Bureau of Labor Statistics (BLS), the unemployment rate was unchanged at 3.7 percent, coming in below the consensus estimate of 3.8 percent. The employment gains were concentrated mainly in health […]
The Federal Reserve left interest rates unchanged at the first policy meeting of 2024, signaling that officials might not reduce the benchmark federal funds rate “until there is greater confidence” that inflation is inching toward the central bank’s target rate of 2 percent. Fed Chair Jerome Powell told reporters during the post-Federal Open Market Committee […]
The Biden administration is seeking to retain parts of former President Donald Trump’s tax cuts for those earning less than $400,000, Treasury Secretary Janet Yellen told reporters. Ms. Yellen confirmed to reporters before her appearance at the Economic Club of Chicago that President Joe Biden would extend parts of his predecessor’s 2017 Tax Cut and […]
The U.S. economy expanded above 3 percent in the fourth quarter, topping economists’ expectations and ending 2023 on a high note. In the year’s final three months, the GDP growth rate—a measure of goods and services produced for sale in the United States—was 3.3 percent, down from 4.9 percent in the third quarter and above […]
The United Auto Workers (UAW) union has officially endorsed President Joe Biden’s 2024 reelection campaign months after he visited a Michigan picket line in September 2023 in support of striking workers. UAW President Shawn Fain had resisted endorsing President Biden and other politicians, arguing that they would need to earn the labor union’s endorsement. But […]
Former President Donald Trump promised to “never allow” the creation of a central bank digital currency (CBDC), also known as a digital dollar. During a campaign stop in New Hampshire and joined on stage by former GOP candidate Vivek Ramaswamy, President Trump vowed never to give the U.S. government “absolute control over your money,” calling […]
Weekly jobless claims declined to their lowest levels since September 2022, signaling a tighter U.S. labor market at a time when the Federal Reserve is considering pivoting on monetary policy. The number of first-time unemployment claims fell by 16,000, to a lower-than-expected 187,000 for the week that ended on Jan. 13, according to new data […]
The U.S. government recorded a budget deficit of $129 billion in December, up 52 percent from the same time a year ago, according to new data from the Treasury Department. In the first three months of the current fiscal year, Washington’s budget gap has soared to $510 billion, up 21 percent year-over-year. Tax receipts slumped […]
The U.S. annual inflation surged to 3.4 percent in December as price pressures continue to be sticky across the marketplace, according to the Bureau of Labor Statistics (BLS). The latest reading was up from 3.1 percent in November and topped economists’ expectations of 3.2 percent. The consumer price index (CPI) rose 0.3 percent monthly, up […]
With five days until the Iowa caucuses, former U.N. Ambassador Nikki Haley and Florida Gov. Ron DeSantis take to the stage of the fifth GOP presidential debate at Drake University in Des Moines, Iowa, on Jan. 10, as former President Donald Trump participates in a town hall on Fox News. Former New Jersey Gov. Chris […]
The United States is producing record amounts of crude oil today, exceeding pre-pandemic levels, despite President Joe Biden’s promise in 2020 to “end fossil fuel.” Since the beginning of October, domestic crude output has accelerated and reached as high as 13.3 million barrels per day (bpd), according to the Energy Information Administration (EIA). In March […]
The U.S. economy created 216,000 new jobs in December, and the unemployment rate remained below 4 percent for the 23rd straight month. The Biden administration championed the news, with officials suggesting that the country has achieved a soft landing. However, economists are digging deeper into the monthly Bureau of Labor Statistics (BLS) jobs report, spotlighting […]
The U.S. economy has achieved the goal of a “soft landing” as inflation slows without enduring an economic downturn, says Treasury Secretary Janet Yellen. Appearing on CNN shortly after the release of the December jobs report on Jan. 5, Ms. Yellen revealed that she thinks the current economic conditions could be described as a soft […]
The U.S. economy added 216,000 new jobs in December, according to the Bureau of Labor Statistics (BLS). That was better than the 170,000 predicted by economists and higher than November’s gain. Job gains were revised down in both October and November. Employment in those months is now 71,000 lower than previously reported, according to the […]
Federal Reserve officials agreed at the December Federal Open Market Committee (FOMC) policy meeting that they will likely cut interest rates in 2024, according to minutes. However, rate-setting Committee members provided little information regarding the pace, timing, and size of rate adjustments. The meeting summary alluded to immense uncertainty regarding how the rate cuts will […]
The U.S. national debt recorded its third “depressing achievement” in the last 12 months, topping $34 trillion to close out 2023, according to the latest Treasury Department Debt to the Penny data. On Dec. 29, 2023, the national debt climbed approximately $90 billion in one day, to exceed $34.001 trillion. It took Washington roughly three […]
Javier Milei, Argentina’s newly elected president, wrote letters to the leaders of Brazil, Russia, India, China, and South Africa (BRICS), formalizing his decision that the country would not join the economic alliance. The letter, dated Dec. 22 and released by Argentina’s government on Dec. 30, stated that it was “not considered appropriate at this time” […]
Home prices rose in October as lackluster housing supply continues to prop up the U.S. real estate market despite higher mortgage rates. According to the Federal Housing Finance Agency (FHFA), the average prices of single-family homes with mortgages guaranteed by Fannie Mae and Freddie Mac climbed 0.3 percent in October. This was down from an […]
Foreign holdings of U.S. Treasury securities extended their decline as China and several other countries reduced their exposure to government debt, new data show. According to the Treasury Department, global holdings of U.S. bonds slipped 0.5 percent, to $7.565 trillion in October, down from $7.604 trillion in September. This was the second straight month that […]
The Federal Reserve’s preferred inflation gauge slowed at a better-than-expected pace in November as price pressures continued to subside heading into 2024. Last month, the annual personal consumption expenditure (PCE) price index eased to 2.6 percent, down from 2.9 percent in October, the lowest reading since February 2021. This also came in below the consensus […]
The U.S. economy expanded less than expected as the Bureau of Economic Analysis (BEA) revised the third-quarter GDP data lower amid a sharp drop in personal consumption. In the three months ending Sept. 30, GDP grew 4.9 percent, down from the BEA’s second estimate of 5.2 percent. This matched the advance estimate in October. Officials […]
The Federal Reserve left interest rates unchanged at a range of 5.25 percent and 5.50 percent at the final Federal Open Market Committee (FOMC) policy meeting of December. Rate-setting Committee members stated that recent data suggest that economic growth has slowed from the strong third quarter. While the labor market has moderated since the beginning […]
The Federal Reserve will hold its final Federal Open Market Committee policy meeting of 2023 this week and policymakers are expected to leave the benchmark interest rate unchanged at a range of 5.25 percent and 5.5 percent. But financial markets might be focusing more on what to expect next year. Fed officials will publish the […]
The U.S. annual inflation rate slowed to 3.1 percent in November, down from 3.2 percent, and matching economists’ expectations, according to the Bureau of Labor Statistics (BLS). The latest inflation data suggest the road to the Federal Reserve’s 2 percent target could be a slow journey. On a monthly basis, the consumer price index (CPI) […]
The U.S. economy created 199,000 new jobs in November, topping economists’ expectations and showing continued resilience in the home stretch of 2024. This was up from 150,000 in October. According to the Bureau of Labor Statistics (BLS), the unemployment rate dropped to 3.7 percent last month, down from 3.9 percent and better than the consensus […]
Argentine President-elect Javier Milei and members of his team held meetings on Tuesday with officials from President Joe Biden’s administration and the International Monetary Fund (IMF) as part of efforts to bolster support for his country’s inflation-ravaged and debt-laden economy. After the White House meeting, Mr. Milei’s office shared on X that the new leader […]
News Analysis Argentina’s President-elect Javier Milei has set forth an ambitious agenda that clinched him victory in the recent election, including a pledge to abolish the country’s central bank and switch to the U.S. dollar. Despite speculations of a potential shift towards more moderate policymaking in the lead-up to his inauguration, Mr. Milei reiterated his […]
The Federal Reserve did not provide an indication that it would cut interest rates, according to minutes published Tuesday from the November Federal Open Market Committee (FOMC) policy meeting held on Oct. 31 and Nov. 1. Rate-setting committee members agreed that monetary policy needed to stay in “restrictive” territory until the data highlighted that inflation […]
The U.S. annual inflation rate eased to 3.2 percent in October, coming in slightly lower than the consensus estimate of 3.3 percent, according to the Bureau of Labor Statistics (BLS). This is notably down from 3.7 percent in September. Last month, the Consumer Price Index (CPI) was unchanged at zero percent monthly. Core inflation, which […]
Federal Reserve Chair Jerome Powell is “not confident” that the central bank has done enough to eradicate inflation from the U.S. economy, he stated in a prepared speech. Appearing before an International Monetary Fund (IMF) audience on Nov. 9, Mr. Powell warned that additional work must be done to restore price stability. “The Federal Open […]
The 2024 Republican presidential candidates touted their plans to preserve Social Security and prevent the retirement income program’s demise during the third GOP primary debate on Nov. 8 in Miami. President Joe Biden and the Democrats have long accused the Republican Party of being on a crusade to gut the retirement scheme by cutting benefits. […]
Cutting funding to the IRS would be a “damaging and irresponsible” policy that would negatively affect U.S. taxpayers, says Treasury Secretary Janet Yellen. Ms. Yellen took aim at a House Republican-led proposal that rescinds $14.3 billion from the tax-collecting agency to cover the cost of an emergency aid package for Israel following the deadly Hamas […]
The U.S. economy created 150,000 new jobs in October, falling short of the consensus estimate of 180,000, according to the Bureau of Labor Statistics (BLS). Officials also revised the August and September by 62,000 and 39,000, respectively. In total, 101,000 positions disappeared from the jobs arena. So far this year, eight of the last nine […]
A decoupling of the United States and China would have disastrous consequences for the global economy, according to Treasury Secretary Janet Yellen. Ms. Yellen’s remarks come ahead of the much-anticipated Asia-Pacific Economic Cooperation summit in San Francisco. The White House confirmed that President Joe Biden would meet with Chinese regime leader Xi Jinping on the […]
The Federal Reserve left interest rates unchanged at the November Federal Open Market Committee (FOMC) policy meeting, keeping in line with economists’ expectations. Central bank officials voted to keep the benchmark fed funds rate at a range of 5.25 percent and 5.50 percent. Rate-setting Committee members are prepared to adjust monetary policy “as appropriate if […]
The personal consumption expenditure (PCE) price index—the Federal Reserve’s preferred inflation gauge—was unchanged at an annual rate of 3.4 percent in September, according to the Bureau of Economic Analysis (BEA). Economists had widely anticipated that the PCE would be unchanged. On a monthly basis, the PCE rose 0.4 percent, slightly higher than the consensus estimate […]
In the third quarter, the U.S. economy expanded 4.9 percent, topping economists’ expectations of 4.3 percent growth, according to the first estimate from the Bureau of Economic Analysis (BEA). This was up from the second quarter print of 2.1 percent. This represented the sharpest gain since 2014 outside of the coronavirus pandemic years. It was […]
The United Auto Workers (UAW) union and Ford Motor have reached a tentative agreement that could end a nearly six-week strike at the Big Three automaker. During a video published online on Oct. 25, UAW President Shawn Fain announced that a tentative deal had been made. The deal features a 25 percent general wage hike […]
In an unannounced move, thousands of United Auto Workers (UAW) union members walked off the job at General Motors’ biggest facility and largest moneymaker following its third-quarter earnings report. An estimated 5,000 workers at a GM Arlington Assembly plant in Texas joined the Stand Up Strike, marking the second consecutive day of UAW-represented employees participating […]
The United Auto Workers (UAW) union expanded its strike to a Stellantis pickup truck facility in Michigan, resulting in thousands of workers walking off the job. The UAW confirmed on Oct. 23 that roughly 6,800 union-represented members at the Sterling Heights Assembly Plant joined its Stand Up Strike. The latest labor development effectively halted production […]
Federal Reserve Chair Jerome Powell hinted that there will be no rate increase at next month’s Federal Open Market Committee (FOMC) policy meeting, but left the door open to further tightening if it is warranted. Financial markets paid close attention to Mr. Powell’s appearance at the Economic Club of New York on Oct. 19, combing […]
Seventy-one million retirees will receive a more than 3 percent increase in 2024 for their Social Security and Supplemental Security Income (SSI), the federal agency confirmed after the latest Consumer Price Index (CPI) was released. According to the Social Security Administrations (SSA), more than 66 million Social Security beneficiaries will be given a 3.2 cost-of-living […]
The U.S. annual inflation rate was unchanged at 3.7 percent in September, topping the consensus estimate of 3.6 percent, according to the Bureau of Labor Statistics (BLS). The Consumer Price Index (CPI) rose at a higher-than-expected pace of 0.4 percent month over month, up from 0.6 percent in August. Core inflation, which excludes the volatile […]
The U.S. economy created 336,000 new jobs in September, reversing the cooling trend that was seen over the summer months, according to new data from the Bureau of Labor Statistics (BLS). This was also an increase from the upwardly revised 227,000 in August and higher than the consensus estimate of 170,000. After seven months of […]
Job openings unexpectedly jumped in August, signaling that the demand for labor remains robust in a slowing economy and cooling job market. According to the Bureau of Labor Statistics (BLS), the number of job vacancies increased by 690,000 to 9.6 million at the end of August, up from an upwardly revised 8.92 million. The August […]
The United Auto Workers (UAW) will escalate its strike with two of the Big Three automakers—Ford and General Motors—as progress in negotiations has stalled with the labor dispute entering its 15th day. UAW President Shawn Fain announced on Sept. 29 that an additional 7,000 members will “stand up and go out on strike,” with 4,600 […]
President Joe Biden and his administration’s policies are to blame for the United Auto Workers (UAW) union going on strike, the seven participating Republican presidential candidates argued during the second GOP primary debate. The debate comes one day after President Biden visited a picket line in Michigan and stood in solidarity with the auto workers, […]
The Culinary Workers Union (CWU), which represents tens of thousands of Las Vegas hotel and casino workers, is the latest major union to authorize a strike. It’s the first time in more than three decades that CWU members have voted to walk off the job. On Sept. 26, 95 percent of CWU members who turned […]
DETROIT—President Joe Biden told auto workers picketing outside General Motors’ Willow Run Distribution Center in Wayne County, Michigan, that they deserve a “significant raise.” Speaking through a bullhorn in front of a United Auto Workers (UAW) Local 174 crowd, the president reiterated previous statements that the auto workers “saved the automobile industry back in 2008 […]
WASHINGTON—President Joe Biden said on Friday that he will travel to Michigan next Tuesday “to join the picket line” to show his support for members of the United Automobile Workers (UAW) who have been on strike against the Big Three automakers. “Tuesday, I’ll go to Michigan to join the picket line and stand in solidarity […]
The United Auto Workers (UAW) is escalating its strike as the Big Three automakers—Ford, General Motors, and Stellantis—”still have serious issues to work through,” announced president Shawn Fain. Speaking in a social media video message to supporters, Mr. Fain announced that the union leadership has decided to bolster its stand-up strikes at 38 parts and […]
The Federal Reserve voted to leave interest rates unchanged at the September Federal Open Market Committee (FOMC) policy meeting, keeping the benchmark fed funds rate at a range of 5.25 percent and 5.5 percent, the highest in 22 years. Central bank officials left the door open for one more rate hike before the year is […]
The national debt eclipsed $33 trillion on Sept. 15, while the budget deficit is on track to reach $2 trillion in the current fiscal year. Experts say that the public is becoming numb to these figures because they have become the new normal in Washington. But while soaring debt and deficits are the status quo […]
President Joe Biden accused the Big Three automakers of not sharing the “record profits” they have enjoyed in recent years, urging the companies to ensure fair contracts for employees who are members of the United Auto Workers (UAW) union. Thousands of UAW members walked off the job at Ford, General Motors, and Stellantis simultaneously for […]
The U.S. annual inflation rate rose to 3.7 percent in August, coming in higher than economists’ expectations of 3.6 percent. This was up from the consumer price index (CPI) reading of 3.2 percent in July. According to the Bureau of Labor Statistics (BLS), the monthly inflation rate jumped 0.6 percent, up from 0.2 percent in […]
Apple shares rebounded at the end of the trading week following a two-session skid that saw the tech titan eliminate about $200 billion in valuation. The decline was driven by reports that China would prohibit government employees from using iPhones as their work phones. The world’s largest company by market cap climbed about 1 percent […]
There is growing concern that workers at the Big Three automakers—Ford, General Motors, and Stellantis—will strike when the United Auto Workers (UAW) union contract ends at 11:59 p.m. New York time on Sept. 14. In August, 97 percent of UAW’s members who work at the Big Three voted to authorize a strike unless their demands […]
Is the U.S. economy and labor market weaker than the government is reporting? In recent weeks, federal agencies have announced revisions to various economic metrics, be it the gross domestic product or monthly jobs data. While there is not anything typically unusual about revisions, the frequency and size of some of the changes have turned […]
The U.S. economy added 187,000 new jobs in August, topping the consensus estimate of 170,000 and marking the third-weakest jobs report under President Joe Biden, according to the Bureau of Labor Statistics (BLS). Employment gains were revised down again as the change for July was adjusted down by 30,000 to 157,000. Jobs were also adjusted […]
The Federal Reserve’s preferred inflation indicator climbed, marking the second consecutive inflationary measure to increase in the past month and revealing that the fight against inflation isn’t over. Incomes also slowed while spending surged, suggesting that the U.S. economy could be on the brink of stagflation, an environment of high prices and stagnating growth. In […]
Federal Reserve Chair Jerome Powell raised the possibility of additional monetary policy conditions in the central bank’s fight against inflation, warning that prices remain too high. Speaking at the annual Jackson Hole economic symposium on Aug. 25, Mr. Powell reiterated that the institution is prepared to keep raising interest rates if appropriate. Even without any […]
BRICS, a coalition of developing countries, has officially invited six countries to join the bloc, South African President Cyril Ramaphosa announced at the 15th annual summit in Johannesburg. The group reached an agreement to invite Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) to join BRICS, with membership coming into effect […]
The benchmark 10-year U.S. Treasury yield surged to its highest level in 16 years after the Federal Reserve suggested more rate hikes might be needed to fight “significant upside risks to inflation” in the latest policy minutes. The 10-year yield picked up 3 basis points to finish the Aug. 16 trading session at 4.29 percent—the […]
The United States is at the beginning of a slowdown as the economy continues to face significant upside inflation risks and tighter credit conditions, according to new minutes from the July Federal Open Market Committee (FOMC) policy meeting. Although the economy has been expanding at a “moderate pace,” the latest credit developments in the “sound […]
Sam Bankman-Fried, the beleaguered FTX founder and former billionaire, allegedly stole $100 million in client funds for political contributions used to influence cryptocurrency legislation, federal prosecutors wrote in a superseding indictment. U.S. attorneys accused Mr. Bankman-Fried, in a late Aug. 14 amended indictment, of using stolen funds for various purposes, including “making lavish” federal campaign […]
The U.S. budget deficit for fiscal year 2023, running from October to September, is already the third largest on record, as tax revenues fall short of expectations and government spending surges. In the first 10 months of the current fiscal year, the budget gap topped $1.6 trillion, higher than the $1.375 trillion deficit in all […]
The U.S. annual inflation rate rose to a lower-than-expected 3.2 percent in July, marking the first increase in a year according to the Bureau of Labor Statistics. This was up from 3 percent in June. The consumer price index (CPI) edged up 0.2 percent month-over-month. Core inflation, which eliminates the volatile food and energy sectors, […]
U.S. regulators announced charges and fines against 11 Wall Street firms over their failure to maintain electronic records of employee communications. The Securities and Exchange Commission disclosed the combined $289 million in fines following a two-year enforcement investigation focused on Wall Street’s “off-channel” work communications, including Apple’s iMessage, WhatsApp, and Signal, that they say violate […]
China’s exports plummeted in July, exacerbating concerns that the post-pandemic recovery for the world’s second-largest economy is fading. Exports from China declined 14.5 percent year over year, to $281.76 billion, falling short of the consensus estimate of a 12.4 percent slide. This marked the third consecutive monthly decline and the sharpest drop since February 2020, […]
U.S. crude oil prices firmed above $81 as supply fears dominated global energy markets toward the end of the trading week, driven by news from Saudi Arabia and Russia. The Ministry of Energy in Riyadh announced extending a voluntary production cut of 1 million barrels per day (bpd) into September. The energy powerhouse implemented the […]
The U.S. economy added 187,000 new jobs in July, according to the Bureau of Labor Statistics (BLS), falling short of the consensus estimate of 200,000 and making it the second-weakest jobs growth under President Joe Biden. The change in total nonfarm payroll employment for May was revised down by 25,000 to 281,000. It was also […]
The Bud Light controversy hurt Anheuser-Busch InBev’s second-quarter performance in the United States, the world’s largest brewer confirmed in its latest earnings report. Anheuser-Busch’s U.S. revenue plunged by 10.5 percent year-over-year, “primarily due to the volume decline of Bud Light,” according to the second-quarter corporate earnings data. Overall, revenue in North America declined by $395 […]
