Consumers Have More, But They’re Spending Less
Consumer spending slowed in January from a very high rate in December, and inflation cooled less than economists had hoped.Personal income increased 1% in January, the Bureau of Economic Analysis said Thursday. But despite such a big gain, Americans spent just 0.2%...
Record Home Prices Close Out 2023; Up 5.5%
Home prices ended 2023 at a record high as limited inventory inched prices up and buyer confidence grew thanks to a modest reduction in mortgage rates. The December S&P CoreLogic Case-Shiller Indices capped a year that started slowly but ultimately saw growth...
Durable Goods orders drop steeply in January in sharpest decline since the pandemic
The reduction in new orders suggests the manufacturing sector is still in a recession US durable goods orders declined more than expected in January, a sign that the manufacturing sector has not yet begun to recover from two years of stalled growth. Overall orders for...
January Retail Sales Show Unexpected Decline, Though Downturn Remains To Be Seen
US retail sales dropped more than anticipated in January, a sign of economic slowdown, but not necessarily a sign of oncoming recession. January retail sales declined a seasonally adjusted 0.8 percent according to a Census Bureau report on Thursday, lower than the...
Inflation Slows, But A Bumpy Road Lies Ahead
Consumer price data surprised economists with a surge in prices for services, underscoring the bumpiness of the road towards slower inflation. Prices rose 3.1% in January from a year earlier, compared to 3.3% in December, the Labor Department said Tuesday. That was...
Trade deficit narrows in 2023, a positive sign pointing towards economic recovery
The U.S. trade deficit narrowed in 2023 despite a slight month-to-month widening in December, pointing towards a recovering economy. The goods and services deficit increased by $0.3 billion in December, the Census Bureau reported Wednesday. But it fell by $177.8...
Black Unemployment Hits Historic Low — But Not Everywhere
For most of his adult life, De’Angelo Mack worked odd jobs. At a mattress warehouse, a candy factory, Fedex. Most work lasted a couple of weeks or months. But when the Chicago-born 32-year-old started looking for more permanent employment after the pandemic, it...
New York Rents Reach Record Highs Despite Moderating Nationwide
Kat Logan moved into a spacious studio apartment in Gramercy Park in 2018 for $2,500. During the pandemic, her rent held steady. Now, Logan is considering leaving New York City because of skyrocketing rents. "There's this thought at the back of my mind like, what if...
Semiconductor industry set to boost job creation and localities
For years, Wyatt Hajda filled medical prescriptions at a veterinary pharmacy in Scottsdale, Arizona. Eventually, at age 32, he reached the maximum hourly pay rate of $23 per hour for someone at his position. With little or no future growth prospects in his job,...