Consumer spending held up even better than expected in July as inflation pressures showed more signs of easing, the Commerce Department reported Thursday.Advanced retail sales accelerated 1% on the month, according to numbers that are adjusted for seasonality but not inflation. Economists surveyed by Dow Jones had been looking for...
Category: Economy
Annual inflation rate slows to 2.9% in July, lowest since 2021
Inflation rose as expected in July, driven by higher housing-related costs, according to a Labor Department report Wednesday that is likely to keep an interest rate cut on the table in September.The consumer price index, a broad-based measure of prices for goods and services, increased 0.2% for the month, putting...
Jeremy Siegel backs off on calls for the Fed to do an emergency interest rate cut
Jeremy SiegelScott Mlyn | CNBC Wharton School Professor Jeremy Siegel no longer thinks it's vital for the Federal Reserve to implement an emergency interest rate reduction, but still wants policymakers to cut quickly and aggressively.Siegel, chief economist at WisdomTree, caused a stir Monday when he told CNBC that Fed Chair...
No sign of U.S. recession in freight demand, CEO of shipping giant Maersk says
Shipping giant Maersk, considered a barometer for global trade, is not seeing signs of a U.S. recession as freight demand remains robust, the company's chief executive said Wednesday."We've seen in the last couple of years, actually, [the shipping container] market remaining surprisingly resilient to all the fear of recessions that...
Jobless rates fall in July for Asian Americans, bucking the overall trend
A sign for a health-care career fair at Cape Fear Community College in Wilmington, North Carolina, on Feb. 28, 2023.Allison Joyce | Bloomberg | Getty ImagesThe unemployment rate fell for Asian Americans from June to July, bucking a broader trend, according to data released Friday by the U.S. Bureau of...