Inflation, overall, is scaling back from a formerly torrid pace as prices at the pump recede. But the fact remains that everyday essentials — namely food and clothing — are more expensive as of October. The latest reading of the Consumer Price Index shows that...
In times of economic uncertainty and persistent inflation, consumers tend to stretch their budgets to the maximum, especially in essential categories like groceries. To do so without giving up true essentials, many consumers trade down by buying cheaper brands, shop at discount stores, or purchase...
After two years of persistent inflation levels above wages, the economy of U.S. households is beginning to show signs of weakness, leaving consumers struggling to maintain their purchasing power and financial stability. Many individuals have depleted a significant portion of their savings to keep up...
If you’re gearing up for a festive feast, you’ll be thankful to hear that wholesale prices of whole frozen turkeys are taking a dip, bringing some much-needed relief for consumers after a tough time of soaring prices. But while prices have gone down on turkeys,...
Bank of America CEO Brian Moynihan is reportedly optimistic about the U.S. economy and the bank’s growth prospects. Speaking Wednesday (Nov. 8) at the Reuters NEXT conference, Moynihan said he believes that the economy will experience a soft landing rather than a recession, with a slowdown expected in the middle...
Lending standards have tightened and demand has weakened in the third quarter of 2023, according to the Federal Reserve’s October Senior Loan Officer Opinion Survey (SLOOS) on Bank Lending Practices, released Monday (Nov. 6). The survey showed that lending standards have tightened across various loan...
The latest ISM Services PMI reading came in at 51.8 in October, down from a 53.6 reading in September. A reading above 50 notes expansion — but the expansion is slowing, and the latest tally missed a consensus estimate of 53. The Index measures the...
Jobless Americans might be having trouble finding work, according to new unemployment data. Figures released Thursday (Nov. 2) by the Labor Department showed that continuing jobless claims — an indicator for the number of people collecting unemployment benefits — rose to 1.82 million for the week ending Oct....
Just how resilient is the American consumer? It’s a key question facing the Federal Reserve. As Bloomberg News reported Sunday (Oct. 29), officials from the U.S. central bank will hold a two-day policy meeting this week, where they are determined to keep interest rates between 5.25% to 5.5%,...
