Despite some progress, Federal Reserve Governor Michelle Bowman says inflation remains “uncomfortably above” 2%. “Should the incoming data continue to show that inflation is moving sustainably toward our 2% goal, it will become appropriate to gradually lower the federal funds rate to prevent monetary policy...
Low-income consumers may be pulling back, and high-income consumers may wind up spending their excess funds by the end of the year. However, J.P. Morgan CEO Jamie Dimon said in an interview Wednesday (Aug. 7) with CNBC that even as credit trends are normalizing, a...
Resy, a restaurant reservation platform owned by American Express, reportedly sees no evidence of a weakening of consumer sentiment among its customers. Consumer demand for restaurant dining remains strong, Resy CEO Pablo Rivero told Bloomberg Television Wednesday (Aug. 7). “People are still going out, trying...
Several U.S. bank stocks reportedly slipped Monday (Aug. 5) as investors left the sector amid rising fears of a potential recession. Among the losses were a drop of about 4% at Citigroup; a 2.7% decrease at Bank of America and Goldman Sachs; and a 2.2%...
On a day when a stock market rout promised to become a full-fledged bloodbath, and as recession fears mounted, the latest spate of economic data on employment is proving to be grist for a gloomy mill. Simply put, as employment data continues to come in...
The headline employment numbers from the Bureau of Labor Statistics Friday (Aug. 2) showed that firms added 114,000 jobs in July, and the unemployment rate hit 4.3% — a level not seen since the depths of the pandemic — up 0.2% from June. These numbers...
New U.S. unemployment claims have reached their highest level in close to a year. According to Labor Department data released Thursday (Aug. 1), jobless claims for the week ending July 27 rose to 249,000, from 235,000 the prior week. It’s the highest number since the...
American companies added 122,000 jobs this month, while wage growth continued to slow. That’s according to the latest monthly employment report from ADP, released Wednesday (July 31), showing the number of new private sector jobs is down from 155,000 in June. Wage increases slowed to 4.8%, the...
The bifurcation in consumer spending — between higher-income and lower-income individuals and households — looks set to widen. And in the meantime, as detailed in the University of Michigan’s Consumer Sentiment Index, the prevailing outlook on the economy seems to have soured a bit. Dueling...
