Gas prices are displayed at an Exxon gas station on July 29, 2022 in Houston, Texas. Brandon Bell | Getty Images Consumer inflation prospects fell significantly in July due to a sharp decline in gas prices and growing belief that rapid increases in food and housing would slow in the future. The New York Federal … Read more
Federal Reserve Bank governor Michelle Bowman makes her first public comments as a federal policymaker at an American Bankers Association conference in San Diego, Calif., Feb. 11, 2019. Ann Sapphire | Reuters Federal Reserve Governor Michelle Bowman said on Saturday that she supports the central bank’s recent major rate hikes and thinks they will likely … Read more
A person removes the nozzle from a pump at a gas station on July 29, 2022 in Arlington, Virginia. Olivier Douliery | AFP | Getty Images You would be hard-pressed to find a rearview mirror recession right now. What’s on the road, however, is a different story. There is no historical precedent indicating that an … Read more
July hirings were much better than expected, defying signs that the economic recovery is losing momentum, the Bureau of Labor Statistics reported Friday. Nonfarm payrolls rose 528,000 this month and the unemployment rate stood at 3.5%, well ahead of Dow Jones estimates of 258,000 and 3.6%, respectively. Wage growth also rose higher, as average hourly … Read more
Initial unemployment insurance claims reached 260,000 last week, nearly the highest level since November amid a shift in the US job market. The total for the week ended July 30 was in line with the Dow Jones estimate, but up 6,000 from the previous week’s downwardly revised level, the Labor Department reported Thursday. In other … Read more
When the US economy is in recession, someone forgot to tell the job market. The employment picture of the past six months looks nothing like an economy in a downturn, but instead creates jobs at a rapid pace of nearly 460,000 a month. Research by Steve Liesman of CNBC indicates that during a typical downturn, … Read more
When the US economy is in recession, someone forgot to tell the job market. The employment picture of the past six months looks nothing like an economy in a downturn, but instead creates jobs at a rapid pace of nearly 460,000 a month. Research by Steve Liesman of CNBC indicates that during a typical downturn, … Read more
James Bullard, president of the St. Louis Federal Reserve, said on Wednesday that the central bank will continue to raise interest rates until it sees compelling evidence that inflation is falling. The central bank official said he expects an additional 1.5 percentage points in rate hikes this year as the Fed continues to battle its … Read more
James Bullard Olivia Michael | CNBC James Bullard, president of the St. Louis Federal Reserve, said Tuesday he still believes the economy can avoid a recession, even as he expects the central bank to continue raising interest rates to keep inflation in check. “I think inflation has come in higher than I expected in the … Read more
Mary Daly, president of the Federal Reserve Bank of San Francisco, poses after a talk on the US economic outlook, in Idaho Falls, Idaho, US, November 12, 2018. Ann Sapphire | Reuters The Federal Reserve still has a lot of work to do before it gets inflation under control, and that means higher interest rates, … Read more