WASHINGTON—Americans stepped up their spending at retailers last month in the latest sign that healthy consumer spending is driving the economy’s steady growth. Retail sales rose 0.4 percent from September to October, the Commerce Department said Friday, a solid increase though less than the previous month’s robust 0.8 percent gain. A 1.6 percent jump in […]
The producer price index (PPI)—a gauge of prices paid by businesses for goods and services at the wholesale level in the United States—rose to a three-month high in October, revealing persistent price pressures in pockets of the U.S. economy. According to the Bureau of Labor Statistics (BLS), the PPI increased to 2.4 percent year over […]
The number of Americans applying for unemployment benefits fell to their lowest level in six months last week as layoffs remain at relatively healthy levels. The Labor Department reported Thursday that jobless claim applications fell by 4,000 to 217,000 for the week of Nov. 9. That’s less than the 225,000 analysts forecast. The four-week average […]
The U.S. annual inflation rate rose for the first time since March, suggesting that the final mile toward achieving the Federal Reserve’s 2 percent target might be bumpy. According to the Bureau of Labor Statistics (BLS), the annual inflation rate increased to 2.6 percent in October, up from 2.4 percent in September. Heading into the […]
The average age of U.S. homebuyers has risen to an all-time high, as the median home down payments nearly match annual U.S. household incomes, according to a yearly survey of the National Association of Realtors (NAR). The NAR’s 2024 Profile of Home Buyers and Sellers survey, tracking transactions between July 2023 and June 2024, found […]
President Joe Biden has repeatedly said that the U.S. economy is “the envy of the world.” That message, however, doesn’t seem to be resonating with many voters who are heading to the polls to elect the next president on Nov. 5. In battleground states, dozens of voters interviewed by The Epoch Times said that the […]
The personal consumption expenditure (PCE) price index—the Federal Reserve’s preferred inflation gauge—continued to slow in September as the central bank inched closer to reaching its 2 percent inflation target. The annual PCE inflation rate eased to 2.1 percent last month, down from 2.3 percent in August, according to the Bureau of Economic Analysis. This was the […]
The number of Americans filing for unemployment benefits fell last week, but the total number of those collecting benefits rose to its highest level in almost three years. The Labor Department reported Thursday that applications for jobless claims fell by by 15,000–227,000 for the week of Oct. 19. That’s less than the 241,000 analysts forecast. […]
WASHINGTON—U.S. retail sales increased solidly in September likely as lower gasoline prices gave consumers more money to spend at restaurants and bars, supporting the view that the economy maintained a strong growth pace in the third quarter. The slightly stronger-than-expected rise in sales reported by the Commerce Department on Thursday also reflected sharp increases in […]
Americans are feeling fairly secure in their jobs, they expect to continue to earn and spend more than they did pre-pandemic, and they think inflation isn’t getting much worse, according to new survey data released Tuesday by the Federal Reserve Bank of New York. But they’re growing increasingly anxious about mounting credit card debt. Debt […]
The Federal Reserve should carefully consider future interest rate reductions given that the U.S. economy is showing signs of strength, according to Christopher J. Waller, member of the bank’s board of governors. Last month, the Fed cut interest rates by 50 basis points, pushing it down to a range of between 4.75 percent and 5 […]
Lauree Simmons is the founder and CEO of Big Dog Ranch Rescue, a cage-free, no-kill dog rescue center. She talks about the rising cost of inflation for pets, and how it’s affecting both owners and shelters like hers across the United States.
The closely watched consumer sentiment survey from the University of Michigan shows that Americans’ confidence in the economy tumbled in October after two months of small gains, with frustration over high prices to blame. The University of Michigan’s preliminary consumer sentiment reading, released on Oct. 11, came in at 68.9 for October, a decline from […]
Inflation came in slightly higher than economists’ expectations as food and shelter costs rose in September. According to the Bureau of Labor Statistics, the annual inflation rate slowed to 2.4 percent last month, down from 2.5 percent in August. This was above the market estimate of 2.3 percent. The consumer price index (CPI) jumped at […]
Premium coffee price hikes are spurring competition in New York City. Starbucks’ sales dropped 3 percent globally in the 12 months up to June of this year, according to CNN. Disappointing numbers were a factor in the firing of Starbucks’ CEO and are attributed, in part, to the rising cost of coffee beans. High costs […]
Retail card interest rates are through the roof and, in some cases, are higher than normal bank credit cards—leading consumers to rack up massive amounts of debt. NTD spoke to Ted Rossman, a senior industry analyst at Bankrate, to find out more. He says that if you pay off the balance in time, retail cards […]
The United States Postal Service (USPS) submitted a Sept. 23 document to the Postal Regulatory Commission stating plans to raise prices for its First-Class postage—which currently costs 73 cents—five times over the next three years. The specific amounts for the price hikes weren’t mentioned, but the proposed plan is to start in July 2025 and […]
The Federal Reserve’s preferred inflation gauge—the personal consumption expenditure (PCE) price index—came in below expectations, suggesting that the central bank is inching closer to its 2 percent target. According to the Bureau of Economic Analysis (BEA), the PCE price index rose by 0.1 percent in August, down from the 0.2 jump in July. The PCE […]
President Joe Biden spoke at the Economic Club of Washington on Thursday, where he said the U.S. economy had “entered a new phase” when the Federal Reserve cut interest rates this week—the first cut since the COVID-19 pandemic. NTD spoke with Michael Busler, professor of finance at Stockton University, about what the recent rate cut […]
