The U.S. economy remained robust earlier this year, with a strong labor market leading to robust consumer spending. The problem is that inflation has also been resilient. Inflation-adjusted gross domestic product rose 1.6 percent annually in the first three months of the year, the Commerce Department said Thursday. That was a significant decline from the…
U.S. economic growth was much weaker than expected at the start of the year and prices rose faster, the Commerce Department reported Thursday. According to the ministry’s Bureau of Economic Analysis, gross domestic product, a broad measure of goods and services produced in the January-March period, rose a seasonally adjusted 1.6% on an annual basis….
Traders work on the floor of the New York Stock Exchange during afternoon trading on April 9, 2024 in New York City. Michael M. Santiago | Getty Images As recently as January, investors had high hopes that the Federal Reserve was about to launch a rate-cutting campaign that would reverse some of the most aggressive…
We’re hiring, part-time heroes wanted, sign at entrance to Target store, Queens, New York. Lindsey Nicholson | Universal Images Group | Getty Images The unemployment rate among Black Americans jumped in March, according to data released Friday by the Labor Department. Unemployment among Blacks rose to 6.4% last month, compared to 5.6% in February. That’s…
A McDonald’s crew member prepares french fries in Miami, Florida. Getty Images It’s a timeless question at fast food counters: Do you want fries with that? According to a leading potato supplier, respondents continue to answer “yes” at an above-average rate. It underscores the resilience of consumer spending, even as inflation squeezes wallets and savings…
A money changer holds Turkish lira and U.S. dollar banknotes at an exchange office in Ankara, Turkey, December 16, 2021. Cagla Gurdogan | Reuters Turkey’s annual inflation rate rose to 68.5% in March, up from the 67.1% inflation rate in February, according to the Turkish Statistics Institute report released on Wednesday. The monthly increase in…
Stubbornly high inflation could prompt the Federal Reserve to take a more cautious stance toward cutting interest rates this year, the central bank’s former vice chairman said Friday. Richard Clarida, who was Fed governor until January 2022 and is now a global economic adviser at asset management giant Pimco, said his former colleagues need to…
Christine Lagarde, President of the European Central Bank, at the “ECB and its observers” conference on March 20, 2024 in Frankfurt am Main. Bloomberg | Bloomberg | Getty Images European Central Bank chief Christine Lagarde reiterated on Wednesday that policymakers will consider cutting interest rates in June, but outlined an uncertain path beyond that. “By…
The European Central Bank needs to take its time to properly implement interest rate cuts and will have a clearer picture of inflation pressures in June, the institution’s chief economist told CNBC. “There is a lot of evidence accumulating, but it is also fair to say that as we transition from this holding period that…
The Federal Reserve is considering when and by how much to cut interest rates, and Friday’s jobs report will give policymakers an update on how the economy is performing before their next policy meeting. Fed officials are meeting on March 19 and 20 and are widely expected to leave interest rates unchanged at that meeting….
