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“Fed inflation gauge shows October prices eased to 6%” A measure of inflation that is closely monitored by the Federal Reserve eased but remained at an elevated level in October, likely reinforcing the Fed’s intent to keep raising interest rates to cool the economy and slow the acceleration of prices. Thursday’s report from the Commerce Department showed…
Why the GDP rebound isn’t soothing recession concerns U.S. economic growth rebounded sharply during the third quarter, according to data released by the Commerce Department on Thursday, rising at an annualized rate of 2.6 percent and proving that the U.S. has avoided a recession thus far. But beneath a strong headline number were several warning…
“Back-to-school spending expected to plunge amid inflation” Retailers banking on strong back-to-school sales will feel the pinch this summer as strapped consumers are on track to sharply curtail their shopping sprees, according to new research. The critical back-to-school shopping season, which kicks off after July 4 weekend, will grow by 5.5% this year, compared to…
“Kohl’s auction delayed indefinitely: sources” Kohl’s received two offers Thursday to buy the struggling retail giant – both well below the amount the company turned down earlier this year and expected even a few weeks ago, the Wall Street Journal reported. The takeover bids came from private-equity firm Sycamore Partners, which offered a price in…
“Key inflation gauge slows to still-high 6.3% in April” An inflation gauge closely tracked by the Federal Reserve rose 6.3% in April from a year earlier, the first slowdown since November 2020 and a sign that high prices may finally be moderating, at least for now. The inflation figure the Commerce Department reported Friday was below the…
“Back-to-office shopping sprees fueling huge growth at Macy’s” Macy’s shares soared 19% on Thursday after the department-store giant reported better-than-expected profits, saying its customers are splurging on new work outfits as they return to the office post-pandemic. The largest department store in the US is selling lots of blazers, dresses, accessories and make-up as consumers…
“US economy shrank by 1.4% as inflation takes toll on GDP” The US economy contracted by 1.4% in the most recent quarter, shrinking for the first time since the pandemic-induced recession two years ago as inflation continues to surge, according to government data released on Thursday. The Commerce Department’s estimate Thursday of the first quarter’s…
“#Consumers spending at ‘faster rate’ than ever: Bank of America CEO” The head of the nation’s second-largest bank said consumers are spending “at a faster rate” than he’s ever seen but he remains concerned about how inflation and supply-chain issues will influence the economy going into the winter. In an interview this month with the…
“#Consumer spending surges in October amid rampant inflation” US consumer spending increased more than expected in October as households bought motor vehicles and a range of other goods, showing no signs yet of holding back because of high inflation, and boosting the economic outlook early in the fourth quarter. The Commerce Department said on Wednesday that consumer spending, which accounts…
“#Dow surges nearly 400 points on strong Goldman profits, retail spending” US stocks rose on Friday as Goldman Sachs was the latest big bank to report strong results and better-than-expected retail sales eased worries about demand. The Dow Jones Industrial Average rose 395.05 points, or 1.13%, to 35,307.61, the S&P 500 gained 35.98 points, or 0.81%, to…