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“Retail sales fall 0.6% in November after rising in October” Americans cut back sharply on retail spending last month as the holiday shopping season began with high prices and rising interest rates forcing families, particularly lower income households, to make harder decisions about what they buy. Retail sales fell 0.6% from October to November after a sharp 1.3% rise…
“Jobless claims fall to lowest level in over two months” The number of Americans applying for unemployment benefits fell significantly last week, a sign that the labor market remains strong even as the Federal Reserve continues to raise interest rates in an effort to cool the economy and slow inflation. Applications for jobless claims fell…
“Fed slows pace of rate hikes as inflation cools” The Federal Reserve dialed back the pace of its inflation-fighting effort on Wednesday as officials seek a delicate balance between taming prices and avoiding a sharp recession. The rate-making Federal Open Market Committee hiked its benchmark interest rate by a half percentage point following a two-day…
“Stocks ‘mystery rally’ 60 seconds before inflation numbers hit: report” A surge in trading activity in the 60 seconds before the release of critical November inflation data this week has sparked speculation that the closely watched report was prematurely leaked. Stock futures surged more than 1% just before the November edition of the Consumer Price…
“Quit gaslighting Americans, Joe — inflation is still terrible” Inflation was less bad in November than the month before, but a 7.1% rise in prices still means continued pain at the grocery store, buying presents or just paying electric bills. It’s nothing to celebrate — but that’s not stopping President Joe Biden. The Bureau of…
“How Costco keeps $1.50 hot dog-and-soda combo despite inflation” Longtime Costco CEO Craig Jelinek recently revealed how the big-box retailer has managed to maintain its $1.50 price point for a hot dog-and-soda combo despite an inflation surge over the last year. Jelinek, the top boss at Costco since 2012, said in-house production of hot dogs…
“Consumer prices rose 7.1% in November as Fed rate hike looms” Inflation cooled slightly in November from its decades-high level of previous months, though weary American households still face financial pressure from high prices and rising interest rates during the holiday season. The November reading of the Consumer Price Index, a closely watched measure of…
“Goldman Sachs to chop at least 400 in retail banking unit: report” Goldman Sachs aims to cut at least a few hundred more jobs, Bloomberg Law reported on Monday, citing people familiar with the matter. The bank is drafting plans that could eliminate at least 400 positions from its loss-making retail banking operations, according to the…
” Brazil could cement its status as an economic leader thanks to 2024 CBDC move “ As of 2022, more than 30 million Brazillian citizens have no bank accounts, and no credit or debit cards. What’s wrong here? For roughly a decade, Brazil has been passing legislation aimed at changing the situation. However, the results…
“Recession fears rise as Fed eyes another interest rate hike” Investors are increasingly worried that the Federal Reserve will steer the US economy into a major recession – even as policymakers meet Tuesday to consider voting on a seventh straight interest rate hike. The Fed is widely expected to enact a half-percentage point interest rate…