Economy

Paul Tudor Jones Michael Nagle | Bloomberg | Getty Images Billionaire hedge fund manager Paul Tudor Jones believes that inflation is here to stay, posing a major threat to the U.S. markets and economy. “I think to me the number one issue facing Main Street investors is inflation, and it’s pretty clear to me that inflation is

People wearing face masks walk in front of a big Euro sign in Frankfurt am Main, western Germany, as the European Central Bank (ECB) headquarters can be seen in the background on April, 24, 2020. Yann Schreiber | Getty Images LONDON — A substantial portion of investors expect the U.S. Federal Reserve and the European

Cargo trucks parked at the Port of Los Angeles in Los Angeles, California, U.S., on Wednesday, Oct. 13, 2021. Kyle Grillot | Bloomberg | Getty Images Thanks to the rollout of coronavirus vaccines, the global economy is slowly starting to emerge from the pandemic. But Covid-19 has left one very destructive economic issue in its

A worker carries lumber as he builds a new home in Petaluma, California. Getty Images Rising interest rates will result in a sharp drop in refinance demand in 2022, meaning a lot less business for mortgage bankers, according to the Mortgage Bankers Association’s just-released annual forecast. It predicts total origination volume will drop 33% to

Residential single family homes construction by KB Home are shown under construction in the community of Valley Center, California, June 3, 2021. Mike Blake | Reuters The nation’s homebuilders aren’t seeing any relief from supply chain issues that have slowed construction recently, but high buyer demand appears to be making up for it. Builder confidence

Initial jobless claims fell below 300,000 for the first time since the early days of the Covid-19 pandemic, the Labor Department said Thursday. In another sign the jobs market is getting closer to its old self, first-time claims for unemployment insurance totaled 293,000, the best level since March 14, 2020, which saw 256,000 claims just

Consumers spent at a much faster pace than expected in September, defying expectations for a pullback amid pervasive supply chain problems, the Census Bureau reported Friday. Retail sales for the month increased 0.7%, against the Dow Jones estimate for a decline of 0.2%. Excluding auto-related sales, the number rose 0.8%, better than the 0.5% forecast.

Richmond Federal Reserve President Thomas Barkin said Friday he’s on board with reducing the amount of economic help the central bank is providing as concerns grow about inflation. With the Fed indicating that it’s likely to start pulling back on its monthly bond purchases, Barkin said that seems reasonable and he’s leaning toward beginning the

Prospective homebuyers view a kitchen while touring a house for sale in Helotes, Texas. Matthew Busch | Bloomberg | Getty Images Mortgage rates continued their trudge higher last week, leaving most homeowners with little to no incentive to refinance. Homebuyers, already battling a pricey market, lost more purchasing power due to those higher rates. The

Federal Reserve officials could begin reducing the extraordinary help they’ve been providing to the economy by as soon as mid-November, according to minutes from the central bank’s September meeting released Wednesday. The meeting summary indicated members feel the Fed has come close to reaching its economic goals and soon could begin normalizing policy by reducing

Consumer prices increased slightly more than expected in September as food and energy price increases offset declines in used cars, the Labor Department reported Wednesday. The consumer price index for all items rose 0.4% for the month, compared to the 0.3% Dow Jones estimate. On a year-over-year basis, prices increased 5.4% vs. the estimate for

Job openings declined sharply in August while hiring also fell and the level of workers quitting their jobs hit the highest level since at least late 2000, the Labor Department reported Tuesday. Employment vacancies fell to 10.44 million during the month, a drop of 659,000 from July’s upwardly revised 11.1 million, according to the department’s

The total of Americans submitting jobless claims fell sharply last week as enhanced federal unemployment benefits wound down, the Labor Department reported Thursday. Initial filings for unemployment benefits totaled a seasonally adjusted 326,000 for the week ended Oct. 2, below the 345,000 Dow Jones estimate and a drop from the previous week’s 364,000. The numbers

Lael Brainard, governor of the U.S. Federal Reserve, speaks during the National Association of Business Economics (NABE) annual meeting in Arlington, Virginia, on Monday, Sept. 27, 2021. Al Drago | Bloomberg | Getty Images Federal Reserve Governor Lael Brainard‘s increased influence ahead likely means substantial changes and challenges for the nation’s banking system. Considered a

The U.S. economy created jobs at a much slower-than-expected pace in September, a pessimistic sign about the state of the economy though the total was held back substantially by a sharp drop in government employment. Nonfarm payrolls rose by just 194,000 in the month, compared with the Dow Jones estimate of 500,000, the Labor Department

September’s wage gains provided more fuel to the argument that the current pace of inflation could run longer than many economists anticipate. Average hourly earnings rose 0.6% for the month, making the year-over-year increase 4.6%. Over the past six months, wages are running at an average 6% annual gain. Excluding a brief spike in 2020,

Treasury Secretary Janet Yellen on Tuesday said she believes the economy would fall into a recession if Congress fails to address the borrowing limit before an unprecedented default on the U.S. debt. “I do regard Oct. 18 as a deadline. It would be catastrophic to not pay the government’s bills, for us to be in

A sharp jump in mortgage interest rates over the past few weeks is taking its toll on mortgage demand. Total application volume fell nearly 7% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.  The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250