Economy

Inflation stayed stubbornly high in April, potentially reinforcing the chances that interest rates could stay higher for longer, according to a gauge released Friday that the Federal Reserve follows closely. The personal consumption expenditures price index, which measures a variety of goods and services and adjusts for changes in consumer behavior, rose 0.4% for the

A woman stands in front of an empty retail space in lower Manhattan on April 17, 2017 in New York City. As American’s shopping habits continue to migrate online, brick-and-mortar stores across the country are closing at an increased rate. For the first time in nearly two years, retail sales declined two months in a

A sign displays the price in pound sterling of food goods, including cucumbers, at a a fruit and vegetable market in stall east London on March 31, 2023. Susannah Ireland | Afp | Getty Images LONDON — After more than a year of warnings, Bank of England Governor Andrew Bailey says the U.K. is now

Michigan Avenue in Lansing, Michigan. Mike Kline (Notkalvin) | Moment | Getty Images Lansing, Michigan may never be the same. The city of just over 110,000 residents known for its towering state capitol building, large convention center and proximity to campuses is trying to reshape itself for a post-Covid world. It’s been more than three

Shoppers during the grand opening of a Costco Wholesale store in Kyle, Texas, on Thursday, March 30, 2023. Jordan Vonderhaar | Bloomberg | Getty Images Even with inflation running well above the Federal Reserve’s goal, markets became more convinced Wednesday that the central bank will be cutting interest rates by as soon as September. The

The Good Brigade | Digitalvision | Getty Images The unemployment rate slipped for Black and Hispanic workers in April, but remained stable for Asian American workers. The U.S. unemployment rate inched down to 3.4% last month, according to the U.S. Bureau of Labor Statistics. The number not only marked a decrease from 3.5% in March,

An employee hiring sign with a QR code is seen in a window of a business in Arlington, Virginia, April 7, 2023. Elizabeth Frantz | Reuters Employment openings pulled back further in March, hitting a nearly two-year low in a sign that the ultra-tight U.S. jobs market is loosening up and possibly putting less pressure

Despite a year’s worth of interest rate increases, inflation rose again in March, according to economic data released Friday that the Federal Reserve watches closely. The personal consumption expenditures price index excluding food and energy increased 0.3% for the month, in line with the Dow Jones estimate. On an annual basis, so-called core PCE increased

The latest U.S. economic data suggests a recession is coming, according to the chief executive of financial advisory firm Longview Economics, and investors may need to prepare for some pain in the stock market. Speaking to CNBC’s “Squawk Box Europe” on Friday, Chris Watling said he believed a recession was on its way, citing what

A home in Lynch, Kentucky. Scott Olson | Getty Images The banking turmoil of March, which saw the collapse of several regional U.S. lenders, will lead to a credit crunch for “small-town America,” according to veteran strategist David Roche. The collapse of Silicon Valley Bank and two other small U.S. lenders last month triggered contagion

A sign for the European Central Bank (ECB) outside the bank’s headquarters in Frankfurt, Germany, on Thursday, Feb. 2, 2023. Alex Kraus | Bloomberg | Getty Images European Central Bank policymakers are reconsidering the path of interest rate hikes in light of last month’s banking turmoil, but remain committed to reining in core inflation. Contagion

Inflation cooled in March as the Federal Reserve’s interest rate increases showed more impact, the Labor Department reported Wednesday. The consumer price index, a widely followed measure of the costs for goods and services in the U.S. economy, rose 0.1% for the month against a Dow Jones estimate for 0.2%, and 5% from a year

Nonfarm payrolls growth in March was about in line with expectations, but showed signs that the jobs picture is in the early stages of a slowdown. The Labor Department reported Friday that payrolls grew by 236,000 for the month, compared to the Dow Jones estimate for 238,000 and below the upwardly revised 326,000 in February.

A call for employment sign is displayed on a Dollar General convenience store on March 10, 2023 in Austin, Texas.  Brandon Bell | Getty Images Job openings fell below 10 million in February for the first time in nearly two years, in a sign that the Federal Reserve’s efforts to slow the labor market may

People shop at the Pioneer Supermarkets on January 12, 2023 in the Flatbush neighborhood of Brooklyn borough in New York City.  Michael M. Santiago | Getty Images There’s one group of people that’s being disproportionality hurt by high inflation: women. The relentless rise in prices hurts women two-fold. First, a jump in child care prices

Christine Lagarde, president of the European Central Bank (ECB), pauses during a rates decision news conference in Frankfurt, Germany, on Thursday, March 16, 2022. Alex Kraus | Bloomberg | Getty Images The European Central Bank on Thursday announced a further rate hike of 50 basis points, signaling it is ready to supply liquidity to banks

U.S. Federal Reserve Chair Jerome Powell responds to a question from David Rubenstein (not pictured) during an on-stage discussion at a meeting of The Economic Club of Washington, at the Renaissance Hotel in Washington, D.C., U.S, February 7, 2023. REUTERS/Amanda Andrade-Rhoades Amanda Andrade-rhoades | Reuters The Federal Reserve is one year down its rate-hiking path,

Even with turmoil in the banking industry and uncertainty ahead, the Federal Reserve likely will approve a quarter-percentage-point interest rate increase next week, according to market pricing and many Wall Street experts. Rate expectations have been on a rapidly swinging pendulum over the past two weeks, varying from a half-point hike to holding the line