US homes sales fell sharply in January, even as mortgage rates continued to ease
Sales had their biggest annual and monthly drop in the West, which wasn’t as affect by last month’s winter storm as the other regions of the country.
Economy
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IBJ Podcast: Pete the Planner on student loan collections, recessions, stagflation (and holding our breath)
As the U.S. economy contracts, consumer confidence weakens and we await the impact of tariffs, millions of student loan holders must redirect their income to payments. Pete Dunn helps us get a footing in this economic limbo.
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Cummins withdraws 2025 financial guidance over tariff uncertainty
Cummins Inc. has become the latest in a string of companies to withdraw its 2025 guidance.
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UPDATE: Lawmakers expect ‘tough’ budget cuts to offset $2.4B drop in projected revenue
An updated revenue forecast presented to the Budget Committee projected the state’s revenue will flatline from 2025 to 2027.
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Powell: Fed still sees rate cuts this year; election timing won’t affect decision
The recent pickup in inflation has led some economists to postpone their projections for when the Federal Reserve will begin cutting interest rates.
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Articles
Federal deficits and debt to worsen over next decade, report says
Notably, the Congressional Budget Office says higher tariffs partially offset some of those increases by raising federal revenue by $3 trillion, but that also comes with higher inflation from 2026 to 2029.
Retail sales unchanged in December from November, closing out year on a lackluster tone
The report, issued by the Commerce Department on Tuesday, surprised economists who were looking for growth despite concerns about slowing job growth and other economic headwinds.
Retail operator of outdoor sportswear pioneer Eddie Bauer files for bankruptcy
The company — which has five stores in Indiana — noted that it will conduct a court-supervised sales process, and if a sale can’t be executed, it will begin a wind-down of its U.S. and Canadian operations.
Trump sees a hot economy as midterm elections approach
President Donald Trump said at a recent Cabinet meeting that the economy could hit growth “numbers that have never been hit before.”
Wealthy ramp up spending while other Americans tread water, new study finds
Higher-income Americans and those with college degrees have ramped up their spending more quickly in the past three years than other consumers, according to new data.
Paralyzing winter storms put big chill on US economy, but how much?
Getting a handle on the disruption costs of winter weather disasters isn’t as easy as, say, calculating the value of buildings destroyed by hurricanes, floods and fires.
Wall Street pulls back from its records as JPMorgan Chase and Delta kick off earnings season
U.S. companies are under pressure to deliver strong growth in profits to justify the runs to records their stock prices have made.
Trump visits Ford plant and defends his tariffs, hoping to counter jitters about the economy
“All U.S. automakers are doing great,” Trump said.
Inflation cooled slightly in December–though it remains above Fed’s target
Signs that inflation is cooling could make it more likely that the Federal Reserve will reduce its key interest rate later this year, which could translate into lower borrowing costs for mortgages, auto loans and credit cards.
Fed served with DOJ subpoenas; Powell vows to stand firm
The unprecedented move by the Trump administration marks an escalation of the president’s longstanding feud with the central bank’s chair, though Trump denied having any knowledge of an investigation.
December interest rate cut was a close call for some Fed officials, minutes show
The minutes showed that even some Fed officials who supported the rate cut did so with reservations, with some saying they wanted to wait for more data before making any further moves.
Without pennies, should retailers round up or down? States offer their 2 cents.
While the question revolves around only a few cents per transaction, it raises important consumer protection and legal questions for states to consider.
Average long-term mortgage rate ticks down
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, rose this week.
Unemployment claims fall again, remain at historically healthy level
However, since March, job creation has fallen to an average 35,000 a month, compared to 71,000 in the year ended in March.
Abandoning homeownership may change how young people behave at work and home, research suggests
While 84% of the people born in 1950 became homeowners at some point in their working lives, the researchers estimated that only 74% of 1990 babies will follow suit.
US economy expands at 4.3% annual rate in the third quarter, fastest in 2 years
But economists caution that persistent and potentially worsening inflation could make a January interest rate cut from the Fed less likely.
Instacart ends a program where users could see different prices for the same item at the same store
A recent report by consumer advocacy agencies said Instacart offered nearly three out of every four grocery items to shoppers at multiple prices as part of an experiment.
Republicans and Democrats pitch competing plans to tackle affordability
Lawmakers in both parties view simmering fury over the cost of living as the top issue in next year’s midterm elections and are pitching a growing profusion of proposals to tackle the notoriously difficult problem of affordability.
Most US adults aren’t making year-end charitable contributions, poll finds
December serves as a deadline of sorts for donors, with the National Philanthropic Trust estimating that nearly one-third of annual giving happens in the final month.