Income tax revenue replacement ‘remains to be seen,’ state budget director says
The comments from Indiana State Budget Director Zac Jackson came during a virtual panel discussion on the impacts an economic recession would have on state budgets.
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Retail sales rose 0.6% in August, largely due to spike in gas prices
The most recent quarterly financial reports from retailers showed that Americans remain cautious as higher interest rates make cars, homes or using credit cards more expensive.
U.S. employers added 187,000 jobs in August
Last month’s job growth marked an increase from July’s revised gain of 157,000, but still pointed to a moderating pace of hiring compared with the sizzling gains of last year and earlier this year.
U.S. economic growth for last quarter revised down to 2.1% annual rate
The Commerce Department’s second estimate of growth last quarter marked a slight acceleration from a 2% annual growth rate from January through March.
Powell: Economy’s solid growth could require additional Fed hikes to fight inflation
In a closely watched speech at Jackson Hole, Wyoming, Federal Reserve Chair Jerome Powell said the economy has been growing faster than expected and consumers are spending briskly—trends that could keep inflation pressures high.
U.S. jobless claims fall as labor market shows resiliency
Economists say that given the difficulties in finding workers during the past two years, businesses will likely hold onto them as long as possible, even if the economy weakens.
Fed minutes: Too-high inflation still a threat, could require more rate hikes
Most Federal Reserve officials last month still regarded high inflation as an ongoing problem that could require further interest rate increases, according to the minutes of their July 25-26 meeting released Wednesday.
Retail sales rose solidly last month as consumers spent freely
The uptick reflects the economy’s resiliency despite a still challenging economic environment of still high prices and higher interest rates.
Wholesale inflation in U.S. edged up in July from low levels
Wholesale prices in the United States picked up in July, yet the numbers still suggested that inflationary pressures have eased this year since reaching alarming heights in 2022.
Yearlong slowdown in inflation might have stalled in July
Thursday’s inflation data will be among the key metrics the Federal Reserve will consider in deciding whether to continue raising interest rates.
Inflation has steadily cooled, but hitting Fed’s target rate will be toughest mile
Squeezing out the last bit of excess inflation and reducing it to the Federal Reserve’s 2% target rate is expected to be a much harder and slower grind.
U.S. employers added fewer-than-expected 187,000 jobs in July
Despite the influx of workers, average hourly wages rose 0.4% from June and 4.4% from a year earlier—numbers that were hotter than expected and are likely to worry the Federal Reserve.
Price, wage increases slow further in latest signs of cooling inflation
Consumer prices rose in June at their slowest pace in more than two years and wage growth cooled last quarter.
U.S. economy unexpectedly accelerated to 2.4% growth rate in Q2
Driving last quarter’s growth was a burst of business investment, which surged at a 5.7% annual pace, the fastest rate since late 2021.
U.S. consumer confidence jumps to a two-year high as inflation eases
Tumbling inflation and sturdy hiring have raised hopes the Fed just might pull off a so-called soft landing—slowing the economy just enough to tame inflation without tipping the United States into recession.
U.S. retail sales edge higher as key metric shows resilient demand
Sales increased in seven out of 13 retail categories last month, including advances at non-store retailers, electronics stores and furniture outlets.
Purdue names well-known economist, Fed leader as first dean of Daniels School of Business
Jim Bullard has spent the last 15 years as president and CEO of the Federal Reserve Bank of St. Louis, making him the longest-serving sitting president of a Federal Reserve bank.
U.S. wholesale prices for June point to further easing of inflation pressures
The government’s producer price index—which measures inflation before it reaches consumers—rose just 0.1% last month from June 2022, the smallest such increase since August 2020.
Inflation eased further in June as economy slowly cooled
A year after inflation soared to the highest level in four decades, price increases are returning closer to normal levels.
Monthly inflation report predicted to show lowest mark in two-plus years
The expected decline in overall inflation over the past 12 months would bring the figure much closer to the Fed’s 2% target and reflect the progress the central bank has made in slowing price acceleration.