Trump on Tuesday announced he has chosen international trade attorney Jamieson Greer to be his U.S. trade representative and Kevin Hassett as director of the White House National Economic Council.
The Conference Board doesn’t break out its responses by party, but another measure of consumer sentiment by the University of Michigan showed that optimism about the economy jumped among Republicans after the election.
Not only is the federal debt at roughly $36 trillion, but the spike in inflation after the coronavirus pandemic has pushed up the government’s borrowing costs such that debt service next year will easily exceed spending on national security.
The U.S. economy is strong and should continue to grow next year, Fifth Third Bank Chief Investment Strategist Tom Jalics said at IBJ’s 2025 Economic Forecast breakfast Thursday.
The bulk of October’s monthly increase was driven by a rise in shelter costs, which were up 0.4 percent last month and grew by 4.9 percent annually.
The upbeat picture also reflected Americans’ forecasts for slower inflation. Consumers expect prices will climb 2.6% over the next year, the lowest since 2020.
While prices for most goods have been falling throughout the year, inflation for food services and home and auto insurance remain stubbornly high.
The Federal Reserve’s preferred measure of underlying U.S. inflation posted its biggest monthly gain since April, bolstering the case for a slower pace of interest-rate cuts following last month’s outsize reduction.
Growth in business investment slowed sharply on a drop in investment in housing and in nonresidential buildings such as offices and warehouses. But spending on equipment surged.
It’s a trend that has surprised many: Why, despite being squeezed by high prices, have Americans kept spending at retail stores and restaurants at a robust pace? One key reason is a relatively simple one.
The National Retail Federation said its 2024 forecast indicates that shoppers will make $979.5 billion to $989 billion worth of purchases in November and December.
The survey bottomed out in June 2022, when inflation peaked at 9.1%, and has since risen by about 40%, though it remains significantly below pre-pandemic levels.
Excluding volatile food and energy costs, “core” prices, a gauge of underlying inflation, remained elevated in September, driven up by rising costs for medical care, clothing, auto insurance and airline fares.
Thirteen industries reported contraction in September, led by printing, plastics and rubber, and wood products. Five sectors expanded.
Business investment increased at a vigorous 8.3% annual pace last quarter, led by a 9.8% rise in investment in equipment.
The Conference Board, a business research group, said Tuesday that its consumer confidence index fell to 98.7 in September, from 105.6 in August. It was the biggest month-to-month decline since August of 2021.
Americans spent a bit more at retailers last month, providing a small boost to the economy just as the Federal Reserve considers how much to cut its key interest rate.
Dollar Tree shares tumbled 20% Wednesday after hitting a 52-week low on the prior day.
The number of job openings has been trending gradually down over the past year. Yet there are still roughly 1.1 job openings for every unemployed person, Wednesday’s report showed.
Wearing an Indiana Fever pin during a visit to Indianapolis, former Secretary of State Condoleezza Rice spoke to the Economic Club of Indiana in a conversation with former Indiana Gov. Mitch Daniels primarily focused on current issues in foreign policy.
