U.S. job openings fell by 3.8% to 11.4 million in April amid economic moderation and monetary policy tightening, according to Bureau of Labor Statistics data released on Wednesday. Still, job openings remained near a record high, which puts more pressure on wages and inflation, and adds to the ... READ MORE >
Chart of the day: Consumer confidence falls in May
Consumer confidence in the United States slid to a three-month low in May amid sticky inflation and a decline in job availability. With both factors likely to persist, we expect confidence to remain on a rocky path over the next couple of months. The Conference Board's Consumer Confidence Index inched ... READ MORE >
Personal spending and trade improved in April as inflation eased
American consumers continued to spend more in April as inflation showed signs of relief. The combination of higher incomes, excess savings and lower energy prices helped to alleviate some of the recent recession concerns. On top of that, the advanced goods trade deficit improved significantly on ... READ MORE >
Chart of the day: Pending home sales fell in April
Pending home sales in April dropped more than expected as mortgage rates climbed toward a multidecade high, the National Association of Realtors reported on Thursday. April's pending sales index fell by 3.9% on the month, following an upwardly revised 1.6% decline in March. That pushed the total ... READ MORE >
Initial jobless claims show signs of bottoming out
New filings for jobless benefits last week inched down as a tight labor market kept layoffs below pre-pandemic levels. There were 210,000 new filings for the week ending May 21, down 8,000 from the week before, according to Labor Department data released Thursday . The weekly average pre-pandemic in ... READ MORE >
Chart of the day: American businesses kept investing in April despite rising costs
American businesses invested more in April despite rising costs and concerns over demand slowing down. The need for investment in productivity-enhancing equipment has become more pressing as labor shortages and higher costs continue to put pressure on profit margins. We expect investment to moderate to ... READ MORE >
New home sales fell 16.6% in April to lowest level since pandemic began
New home sales plummeted in April to their lowest since the onset of the pandemic amid a steep rise in mortgage rates and elevated prices. We expect sales to drop further in the coming months as a result of two potential 50-basis-point interest rate hikes from the Federal Reserve in June and ... READ MORE >
Chart of the day: U.S. existing home sales fall again as rates rise
Sales of existing homes in the United States fell for the third straight month in April as the housing market continued to cool off amid steep mortgage rate increases. Total sales declined to 5.61 million on the month, down by 2.4% compared to March and by 5.9% from a year ago, according to data ... READ MORE >
Initial jobless claims rise to 16-week high
New filings for jobless benefits rose to a 16-week high last week, driven by layoffs in Kentucky, California and Pennsylvania. It might be too soon to call for the bottom of new weekly jobless claims, but, with economic growth slowing and the Federal Reserve raising interest rates, it is not advisable ... READ MORE >
Chart of the day: U.S. housing starts fall amid rising mortgage rates
Construction of new houses in the United States slowed in April as builders' sentiment soured on the spike in mortgage rates. Builders, expecting faster interest rate increases from the Federal Reverse to tackle inflation, are slowing down their plans for new supply. With demand cooling off, we should ... READ MORE >