Hiring cooled in April from the torrid pace of 269,000 jobs on average during the first three months of 2024 as the economy generated an average increase of 175,000 in total employment. … READ MORE >
Economics
Labor data shows economic strength as inflation concerns linger
Despite a slowdown in productivity and rising labor unit costs, the economy continues to show strength with initial jobless claims staying near recent lows and factory orders posting solid growth. … READ MORE >
Fed holds rates steady as rebound in inflation hampers progress
Citing a lack of progress in reducing inflation, the Federal Reserve kept its policy rate unchanged at 5.5% at its meeting on Wednesday, the same rate it has had since July. … READ MORE >
Job openings fall to a three-year low as manufacturing softens
Job openings in March plunged to 8.49 million, the lowest level in three years, according to the Bureau of Labor Statistics on Wednesday. … READ MORE >
Labor costs rise, complicating Fed’s decision on rate cuts
The employment cost index rose by 1.2% in the first quarter, up from 0.9% previously, while the year-over-year growth stayed elevated at 4.2%. … READ MORE >
American consumers continue to spend despite sticky inflation
Spending remained strong in March on the heels of robust income growth despite sticky inflation, according to Commerce Department released on Friday. … READ MORE >
GDP growth slows to 1.6% in first quarter, exaggerated by volatile trade and inventory data
Overall growth in U.S. gross domestic product fell to 1.6% in the first quarter, but the slowdown was exaggerated by volatile trade and inventory data, which provided a 1.2% drag on overall activity. … READ MORE >
Business equipment spending grows in March
The core capital goods shipments rose by 0.2% on a monthly basis, bringing the three-month moving average annualized pace to 2.0%. … READ MORE >
Regime change: Businesses face higher costs in nominal and real terms
Whether it is high single-digit borrowing costs for large multinationals or double-digit financing costs for middle market firms, elevated interest rates have become a fact of life for firm managers. … READ MORE >
Existing home sales plunge amid stable jobless claims
March proved challenging for the housing market, as sales of existing homes plummeted by 4.3%, marking the steepest drop since November 2022. … READ MORE >