U.S. personal income dropped 0.4 percent in May, totaling a $109.6 billion decrease, according to the Bureau of Economic Analysis. Disposable personal income fell 0.6 percent, while personal consumption expenditures decreased by 0.1 percent. The decline in income stemmed largely from reduced government benefits and farm income. Despite...
US May inflation, as measured by the Personal Consumption Expenditures (PCE) Price Index, rose to 2.3% year-on-year, meeting expectations. The core PCE, excluding food and energy, increased to 2.7%. Personal income fell 0.4% and spending dropped 0.1% month-on-month. The US dollar weakened slightly following the report. ...
Inflation edged up in May, with the key inflation gauge rising to 2.3% year-over-year, slightly exceeding the Federal Reserve's target. Core inflation also increased to 2.7%. Simultaneously, consumer spending dipped for the first time since January, falling 0.1%, while incomes dropped 0.4%. These decreases were partly attributed to...
Trump's immigration crackdown is causing widespread concern among US businesses. Many companies rely heavily on immigrant workers, and recent deportation efforts are leading to staff shortages and potential economic consequences. Firms in various sectors, including cleaning, healthcare, and elder care, report losing employees due to the stricter policies....
The pound surged to a near four-year high against the dollar after reports suggested President Trump might replace Federal Reserve Chair Jerome Powell sooner than expected. This sparked concerns about the Fed's independence and potential inflationary impacts from Trump's tariffs. The dollar weakened as markets reacted to the...
The US dollar dropped to a three-year low after reports surfaced that Donald Trump might announce Jerome Powell's replacement as Federal Reserve chair earlier than expected, possibly as early as this summer. Trump has repeatedly criticized Powell for not lowering interest rates fast enough. The early announcement could...
New single-family home sales in the US plummeted 13.7% in May to 623,000 units, significantly below expectations and previous averages. High mortgage rates, averaging around 7%, are cited as the primary cause, impacting affordability and buyer confidence. The increased supply of new homes, reaching a 9.8-month supply, further...
Despite initial price spikes following Israel's attack on Iran, global oil prices have remained relatively stable, defying expectations of a crisis. Several factors contribute: Iran hasn't targeted oil supplies or blocked the Strait of Hormuz; oil traders are less reactive to geopolitical events after repeated false alarms; autumn's lower...
US home prices are cooling, rising just 2.7% annually in April, according to the S&P CoreLogic Case-Shiller Index, the smallest gain in nearly two years. Higher mortgage rates and increased supply are contributing factors. While prices are weakening, particularly in previously hot markets like Tampa and Dallas, they...
Federal Reserve Chair Jerome Powell reiterated the Fed's commitment to controlling inflation, emphasizing a wait-and-see approach regarding further policy adjustments. He cited strong economic growth and full employment but noted inflation remains above the 2% target, with uncertainty surrounding the impact of tariffs. Powell's cautious stance may further...
