Friday, December 27

Tag: economy

Many still struggling with high living costs despite cooling inflation
11Aug By adminNo Comments
Money

Many still struggling with high living costs despite cooling inflation

Many still struggling with high living costs despite cooling inflation - CBS News Watch CBS News Even though inflation has slowed, many Americans are still seeing costs rise for necessities like rent, groceries and utilities. Carter Evans has details. Be the first to know Get browser notifications for breaking news, live events, and exclusive reporting. Not Now Turn On
Read More
Inflation rose 3.2% in July, marking the first increase after a year of falling prices
10Aug By adminNo Comments
Money

Inflation rose 3.2% in July, marking the first increase after a year of falling prices

Inflation rose by an annual rate of 3.2% in July, reflecting the first increase after a year of cooling prices. The Consumer Price Index, a basket of goods and services typically purchased by consumers, grew at an annual rate just below economists' forecast of 3.3%, according to FactSet. On a monthly basis, inflation rose 0.2%, the Labor Department said Thursday.The uptick, the first increase in the pace of growth since June 2022, is due partly to higher housing and food costs. Even so, economists said underlying press pressures are easing, and that the economy is showing signs that price increases will continue cooling. "Overall, the underlying details of the July CPI inflation data are consistent with ongoing progress on disinflation," said Gurpreet G...
Read More
Hollywood strikes taking a toll on California’s economy
5Aug By adminNo Comments
Entertainment

Hollywood strikes taking a toll on California’s economy

Los Angeles — Hollywood scribes met with studio executives Friday for the first time since the Writer's Guild of America went on strike just over three months ago. The more than 11,000 film and television writers that make up the WGA have been on strike since early May. In mid-July, they were joined on the picket lines by the approximately 65,000 actors in the Screen Actors Guild–American Federation of Television and Radio Artists, SAG-AFTRA, a move that has shuttered nearly all scripted Hollywood production. It marks the first time since 1960 that both guilds have been on strike simultaneously. The economic impact has been especially heightened in California, where film and television production accounts for more than 700,000 jobs and nearly $70 billion a year in wages, according to the ...
Read More
How interest rates impact your money — from savings to mortgages
4Aug By adminNo Comments
Money

How interest rates impact your money — from savings to mortgages

Jayk7 | Moment | Getty Images"It can be easy to think that the decisions made by central banks don't impact the daily lives of normal people, however, the reality is they're very much likely to," James McManus, chief investment officer at Nutmeg, told CNBC Make It.Damircudic | E+ | Getty ImagesThe U.S. Federal Reserve, euro zone's European Central Bank and U.K.'s Bank of England have all announced monetary policy moves in recent weeks — and interest rates have once again taken center stage.The world of central banks and their policies, which include interest rates, may seem abstract — but they affect everyone."It can be easy to think that the decisions made by central banks don't impact the daily lives of normal people, however, the reality is they're very much likely to," James McManus, ...
Read More
The Washington Post – Breaking news and latest headlines, U.S. news, world news, and video
2Aug By adminNo Comments
Business

The Washington Post – Breaking news and latest headlines, U.S. news, world news, and video

(Jabin Botsford/The Post)The indictment is the first to emerge from special counsel Jack Smith’s probe of the underpinnings of the Jan. 6 riot. The former president was ordered to appear in federal court in Washington on Thursday.MORE COVERAGEThe co-conspirators are not named in the indictment, but five of them can be identified using the detailed descriptions provided by prosecutors.Opinion by Washington Post StaffOpinion by Charles MurrayOpinion by Michael R. Bloomberg(Nic Antaya for The Post)A Michigan grand jury charged a former state lawmaker and a losing candidate for state attorney general as part of an investigation into the improper acquisition of voting machines.(AP)The Gilgo Beach investigation was hampered by political battles, local resistance to federal investigators, and ...
Read More
Poll shows people pessimistic about economy despite positive indicators
1Aug By adminNo Comments
Money

Poll shows people pessimistic about economy despite positive indicators

Poll shows people pessimistic about economy despite positive indicators - CBS News Watch CBS News Inflation has cooled in recent months and the unemployment rate remains low. Still, a CBS News poll has found that most Americans are pessimistic about the economy. Mark Strassmann takes a look. Read more here. Be the first to know Get browser notifications for breaking news, live events, and exclusive reporting. Not Now Turn On
Read More
The economy’s long, hot, and uncertain summer — CBS News poll
31Jul By adminNo Comments
Money

The economy’s long, hot, and uncertain summer — CBS News poll

Never mind the macro stats for the U.S. economy — Americans are hot, and very much still bothered by high prices, with recent reports about GDP growth, stock gains and a strong labor market apparently providing cold comfort. At least so far.Instead, most describe the economy as "uncertain," along with calling it bad, and "struggling" but not improved. So, there's plenty of lagging skepticism hanging over the public mind after the turmoil of recent years and months of chatter about a potential recession. Almost no one is calling things "stable." And that's the case despite relatively good feelings about the job market and job security. It's not just whether one has a job, but what your wages can buy you. Most of those working say their pay is not keeping...
Read More
Federal Reserve Gives Up Forecasting A Recession
27Jul By adminNo Comments
Politics

Federal Reserve Gives Up Forecasting A Recession

After three years of a global pandemic that sent unemployment surging and plummeting, and a bout of inflation that saw prices grow at their fastest pace since the 1980s, the Federal Reserve and the Congressional Budget Office sounded what seems like an all-clear for the post-COVID U.S. economy Wednesday.“The staff now has a noticeable slowdown in growth starting later this year in the forecast, but given the resilience of the economy recently, they are no longer forecasting a recession,” Fed Chairman Jerome Powell told reporters after the central bank’s rate-setting meeting, where they approved what is likely to be the final in a series of interest rate hikes.Powell’s remarks were the strongest endorsement yet of a rapid shift in expectations among economists in recent weeks. Previously, ...
Read More
Federal Reserve hikes key interest rate to highest level in 22 years
27Jul By adminNo Comments
Money

Federal Reserve hikes key interest rate to highest level in 22 years

After briefly pausing its war on inflation last month, the Federal Reserve is resuming the battle by hiking its benchmark interest rate to the highest level in 22 years.The central bank concluded a two-day policy meeting on Wednesday by announcing that it is raising the federal funds rate by a quarter of a percentage point, lifting the Fed's target rate to between 5.25% and 5.5%. The Fed left the door open to further rate hikes this year, with Chair Jerome Powell telling reporters in a news conference that additional tightening is possible unless inflation continues to cool rapidly. "What our eyes are telling us is policy has not been restrictive enough for long enough to have its full desired effects. So we intend to keep policy restrictive until we'...
Read More
Why the Fall in Inflation Is a Big Deal for the 2024 Election
19Jul By adminNo Comments
Entertainment

Why the Fall in Inflation Is a Big Deal for the 2024 Election

After the Labor Department announced last week that consumer-price inflation had fallen to an annual rate of three per cent in June, about a third of its rate a year ago, President Joe Biden hailed the drop, combined with a low unemployment rate, as “Bidenomics in action.” During 2021 and 2022, as problems with the global supply chain and the war in Ukraine caused prices to surge upward, many Americans held Biden personally responsible, and he has the political scars to show for it. (According to the RealClearPolitics poll average, his economic approval rating stands at 38.4 per cent.) As inflation falls back, then, the President is surely entitled to claim some of the credit, especially since his Administration’s actions—working to resolve the backlogs at America’s ports, releasing part ...
Read More