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☆ Weekly jobless claims jump to 231,000, the highest since August
▼ + stars: | 2024-05-09 | by ( ) www.cnbc.com time to read: +2 min

Initial filings for unemployment benefits hit their highest level since late August 2023 in a potential sign that an otherwise robust labor market is changing. Also, job openings have been declining amid expectations that the labor market is likely to slow through the year. The four-week moving average of claims, which helps smooth out weekly volatility in numbers, increased to 215,000, up 4,750 from the previous week. "One week does not a trend make, but we can no longer be sure that calm seas lie ahead for the US economy if today's weekly jobless claims are any indication." Markets reacted little to the jobless claims release, with stock market futures slightly negative and Treasury yields mixed.

Persons: Dow Jones, Christopher Rupkey, Robert Frick Organizations: Labor Department, Navy Federal Credit Union Locations: New York

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Persons: Federal nRewards, cardholders, Read, Cardholders, — Organizations: Business Insider, Navy Federal Credit, Card, Navy Federal Credit Union, Citi, Federal Credit, Credit, National Guard, Department of Defense, DOD, The Navy Federal Credit, Federal Credit Union, Emergency Assistance Navy Federal Credit, Federal, American, Walmart, Wells, Citi Diamond Preferred, Navy, Navy Federal, of Defense, Business Locations: Wells

☆ Navy Federal says external review finds ‘non-race factors’ explained mortgage approval disparities
▼ + stars: | 2024-03-23 | by ( Casey Tolan | Rene Marsh | ) edition.cnn.com time to read: +5 min

The nearly 29-percentage-point gap in Navy Federal’s approval rates was the widest of any of the 50 lenders that originated the most mortgage loans in 2022. In addition, an analysis by staff of the Senate Banking Committee, which 10 Democratic senators cited in a letter asking federal regulators to review Navy Federal’s mortgage lending earlier this year, also found racial disparities in Navy Federal’s mortgage approval rates based on the publicly available data. A spokesperson for Navy Federal did not respond to a request for additional details about the analysis. Navy Federal described Adegbile’s analysis as an “external review,” but his law firm, WilmerHale, is also defending Navy Federal in a class-action lawsuit from Black and Latino borrowers who allege the credit union discriminated against them in mortgage applications. “Navy Federal should immediately put out the full investigative report and data analysis so that Navy Federal’s members have an opportunity for themselves to review the findings,” the statement said.

Persons: hadn’t, “, ”, Debo Adegbile, ” Adegbile, WilmerHale, – Ben Crump, Adam Levitt, Hassan Zavareei –, Adegbile Organizations: CNN, Navy Federal Credit Union, Department of Defense, Federal, Consumer Financial, Bureau, Banking Committee, Navy Federal, U.S . Commission, Civil Rights Locations: Black, Navy

☆ Retail sales rebounded in February amid higher gas prices
▼ + stars: | 2024-03-14 | by ( Bryan Mena | ) edition.cnn.com time to read: +2 min

Retail sales at stores, online and in restaurants rose 0.6% in February from the prior month, up from January’s revised 1.1% decline, the Commerce Department reported Thursday. The broader US economy remains on strong footing, with employers continuing to hire and Americans still raking in strong wage gains. Sales were up across most categories last month, rising the most at home improvement stores, by a solid 2.2%. In February, car sales climbed 1.8%, purchases of electronics and appliances increased 1.5% and sales at restaurants rose 0.4%. Spending is heavily influenced by the state of the labor market, which remains solid.

Persons: don’t, ”, Robert Frick, “ It’s, “ Organizations: Washington CNN, Commerce Department, Consumers, Navy Federal Credit Union

☆ Consumer prices rose 0.4% in February and 3.2% from a year ago
▼ + stars: | 2024-03-12 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

The consumer price index, a broad measure of goods and services costs, increased 0.4% for the month and 3.2% from a year ago, the Labor Department's Bureau of Labor Statistics reported Tuesday. Excluding volatile food and energy prices, the core CPI rose 0.4% on the month and was up 3.8% on the year. Food costs were flat on the month, while shelter rose another 0.4%. With home prices expected to rise this year and rents falling only slowly, the long-awaited fall in shelter prices isn't coming to the rescue any time soon," said Robert Frick, corporate economist at Navy Federal Credit Union. Patrick T. Fallon | AFP | Getty ImagesAirline fares posted a 3.6% increase, apparel prices rose 0.6% and used vehicles were up 0.5%.

Persons: Dow Jones, Robert Frick, February's, Patrick T, Fallon, Jerome Powell, Paul Ashworth Organizations: Federal Reserve, Labor Department's Bureau of Labor Statistics, Dow, BLS, Navy Federal Credit Union, AFP, Getty, North, Capital Economics Locations: Redondo Beach , California, North America

☆ Key takeaways from the latest jobs report
▼ + stars: | 2024-03-08 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

“The economy remains strong, held up by a robust labor market,” wrote Christopher Rupkey, chief economist with FwdBonds, in a note Friday. Still, Friday’s jobs report also showed that the whopping gains initially recorded for January and December were revised down by a combined 167,000 jobs. January’s job gains now sit at an estimated 229,000 (down from the blowout 353,000); and December’s job growth at 290,000 (down from 333,000). In February, that included construction (up 23,000 jobs); transportation and warehousing (up 19,700 jobs); and retail (up 18,700 jobs). Friday’s jobs report showed that wage growth is indeed slowing.

Persons: ”, Christopher Rupkey, FwdBonds, “, ” Robert Frick, —, ” Diane Swonk, Swonk, February’s, ” Frick, Julissa Carielo, ” Swonk, Gus Faucher, Lydia Boussour, EY, Boussour, Janet Yellen, CNN’s Kate Bolduan, they’re, ” Yellen, Price, CNN’s Bryan Mena Organizations: New, New York CNN, of Labor Statistics, Navy Federal Credit Union, CNN, KPMG US, Health, Baby Boomers, Transportation Security Administration, DreamOn, Inc, Boomers, Fed, Labor, Federal, PNC Financial Services, “ Fed Locations: New York, San Antonio , Texas, Texas

☆ The US economy is so strong that there might not be any rate cuts in 2024
▼ + stars: | 2024-03-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +3 min

Now, some economists think the Fed won’t cut interest rates at all this year. “The Fed will not cut rates this year and rates are going to stay higher for longer,” he added. Richmond Federal Reserve President Tom Barkin echoed the idea that the central bank may not cut interest rates this year. In some ways, the expectations of interest rate cuts by the Fed undermined their efforts to actually cut the rates. Still, about half of investors are expecting an interest rate cut at the Fed’s June meeting, according to the CME FedWatch tool.

Persons: —, that’s, Jerome Powell, Torsten Slok, “, Tom Barkin, ” Barkin, “ I’m, ” Robert Frick, ”, Powell Organizations: New, New York CNN, Federal, Apollo Global Management, Richmond Federal, CNBC, Navy Federal Credit Union, CNN, Fed, National Federation of Independent, Investors, Financial Services, Senate Locations: New York, Richmond

The housing market began 2024 in the doldrums as housing starts and permits for new construction both fell, the Census Bureau reported on Friday. Starts fell 14.8%, way more than the flat reading expected by economists. “High mortgage rates, with maybe a dash of cold weather, caused starts and permits to fall from December. The optimism is a turnaround from August 2023, when 80% of small businesses surveyed said their long-term financial confidence was being negatively affected by the economy. Some 50% of small business owners said they were planning to expand in 2024.

Persons: didn’t, ”, Robert Frick, Lisa Sturtevant, Ksenia Potapov, “, they’re, Bill Dunkelberg Organizations: Census, Navy Federal Credit Union, MLS, “, National Federation of Independent Business, American Express Locations: American

The overall personal consumption expenditures price index rose 2% for the month, as did the core index that omits food and energy costs. On an annual basis, the overall index remained unchanged at 2.6% while the core fell to 2.9% from 3.2% in November. The rise in the core index was the slowest since the spring of 2021. The core index is often cited by Fed officials as their barometer for inflation. “The meeting statement is likely to drop the hawkish bias from its forward guidance, but stop short of signaling rate cuts.

Persons: ”, Robert Frick, “, Lydia Boussour, Jerome Powell, Jeremy Schwartz, Ruchir Sharma Organizations: Federal, Economic, Fed, Navy Federal Credit Union, Federal Reserve, Reserve, Nomura Securities, Nomura, Aichi Amemiya

☆ Senators call on federal regulators to review Navy Federal mortgage disparities, citing CNN investigation
▼ + stars: | 2024-01-11 | by ( Casey Tolan | Rene Marsh | ) edition.cnn.com time to read: +6 min

In a letter to the Department of Housing and Urban Development and the Consumer Financial Protection Bureau, ten Democratic U.S. senators asked the regulators to investigate Navy Federal Credit Union’s mortgage lending for compliance with federal anti-discrimination laws. The credit union, which has more than 13 million members, lends to military servicemembers, defense personnel, veterans, and their families. “Navy Federal’s members have made countless sacrifices in their service to our country,” the senators wrote in the letter. The credit union declined to provide CNN any additional data that would make it possible to analyze those factors. Navy Federal has not yet responded to the lawsuits in court.

Persons: Sen, Sherrod Brown, Ron Wyden, Mary McDuffie, Emanuel Cleaver, Steven Horsford, Hakeem Jeffries, ”, Maxine Waters, Ben Crump – Organizations: CNN, Department of Housing, Urban Development, Consumer Financial Protection, Democratic U.S, Navy, Credit, Banking, Finance, Congressional Black Caucus, Federal, “, Navy Federal, Financial Services Locations: Ohio, Oregon, “ Navy, Virginia

Both are yet another indication that inflation has moderated from its pace of last year when consumer inflation was running at a 9.1% annual rate. “After fears of "sticky" and "persistent" inflation, the month to month slowing in the core pce readings is encouraging. Core pce has risen by 0.3% or less for 8 consecutive months. Political Cartoons on Inflation View All 19 Images"This report hit the trifecta,” said Navy Federal Credit Union corporate economist Robert Frick. “During October, mortgage rates were at their highest, and contract signings for existing homes were at their lowest in more than 20 years,” said Lawrence Yun, NAR chief economist.

Persons: ” Kathy Jones, ”, Robert Frick, “, Zumper, Lawrence Yun, Curt Long Organizations: Federal Reserve, pce, Schwab Center, Financial Research, Federal Credit Union, National Association of Realtors, NAR, Fed, Labor, National Association of Federal Credit Unions, Dow Jones Industrial Locations: “

☆ US existing home sales hit more than 13-year low; prices push higher
▼ + stars: | 2023-11-21 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

"The combination of high prices, high mortgage rates, and millions of homeowners unwilling to move, given they've locked in low rates, has frozen the market," said Robert Frick, corporate economist at Navy Federal Credit Union in Vienna, Virginia. Economists polled by Reuters had forecast home sales would slide to a rate of 3.90 million units. Existing home salesTIGHT SUPPLYThere were 1.15 million previously owned homes on the market last month, down 5.7% from a year ago. Most homeowners have mortgage rates under 5%, making many reluctant to sell. At October's sales pace, it would take 3.6 months to exhaust the current inventory of existing homes, up from 3.3 months a year ago.

Persons: Sarah Silbiger, Robert Frick, Freddie Mac, Lawrence Yun, Yun, Jeffrey Roach, Lucia Mutikani, Paul Simao Organizations: REUTERS, WASHINGTON, National Association of Realtors, Navy Federal Credit Union, homebuyers, Reuters, Treasury, realtors, U.S, Congress, Builders, LPL Financial, Thomson Locations: Washington , U.S, Vienna , Virginia, Northeast, West, Midwest, Charlotte , North Carolina

☆ Homebuilding bounced back in September
▼ + stars: | 2023-10-18 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —US homebuilding bounced back in September, after dropping in August to the lowest levels since 2020 as mortgage rates climbed. Building permits dropped in September, falling 4.4% from August’s revised number to a seasonally adjusted annual rate of 1.473 million. “Builders continue constructing smaller homes using less land, and offering incentives, but to build our way out of the housing shortage we’ll need mortgage rates well below current levels,” he said. Homebuilders are becoming increasingly anxious about persistently high mortgage rates and cooling demand, she said. “To keep buyers interested, many builders have been offering upgrades or buying down mortgage rates,” she said.

Persons: US homebuilding, ”, Robert Frick, Lisa Sturtevant, “, Sturtevant Organizations: DC CNN, US, Housing, Census, Navy Federal Credit Union, “ Builders, Bright MLS Locations: Washington

☆ Consumer prices rose 0.4% in September, more than expected
▼ + stars: | 2023-10-12 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

The consumer price index, a closely followed inflation gauge, increased 0.4% on the month and 3.7% from a year ago, according to a Labor Department report Thursday. On a monthly basis, shelter accounted for more than half the rise in the CPI, the Labor Department said. On a 12-month basis, food costs climbed 3.7%, including a 6% increase for food away from home, while energy costs were off 0.5%. "That shelter and food costs rose particularly is especially painful." Correction: The Labor Department said Wednesday that prices at the wholesale level increased 0.5% in September.

Persons: Dow Jones, Robert Frick Organizations: Labor Department, Dow, CPI, Energy, Navy Federal Credit Union, Federal, Market Committee, Treasury

Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). Customer service is also available 24/7 for Navy Federal student loans, a perk unmatched by many similar companies in the industry. How Navy Federal student loans workNavy Federal offers both fixed-rate and variable-rate undergraduate and graduate loans. Warning: Go after federal student loan options before looking at private student loans, including a Navy Federal loan, as you'll get better terms and protections through the government. What options do I have to repay my Navy Federal student loans?

Persons: Mae, Sallie Mae, Q, You'll, you'll Organizations: Federal, Navy Federal Credit Union, Navy Federal, Federal Credit Union Discover Bank, FDIC, Discover, cosigners, Better, Bureau, BBB

☆ 82% of Americans are worried about the impact of inflation. Try these 5 strategies to save money and shore up your finances.
▼ + stars: | 2023-09-28 | by ( Sponsor Post | Created Insider Studios With Navy Federal Credit Union | ) www.businessinsider.com time to read: +6 min

Proactively saving money can yield the financial cushion you need to feel more secure. Try tracking money in and money out for at least one month. Savings accounts, money market accounts, and CDs are ideal tools for reaping compound interest on short-term savings. "Your standard savings account will generally have a lower rate than a money market account but will allow more options for utility. Open a dedicated, high-interest savings account specifically for your fund.

Persons: it's, Jaspreet Chawla, IRAs, Roth IRAs, Chawla, Russell Nelson, you'd Organizations: Navy Federal Credit Union, ESA, Federal Credit Union, Insider Studios, NCUA

That's because the Federal Reserve has been hiking interest rates since March 2022 in an effort to cool inflation. So the question remains: When will we finally see interest rates start to come down? CNBC Select asked three experts to give their take on what lies ahead for interest rates. What we'll coverWhen will interest rates come back down? Existing loans with a variable rate may also start charging less interest as the Fed lowers interest rates.

Persons: Amy Hubble, hasn't, Preston Caldwell, Caldwell, Hubble, Elliot Eisenberg, you'll, it's Organizations: Federal Reserve, CNBC, Federal, Market, Morningstar Research Services, Ally Bank, Navy Federal Credit Union, Jumbo, Navy Federal Credit, PNC Bank, PNC Bank Mortgage, Savings, Axos Bank, FDIC, CNBC Select's, Facebook, Twitter Locations: U.S

☆ Chase Slate Edge Credit Card Review
▼ + stars: | 2023-08-28 | by ( Aaron Hurd | ) www.wsj.com time to read: +7 min

By Aaron HurdIf you’re one of the millions of Americans dealing with credit card debt — which recently hit a record $1.03 trillion — a balance-transfer credit card can offer temporary relief. That’s exactly what the Chase Slate Edge, our pick for Best Balance-Transfer Credit Card, delivers. But the thing that gives the Slate card the edge is how it helps you improve your credit score. If this is you, the automatic credit line increases you can earn with the Chase Slate Edge will give your credit score a boost while you pay off your credit card balance. We preferred credit cards with longer balance transfer promotional periods and lower balance transfer initiation fees.

Persons: Aaron Hurd, you’ve, Chase Organizations: Slate, Chase, Chase Slate, Slate Edge, Wings, Navy Federal Credit Union, Navy Federal

☆ Can You Pay a Credit Card with a Credit Card?
▼ + stars: | 2023-08-17 | by ( Sarah Brodsky | ) www.wsj.com time to read: +9 min

By Sarah BrodskyWhile it might seem tempting to pay off one credit card with another, credit card companies don’t permit this. That said, some credit card companies do offer the option to consolidate credit card debt and get a reprieve from paying interest. Why you typically cannot pay a credit card with another credit cardCredit card companies don’t allow cardholders to pay a credit card with another card because it would hurt their bottom line. “They’ve already extended you the credit, they’re going to get to charge you interest.”And credit card companies would owe money if they accepted payment by credit card. How to pay off a credit card with a balance transfer cardAlthough you can’t pay a credit card by charging another card, it’s possible to move your balance from one card to another with a balance transfer.

Persons: Sarah Brodsky, It’s, you’ve, whittle, don’t, “ There’s, ”, Herman Thompson , Jr, “ They’ve, they’re, there’s, ” Thompson, “ Organizations: Mastercard, American Express, Financial, Bank of America, Navy Federal Credit Locations: Atlanta

☆ US consumer confidence races to two-year high; house prices rising
▼ + stars: | 2023-07-25 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

Summary Consumer confidence index increases to 117.0 in JulyLabor market differential rises to 37.2 from 32.5 in JuneHouse prices continue upward trend in MayWASHINGTON, July 25 (Reuters) - U.S. consumer confidence increased to a two-year high in July amid a persistently tight labor market and receding inflation, bolstering the economy's prospects in the near term. That supports economists' views that consumer spending was flattening out after rising at its fastest pace in two years in the first quarter. The Conference Board's consumer confidence index increased to 117 this month, the highest reading since July 2021, from 110.1 in June. TIGHT LABOR MARKETThe survey's so-called labor market differential, derived from data on respondents' views on whether jobs are plentiful or hard to get, increased to 37.2 this month from 32.8 in June, a sign labor market conditions remain tight despite job growth slowing. And while more households planned to buy houses, they could run into affordability challenges as tight supply pushes up prices.

Persons: Robert Frick, Dana Peterson, Lisa Sturtevant, Lucia Mutikani, Paul Simao Organizations: Labor, Conference, Federal Reserve, Consumers, Navy Federal Credit Union, The, Reuters, University of, Conference Board's, Fed, Federal Housing Finance Agency, Bright MLS, Thomson Locations: WASHINGTON, Vienna , Virginia, U.S

Municipal Credit Union Personal Loan DetailsMunicipal Credit Union offers personal loans for a variety of purposes. See our picks for the best debt consolidation loans »Municipal Credit Union Personal Loan Pros and ConsPros Cons Excellent rates. Municipal Credit Union TrustworthinessMunicipal Credit Union has an A+ rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. Municipal Credit Union Personal Loans CompetitorsMunicipal Credit Union Personal Loans vs. First Tech Personal LoansFirst Tech Personal Loan and Municipal Credit Union have similar minimums. Municipal Credit Union Personal Loans vs. Navy Federal Personal LoansYou can get the smallest loan amount with Navy Federal Credit Union Personal Loan, as the credit union offers loans as small as $250Navy Federal has more stringent membership requirements than Municipal Credit Union, as you only qualify if you are an active military member, veteran, or employee or retiree of the Department of Defense.

Persons: You'll, you'll, Formally, Municipal Credit Union hasn't Organizations: Municipal Credit, Credit, Municipal Credit Union, New, Loan, Municipal, Chevron, Union, Better Business Bureau, BBB, First Tech, Financial, Navy, Navy Federal Credit, Federal, Department of Defense Locations: New York, New York City, York, Oregon

☆ Construction of new homes fell 8% in the US last month
▼ + stars: | 2023-07-19 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Builders are benefiting from the lack of existing homes for sale as owners hunker down, but higher mortgage rates pose a threat, said Odeta Kushi, deputy chief economist at First American Financial Corporation. Holding household income constant, the increase in mortgage rates reduced home-buying power by approximately $10,000, Kushi said. “There remains pent-up demand in the housing market, but higher rates put a strain on affordability,” said Kushi. Builders remain ‘cautiously optimistic’Builder confidence remains high despite concerns about rising rates. The National Association of Home Builders/Wells Fargo Housing Market Index gauges market conditions and looks at current sales, buyer traffic and the outlook for sales of new construction homes over the next six months.

Persons: ”, Robert Frick, “, it’s, Odeta Kushi, Freddie Mac, Kushi, Alicia Huey, Robert Dietz, Dietz Organizations: DC CNN, Housing, Census, Navy Federal Credit Union, First American Financial Corporation, National Association of Home Builders, NAHB, Federal Reserve, Builders Locations: Washington, Wells Fargo

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☆ US consumers' near-term inflation expectations hit two-year low; sentiment rises
▼ + stars: | 2023-06-16 | by ( Lucia Mutikani | ) www.reuters.com time to read: +3 min

Summary Consumer sentiment index rises to 63.9 in June from 59.2One-year inflation expectations drop to 3.3% from 4.2%Long-run inflation expectations dip to 3.0% from 3.1%WASHINGTON, June 16 (Reuters) - U.S. consumers' near-term inflation expectations dropped to more than a two-year low in June and the outlook over the next five years improved slightly, according to a survey on Friday that also showed sentiment perking up. "The Fed will be gratified that the surge in inflation expectations in the late-1970s and early 1980s has not been repeated," said Conrad DeQuadros, senior economic advisor at Brean Capital in New York. The University of Michigan survey's reading of one-year inflation expectations dropped to 3.3% this month, the lowest since March 2021, from 4.2% in May. The survey's preliminary reading on the overall index of consumer sentiment came in at a four-month high of 63.9 in June compared with 59.2 in May. Its measure of consumer expectations rose to 61.3 from 55.4 last month.

Persons: Conrad DeQuadros, Joanne Hsu, Robert Frick, Lucia Mutikani, Daniel Wallis, Chizu Organizations: University of Michigan's, Fed, Wednesday, Brean, The University of Michigan, Treasury, Reuters, Consumers, Navy Federal Credit Union, Thomson Locations: WASHINGTON, New York, U.S, Washington, Vienna , Virginia

☆ US single-family homebuilding, permits rise in April
▼ + stars: | 2023-05-17 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

Summary Single-family housing starts rise 1.6% in AprilSingle-family building permits increase 3.1%Overall housing starts climb 2.2%; permits fall 1.5%WASHINGTON, May 17 (Reuters) - U.S. single-family homebuilding increased in April, but data for the prior month was revised sharply lower, suggesting that the housing market slump was far from over even as some segments show signs of stabilizing. The rise in single-family housing starts last month reported by the Commerce Department on Wednesday was concentrated in the West, with the rest of the three regions reporting big declines. Single-family housing starts, which account for the bulk of homebuilding, rose 1.6% to a seasonally adjusted annual rate of 846,000 units last month. Single-family housing starts plunged 28.1% on a year-on-year basis in April. The single-family homebuilding backlog increased 4.5% to 139,000 units, while the completions rate for this segment dropped 6.5% to a rate of 971,000 units.

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