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☆ PPI report: Another positive sign for consumers after wholesale inflation ticked down last month
▼ + stars: | 2024-06-13 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

Economists polled by FactSet had anticipated a 0.1% rise in monthly wholesale inflation. Excluding food and energy prices, so-called “core” producer inflation rose 2.3% on an annual basis, the same level seen in April. PPI captures average price shifts before they reach consumers and serves as a potential bellwether for retail-level inflation in the months ahead. The new inflation data follows May’s Consumer Price Index released Wednesday, which showed that the pace of price increase consumers see across goods and services cooled to 3.3% from 3.4% in April. But others expressed concerns that the fall in producer prices may actually represent a negative consequence.

Persons: FactSet, Price, Jerome Powell, he’d, ” Clark Bellin, ”, Christopher Rupkey, ” Rupkey Organizations: New, New York CNN, Federal Reserve, of Labor Statistics, PPI, Fed, FwdBonds Locations: New York

☆ 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

☆ 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

Now, as a new week unfolds, the debate is shifting to how strong the economy performed at year-end and whether 2024 will also bring good tidings. Recent inflation data has shown prices are trending back toward the central bank’s target of 2% annual inflation. The Fed will have its first meeting of 2024 late this month after holding interest rates steady at its December meeting. A stronger economy or a hotter-than-expected reading on inflation might push the first cut into the second half of the year. Another important piece of the economic puzzle will be the leading economic index from The Conference Board, due out Monday.

Persons: ” Christopher Rupkey, “, Wells Fargo Organizations: Federal Reserve, Fed, Conference Board Locations: COVID

☆ US economy grows 5.2% in third quarter; higher interest rates eroding momentum
▼ + stars: | 2023-11-29 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

The growth pace, which was the quickest in nearly two years, however, likely exaggerated the health of the economy last quarter. Economists polled by Reuters had expected GDP growth would be revised up to a 5.0% rate. Inventory investment added 1.40 percentage points to GDP growth, instead of the 1.32 percentage points estimated last month. Higher wages contributed to the economy growing at a 1.5% rate last quarter, the fastest in a year, when measured from the income side. That suggested trade could be a drag on GDP growth this quarter after being a neutral factor in the April-June period.

Persons: Elizabeth Frantz, Christopher Rupkey, There's, Conrad DeQuadros, Jeffrey Roach, Lucia Mutikani, Chizu Nomiyama, Paul Simao, Andrea Ricci Organizations: REUTERS, Commerce Department, Gross, Commerce Department's, Analysis, Reuters, Federal, United Auto Workers, Treasury, Brean, BEA, Fed, LPL Financial, Thomson Locations: Arlington , Virginia, U.S, WASHINGTON, New York, Charlotte , North Carolina

☆ US third-quarter growth revised higher; corporate profits rise strongly
▼ + stars: | 2023-11-29 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

The quickest growth pace in nearly two years reported by the Commerce Department on Wednesday, however, likely exaggerated the health of the economy last quarter. Economists polled by Reuters had expected GDP growth would be revised up to a 5.0% rate. The upward revision to growth last quarter reflected upgrades to business investment on structures, mostly warehouses and healthcare facilities. Inventory investment added 1.40 percentage points to GDP growth. Profits rose at a 0.8% rate in the second quarter.

Persons: Elizabeth Frantz, Christopher Rupkey, There's, Gregory Daco, Jeffrey Roach, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: REUTERS, WASHINGTON, Commerce Department, Gross, Commerce Department's, Reuters, Federal, United Auto Workers, Treasury, Federal Reserve, Fed, LPL Financial, Thomson Locations: Arlington , Virginia, U.S, New York, EY, Charlotte , North Carolina

☆ There could be a possible recession, says economist Christopher Rupkey
▼ + stars: | 2023-11-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere could be a possible recession, says economist Christopher RupkeyGregory Daco, chief economist at EY-Parthenon, Christopher Rupkey, chief economist at FWDBONDS, and CNBC's Steve Liesman join 'The Exchange' to discuss the recent labor market data, whether a recession is looming, and more.

Persons: Christopher Rupkey Gregory Daco, Christopher Rupkey, Steve Liesman Locations: EY

☆ US consumer prices unchanged; core inflation slowing
▼ + stars: | 2023-11-14 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Grocery food inflation increased 0.3%, driven by gains in the prices of meat, fish and eggs. Reuters GraphicsGOODS DEFLATIONExcluding the volatile food and energy components, the CPI increased 0.2% amid higher costs for rental housing. Health insurance costs rebounded as the BLS implemented changes to the methodology it uses to calculate health insurance prices, effective with October's CPI release. The old method was based on an annual calculation using aggregated health insurance premium and benefit data. There were concerns about the volatility in the annual data and the lag involved in incorporating the health insurance financial data.

Persons: Bing Guan, Christopher Rupkey, Jerome Powell, Powell, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: REUTERS, Federal Reserve, Labor Department's Bureau of Labor Statistics, Tuesday, Treasury, Reuters, Fed, CPI, Thomson Locations: SoHo, New York City, U.S, WASHINGTON

☆ US job openings stay elevated, layoffs hit nine-month low
▼ + stars: | 2023-11-01 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

The Job Openings and Labor Turnover Survey, or JOLTS report from the Labor Department on Wednesday also showed layoffs dropping to a nine-month low. There were 1.50 job openings for every unemployed person in September, slightly up from 1.49 in August and way above the pre-pandemic ratio of 1.2. Data for August was revised lower to show 9.497 million job openings instead of the previously reported 9.610 million. Economists polled by Reuters had forecast 9.250 million job openings in September. Job openings dropped 43,000 in federal government and there were 41,000 open positions in the information industry.

Persons: Christopher Rupkey, Conrad DeQuadros, Lucia Mutikani, Chizu Organizations: Federal Reserve, Labor, Survey, Labor Department, Treasury, Reuters, Brean, Institute for Supply Management, United Auto Workers, UAW, Detroit's Big, Ford Motor, General Motors, Chrysler, Thomson Locations: WASHINGTON, U.S, New York

☆ US weekly jobless claims hit nine-month low
▼ + stars: | 2023-10-19 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Though the labor market is gradually cooling, conditions remain tight, with claims at the very low end of their range of 194,000 to 265,000 for this year. The Fed's Beige Book report on Wednesday said "labor market tightness continued to ease across the nation" in early October and implied cooling wage pressure. The labor market is driving consumer spending and the overall economy, ultimately keeping inflation elevated. The claims report covered the week during which the government surveyed business establishments for the nonfarm payrolls component of October's employment report. The so-called continuing claims increased 29,000 to a still-low 1.734 million during the week ending Oct. 7, the claims report showed.

Persons: Andrew Kelly, Christopher Rupkey, Unadjusted, Jerome Powell's, Jay Hawkins, Lucia Mutikani, Chizu Nomiyama, Jonathan Oatis Organizations: REUTERS, Labor Department, Federal Reserve, Financial, Treasury, Reuters, United Auto Workers, UAW, Ford, General Motors, Chrysler, U.S, Economic, of New, National Association of Realtors, realtors, BMO Capital Markets, Philadelphia Fed, Thomson Locations: Manhattan , New York City, U.S, WASHINGTON, New York, Texas , New York , New Jersey, Georgia, California, Tennessee, Michigan, of New York, Toronto, Pennsylvania, New Jersey, Delaware

☆ US single-family starts rise; soaring mortgage rates a challenge
▼ + stars: | 2023-10-18 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

In addition, the jump in housing starts partially recouped the decline in August. The rebound in homebuilding probably reflected permits approved several months ago before mortgage rates broke above 7%. Single-family housing starts, which account for the bulk of homebuilding, increased 3.2% to a seasonally adjusted annual rate of 963,000 units last month, the Commerce Department said. Single-family starts rose in the Midwest, West and the densely populated South, but plunged 19.0% in the Northeast. Though permits are a leading indicator, economists cautioned against being too optimistic about homebuilding prospects, citing the soaring mortgage rates and souring builder sentiment.

Persons: Sarah Silbiger, homebuilding, homebuilders, Conrad DeQuadros, Christopher Rupkey, Colin Johanson, Lucia Mutikani, Dan Burns, Chizu Nomiyama, Andrea Ricci Organizations: REUTERS, Brean, Commerce Department, Data, Mortgage Bankers Association, Federal Reserve, Treasury, Reuters, Realtors, Barclays, Thomson Locations: Washington , U.S, WASHINGTON, homebuilding, New York, Midwest, West, Northeast, U.S

☆ Strong retail sales, factory output point to robust US growth in third quarter
▼ + stars: | 2023-10-17 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

REUTERS/Eduardo Munoz/File Photo Acquire Licensing RightsSummaryCompanies Retail sales increase 0.7% in SeptemberCore retail sales rise 0.6%; August sales revised upManufacturing production increases 0.4%WASHINGTON, Oct 17 (Reuters) - U.S. retail sales increased more than expected in September as households stepped up purchases of motor vehicles and spent more at restaurants and bars, cementing expectations that economic growth accelerated sharply in the third quarter. Retail sales rose 0.7% last month. Economists defended their forecast for tepid retail sales growth, which they said was based on softening consumer confidence. Excluding automobiles, gasoline, building materials and food services, retail sales rose 0.6% in September. Data for August was revised up to show these so-called core retail sales gaining 0.2% instead of 0.1% as previously reported.

Persons: Eduardo Munoz, Goldman Sachs, Christopher Rupkey, James Knightley, Jay Hawkins, Veronica Clark, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: REUTERS, Federal Reserve, Fed, Reuters, Commerce Department's, ING, BMO Capital Markets, Treasury, Financial, Amazon, Commerce Department, Citigroup, Thomson Locations: New York City, U.S, WASHINGTON, New York, Toronto

☆ Gasoline, food drive US producer prices higher; core inflation cools
▼ + stars: | 2023-10-11 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

The so-called core PPI increased 2.8% on a year-on-year basis in September after climbing 2.9% in August. Wholesale goods prices increased 0.9%, with a 3.3% rise in the cost of energy products accounting for nearly three-quarters of the increase. Excluding the volatile food and energy components, core goods prices edged up 0.1% for the second straight month. This mostly reflected the normalization of supply chains, whose disruption fueled goods inflation in the aftermath of the COVID-19 pandemic. Though core inflation is cooling, higher gasoline and food prices could hamper progress by raising the cost of other goods as well as causing consumers to expect inflation to rise.

Persons: Sarah Silbiger, Christopher Rupkey, Will Compernolle, Alex McGrath, Lucia Mutikani, Chizu Nomiyama, Paul Simao Organizations: El Progreso Market, Washington , D.C, REUTERS, Labor Department, Federal Reserve, Treasury, Reuters, PPI, Reuters Graphics, Trade, Fed, Thomson Locations: Mount Pleasant, Washington ,, WASHINGTON, New York, East, Greenville , South Carolina

☆ Low weekly jobless claims, shrinking trade deficit boost US economic picture
▼ + stars: | 2023-10-05 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Trade balanceExports of goods and services increased 1.6% to $256.0 billion. Goods imports dropped 0.9% to $256.0 billion amid declines in imports of consumer and capital goods, potentially flagging softening domestic demand amid higher borrowing costs. Cell phones and other household goods accounted for the drop in consumer goods imports. The decrease in capital goods imports reflected declines in semiconductors and electric apparatus. Services imports increased $0.1 billion to $58.4 billion, supported by travel and other business services.

Persons: Andrew Kelly, Christopher Rupkey, Unadjusted, nonfarm payrolls, Oscar Munoz, Goldman Sachs, Veronica Clark, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: REUTERS, Federal Reserve, Labor Department, Reuters, Employers, Institute for Supply Management, United Auto Workers, UAW, Ford, General Motors, Chrysler, Treasury, Challenger, Labor, Securities, Commerce Department, Goods, Services, Citigroup, Thomson Locations: Manhattan , New York City , New York, U.S, WASHINGTON, New York, Ohio, California

☆ US job openings unexpectedly grew in August
▼ + stars: | 2023-10-03 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

Minneapolis CNN —The number of job openings at US employers unexpectedly surged in August, a testament to the continued strength of the labor market, according to new data released Tuesday by the Bureau of Labor Statistics. There were an estimated 9.61 million open jobs in August, according to seasonally adjusted data from the BLS’ latest monthly Job Openings and Labor Turnover Survey (JOLTS) report. That’s up from July’s upwardly revised estimate of 8.92 million openings. The consensus estimate from economists was for 8.8 million openings, according to Refinitiv. Federal Reserve officials have frequently pointed to the robust labor market, particularly the imbalance of job postings to job seekers, as a key factor in helping to lower inflation.

Persons: August’s, Julia Pollak, ZipRecruiter, ”, Christopher Rupkey, Stocks Organizations: Minneapolis CNN, Bureau of Labor Statistics, BLS, Labor, CNN, Federal Reserve, FwdBonds, Dow Locations: Minneapolis

☆ US economy remains resilient in second quarter; labor market tight
▼ + stars: | 2023-09-28 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

Tight labor market conditions continue to prevail, with the number of Americans filing new claims for unemployment benefits rising slightly last week, other data showed on Thursday. Some economists believe that the economy's resilience and tight labor market could give the Federal Reserve ammunition to raise interest rates again in November. Reuters GraphicsSTRONG LABOR MARKETThe economy is being underpinned by a resilient labor market, which is driving strong wage gains. The labor market has continued to hold its own so far. The unemployment rate increased to 3.8% in August from 3.5% in July.

Persons: Mike Blake, Christopher Rupkey, Lucia Mutikani, Paul Simao Organizations: Port, REUTERS, Federal Reserve, Gross, Reuters Graphics, U.S . House, United Auto Workers, General Motors, Ford, Labor Department, Reuters, Thomson Locations: Port of Los Angeles, San Pedro , California, U.S, WASHINGTON, New York

☆ Higher gasoline prices lift US retail sales, trend slowing
▼ + stars: | 2023-09-14 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Retail sales rose 0.6% last month. Higher gasoline prices boosted producer prices in August, other data from the Labor Department showed on Thursday. Excluding gasoline stations, retail sales rose 0.2% last month. Sales at food services and drinking places, the only services category in the retail sales report, rose 0.3% after increasing 0.8% in July. Excluding automobiles, gasoline, building materials and food services, retail sales edged up 0.1% in August.

Persons: Mike Blake, Christopher Rupkey, Goldman Sachs, Nancy Vanden Houten, Lucia Mutikani, Chizu Organizations: REUTERS, Commerce Department, Federal Reserve, Reuters, U.S . Energy Information Administration, Labor Department, Treasury, delinquencies, New York Federal Reserve, Gross, Oxford Economics, Thomson Locations: Carlsbad , California, U.S, WASHINGTON, New York

☆ US consumer spending accelerates; monthly inflation rates cooling
▼ + stars: | 2023-08-31 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Consumer spending is being supported by a tight labor market, with other data showing first-time applications for unemployment benefits unexpectedly falling last week. "How long inflation can continue to come down with consumer spending this strong is an open question." When adjusted for inflation, consumer spending increased 0.6%, also the largest gain since January. The so-called real consumer spending rose 0.4% in June. The annual PCE inflation rates were lifted by a lower base of comparison last year.

Persons: Andrew Kelly, Christopher Rupkey, nonfarm payrolls, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: REUTERS, Federal Reserve, Commerce Department, Services, Treasury, Reuters Graphics Reuters, Fed, Employers, Labor Department, Reuters, Thomson Locations: Manhattan , New York City, U.S, WASHINGTON, New York, outlays

☆ US labor market loses steam as job openings, resignations decline
▼ + stars: | 2023-08-29 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

That was reinforced by a survey from the Conference Board showing consumers' perceptions of the labor market cooled in August. Nevertheless, labor market conditions remain tight, with 1.51 job openings for every unemployed person in July, compared to 1.54 in June. Economists polled by Reuters had forecast 9.465 million job openings. State and local government education job openings declined by 62,000 and there were 27,000 fewer federal government vacancies. Reuters GraphicsDeclining job openings are likely to be mirrored by slower job growth in August.

Persons: Elizabeth Frantz, Conrad DeQuadros, payrolls, Jerome Powell, Jackson, Jeffrey Roach, Christopher Rupkey, Scott Anderson, Lucia Mutikani, Andrea Ricci, Paul Simao Organizations: REUTERS, Federal Reserve, Labor, Survey, Labor Department, Board, Brean, Reuters, Midwest, Reuters Graphics, LPL Financial, Treasury, Fed, Companies, Bank of, Thomson Locations: Arlington , Virginia, U.S, WASHINGTON, New York, Northeast, West, Wyoming, Charlotte , North Carolina, Stocks, San Francisco

☆ US weekly jobless claims fall; tight labor market underpinning economy
▼ + stars: | 2023-08-17 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

The labor market is only slowing at the margin, with job gains in July being the second-smallest since December 2020. Labor market strength, excess savings accumulated during the COVID-19 pandemic and greater credit card usage to fund purchases have kept a recession at bay. Some economists saw the slight elevation as indicating a small margin of slack in the job market. The Philadelphia Fed’s business conditions index increased to a reading of 12.0 this month from -13.5 in July. A survey this week from the New York Fed showed business conditions in the “Empire State” remained depressed in August.

Persons: Shannon Stapleton, ”, Christopher Rupkey, Jerome Powell’s, Jeffrey Roach, Bill Adams, Daniel Silver Organizations: WASHINGTON, REUTERS, Federal, Labor Department, Reuters, Treasury, Conference, Labor, LPL Financial, Conference Board, Comerica Bank, Philadelphia Fed, New York Fed, JPMorgan Locations: New York City, U.S, New York, Ohio, California, Texas , Michigan , New Jersey, Pennsylvania, Virginia, Charlotte , North Carolina, Dallas, New Jersey, Delaware, Philadelphia, “

☆ US housing starts surge in boost to economy
▼ + stars: | 2023-08-16 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

The sharp rebound in groundbreaking on single-family housing units reported by the Commerce Department on Wednesday was another sign of the economy continuing to defy dire forecasts of a recession. Single-family housing starts, which account for the bulk of homebuilding, jumped 6.7% to a seasonally adjusted annual rate of 983,000 units last month. The increase in groundbreaking was led by the West, where single-family starts soared 28.5%. Overall housing starts increased 3.9% to a rate of 1.452 million units in July. TIGHT SUPPLYDespite the rise in starts, housing supply is likely to remain tight.

Persons: Mike Blake, homebuilding, Christopher Rupkey, Freddie Mac, Nancy Vanden, Daniel Silver, Goldman Sachs, Lucia Mutikani, Chizu Organizations: REUTERS, WASHINGTON, Commerce Department, Federal, National Association of Home Builders, Reuters, Oxford Economics, Treasury, Realtors, U.S, Fed, JPMorgan, Thomson Locations: San Marcos , California, U.S, New York, homebuilding, Nancy Vanden Houten, Midwest

☆ Small businesses boost US private payrolls in July
▼ + stars: | 2023-08-02 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

REUTERS/Amira Karaoud/File photoSummary Private payrolls increase by 324,000 in JulyWage growth gradually slowingWASHINGTON, Aug 2 (Reuters) - U.S. private payrolls rose more than expected in July as small businesses boosted hiring, pointing to continued labor market resilience that could shield the economy from a recession. Private payrolls increased by 324,000 jobs last month after surging by 455,000 in June, according to ADP. MANUFACTURING DRAGHiring at small business, establishments with one to 49 employees increased 237,000, accounting for more than two-thirds of the gain in private payrolls last month. It has not been a reliable gauge in forecasting private payrolls in the BLS employment report. According to a Reuters survey of economists, the BLS is likely to report that private payrolls increased by 179,000 jobs in July.

Persons: Amira Karaoud, Christopher Rupkey, Nela Richardson, It's, Daniel Silver, Lucia Mutikani, Paul Simao Organizations: REUTERS, Federal Reserve, ADP, Reuters, Treasury, Fed, Stanford Digital Economy, U.S . Bureau of Labor Statistics, BLS, JPMorgan, Thomson Locations: Louisville , Kentucky, U.S, WASHINGTON, New York

☆ US annual inflation posts smallest rise in more than two years
▼ + stars: | 2023-07-28 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

The personal consumption expenditures (PCE) price index increased 0.2% last month after edging up 0.1% in May, the Commerce Department said. Excluding the volatile food and energy components, the PCE price index gained 0.2% after rising 0.3% in the prior month. That lowered the year-on-year increase in the so-called core PCE price index to 4.1%, the smallest advance since September 2021. The annual core PCE price index climbed 4.6% in May. Line chart with data from the Bureau of Economic Analysis and Federal Reserve shows PCE inflation slowed to 3% year-on-year in June, while core PCE inflation also eased to 4.2%.

Persons: Christopher Rupkey, Cory Stahle, Ellen Zentner, Morgan Stanley, Lucia Mutikani, Chizu Nomiyama, Paul Simao Organizations: Labor, Federal Reserve, Fed, Commerce Department, Reuters, Treasury, Labor Department, Employers, Thomson Locations: WASHINGTON, New York, U.S, Ukraine, Salt Lake City , Utah

☆ US economic growth accelerates in second quarter; inflation retreats
▼ + stars: | 2023-07-27 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Gross domestic product increased at a 2.4% annualized rate last quarter. Excluding food and energy, prices rose at a 2.6% pace following a 4.2% rate of increase in the first quarter. Though the pace of growth slowed from the first quarter's robust 4.2% rate, it was enough to add more than a full percentage point to GDP growth. Government spending also contributed to GDP growth. A measure of domestic demand increased at a solid 2.3% rate after surging at a 3.2% pace in the first quarter.

Persons: Amira Karaoud, Christopher Rupkey, Joe Biden's, Lucia Mutikani, Nick Zieminski, Andrea Ricci Organizations: REUTERS, Commerce, Federal Reserve, Gross, Reuters, Fed, Consumer, Labor Department, Conference, Treasury, Investment, Thomson Locations: Louisville, U.S, WASHINGTON, New York, United States

☆ US inflation outlook brightening; consumer sentiment near two-year high
▼ + stars: | 2023-07-14 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Data for May was revised to show import prices declining 0.4% instead of the previously reported 0.6%. Though consumer inflation remains above the Fed's 2% target, the pace of increase has slowed sharply since peaking in June 2022, giving consumers some relief. INFLATION EXPECTATIONS ANCHOREDThough the survey's inflation expectations increased this month, that was probably because most consumers were interviewed before the release of June's consumer price index report. "Import prices are subtracting from the pernicious trend of the goods inflation Americans have been paying." There were decreases in the cost of nonagricultural industrial supplies and materials as well as food, which canceled out rises in prices for capital goods, consumer goods and motor vehicles.

Persons: Jeffrey Roach, Joanne Hsu, Shannon Seery, Christopher Rupkey, Lucia Mutikani, Christina Fincher, Paul Simao Organizations: Federal Reserve, LPL Financial, Reuters, University of Michigan, University of Michigan's, Consumers, Treasury, Labor, Thomson Locations: WASHINGTON, U.S, Charlotte , North Carolina, Wells, New York, United States, China

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