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Free ExpressionMany of them came in carbon-spewing private jets. Some were snowed in at the airport in Munich.

Locations: Munich

☆ NY Fed: US Q3 credit card debt up on strong economy, as credit woes tick higher
▼ + stars: | 2023-11-07 | by ( Michael S. Derby | ) www.reuters.com time to read: +5 min

A credit card is used on a payment terminal at a shop near Nantes, France, in this illustration picture taken November 6, 2023. The New York Fed report found credit issues are rising, albeit from low levels. The report said increases in credit card delinquency rates were most pronounced for thirtysomething borrowers. “The continued rise in credit card delinquency rates is broad-based across area income and region, but particularly pronounced among millennials and those with auto loans or student loans,” the economist noted. Line chart with data from the Federal Reserve Bank of New York show credit card and auto loans delinquencies for over 30 days.

Persons: Stephane Mahe, there's, Donghoon Lee, “, Daniel Silver, Morgan, Lisa Cook, Michael S, Andrea Ricci, Jonathan Oatis Organizations: REUTERS, Federal Reserve Bank of New York, New York Fed, New, Fed, The New York Fed, New York Federal Reserve, Federal Reserve Bank of New, New York, Thomson Locations: Nantes, France, The, U.S, Federal Reserve Bank of New York, New

While more than half of banks reported tightening business lending standards in the second quarter, just 35% said they cranked down further in the third quarter, with about 62% keeping standards the same. Demand for commercial and industrial loans weakened most among small firms, with more than half of banks saying credit demand had fallen among firms with annual sales of less than $50 million. About 39% of bank loan officers said loan demand had fallen among larger firms in the third quarter, compared to nearly 60% in the second quarter. For households, 86% of loan officers said they had kept standards for home mortgages about the same in the third quarter, though 12% said standards had gotten tighter. Just over 5% of banks said they had tightened standards in the second quarter.

Persons: Banks, Daniel Silver, Morgan, Howard Schneider, Paul Simao Organizations: Federal Reserve, Reuters, Fed, Thomson Locations: U.S

☆ 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

The Fed's quarterly Senior Loan Officer Opinion Survey, or SLOOS, also showed that banks expect to further tighten standards over the rest of 2023. Monday's SLOOS report - which Fed policymakers had in hand last week when they decided to deliver an 11th interest-rate hike after skipping one at their June meeting - suggests credit tightening is ongoing. For small firms, a net 49.2% of banks said credit terms were stiffer, versus 46.7% in the last survey. Smaller net shares of banks reported tightening standards for auto loans, though terms for credit cards did tighten somewhat. While still weak, demand for auto loans was the least soft in four quarters, while demand for credit card loans was essentially flat after two straight negative quarters.

Persons: Monday's, You've, you've, Jerome Powell, Daniel Silver, Ann Saphir, Nick Zieminski, Dan Burns, Cynthia Osterman Organizations: Federal, Survey, Reuters, Thomson

☆ GE nears deal with India's Hindustan Aeronautics to co-manufacture fighter jet engines
▼ + stars: | 2023-06-09 | by ( Seema Mody | ) www.cnbc.com time to read: +3 min

General Electric is in final discussions to cement a partnership with India's Hindustan Aeronautics Ltd. to co-manufacture jet engines in the country, CNBC has learned. Earlier this week, U.S. Defense Secretary Lloyd Austin visited India and discussed the jet engine deal with Indian officials, sources told CNBC. The nature of the agreement — whether it will be labeled a partnership, joint venture or co-assembly — still remains to be seen. The potential GE deal comes as India's economy has grown exponentially, drawing more interest from corporate giants like Apple , Google and Amazon . "We certainly see a lot of activity brewing in India," GE CEO Larry Culp told CNBC in late April, weeks after Air India placed a massive order for more than 800 GE LEAP engines.

Persons: Cope, Narendra Modi, Lloyd Austin, Richard Rossow, India —, Daniel Silverberg, Tim Cook, Modi, Silverberg, Larry Culp Organizations: Indian Air Force, IAF, Tejas, The United States Air Force, USAF, General, India's Hindustan Aeronautics Ltd, CNBC, Indian, Washington , D.C, . Defense, GE, U.S . State Department, Capitol, State Department, Pentagon, Center for Strategic, International Studies, Washington, Capstone, Apple, Google, GE Aerospace, Air India Locations: Kalaikunda, India's West Bengal, Washington ,, India, U.S, Russia, Asia, China

☆ US private payrolls growth slows in March -ADP
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +3 min

Private employment increased by 145,000 jobs last month, the ADP National Employment report showed on Wednesday. Economists polled by Reuters had forecast private employment increasing 200,000. The government reported on Tuesday that there were 9.9 million job openings at the end of February. It has not been a reliable gauge in forecasting private payrolls in the BLS employment report. According to a Reuters survey of economists, the government report is likely to show private payrolls increased by 215,000 jobs in March.

☆ U.S. private payrolls increase in February -ADP
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, March 8 (Reuters) - U.S. private payrolls increased more than expected in February, pointing to continued labor market strength. Private employment increased by 242,000 jobs last month, the ADP National Employment report showed on Wednesday. It has not been a reliable gauge in forecasting private payrolls in the BLS employment report. The ADP initially reported 106,000 private jobs were created in January, a fraction of the 443,000 surge in private payrolls estimated by the BLS. According to a Reuters survey of economists, private payrolls likely increased by 213,000 jobs in February.

☆ U.S. consumer prices revised higher in December, November
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Feb 10 (Reuters) - U.S. monthly consumer prices rose in December instead of falling as previously estimated and data for the prior two months was also revised up, which some economists said raised the risk of higher inflation readings in the months ahead. The consumer price index edged up 0.1% in December rather than dipping 0.1% as reported last month, the Labor Department's annual revisions of CPI data showed on Friday. Data for November was also revised higher to show the CPI increasing 0.2% instead of 0.1% as previously estimated. In October, the CPI rose 0.5%, revised up from the previously reported 0.4% increase. Excluding the volatile food and energy components, the CPI rose 0.4% in December, instead of 0.3% as previously reported.

☆ U.S. import prices rebound; export prices fall
▼ + stars: | 2023-01-13 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

Summary Import prices rebound 0.4% in DecemberCore import prices increase 0.4%Export prices decrease 2.6%WASHINGTON, Jan 12 (Reuters) - U.S. import prices unexpectedly increased in December after five straight monthly decreases, boosted by higher costs for natural gas and food, suggesting that the fight against inflation would be protracted even as consumer prices are trending lower. Import prices rebounded 0.4% last month after declining 0.7% in November, the Labor Department said on Friday. In the 12 months through December, import prices increased 3.5% after rising 2.7% in November. The government reported on Thursday that monthly consumer prices fell for the first time in more than 2-1/2 years in December. CORE IMPORT PRICES UPExcluding fuel and food, import prices rebounded 0.4%, posting their first monthly gain since April 2022.

☆ U.S. retail sales fall after hefty gains; labor market still tight
▼ + stars: | 2022-12-15 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Economists also noted that goods prices tumbled in November, which could have weighed on retail sales last month. Retail sales fell 0.6% last month, the biggest drop since December 2021, after an unrevised 1.3% jump in October. Online retail sales decreased 0.9%, which was at odds with reports of strong Black Friday sales. Sales at food services and drinking places, the only services category in the retail sales report, increased 0.9%. Data for October was revised lower to show these so-called core retail sales increasing 0.5% instead of 0.7% as previously reported.

☆ U.S. third-quarter productivity raised; labor costs still running high
▼ + stars: | 2022-12-07 | by ( Lucia Mutikani | ) www.reuters.com time to read: +3 min

"While not the timeliest measure, the recent strength in unit labor costs is consistent with the idea that the tight labor market is keeping upward pressure on employment costs," said Daniel Silver, an economist at JPMorgan in New York. Productivity fell at a 1.3% rate from a year ago, instead of the previously reported 1.4% pace. Unit labor costs - the price of labor per single unit of output - increased at a 2.4% rate. Unit labor costs rose at a 5.3% rate from a year ago instead of the previously reported 6.1% pace. Hourly compensation increased at a 3.2% pace, revised down from the 3.8% rate reported last month.

☆ Premarket stocks: Recession fears receded this earnings season
▼ + stars: | 2022-11-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

So can the United States avoid a serious recession? What’s happening: As the third-quarter earnings season wraps up, it appears that CEOs may think so. The past month has brought with it a solid earnings season and a bevy of encouraging economic data that shows a slowing pace of inflation. The United States will enter a “mild recession in the second half of 2023, they said. All regions of the United States saw month-over-month and year-over-year declines.

☆ Services sector boosts U.S. private payrolls in October
▼ + stars: | 2022-11-02 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

The pick-up in private hiring shown in the ADP National Employment report on Wednesday was concentrated in the services sector, specifically the leisure and hospitality industry. "A tight labor market and rising wages will complicate things for the Fed and the risk is the labor market could remain tight for quite some time," said Jeffrey Roach, chief economist at LPL Financial in Charlotte, North Carolina. Economists polled by Reuters had forecast an increase of 195,000 private jobs. According to a Reuters survey of economists, private payrolls likely rose by 200,000 jobs last month after rising by 288,000 in September. With no job gains expected in the government sector, overall nonfarm payrolls are also forecast to have increased by 200,000.

☆ Inflation already peaked, and 2 things in particular will ease Americans' pain over the next 12 months, JPMorgan says
▼ + stars: | 2022-10-19 | by ( Ben Winck | ) www.businessinsider.com time to read: +5 min

The US is past peak inflation, and the cooldown is going to be swift, JPMorgan said Tuesday. Supply-chain healing and the strong dollar will slow price growth and even bring some discounting, the team said. Inflation is forecasted to slow to 6.8% by the end of the year, marking the lowest inflation since last November. The strong dollar will drag import costs lowerThe Fed's rate hikes haven't been very helpful to Americans so far. Import prices aren't just set to "slow significantly," but could even fall by the end of 2023, according to the bank.

☆ U.S. retail sales unchanged; consumers showing resilience
▼ + stars: | 2022-10-14 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

But consumers are not rolling over yet, with the report from the Commerce Department on Friday also showing a measure of underlying retail sales rising last month, thanks to strong wage gains and savings. These so-called core retail sales were also stronger than initially thought in August. Register now for FREE unlimited access to Reuters.com RegisterThe unchanged reading in retail sales last month followed an upwardly revised 0.4% rise in August. Retail sales increased 8.2% on a year-on-year basis in September. Data for August was revised higher to show these core retail sales rising 0.2% instead of being unchanged as previously reported.

☆ U.S. home builder sentiment falls for ninth straight month in September
▼ + stars: | 2022-09-19 | by ( Lucia Mutikani | ) www.reuters.com time to read: +3 min

REUTERS/Octavio JonesWASHINGTON, Sept 19 (Reuters) - Confidence among U.S. single-family homebuilders fell for the ninth straight month in September as soaring mortgage rates and persistently high prices for building materials made new housing less affordable for many first-time buyers. The National Association of Home Builders/Wells Fargo Housing Market index dropped three points to 46 this month. Mortgage rates have surged even higher. According to a Reuters survey, housing starts likely slipped to a seasonally adjusted annual rate of 1.445 million units last month from a pace of 1.446 million units in July. Permits for future home construction are, however, expected to have declined to a rate of 1.610 million units from a pace of 1.685 million units in July.

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