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☆ Consumers are growing slightly more cautious about the economy
▼ + stars: | 2023-08-25 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

Minneapolis CNN —Americans’ attitudes toward the US economy appear to be growing more tepid. The University of Michigan’s closely watched consumer sentiment index measured 69.5 in August, down slightly from July. “Consumers perceive that the rapid improvements in the economy from the past three months have moderated, particularly with inflation, and they are tentative about the outlook ahead,” Joanne Hsu, director of the university’s Surveys of Consumers, said in a statement. Inflation expectations for the year ahead ticked down to 3.3% from 3.4% in July, showing “remarkable stability” but still trending higher than pre-pandemic expectations, which ranged in the 2.3% to 3% range. Inflation expectations are crucial data points for the Federal Reserve.

Persons: ” Joanne Hsu, Hsu, ” Hsu, “ Organizations: Minneapolis CNN, University of Michigan’s, Consumers, Federal Reserve Locations: Minneapolis, Michigan

☆ Americans continue to feel better about inflation and the economy
▼ + stars: | 2023-07-28 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —US consumers have been feeling a whole lot better this summer as inflation has continued to slow. That’s a huge improvement from June 2022, when consumer sentiment fell to its lowest level on record and inflation reached a four-decade high of 9.1%. “However, sentiment for lower-income consumers fell.”Indeed, recent data continue to reflect inflation slowing. Consumer spending is the main engine of the economy, accounting for about two-thirds of output, and much of it hinges on the state of the labor market. The Fed certainly wants to see core inflation continue to decelerate, but Powell routinely points to the labor market not being balanced.

Persons: ”, Joanne Hsu, Lydia Boussour, Jerome Powell, ” Powell, Powell Organizations: DC CNN, University of Michigan, University of Michigan’s, Federal, National Association for Business Economics, Fed, “, Bureau of Labor Statistics Locations: Washington, EY

☆ US consumer confidence jumps to highest level since July 2021
▼ + stars: | 2023-07-25 | by ( Alicia Wallace | ) edition.cnn.com time to read: +4 min

Minneapolis CNN —High interest rates aren’t souring Americans’ moods: A key measurement of consumer confidence just shot up to a level not seen since July 2021. The Conference Board’s monthly Consumer Confidence Index hit 117 in July, rising from 110.1 the month before, according to new data released Tuesday. The Conference Board’s confidence index and the University of Michigan’s twice-a-month consumer sentiment index are two leading gauges of consumers’ attitudes toward the current and future strength of the economy. Consumer spending, which is a key driver of US economic activity, has eased somewhat in recent months but remains resilient. The Commerce Department on Friday will release the latest data on consumer spending alongside a critical inflation gauge for the Fed.

Persons: ”, Dana Peterson, “, Nathan Howard, ” Ryan Sweet, Chris Rupkey, FwdBonds, Barbie Organizations: Minneapolis CNN —, Conference Board, Washington , D.C, Bloomberg, Getty, University of Michigan’s, Oxford Economics, ‘ Times, Commerce Department, Fed Locations: Minneapolis, Georgetown, Washington ,, Michigan, America

☆ Americans are feeling far more confident about the economy
▼ + stars: | 2023-06-27 | by ( Alicia Wallace | ) edition.cnn.com time to read: +1 min

Minneapolis CNN —Americans are feeling fairly bullish about the United States’ economic prospects: A key measurement of consumer confidence just jumped to its highest level since January 2022. The Conference Board’s Consumer Confidence Index was 109.7 in June, rising from 102.5 the month before, according to a report released Tuesday. The latest survey from the business research and membership organization continued to show that consumers retained a far sunnier outlook about the present than what could come in the months ahead. Both the present situations index and the expectations index rose from May; however, the latter remains at a level that flashes a recession warning signal, the Conference Board noted. Still, consumers indicated their plans to purchase homes and cars have slowed, and they’re pulling back more on vacation plans, including travel domestically.

Persons: ” Dana Peterson, ” Peterson Organizations: Minneapolis CNN, Conference Board Locations: Minneapolis, United States

☆ Company execs used to trumpet their diversity and climate efforts. Now not so much
▼ + stars: | 2023-06-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Just 74 members of the S&P 500 even mentioned “ESG” in their first quarter earnings calls, according to new FactSet data. ESG funds have also lost popularity with investors. Total assets under management in ESG funds fell by about $163.2 billion globally during the first quarter of 2023 from the year before, according to data provider Lipper. The Congressman asked whether the company’s diversity initiatives were “directing resources away from the important things like greasing wheel bearings?”Companies “see that certain terms have become lightning rod terms. “You can say you’re increasing diversity initiatives just for the optics, but without data to back it up, you’ll eventually get called out by stakeholders,” he said.

Persons: New York CNN —, George Floyd, “, “ ESG, It’s, —, Lipper, What’s, Bud Light, influencer Dylan Mulvaney, Mike Collins of, ”, Douglas Chia, Chia, they’re, ” It’s, David Duffy, they’ll, you’ll, ’, Powell, Bryan Mena, Jerome Powell, ” Powell, Dow, Stocks, Beyoncé, Anna Cooban, Michael Grahn, ” Grahn, Bruce Springsteen, Grahn, that’s Organizations: CNN Business, Bell, New York CNN, InBev, Silicon Valley, Norfolk Southern, Conference Board’s ESG, . Firms, Securities and Exchange Commission, Federal Reserve, KPMG, Corporate Governance Institute, “, Nasdaq, Danske Bank, Reuters, CNN Locations: New York, Ukraine, United States, America, Silicon, Mike Collins of Georgia, East Palestine , Ohio, Denmark, Stockholm, Sweden, Swedish, Gothenburg

☆ Companies are worried about a recession, but they’re hanging on to employees anyway
▼ + stars: | 2023-06-08 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

Minneapolis CNN —US companies wary about their economic prospects are battening down the hatches. Recent job market data shows more and more businesses have taken to “labor hoarding” and maintaining headcounts even as demand softens. Employees work at CannaCraft's March and Ash retail cannabis store in San Diego's Mission Valley neighborhood. Grey Duck’s sales picture will become clearer in the next three months, Bossen said. “We’re going to do whatever it takes to keep that staff employed and productive, even if things slow down,” he said.

Persons: ”, Dana Peterson, ” Peterson, it’s, Ash, Tiffany Devitt, CannaCraft, Ash CannaCraft, “, Devitt, Stephen Juneau, they’re, Matt Bigelow, Gusset Jean, Bigelow, ‘ Waddle, Rob Bossen, Grey, Eli Nord, Bossen, “ We’re, waddle Organizations: Minneapolis CNN, Conference Board, Conference, Business, CNN, Golden State, of Labor Statistics, Bank of America, Labor, Bureau of Labor Statistics, USA Brands, Gusset Jean Co, Vermont, Company Locations: Minneapolis, ”, headcount, California, Golden, Diego's, CannaCraft, Sonoma County, Juneau, Vermont, Johnson , Vermont, Roseville , Minnesota, China, Roseville

☆ Jobs report: What to expect from the May data
▼ + stars: | 2023-06-01 | by ( Alicia Wallace | ) edition.cnn.com time to read: +5 min

But despite all that, the labor market has kept humming right along. And that’s largely expected to be the case, again, in Friday’s monthly jobs report from the Bureau of Labor Statistics. Private sector employment increased by 278,000 jobs in May, according to ADP’s monthly National Employment Report, frequently seen as a proxy for the government’s official number. Labor turnover data released Wednesday showed that the US employment market remained tight in April. The government’s May jobs report is scheduled for Friday at 8:30 a.m.

Persons: ” Daniel Zhao, that’s, ” Julia Pollak, “, Pollak, ”, Michael Feroli, Matthew Martin, ” Pollak, it’s Organizations: Minneapolis CNN, Federal Reserve, Bureau of Labor Statistics, “, ”, Commerce Department, CNN, Labor, JPMorgan, Oxford Economics, Challenger, Conference Locations: Minneapolis, April’s

☆ Stock Market Today: Dow Slides 100 Points as Debt-Ceiling Deal in Focus
▼ + stars: | 2023-05-30 | by ( ) www.wsj.com time to read: +1 min

Stocks were mixed and Treasury yields fell after a tentative deal was struck to raise the U.S. debt ceiling over the long weekend. The next step is for the legislation to be passed by Congress , which could run into procedural hurdles and opposition from lawmakers. Prices declined in some Western markets, such as San Francisco, Seattle and Phoenix. The worst performing sector in the S&P 500 this year led the way lower as fuel prices fell. Natural-gas futures fell 6% to trade at $2.27 per million British thermal units.

☆ Why does Wall Street expect a rate hike in June?
▼ + stars: | 2023-05-28 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

CNN —Wall Street expects the Federal Reserve to raise interest rates in June. Not only that, it finally believes the central bank when it says it likely won’t cut rates this year. Futures traders expected a roughly 66% chance of a quarter point rate hike in June as of Friday afternoon, according to the CME FedWatch Tool. That’s a drastic about-face from even earlier this month, when Wall Street expected the central bank to slash rates multiple times this year starting as early as this summer. “If it comes in hotter than expected, it almost locks a rate hike in” for June, said Heppenstall.

☆ Stocks week ahead: SVB and Signature Bank execs are set to testify next week
▼ + stars: | 2023-05-14 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

The US Senate Committee on Banking, Housing and Urban Affairs is holding three hearings this coming week centered around the collapses of Silicon Valley Bank and Signature Bank in March. ET : Greg Becker, former chief executive, Silicon Valley Bank; Scott Shay, former chairman and co-founder, Signature Bank and Eric Howell, former president, Signature Bank. ET : Mark Bialek, inspector general, Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau; Paul Kupiec, senior fellow, American Enterprise Institute and more. Since then, the Federal Reserve and Federal Deposit Insurance Corporation have released reports detailing management missteps at SVB and Signature Bank, as well as federal regulators’ own mistakes in properly addressing red flags preceding the banks’ demises. A separate report from the Federal Reserve Bank of New York on Friday shows that American households are becoming increasingly frugal.

☆ American consumers are growing worried about a US debt default
▼ + stars: | 2023-05-12 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

“If policymakers fail to resolve the debt ceiling crisis, these dismal views over the economy will exacerbate the dire economic consequences of default.”The latest survey showed that the university’s consumer-sentiment index fell by 9% in May. Monthly household spending growth tumbled to 5.4% from a revised 7.1% in December, according to the New York Fed’s Household Spending Survey, which is fielded every four months. Michigan’s report showed US household spending was flat in March from the prior month, after limping just 0.1% in February. Stack on top of that the Federal Reserve’s punishing interest-rate increases and still-high inflation, and consumers might just tap out. The Conference Board’s sentiment survey showed that consumer confidence worsened in April as Americans became more worried about the jobs market.

☆ Americans are getting worried about the job market
▼ + stars: | 2023-04-25 | by ( Bryan Mena | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —US consumer confidence worsened in April as Americans become more pessimistic about the job market. The Conference Board’s Consumer Confidence Index, which measures attitudes toward the economy and the job market, fell to 101.3 in April, down from 104 in March and marking the lowest level since July 2022. “Compared to last month, fewer households expect business conditions to improve and more expect worsening of conditions in the next six months. They also expect fewer jobs to be available over the short term.”That matches government figures showing the labor market has begun to show some cracks. Employers added 236,000 jobs in March, the smallest gain in two years, and job openings fell below 10 million for the first time since May 2021.

☆ US consumer confidence improved in March
▼ + stars: | 2023-03-28 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

The business group’s Consumer Confidence Index increased to 104.2 in March from an upwardly revised reading of 103.4 the month before. The March headline index saw a boost from consumers’ improved levels of confidence for the six-month-ahead time frame. The Expectations Index increased to 73 from 70.4 in February, while the Present Situation Index dipped to 151.1 from 153. The Conference Board’s confidence index and the University of Michigan’s twice-a-month consumer sentiment index are two leading gauges of consumers’ attitudes toward the current and future strength of the economy. Although the two indexes typically track similarly over time, the consumer confidence index is more influenced by employment and labor market conditions, while the Michigan sentiment index has a greater emphasis on household finances and the impact of inflation.

The tech industry accounts for about one-quarter of this year's job cuts, Challenger data show. The automotive industry has had 30,669 job cuts announced, compared with 10,277 through November 2021. And real estate has had 7,919 cuts announced this year, compared with 2,762 in 2021 year-to-date. "We've seen a lot of job cuts around mortgage origination and fintech firms in mortgages. U.S.-based employers announced 76,835 cuts in November alone, more than double the 33,843 cuts announced in October and four-times the number of cuts announced last November, Challenger data show.

☆ Premarket stocks: Consumers are keeping the economy afloat... for now
▼ + stars: | 2022-11-30 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

What’s happening: Americans appear to be indulging in a healthy dose of retail therapy despite stubbornly high inflation and the possibility of a recession ahead. Consumer spending is a major driver of the economy, and the last two months of the year can account for about 20% of total retail sales — even more for some retailers, according to NRF. But when the Federal Reserve is actively trying to squash high inflation rates, they risk becoming a fly in the ointment. “Consumers’ spending is more or less unfazed not only by high inflation, but also the rate hikes intended to get prices under control,” economists at Wells Fargo wrote. The high rate of spending could agitate investors in this good-news-is-bad-news economy because it adds to inflationary pressures.

☆ US consumer confidence falls to lowest level since July
▼ + stars: | 2022-11-29 | by ( Alicia Wallace | ) edition.cnn.com time to read: +4 min

Minneapolis CNN Business —US consumer confidence fell in November as inflation and economic uncertainty continued to loom large and potentially dampen holiday shopping plans. The Conference Board’s consumer confidence index measured 100.2 for the month, lower than the downwardly revised 102.2 in October. The index is at its lowest level since July, when it fell to 95.7 amid spiking gas prices and worsening inflation. “If we had a combination of higher prices and higher unemployment at the same time, I think we’d be seeing a very different consumer than what we see right now,” he said. While consumer confidence has fallen, it still remains relatively resilient; but it is unlikely to last, said Chris Rupkey, chief economist of FwdBonds LLC, in a note on Tuesday.

☆ What protests in China may mean for the economy
▼ + stars: | 2022-11-29 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN Business —Protests against China’s prolonged and restrictive Covid regulations spread across the country over the weekend. Oil plunged and hit 2022 lows on Monday, while shares of companies that rely on China for production felt the heat. Oil prices dropped sharply, with investors concerned that surging Covid cases and protests in China may sap demand from one of the world’s largest oil consumers. They don’t want to end their covid policy but they also want to ensure that the political unrest doesn’t grow. This week is chock full of important economic data releases, many of which will help guide the Fed’s next interest rate hike decision in December.

☆ 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.

☆ Premarket stocks: Don't be fooled by a strong GDP report
▼ + stars: | 2022-10-26 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

That’s why it’s so surprising that the US economy is expected to show robust growth in Thursday’s third-quarter GDP report. Economists warn that the report could be a one-hit-wonder that overstates momentum in an economy that is actually slowing. “There is more braking power being inflicted on the US economy than will be at all apparent in the third-quarter GDP report,” wrote Kelly. Central bank officials are going to be looking at underlying metrics in the report, and will likely ignore headline numbers, said Patterson. The bottom line: The rejiggering of trade balances often falsely inflates economic growth calculations ahead of a recession.

☆ Opinion: The Fed doesn’t have a choice anymore. Get ready for a recession
▼ + stars: | 2022-10-07 | by ( Gad Levanon For Cnn Business Perspectives | ) edition.cnn.com time to read: +5 min

On the other hand, overall employment growth has been much stronger than normal. Why has employment growth remained so strong? And it’s likely that these represent structural changes to buying patterns that will keep demand high. Employment growth is likely to slow down from its historically high rates, but it will still remain solid in the coming months. The only option that leaves the Fed is to engineer a recession by continuing to raise interest rates.

☆ Lower gas prices push consumer confidence to highest level since May
▼ + stars: | 2022-08-30 | by ( Martha C. White For Cnn Business | ) edition.cnn.com time to read: +4 min

CNN —Lower gas prices helped consumer confidence bounce back in August, breaking a three-month stretch of worsening sentiment. “Expectations are more sensitive to movements in gas prices,” Shepherdson said in a research note, adding that the continued slide in gas prices could be a tailwind for the survey results. However, while the consumer confidence number is promising, “this is one month,” she cautioned. Consumer confidence is a pretty fickle reading.”The big risk is that what the gas pump giveth, the gas pump taketh away, as Patrick DeHaan, head of petroleum analysis at GasBuddy, told CNN Business in an opinion column published Tuesday. “It is a real drain on disposable income [and] it ends up acting as a depressant on consumer confidence,” Stovall said.

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