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☆ US consumer inflation cooled down in January, but less than expected
▼ + stars: | 2024-02-13 | by ( Alicia Wallace | ) edition.cnn.com time to read: 1 min

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☆ Consumers are stressed. It could be showing in how we bought toys in 2023
▼ + stars: | 2024-02-11 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +6 min

New York CNN —Consumers bought fewer toys in all of 2023, including during the key Christmas toy-buying period, showing that households continue to pare back on discretionary products. But toy sales in all of 2023 dropped 8%, both in dollar terms (how much consumers paid for toys) and in unit sales (meaning how many toys consumers bought). This shows that shoppers bought fewer toys but also traded down in prices to cheaper toys. “While 2023 was a challenging year for the U.S. toy industry, the four-year compound annual growth rate remains positive,” she said. Among the toys that consumers did buy in 2023, Pokémon, Barbie and Squishmallows were the top three best-selling brands last year, according to Circana.

Persons: pare, Circana, ”, Juli Lennett, Lennett, I’ve, “, ” Lennett, ” Jon Copestake, EY, ” Copestake, ” Robby Pettinato, Joy, ” Pettinato, Toy Joy, “ Anecdotally, “ That’s, it’s, Pettinato, Barbie, Squishmallows, Price, Melissa, Doug, – CNN’s Alicia Wallace, Katie Lobosco Organizations: New, New York CNN — Consumers, Commerce Department, Hasbro, Wild, Inc, CNN, ”, Star, Marvel, Disney Locations: New York, United States, U.S, Austin

☆ Why the NFL went all in on sports gambling
▼ + stars: | 2024-02-10 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

On Sunday, the NFL will hold its first Super Bowl in Las Vegas, a city built on gambling. Even in 2003, gambling was as much a part of the NFL as tailgating, helmets and shoulder pads. Yet the change in the league’s relationship with sports gambling couldn’t be more obvious as it prepares for its first Super Bowl in Sin City. That direct spending is only part of the way the NFL has learned to profit from legalized gambling. The column came four years before the Supreme Court opened the door for legal sports gambling.

Persons: ”, Victor Matheson, ” Matheson, Jeff Miller, Bud, Miller, “, Andrew Zimbalist, ” Zimbalist, Adam Silver, it’s, Zimbalist, ” CNN’s Alicia Wallace Organizations: New, New York CNN, National Football League, Super, Las Vegas Convention, Visitors Authority, NFL, College of, Gambling, Sports, Super Bowl, Caesars Entertainment, American Gaming Association, Smith College, New York Times, NBA, of Columbia Locations: New York, Las Vegas, Sin City, Nevada, ”, California, Texas

☆ Las Vegas hopes to hit the jackpot with the Super Bowl
▼ + stars: | 2024-02-10 | by ( Alicia Wallace | ) edition.cnn.com time to read: +10 min

CNN —When Super Bowl Sunday rolls around each year — whether it’s in Miami, New Orleans, Los Angeles or Minneapolis — Las Vegas still draws the crowds. It took years — and a Supreme Court ruling legalizing sports betting — for the National Football League to view Las Vegas in a different light. “We’re sold out, have been for the last month,” said Paul Hobson, general manager of the Sahara Las Vegas hotel-casino. “Las Vegas has a lot of people going there for Super Bowl weekend anyway,” Stephenson said. Additionally, the visitors it attracts spend a whole lot more than the ones who would show up on your typical Super Bowl weekend, Hill said.

Persons: they’ve, Steve Hill, ” Hill, “, Hill, We’re, ”, Paul Hobson, It’s, Aaron J, Thornton, famer Michael Irvin, ” Hobson, Noel Bowman, you’re, ” It’s, Bowman’s, “ We’ve, Vince Lombardi, Ethan Miller, Frank Stephenson, ” Stephenson, Kirby Lee, “ We’re, “ That’s, Winston Fisher, David Farris, Café Lola, George Kittle, Travis Kelce, Lin Jerome, Lola, Alexandra Lourdes, “ It’s, Felicia Parker, she’s, Parker, it’s, Harry Reid Organizations: CNN, Minneapolis —, Football, Super, Las Vegas Convention, Visitors Authority, Las Vegas, National Football League, Playmakers Party, FHM, famer, NFL, Sunday, Visitors, Las, Super Bowl, Priceline, Berry College, of Sports Economics, USA, Reuters, Bowl, Business Connect, ”, Harry, Harry Reid International Airport Locations: it’s, Miami , New Orleans, Los Angeles, Minneapolis, Vegas, Sin City, Las Vegas, Sahara, Mandalay Bay, Mount Berry , Georgia

☆ The dollar is back. It’s not all good news
▼ + stars: | 2024-02-09 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —The greenback is strengthening again after a bumpy 2023, as Wall Street accepts that interest rate cuts are coming later than previously expected. The US Dollar Index, which tracks the dollar against the British pound, euro, Swiss franc, Japanese yen, Canadian dollar and Swedish krona, is up 2.8% for the year as of Friday morning. “All of a sudden the interest rate differential kicks in — if that is slower than the Fed or faster,” said Krosby. Higher interest rates tend to garner more international capital to flow into a country, raising demand for the currency and thus its value. Still, Todd Jones, chief investment officer at Gratus Capital, says he expects the dollar to trend lower eventually as the Fed gets closer to cutting rates.

Persons: Jerome Powell, Christine Lagarde, Quincy Krosby, ”, Neel Kashkari, Todd Jones, Jones, Anna Cooban, Richard Meade, Janet Yellen, Alicia Wallace, Yellen, ” Yellen Organizations: CNN Business, Bell, New York CNN, Swiss, Canadian, Federal Reserve, European Central Bank, LPL, Treasury, Minneapolis, Gratus, Fed, Hamas, Lloyds, CNN, Banking Committee Locations: New York, Swedish, Iran, Suez, Asia, Europe

☆ Yellen: It’s ‘obvious’ that empty office buildings will create banking stress and losses
▼ + stars: | 2024-02-08 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

New York CNN —High commercial real estate vacancies are expected to create some stress for smaller banks, Treasury Secretary Janet Yellen said Thursday. However, she said she does not see them as causing a systemic risk to the nation’s financial system. “It’s obvious that there’s going to be a stress and losses that are associated with this,” Yellen said. On Tuesday, Yellen said she does “have a concern about commercial real estate.” She noted that higher interest rates and rising vacancy rates in office buildings have combined to cause problems — especially as real estate loans come due. New York Community Bancorp recently disclosed a surprise loss and a spike in loan losses as commercial real estate loans go bad.

Persons: Janet Yellen, Yellen, ” Yellen, ”, CNN’s Matt Egan Organizations: New, New York CNN —, Banking Committee, Silicon Valley Bank, New York Community Bancorp, Moody’s Investors Service, Bank Locations: New York, Silicon

☆ Strong economic growth but high unemployment: A look at Nevada’s economy
▼ + stars: | 2024-02-08 | by ( Alicia Wallace | Tami Luhby | ) edition.cnn.com time to read: +13 min

In Las Vegas, the cacophony of voices, music, ringing slot machines and car horns that typically pulsed through the Las Vegas Strip was replaced by silence, the chirps of birds and the wails of sirens. In tourism-dependent Nevada, the unemployment rate rocketed even higher, topping out at 30.6% that month. “This is an unemployment rate that’s not driven by job losers, this is an unemployment rate driven by job seekers,” he said. Homes under construction in the Summerlin community, on July 31, 2023, in Las Vegas, Nevada. As of December 2023, the Reno metro area’s unemployment rate was just 0.2 percentage points above the nation’s 3.7% rate.

Persons: John Simpson, Steve, Sisolak, ” Simpson, It’s, ”, they’re, I’ve, Stephen M, Miller, Mario Tama, Bob Potts, there’s, There’s, Nevadans, Annie E, Casey Foundation’s, Jamelle Nance, Marty Elquist, ” Elquist, “, Andrew Woods, Nicholas Irwin, Start’s Simpson, Irwin, Ethan Miller, Maurice Page, Page, Tesla, ” Potts, Carolyn Cole, Potts, You’ve, you’ve Organizations: CNN, Las, Republican Party, of Labor Statistics, University of Nevada, Lee Business School’s Center for Business, Economic Research, New York, Nevada Governor’s, Economic, Las Vegas, New, Workforce, Children’s, Alliance of Nevada, Education, Development, Silver State, Center for Business, UNLV, Reno, ”, Homes, Nevada Housing Coalition, Harvard University’s, for Housing Studies, Silver, Means, Reno Industrial Park, Apple, Panasonic, Google, Reno Industrial, Los Angeles Times, NCAA, NFL, NFL Pro Bowl Locations: Nevada, Las Vegas, Reno, ” Nevada, State, New York, New, Las, New Mexico, Vegas, “ Nevada, Silver, UNLV . Nevada, California, Sparks, Las Vegas , Nevada, Florida, Hawaii, Clark County, Sparks , Nevada, New Orleans, Denver, Southern Nevada, Northern Nevada, Los Angeles

☆ Credit card and auto loan delinquencies are the highest in more than a decade
▼ + stars: | 2024-02-06 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

New York CNN —Americans — particularly Millennials and those with lower incomes — are becoming increasingly overextended financially: Credit card and auto loan delinquencies have not only surpassed pre-pandemic levels, they’re the highest they’ve been in more than a decade. Debt balances increased across the board, with credit card balances rising $50 billion to hit a new nominal high of $1.13 trillion (when adjusting for inflation, balances have yet to surpass the levels seen in 2008). “Credit card and auto loan transitions into delinquency are still rising above pre-pandemic levels,” Wilbert van der Klaauw, economic research adviser at the New York Fed, said in a statement. “The delinquency numbers are pretty eye-opening, especially when it comes to credit cards,” Matt Schulz, chief credit analyst at LendingTree, told CNN via email. Student loan delinquencies will not be reported to the credit bureaus until later this year.

Persons: ” Wilbert van der, Matt Schulz, “, delinquencies Organizations: New, New York CNN, Federal Reserve Bank of New, York Fed, New York Fed, CNN Locations: New York

The latest jobs data shows that America's job market remains shockingly robust in the face of the highest interest rates in 23 years. And the January report could have finally quelled Wall Street's belief that the Federal Reserve could start to cut interest rates as soon as March, according to futures. About a month ago, the odds of a March cut were north of 75%, but as of Friday morning, they were at 19.5%. The Fed's March 19-20 meeting is still several weeks away and many economic reports are due by then, but investors finally seem to be coming to grip with what Fed officials have been communicating all along. The January jobs report shows that demand is expected to remain solid, with Americans employed and enjoying strong wage growth.

Persons: Jerome Powell, “ Organizations: Federal Reserve, Fed

☆ January jobs report: Expect to see strong but slower hiring and an uptick in the unemployment rate
▼ + stars: | 2024-02-02 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

New York CNN —The first jobs report for 2024, set to be released at 8:30 am ET Friday, is expected to underscore the strength of the US economy despite 11 rate hikes from the Federal Reserve. That can make the January jobs report among the trickiest to forecast, said Sarah House, a senior economist with Wells Fargo. Friday’s jobs report also will include the final annual benchmark review of payroll data for the 12 months that ended in March 2023. However, excluding January 2023, last month’s job cuts were the highest seen in January since 2009, according to Challenger. US worker productivity grew 3.2% in the fourth quarter, according to a BLS report released Thursday.

Persons: Jerome Powell, he’s, Sarah House, Wells, “ We’re, ”, there’s, Boussour, EY, ” Boussour, Daniel Zhao, Zhao, haven’t, ” Andrew Challenger, people’s paychecks, ” Diane Swonk, “, —, Swonk Organizations: New, New York CNN, Federal Reserve, Labor, Workers, Challenger, ”, BLS, KPMG, CNN Locations: New York, Wells Fargo, United States

☆ Wings, shrimp and booze: Super Bowl party hosts budget carefully this year
▼ + stars: | 2024-02-01 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +6 min

“The only time I use my grill that’s outside on my deck is for my Super Bowl party,” said Steward, in an interview with CNN. Tricks to manage the costThis year is the 26th year that San Francisco resident Amy Larson and her husband are throwing their Super Bowl party. “Super Bowl every year is my excuse to make him tailgating food, in particular hot wings,” she said. Over the years, Larson has perfected a few tricks to manage her Super Bowl food budget. “I also usually buy spirits and other drinks but I’m not sure about that either because of the higher prices,” Steward said.

Persons: Tod Steward, He’s, It’s, ”, Steward, Steward hasn’t, “, haven’t, that’s, ” Tod Stewart, Tod Steward There’s, Debbie Downer, ” Michael Swanson, Swanson, ” Swanson, Amy Larson, Larson, Amy Larson's, Amy Larson “, ” Larson, he’s, ” Steward, –, Alicia Wallace Organizations: New, New York CNN, Super Bowl, CNN, Wells Fargo, San, Bowl, Super Locations: New York, Seattle, Wells, San Francisco, Bay

☆ Fed Chair Powell says the job market is still strong. Here’s how the numbers break down
▼ + stars: | 2024-02-01 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

That can make the January jobs report among the trickiest to forecast, said Sarah House, a senior economist with Wells Fargo. Friday’s jobs report also will include the final annual benchmark review of payroll data for the 12 months that ended in March 2023. Fresh data on job cuts and productivityOn Thursday, the layoff picture became clearer. However, excluding January 2023, last month’s job cuts were the highest seen in January since 2009, according to Challenger. US worker productivity grew 3.2% in the fourth quarter, according to a BLS report released Thursday.

Persons: Jerome Powell, he’s, Sarah House, Wells, “ We’re, ”, there’s, Boussour, EY, ” Boussour, Daniel Zhao, Zhao, haven’t, ” Andrew Challenger, people’s paychecks, ” Diane Swonk, “, —, Swonk Organizations: New, New York CNN, of Labor Statistics, Federal Reserve, Labor, Workers, Challenger, ”, BLS, KPMG, CNN Locations: New York, Wells Fargo, United States

In a Sunday letter to Fed Chair Powell, shared first with CNN, Warren expressed alarm at how “astronomical” mortgage rates have made a bad situation worse and urged Fed officials to start cutting borrowing costs. “We urge you to consider the effects of your interest rate decisions on the housing market and to reverse the troubling rate hikes that have put affordable housing out of reach for too many,” Warren and fellow Democratic Sens. John Hickenlooper, Jacky Rosen and Sheldon Whitehouse wrote. “Come on, Fed! Turn it around and drop those interest rates,” Warren told CNN’s Kate Bolduan on Monday.

Persons: Sen, Sherrod Brown, Powell, ” Brown, Brown, Elizabeth Warren, Warren, ” Warren, Democratic Sens, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse, “, CNN’s Kate Bolduan, Read Organizations: Banking, Fed, CNN, Democratic

☆ US job openings grew in December
▼ + stars: | 2024-01-30 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

However, despite the uptick, the labor market remains in the throes of a cooldown amid the Federal Reserve’s aggressive actions to curb inflation. The United States had an estimated 9.026 million job openings in December, according to seasonally adjusted data released as part of the BLS’ monthly Job Openings and Labor Turnover Survey (JOLTS) report. Economists had expected December job openings to drop for a fourth consecutive month and land at 8.714 million. Outside of the initial stages of the pandemic, that was the lowest hires rate since 2014. At one point in early 2022, job openings soared north of 12 million.

Persons: “, ” Jennifer Lee, that’s, Jerome Powell Organizations: New, New York CNN, of Labor Statistics, United, Labor, BMO Capital Markets, Fed, BLS, Federal Reserve Locations: New York, United States

☆ This week will make it clearer if the Fed will cut interest rates in March
▼ + stars: | 2024-01-28 | by ( Bryan Mena | ) edition.cnn.com time to read: +11 min

Washington, DC CNN —A slew of economic news this week will make it much clearer if the Federal Reserve will cut interest rates in March. The Labor Department is due to release four crucial assessments of America’s job market, gauging labor demand, wage growth, productivity and hiring. Wages and the Fed on Wednesday: The day after, the Labor Department releases its Employment Cost Index for the fourth quarter, a comprehensive measure of employers’ labor costs. The US Labor Department releases December data on job openings, quits, hires and layoffs. The US Labor Department releases its Employment Cost Index for the fourth quarter.

Persons: that’s, ”, Christian Scherrmann, Jerome Powell, ” Michael Feroli, “, ” Feroli, Powell, Alicia Wallace, Joe Brusuelas, Jerome Powell’s Organizations: CNN Business, Bell, DC CNN, Federal Reserve, Labor Department, DWS, Labor, Survey, Fed, Employers, PCE, Federal, Commerce Department, RSM, Whirlpool, Microsoft, UBS, HCA Healthcare, General Motors, Cleveland Cliffs, Mondelez International, JetBlue Airways, Global, US Labor Department, Board, National Bureau of Statistics, Novo Nordisk, Mastercard, Novartis, Boeing, ADP, Nasdaq, Nomura Holdings, Apple, Shell, Honeywell, Deutsche Bank, Clorox, Quest Diagnostics, United States Steel, Bank of England, P Global, Institute for Supply Management, Exxon Mobil, AbbVie, Regeneron Pharmaceuticals, University of Michigan Locations: Washington, Marathon, Cleveland, Chevron

☆ How America’s economy keeps defying expectations when the rest of the world is struggling
▼ + stars: | 2024-01-26 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

Economists were convinced the last quarter of 2023 had to be the one where economic growth slowed significantly after the prior quarter’s gangbuster 4.9% annualized growth rate. Gross domestic product, the broadest measure of economic output, did slow last quarter to a 3.3% annualized rate. It’s remarkable given economists were expecting 1.5% annualized GDP growth last quarter. But what’s perhaps most remarkable about the US economic growth rate is how much it towers over similarly sized advanced economies. Covid stimulus money is helping Americans avoid cutting back on spending.

Persons: Larry David, that’s, rateaccording, Joseph Gagnon, David Paul Morris, Gagnon, That’s, Alicia Wallace, Hanna Ziady, he’s, I’ve, it’s Organizations: New, New York CNN, Gross, Peterson Institute for International Economics, Federal Reserve, Bloomberg Locations: New York, Singapore, Europe, Ukraine

☆ This latest measure of inflation shows progress toward the Fed’s goal, in a positive sign for consumers
▼ + stars: | 2024-01-26 | by ( Alicia Wallace | ) edition.cnn.com time to read: +1 min

Excluding energy and food, components that tend to be more volatile, the closely watched core PCE price index rose 2.9% annually, a slower pace than the 3.2% rate seen in November. The core PCE gauge is at its lowest point since March 2021. On a monthly basis, the headline PCE index rose 0.2%, a slight acceleration from the 0.1% drop seen in November when gas prices were tumbling. The core PCE index also rose by 0.2% from the prior month. Adjusting for inflation, spending was up 0.5%.

Organizations: New, New York CNN, Federal, Commerce Department, Consumer Locations: New York

☆ It’s primary time in New Hampshire. Here’s a snapshot of the Granite State’s economy
▼ + stars: | 2024-01-23 | by ( Alicia Wallace | Tami Luhby | ) edition.cnn.com time to read: +10 min

New York CNN —New Hampshire, the “first-in-the-nation” primary state (which will hold those elections Tuesday), has been a relatively “better-off” state than most others nationally. Median income/povertyThe typical New Hampshire household has a higher income compared to the average in the United States, and a smaller share of state’s residents are in poverty. Southeastern New Hampshire — where three-quarters of the state’s residents live — benefits from being close to the Boston metropolitan area, said Phil Sletten, research director at the left-leaning New Hampshire Fiscal Policy Institute. Some 42% of New Hampshire residents approved of Biden on the economy, with 55% disapproving, according to a November CNN/University of New Hampshire poll. But when it comes to their personal finances, New Hampshire residents are downbeat.

Persons: ’ ”, Charlie Dougherty, ”, ” Dougherty, “ You’ve, Patricia M, Anderson, Patrick Connelly, ” Connelly, that’s, Brian Gottlob, “, Spencer Platt, Lori Harnois, Gottlob, Phil Sletten, Sletten, Joe Biden, Biden, Gina Ferazzi Organizations: New, New York CNN —, United States, of Labor Statistics, Wells, Labor, Reserve, Dartmouth University, CNN, Housing, Tax Foundation, Tourism, Census, Granite State, Survey, New Hampshire —, University of New, Commerce Department, University of New Hampshire Survey Center, Patrons, Los Angeles Times, Independents Locations: New York, New York CNN — New Hampshire, Granite, New Hampshire, Boston, , New Hampshire, “ New Hampshire, “, Hampshire, Chester , New Hampshire, Manchester, Devon, Bartlett , New Hampshire, Ohio, Washington, New, Canada, Pennsylvania, United States, Granite State, University of New Hampshire, Colebrook , New Hampshire

☆ Premarket stocks: Buybacks could rebound this earnings season
▼ + stars: | 2024-01-19 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

Stock buybacks struggled to recover last year after taking a hit in 2022, even as corporate earnings began to rebound. Investors view buybacks as an indication that a company’s leadership believes its own shares are undervalued and are confident about its future performance. Buybacks also tend to push up share prices due to the added demand. ONEOK, a natural gas company, on Wednesday unveiled a $2 billion share repurchase program. The week’s total for initial claims landed far below economists’ projections for 205,000 initial claims, according to FactSet estimates.

Persons: Stock buybacks, Buybacks, buybacks, “, ”, Howard Silverblatt, Dow, Sundar Pichai, Brian Fung, Pichai, ” Pichai, Read, —, Alicia Wallace Organizations: CNN Business, Bell, New York CNN, Deutsche Bank, Wednesday, Deutsche, Federal Deposit Insurance Corporation, Dow Jones, Google, CNN, of Labor Locations: New York, Lennar, buybacks

☆ Jobless claims fall to lowest level since 2022, while CEO exits hit new high
▼ + stars: | 2024-01-18 | by ( Alicia Wallace | ) edition.cnn.com time to read: +4 min

New York CNN —The number of Americans making first-time claims for jobless benefits dropped last week to a level not seen since the fall of 2022, while CEO exits set a new high last year, according to fresh economic data released Thursday. There were an estimated 187,000 initial claims for unemployment insurance during the week that ended January 13, according to Department of Labor data released Thursday. That’s down by 16,000 claims from the week before and marked the lowest level of first-time claims — considered a proxy for layoffs — since September 24, 2022. Weekly claims data can be quite volatile and are frequently revised, and economists caution that some one-off influences — in this case, harsh weather and a new year — could be at play. “Historically, we’ve seen large economic shifts preceded by a surge in CEO exits,” Andrew Challenger, senior vice president of Challenger, Gray & Christmas, said in a statement.

Persons: —, ” Andrew Challenger, Challenger, ”, “, ” Matthew Martin, Ian Shepherdson, ” Shepherdson Organizations: New, New York CNN, of Labor, Challenger, ”, Oxford Economics, ’, ” Thursday’s Labor Department Locations: New York, US

☆ Premarket stocks: Why Wall Street should worry about retail
▼ + stars: | 2024-01-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

Consumer spending accounts for about 70% of America’s gross domestic product, the broadest measure of the US economy, so a recession is nearly impossible as long as consumer spending is growing. Wednesday’s report is expected to be a good one — economists polled by FactSet expect that a strong holiday shopping season boosted consumer spending by 0.4% in December from the month prior. But new data from the New York Federal Reserve on Tuesday has soured the mood on Wall Street. The outlook for consumer spending doesn’t look so bright, either. The trend marked the deepening of a demographic challenge set to have significant implications on the world’s second largest economy, report my colleagues Laura He and Simone McCarthy.

Persons: Alicia Wallace, shutdowns, It’s, Brian Moynihan, ”, CNN’s Richard Quest, they’ve, Bob Iger, Samantha Delouya, Walt Disney, Iger’s, Disney, Laura, Simone McCarthy Organizations: CNN Business, Bell, New York CNN, FactSet, New York Federal Reserve, Consumer, Hamas, Federal Reserve, Bank of America, Economic, Disney, National Bureau of Statistics, Communist, NBS Locations: New York, Suez, Iranian, Asia, Europe, United States, Drewry, Davos, Switzerland, China, Communist China

☆ Americans are pulling back on their spending, but debt remains top of mind
▼ + stars: | 2024-01-16 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

The latest Survey of Consumer Expectations Household Spending Survey, which is released every four months, also showed that households expect to spend less in the year ahead. The most recent reading is the lowest since December 2020 and is trending closer to the pre-pandemic reading of 2.4%. Survey respondents said they expected to spend less on everyday essential spending. The spending has kept the economy churning, but it’s also potentially coming at a cost: Americans have relied heavily on debt to make their purchases. As of December 2023, respondents said they’d allocate 38.4% of the unexpected income gain toward paying down debt.

Persons: it’s Organizations: New, New York CNN, Federal Reserve Bank of New, New York Fed, Consumer Locations: New York, Federal Reserve Bank of New York

☆ US wholesale inflation closes out 2023 with 1% annual rate in December
▼ + stars: | 2024-01-12 | by ( Alicia Wallace | ) edition.cnn.com time to read: +4 min

US producer prices fell in December for the third consecutive month, bringing a closely watched gauge of inflation to a rate more in line with pre-pandemic times. Wholesale inflation as measured by the Producer Price Index rose 1% annually in December, up slightly from November’s revised 0.8% reading, according to data released Friday by the Bureau of Labor Statistics. On Thursday, the December Consumer Price Index, which is the most widely used measure of retail inflation, showed prices rose annually by 3.4%. “Producers are not facing costs that need to be pushed through to consumers in order to maintain their bottom lines that would reignite inflation,” Rankin said. The US central bank has become increasingly data dependent in its campaign to bring down inflation.

Persons: Price, we’ve, Kurt Rankin, Rankin, “ there’s, Eugenio Aleman, Raymond James ’, ” Rankin, “, —, ” Organizations: New, New York CNN, Bureau of Labor Statistics, PPI, PNC Financial Services, CNN, “, PNC Locations: New York, United States

☆ What’s getting more expensive — and cheaper — at the grocery store
▼ + stars: | 2024-01-11 | by ( Alicia Wallace | ) edition.cnn.com time to read: +4 min

That’s the lowest annual increase registered since June 2021 and a far cry from the 11.8% increase registered in December 2022. Overall food prices were up 0.2% on a monthly basis, matching the rate of increase seen in November, CPI data shows. Eggs and ham prices went up the most in December as compared to other food categories tracked in the CPI. Ham prices rose 2.6% for the month (2.9% excluding canned ham), BLS data showed. The latest Consumer Price Index showed that grocery prices rose only 1.3% for the year ended in December.

Persons: New York CNN —, Bill Adams, chow, Wendy Edelberg, Ash Organizations: New, New York CNN, Bureau of Labor Statistics ’, Comerica Bank, CPI, The Hamilton Project, Brookings, CNN, Bloomberg Locations: New York, Ham, United States

☆ CPI: America’s final inflation report for 2023 just came in
▼ + stars: | 2024-01-11 | by ( Alicia Wallace | ) edition.cnn.com time to read: +5 min

Economists were expecting the annual overall inflation rate to tick higher, to 3.2% from the 3.1% headline reading the month before, according to FactSet consensus estimates. Despite the acceleration, the annual rate of consumer-level inflation is down considerably from December 2022’s rate of 6.5%; additionally, a closely watched measure of underlying inflation slowed further. In December, core goods prices were flat, an apparent stalling out after six months of declines. Rising shelter costs have kept core services elevated. The central bank has a target inflation rate of 2%, as measured by the Personal Consumption Expenditures price index, which has its latest reading due out later this month.

Persons: “, ” Wendy Edelberg, ” “, ’, Brian Coulton, Fitch, ” Scott Anderson, Jerome Powell, Joe Brusuelas, ” Organizations: New, New York CNN, of Labor Statistics, BLS, The Hamilton Project, Brookings, CNN, Federal, BMO, CPI, PCE, RSM Locations: New York, November’s

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