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“This will be the first Olympics, since Sydney, where the total costs are coming in under $10 billion,” said Victor Matheson, a College of the Holy Cross professor of economics who has researched the financial costs of the Olympics. Workmen adjust banners on the 3x3 basketball venue located at La Concorde, in Paris, ahead of the 2024 Olympic Games. Additionally, the Paris Olympic Village will be converted into offices and housing in a historically impoverished neighborhood. Still, economists say, it may take more drastic moves in the future for the Olympics to be truly sustainable and economically sound. “I love the Olympics, and I love sporting events, but I just really do not think that the way the Olympics works now is a viable business model,” Phalin said.

Persons: ”, Victor Matheson, “, “ It’s, David Gray, Andrew Zimbalist, ” Zimbalist, Michael Kappeler, it’ll, Fabrice Coffrini, Zimbalist, ‘, Amanda Phalin, Christian Petersen, I’m, ” Phalin, you’ve, it’s, Andrew Medichini, shuttlecocks, Matheson, Phalin Organizations: CNN, Olympic, Paralympic Games, Paris Games, of, IOC, La Concorde, Getty, Mexico City Games, Montreal Games, Smith College, Olympics, Oxford University, Audit Board, Tokyo, Eiffel, Paris, University of Florida’s Warrington College of Business, Games, of Investment, Development Authority, French, ” Workers, Palais, AP Paris Locations: Paris, Sydney, La, AFP, Mexico, Munich, ” Los Angeles, Tehran, Beijing, Sochi, France, “, Lake Placid , New York, Lake Placid, ”, Los Angeles, Oklahoma

☆ Inflation is inching closer toward the Fed’s 2% target
▼ + stars: | 2024-07-26 | by ( Alicia Wallace | ) edition.cnn.com time to read: +1 min

CNN —Yet another favorable piece of economic data shows that price hikes are slowing and that long-unruly inflation appears to be tamed. On a monthly basis, the price index increased by 0.1%, also landing in line with expectations. Falling energy prices, which dropped 2.1% from May, continued to help put a damper on overall inflation in June, as did goods prices, which dropped 0.2%. Food and services inflation increased just 0.1% and 0.2%, respectively, for the month. Taking inflation out of the equation, real spending was still up for the month, rising 0.2%.

Organizations: CNN, Federal Reserve, Commerce Department, Commerce

☆ It’s becoming harder to get — and keep — a car
▼ + stars: | 2024-07-22 | by ( Alicia Wallace | ) edition.cnn.com time to read: +6 min

Cook did the math, made a pros and cons list, and bought a new car. Courtesy Greg CookHis car — the monthly payment, the fast-rising insurance, fuel and maintenance costs — takes up a 30% share of his monthly budget. And buying a car is no cakewalk either: Credit is increasingly harder to come by and rejection rates are spiking. Instead, consumers have been presented with a higher bar, including requirements for a heftier down payment and a higher credit score, he said. More restrictive lending typically equates to approval rates going down and rejection rates rising.

Persons: Greg Cook’s, he’d, I’ve, ”, Cook, Greg Cook, “, Jeremy Robb, “ Everyone’s, Robb, David Paul Morris, they’re, repossessions Organizations: CNN, Cox Automotive, Federal Reserve Bank of New, Federal, Bloomberg, Getty Locations: Oregon, Federal Reserve Bank of New York, Richmond , California

☆ Here’s why people have fond memories of the Trump economy
▼ + stars: | 2024-07-16 | by ( Tami Luhby | Alicia Wallace | ) edition.cnn.com time to read: +9 min

CNN —In 2018, Jonathan and Trista Schmier felt the economy was so strong that they could take a big risk. “The customers got very, very upset.”Trista and Jonathan Schmier felt confident enough about the economy during the Trump administration to open a small chain of restaurants. Poll after poll show that voters have more faith in Trump’s ability to handle the economy than President Joe Biden’s. By many measures, however, the economy under Biden — who took office while the pandemic was still underway — has also been strong. “I trust the other guy better,” said Southworth, 74, referring to Trump, whom he voted for in 2016 and 2020.

Persons: Jonathan, Trista Schmier, Angus, ”, Jonathan Schmier, ” Trista, Trump, Andrew Craft, Donald Trump, Joe Biden’s, Biden, Carroll Doherty, Doherty, Trump’s, Barack Obama, Biden —, —, Bernard Yaros, ’ paychecks, Jimmy Carter, ” Yaros, Yaros, Ted Southworth, Ted, Rebecca Southworth, Ted Southworth Southworth, Southworth, Becky Cantrell, Cantrell Organizations: CNN, Fayetteville Observer, USA, Pew Research Center, Biden, Black Americans, Census Bureau, Oxford Economics, Trump Locations: Burger, Fayetteville , North Carolina, Burlington , North Carolina, , Florida

☆ Unexpected bad news for inflation: Wholesale prices rose in June
▼ + stars: | 2024-07-12 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

CNN —Wholesale price inflation unexpectedly accelerated in June to its highest rate since March 2023. That’s an unwelcome development for the US economy one day after the government announced that consumer prices declined on a monthly basis for the first time in four years. On a monthly basis, prices rose 0.2% after holding flat in May. Economists had expected that prices would increase 0.1% on a monthly basis and hold steady at 2.2% annually. Prices dropped on a monthly basis for the first time since May 2020, and annual inflation slowed to 3%, its slowest rate since June 2023.

Persons: That’s, Price, ” Clark Bellin, Bellin Organizations: CNN —, of Labor Statistics, PPI, Federal Reserve

☆ You might have just missed Earth-shattering economic news
▼ + stars: | 2024-07-12 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

Instead, the single best economic news of the past decade is but a murmur of chit-chat, barely audible against a clamor of politicos shouting about President Joe Biden’s age. Bidenomics worked and no one caresFor the past three years, President Biden’s biggest political liabilities have been painfully obvious: his age and inflation. Still, Thursday should have been a day for the White House to spike the football and double down on a message that has, historically, fallen flat — that Bidenomics is working. Rather than doing a victory lap, Biden on Thursday was preparing for a high-stakes news conference in front of a ravenous White House press corps that focused their questions almost entirely on his fitness to lead. The White House can finally cross out “inflation” on its list of presidential liabilities.

Persons: CNN Business ’, New York CNN —, it’s, Aaron Sojourner, Jay Powell, Joe Biden’s, Bidenomics, Biden’s, doesn’t, that’s, whoever’s, aren’t, Alicia Wallace, Biden, Donald Trump, it’ll, sipping Champagne Organizations: CNN Business, New York CNN, econ, Biden, Consumers, Labor Department, White, House, Democratic Locations: New York, America

☆ The big change that could come for the economy in September
▼ + stars: | 2024-07-12 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

Wall Street’s expectations for a September rate cut rose to roughly 93% on Thursday from 73% the day before, according to the CME FedWatch Tool. “A September rate cut should be a done deal at this point,” wrote Ron Temple, chief market strategist at Lazard, in a Thursday note. Some economists worry that if the Fed doesn’t cut rates by then, cracks could begin to deepen in the labor market. A September rate cut “may not be the magic elixir some investors are seeking,” wrote Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management, in a Monday note. On an annual basis, consumer prices are increasing at their slowest pace since June 2023, matching the lowest annual rate since early 2021.

Persons: ”, Ron Temple, Jerome Powell didn’t, Brent Schutte, Alicia Wallace, —, Elisabeth Buchwald, McDonald’s, Read Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Lazard, Northwestern Mutual Wealth Management, Bureau of Labor Statistics ’, Taco Bell Locations: New York, Burger

☆ Prices fell in June for the first time since the start of the pandemic
▼ + stars: | 2024-07-11 | by ( Alicia Wallace | ) edition.cnn.com time to read: +1 min

CNN —US consumer prices did something in June that they haven’t done since the early part of the pandemic: They fell. Economists were expecting a 0.1% monthly increase and an annual gain of 3.1%, according to FactSet consensus estimates. Excluding energy and food prices, a closely watched “core” index of underlying inflation also slowed more than expected. Dow futures rose 80 points. Nasdaq futures rose 0.3% as well.

Persons: — Organizations: CNN, Bureau of Labor Statistics ’, Federal Reserve, Dow, Nasdaq, Treasury

☆ Americans are suddenly finding it harder to land a job — and keep it
▼ + stars: | 2024-07-08 | by ( Elisabeth Buchwald | Alicia Wallace | ) edition.cnn.com time to read: +5 min

Suddenly, the red-hot labor market is feeling closer to lukewarm for job seekers. The unemployment rate rose to a three-year high of 4.1% in June, with 6.8 million people unemployed. At that time a year ago, the unemployment rate was at 3.6% and 6 million people were unemployed. The rising unemployment rate — driven primarily by more people entering the workforce — means that it’s getting more competitive for job hunters to get hired. Since 2022, the temporary help sector has added jobs in only four months.

Persons: It’s, Luke Pardue, switchers, David Tinsley, Jack McIntyre Organizations: CNN, Aspen, Bank of America, Bank of America Institute, “, of Labor Statistics, Labor Department, Brandywine Global

America’s job market remains solid, but it has lost momentum over the past year. The Federal Reserve is watching closely to see if it will continue to hold up or weaken more than expected. Fed Chair Jerome Powell said this week at an economic forum in Portugal that the risk of inflation reaccelerating has come into better balance with the risk of the job market unexpectedly deteriorating. Fed officials indicated in their latest economic projections that they expect to cut interest rates just once this year, which have been at a 23-year high for a year now. It rose to 4.1% in June, according to the Labor Department’s latest tally.

Persons: Jerome Powell, ” Powell, ”, Mary Daly Organizations: Federal, ” San Francisco Fed, Labor Locations: Portugal, ” San

☆ What to expect from the June jobs report
▼ + stars: | 2024-07-05 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

That said, the job market of today is far different than it was 30 months ago. “The labor market has normalized,” Luke Tilley, Wilmington Trust’s chief economist, told CNN in an interview. As such, Friday’s report could provide a crucial signal as to whether the jobs market is at a stable or even pre-pandemic state — or is perhaps weaker than advertised. The continued upswing in claims has Tilley closely watching an underlying datapoint of the monthly jobs report: Unemployed persons by reason for unemployment. The overall labor force participation rate dipped in May to 62.5% from 62.7%, reversing progress made earlier this year.

Persons: don’t, ” Luke Tilley, ”, Nela Richardson, ” Dean Baker, aren’t, Tilley, ” Tilley, That’s, Julia Pollak, ” Pollak, Rachel Sederberg, Joe Biden, Donald Trump, Biden, Jerome Powell, Powell, “, can’t, Lightcast’s Organizations: CNN, Bureau of Labor Statistics, Center for Economic, Policy Research, of Labor, Challenger, ZipRecruiter, ”, CNN Business, Workers, Federal Reserve, Labor Locations: Wilmington, “, Portugal

☆ A global tax war is looming. It could hit Big Tech hard
▼ + stars: | 2024-07-03 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —A stalemate in Washington could destroy a landmark tax deal that was painstakingly hammered out among 140 countries over the better part of a decade. Some analysts say that the United States’ inability to ratify the deal could lead to a tax war among the richest nations that would hit tech behemoths like Google, Apple, Meta and Amazon particularly hard. Canada recently implemented a local tax on the world’s largest tech companies, something the OECD treaty had sought to avoid. New Zealand has also said it will implement its own digital services tax on large multinational companies beginning in 2025. The FTC also said that documents showed that competing mattress suppliers would lose access to its most important retail channel.

Persons: Donald Trump, he’s, Manal Corwin, ”, Megan Funkhouser, won’t, Alicia Wallace, Economists, Ramishah Maruf, Tempur Sealy, —, Foster Organizations: CNN Business, Bell, New York CNN, Apple, Meta, Economic Co, Development, OECD, Biden, Republicans, Finance, OECD’s, Tax, Administration, Information Technology Industry Council, CNN, Bureau of Labor Statistics ’, Labor, Labor Statistics, Federal Trade Commission, United, FTC, Pedic, Sealy Locations: New York, Washington, United States, Canada, Zealand, New Zealand, Stearns

☆ US job openings unexpectedly grew in May, reflecting a still resilient labor market
▼ + stars: | 2024-07-02 | by ( Alicia Wallace | ) edition.cnn.com time to read: +6 min

CNN —The number of available jobs in the US unexpectedly grew in May, signaling continued resilience in the nation’s labor market. Job openings jumped higher to 8.14 million in May, from a downwardly revised 7.91 million in April, according to the Bureau of Labor Statistics’ latest Job Openings and Labor Turnover Survey (JOLTS) report released Tuesday. While both hires and job openings rates (as a percentage of total employment) ticked higher for May, the quits rate and layoffs rate were unchanged. The labor market appears to be at a crossroads, Nick Bunker, Indeed Hiring Lab’s head of economic research, wrote in commentary posted Tuesday. But some Fed officials have noted that the job market has lost momentum recently and that it’s highly unclear whether it will continue to hold steady or weaken further.

Persons: Economists, “, ” Robert Frick, switchers, David Tinsley, Nick Bunker, ” Bunker, ”, you’ve, Austan Goolsbee, ” Marisa DiNatale Organizations: CNN, Bureau of Labor Statistics ’, Labor, Navy Federal Credit Union, Industries, Bank of America, Bank of America Institute, “, Federal Reserve, Chicago Fed, Bloomberg, European Central Bank, Moody’s, Labor Statistics Locations: Sintra , Portugal

☆ US employers want more part-time workers. Here’s what that means
▼ + stars: | 2024-06-30 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

“So far, the labor market has adjusted slowly, and the unemployment rate has only edged up. The industries that were most likely to advertise part-time work as of May were beauty and wellness; personal care and home health; retail; food preparation and service; and sports, Indeed said. During the Great Recession from 2007 to 2009, part-time work rose sharply, according to research from the San Francisco Fed. “There was this rise in part-time work when the economy and the labor market were doing well coming out of the pandemic,” Culbertson told CNN. The US Labor Department releases June figures gauging the state of the labor market, including monthly job growth, wage gains and the unemployment rate.

Persons: Mary Daly, ” Daly, Daniel Culbertson, ” Culbertson, Alicia Wallace, Friday’s, Jerome Powell, John Williams Organizations: CNN Business, Bell, Washington CNN — Companies, Labor Department, Federal Reserve, San Francisco Fed, Commonwealth Club World Affairs of, CNN, Commerce Department, Commerce, P Global, Institute for Supply Management, European Central Bank, US Labor Department, Constellation Brands, Constellation Brands . New York Fed, US Commerce Department, New York Fed Locations: Washington, Commonwealth Club World Affairs of California, Constellation Brands .

☆ The problem with Biden’s and Trump’s economic records: They’re really messy
▼ + stars: | 2024-06-29 | by ( Alicia Wallace | ) edition.cnn.com time to read: +4 min

“Interpreting economic data is like interpreting a Monet painting in the best of times,” Mark Zandi, chief economist at Moody’s Analytics, told CNN in an interview. “When President Biden takes credit for all jobs and says Trump lost all the jobs? “And until it does, we won’t have a real good sense of what the new metrics are that reflect the direction in the economy and consumer confidence.”Twenty years ago, presidential elections came down to “jobs, jobs, jobs,” Brusuelas said. “They’re going to be thinking, ‘Wait a minute, all this money’s going into this and can replace the job that guys like me do? For the average person, the economic data only means so much anyways, Brusuelas said, adding that it comes down to “protein and petrol” versus percentage points.

Persons: Monet, ” Mark Zandi, it’s, Joe Biden, Donald Trump, “ Trump, Biden, ” Zandi, “, Trump, ”, Joe Brusuelas, ” Brusuelas, “ That’s, It’s, They’re, ’ ”, Brusuelas Organizations: CNN, Moody’s, Trump, RSM, Democrat, Nvidia, “ Locations: what’s

☆ US prices didn’t rise last month for the first time since November
▼ + stars: | 2024-06-28 | by ( Alicia Wallace | ) edition.cnn.com time to read: 1 min

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☆ Fact checking the CNN presidential debate
▼ + stars: | 2024-06-27 | by ( Cnn Staff | ) edition.cnn.com time to read: +69 min

CNN —President Joe Biden and former President Donald Trump faced off during CNN’s presidential debate in Atlanta Thursday night. From CNN’s Daniel DaleFormer President Donald Trump and President Joe Biden debate at CNN's Atlanta studios on June 27, 2024. From CNN’s Daniel Dale and Ella NilsenFormer President Donald Trump, left, and President Joe Biden take part in the CNN presidential debate on Thursday, June 27. From CNN’s Alicia WallaceFormer President Donald Trump and President Joe Biden debate at CNN's Atlanta studios on June 27, 2024. Kpler found that China imported about 511,000 barrels per day of Iranian crude in December 2020, Trump’s last full month in office.

Persons: Joe Biden, Donald Trump, Biden, Trump “, “, ” Trump, ”, Trump, ” John Kelly, servicemembers, Kelly, Jim Sciutto, Daniel Dale, Kaanita Iyer, Roe, Wade, That’s, Wade ”, Kimberly Mutcherson, “ Donald Trump’s, Maya Manian, Trump’s, Mary Ziegler, Davis, Ziegler, Ruth Bader Ginsburg, Roe should’ve, ’, Will Lanzoni, ” Biden, corpsman —, Hamid Karzai, CNN’s Haley Britzky, didn’t, Priscilla Alvarez, George Floyd, Tim Walz, Walz, Paul –, CNN’s Holmes Lybrand, Daniel Dale FACT, European Union won’t, Ella Nilsen, Jill Biden, Jake Tapper, Dana Bash, Adam Rose, CNN US Sen, Marco Rubio, CNN Trump, Austin Steele, CNN Biden, Tristen Rouse, CNN Tapper, Robert F, Kennedy Jr, Kennedy, CNN MJ Lee, Mandel Ngan, Megan Varner, Reuters Kennedy, Burk Stringfellow, Iran “, Mike Pompeo, ” Pompeo, Tami Luhby Trump, CNN’s KFILE, weren’t, Hillary Clinton, affirmatively, it’s, what’s, –, Alicia Wallace, Obama, CNN’s Ella Nilsen, you’re, Biden’s, Hunter Biden, Joe Biden’s, Viktor Shokin, Shokin, CNN’s Marshall Cohen, “ It’s, Rick Muskat, CNN.So, Morgan, Katie Lobosco, Alvin Bragg’s, Bragg, Jack Smith, Smith, General Merrick Garland, Garland, Matthew Colangelo, Colangelo, I’ve, there’s, Iran haven’t, ” Matt Smith, Ali Vaez, Kpler, Gary Engelhardt, Jason Richwine, ” Richwine, Tami Luhby, Confederate, Robert E, Lee, marchthat, “ I’m, Elle Reeve, Ralph Northam, Jen Christensen, ” Trump’s, Ronald Reagan’s, Barack Obama, George W, ‘, ’ ” Trump, CNN’s Jen Christensen, Pelosi, Nancy Pelosi, “ Nancy Pelosi, …, Alexandra Pelosi, Aaron Bennett, Cherry, Christopher Miller, Miller, Charis Kubrin, CNN’s Catherine Shoichet, ” Kubrin’s, Graham Ousey, College of William & Mary, Erwan, George Washington, Marshall Cohen, ” Howard Gleckman, Gleckman, Emmanuel Saez, Gabriel Zucman “, Howard Gleckman, ” Gleckman Organizations: CNN, Trump, Homeland Security, SSRS, Marquette Law School, NBC, Gallup, ” Rutgers Law, American University, university’s Health, University of California, Atlanta, US Navy, Border Patrol, Border Patrol Council, National Guard, Minneapolis Former, Minnesota Democratic Gov, Minnesota National Guard, Guard, EU, European Union, US, European Automobile Manufacturers ’ Association, CNN US, Biden, House, CNN Biden's, CNN Biden, White House, Getty, Reuters, State, Medicare, Black, of Labor Statistics, Republican, Burisma Holdings, International Monetary Fund, Republicans, House Republicans, US International Trade Commission, US Customs, Deer Stags, Peterson Institute for International Economics, Justice Department, DOJ, DC, federal, Department, Democrat, Americas, Crisis, Social Security, Social, General Internal Medicine, “, Syracuse University, Center for Immigration Studies, Electoral, White, Nazi, US Centers for Disease Control, Former Virginia Gov, United, China Former, China, Hamas, ISIS, Trump’s, Democratic, Congressional, Capitol, Colorado Supreme Court, US Food, Guttmacher Institute, California Democrat, Capitol Police Board, Senate, District of Columbia National Guard, College of William &, NATO, Atlantic Treaty Organization, George Washington University’s Elliott School of International Affairs, Transatlantic, Urban, Brookings Tax, Urban Institute, ”, Tax, Center Locations: Atlanta, France, Afghanistan, Kabul, Jordan, Iran, Somalia, Yemen, Yakushima Island, Japan, Minneapolis, Portland, Minnesota , Minneapolis, St, EU, Georgia, CNN's, Washington ,, AFP, Lebanon, Israel, what’s, Paris, China, India, Russia, United States, Ukrainian, Ukraine, lockstep, American, Manhattan, New York , Georgia, Florida, Washington, New York, York’s, Mexico, Kpler, Malaysia, Charlottesville, Charlottesville , Virginia, White, Virginia, Northam, East, “, New York City, Saudi, al Qaeda, Texas, Colorado, California, Trump, Irvine, Germany, Berkeley

☆ Americans are finding it harder to get a new job
▼ + stars: | 2024-06-27 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

CNN —Americans are staying unemployed for longer, the latest Labor Department data shows, in a reflection of a slowing economy. The number of Americans receiving jobless benefits for multiple weeks climbed to its highest level since November 2021, according to a Department of Labor report released Thursday. While the number of initial claims remains near pre-pandemic levels (but well below historical averages), they’ve moved higher in recent weeks. Weekly jobless claims data, which is looked at as a proxy for layoff activity, can be highly volatile and is frequently revised. Still, the trend as of late has been an upward one, economist Ian Shepherdson wrote in a note to clients Thursday.

Persons: they’ve, Ian Shepherdson, Shepherdson, ”, “ Organizations: CNN, Labor Department, Department, Labor, Pantheon, Federal, Consumer

☆ Americans felt shakier about the economy in June
▼ + stars: | 2024-06-25 | by ( Alicia Wallace | ) edition.cnn.com time to read: +1 min

CNN —US consumer confidence teetered slightly in June as Americans grew a little more wary about the future, new data released Tuesday showed. The Conference Board’s latest consumer confidence index dipped to a reading of 100.4 in June from 101.3 in May. Readings of Americans’ confidence are typically closely watched, as consumer spending accounts for nearly 70% of US economic activity. 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 Michigan index’s preliminary reading for June, released earlier this month, showed sentiment levels were at a seven-month low.

Persons: Dana Peterson, ” Organizations: CNN, Conference Board, University of Michigan’s, Michigan Locations: Michigan

☆ Extreme heat takes toll on outdoor workers
▼ + stars: | 2024-06-21 | by ( Alicia Wallace | ) edition.cnn.com time to read: +11 min

There’s little to no escape from sweltering temperatures for construction workers like Eva Marroquin, who cleans work sites in Austin, Texas, and has worked in the industry for 17 years. Since 2010, she’s worked closely with the Workers Defense Project, an organization that advocates for protections for low-wage, immigrant workers in the Texas construction industry. Slowing down small businessesIt’s barely just now summer, and heatwaves are already slowing down small businesses, according to Homebase, which provides payroll software to more than 100,000 small businesses, covering 2 million hourly workers. “I think anything that impacts small businesses is affecting the economy as a whole,” he said, noting how small businesses account for half the jobs in the country. For herself, the high heat is more of an inconvenience; the car’s hotter and she just needs to pack some extra water.

Persons: Eva Marroquin, ” Marroquin, Christine Bolaños, she’s, Chris Lafakis, ”, Joshua, Gina Ferazzi, Gregory P, Casey, Jenny Schuetz, Brian Snyder, aren’t, “, John Waldmann, They’re, Katie Parent, Joseph Prezioso, Greer, Denise Greer Jamerson, Norman, Greer Jamerson, you’ve, ‘, “ It’s, it’s, Tamara Lovewell, café, panini, Tamara Lovewell “, Lovewell Organizations: CNN, Capitol, Workers Defense Project, Moody’s, Federal Reserve Bank of San, Williams College, Triple, Los Angeles Times, Environmental Protection Agency, Brookings Metro, Reuters, University of California, Stanford University, Getty, National Weather Service, Ruska Coffee Company Locations: Austin , Texas, Washington ,, Texas, Federal Reserve Bank of San Francisco, Massachusetts, Joshua Tree , California, Boston, Greater Boston, AFP, Princeton , Indiana, , Maine, United States, Caribou .

☆ RV sales are picking up. That’s a good sign for the economy
▼ + stars: | 2024-06-16 | by ( Alicia Wallace | ) edition.cnn.com time to read: +10 min

When consumer sentiment falters or the economy starts to teeter, RV sales follow suit, said Michael Hicks, an economics professor at Ball State University and director of Indiana University’s Center for Business and Economic Research. “People don’t make these large, luxury purchases unless they’re actually feeling better about the economy,” said Hicks, who follows the RV industry closely. “It’s so sensitive to interest rate changes, which often precede a downturn.”A Winnebago travel trailer at Motor Sportsland RV dealership in Salt Lake City on April 6, 2020. Nika Shneyder and her father and business partner, Alex Shneyder, standing by a Chill RV in Malibu RV Park, California, in 2019. They moved down to a historically strong, but noticeably smaller, 493,000 the next year, according to data from the RV Industry Association.

Persons: That’s, Nika Shneyder, “ We’re, ” Shneyder, “, Michael Hicks, ”, Hicks, George Frey, bode, ” Michael J, Happe, hasn’t, We’ve, we’ve, Covid, Alex Shneyder, Nika, they’d, Monika Geraci, David Titus, Ty Wright, there’s, Ball State’s Hicks, ’ Titus, they’re, we’ll, Titus, ” Titus Organizations: CNN, Ball State University, Indiana University’s Center for Business, Economic Research, Bloomberg, Getty, Winnebago Industries, RV Industry, Dealers, RVs, Consumers, HL Enterprise, Manufacturing, of Labor Statistics Locations: Los Angeles, teeter, Salt Lake City, YOLO, Malibu, , California, Elkhart , Indiana, The Northern Indiana, South Bend, Elkhart, “, Elkhart .

☆ The good economic news this week was just that … good news
▼ + stars: | 2024-06-15 | by ( Alicia Wallace | ) edition.cnn.com time to read: +5 min

CNN —“Good news is bad news” has been a common refrain for a while now. When economic reports are released that are solid, they have all too often been clouded with concerns that good news for the economy actually means a longer wait before the Federal Reserve rolls out rate cuts. Inflation as measured by the Consumer Price Index cooled more than expected in May, with prices holding flat on the month for the first time since July 2022. The markets don’t seem to be buying the one-cut plan, especially after the Producer Price Index on Thursday showed that wholesale prices fell from April to May and the BLS’ Import and Export Price Index showed that US imports prices fell 0.4% in May after rising 0.9% in April. And more good news is likely on the way this next week and later this month, Brusuelas said.

Persons: CNN —, ”, Joe Brusuelas, —, ” Brusuelas, spoilsport, Price, ” Chris Rupkey, “, ” Rupkey, Brusuelas Organizations: CNN, Federal Reserve, RSM US, New York Fed, National Federation of Independent, Consumer, Index, BLS, Price, FwdBonds, CPI, PPI

☆ CPI report: Inflation slowed in May, hinting at welcome relief for consumers
▼ + stars: | 2024-06-12 | by ( Alicia Wallace | ) edition.cnn.com time to read: +6 min

Falling gas prices kept inflation in check following a 0.3% gain in April. “Adding to the good inflation news, core services inflation (excludes energy services) printed its mildest monthly increase since September 2021,” Kathy Bostjancic, Nationwide’s chief economist, wrote in a note issued Wednesday. On an annual basis, shelter inflation slowed a tenth of a percentage point to 5.4%, which is its lowest rate since April 2022. Still, those costs continue to run hot for consumers, with transportation services prices up 10.5% from a year ago and car insurance up 20.3%. Soft CPI boosts chances for Fed cutsThe CPI, which tracks average change in prices for a basket of goods and services common to consumers, is the most widely cited inflation metric.

Persons: ” Philip T, Powell, They’re, ” Kathy Bostjancic, Indiana University’s Powell, it’s, ” Sean Snaith, ” Preston Caldwell, Tool, “, ” Scott Anderson Organizations: CNN, Inflation, Federal, Bureau of Labor Statistics ’, Indiana Business Research Center, Indiana University Kelley School of Business, Federal Reserve, CPI, Transportation, University of Central, Soft, Fed, Morningstar, BMO Bank Locations: “, Indiana, University of Central Florida

☆ Wall Street’s facing an economic double-whammy this week
▼ + stars: | 2024-06-11 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

Despite the rare event, it’s unlikely the stock market will swing widely because of the economic two-fer, some investors say. Inflation showed signs of cooling in April after staying worryingly warm during the first quarter of this year. America’s rural hospitals keep getting attacked by cybercriminals. Microsoft said in a statement to CNN that it would provide free security updates for eligible rural hospitals, as well as security assessments and training for hospital staff. Google will provide free cybersecurity advice to rural hospitals and start a pilot program to match the firm’s cybersecurity services with the needs of rural hospitals.

Persons: Powell, ”, Dave Sekera, Alicia Wallace, Sean Lyngaas, Michelle Watson Organizations: CNN Business, Bell, New York CNN, Federal Reserve, CPI, Bank of America, Morningstar, Investors, Traders, Fed, UBS, Federal Reserve Bank of New, The, Consumer, cybercriminals, Microsoft, Google, White, CNN, White House National Security Council Locations: New York, pare, Federal Reserve Bank of New York, York, United States

☆ Americans are feeling rosier about their finances, the stock market and inflation’s decline
▼ + stars: | 2024-06-10 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

The New York Fed’s May Survey of Consumer Expectations showed improvement of people’s perceptions of their current financial situation as well as their outlook for a year from now. Households’ expectations for highest US stock prices improved to a three-year high. In May, home price expectations were still high, unchanged from the month before; however, inflation expectations dipped — and that’s a good sign for the Federal Reserve. Monday’s survey showed that the three- and five-year inflation expectations were unchanged. When the April CPI showed inflation on a cooler trajectory than it had started the year, the major US stock indexes all surged to record highs.

Organizations: CNN, Federal Reserve Bank of New, The, Consumer, Survey, Federal Reserve Locations: Federal Reserve Bank of New York, York

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