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☆ Giant pandas from China arrive in US on loan to National Zoo
▼ + stars: | 2024-10-15 | by ( Nectar Gan | ) edition.cnn.com time to read: +6 min

His mother, Bao Bao, was born a celebrity at the National Zoo in 2013 and returned to China four years later. His grandparents, Meixiang and Tian Tian, lived at the zoo for 23 years until their lease ended last year. It went offline last November, when Mei Xiang, Tian Tian and their youngest cub Xiao Qi Ji left for China. And for the first time in 23 years, the giant panda exhibit at the National Zoo had become empty. “Our team and legions of fans look forward to welcoming Bao Li and Qing Bao to the Smithsonian’s National Zoo.”

Persons: Bao Li, Qing Bao, China’s, Bao Bao, Meixiang, Tian Tian, Tom Booth, ”, Mariel Lally, Lally, Bao Li’s, they’re, ” Lally, doesn’t, “ She’s, Richard Nixon’s, Pat Nixon, Weeks, Ling Ling, Hsing Hsing, Cam, Mei Xiang, Xiao Qi Ji, Evelio Contreras, Qing, Ren Zhijun, Bao, Jin Tao, Brandie Smith, ” Smith, “ Organizations: DC CNN, FedEx, Panda, Washington Dulles Airport, Dulles International, National Zoo, CNN, US, Beijing Zoo, China's National Forestry and Grassland Administration, Washington, Smithsonian, Washington DC Locations: Washington, China, Beijing, China’s, Sichuan, Dujiangyan, Communist China

US Steel and Nippon Steel both indicated in statements that they’re open to legal fights to get the deal approved, no matter what actions is announced by Biden. Shares of US Steel (X) closed down 17.5% on the news at $29.37, well below the $55 a share that Nippon Steel agreed to pay for the stock back in December when the deal was announced. US Steel said the future of this and other union-represented plants at the company are at risk unless it gets approval to be purchased by Nippon Steel. US Steel says it has more than 3,000 employees in the state in its remaining steel mills along the Monongahela River just outside of Pittsburgh. The union says it doesn’t believe in the promises made by Nippon Steel so far and that it remains opposed to the purchase.

Persons: Joe Biden, Biden, “, Biden’s, Kamala Harris, Donald Trump, JD Vance, Harris, David Burritt’s “, Gene J, Philip Gibbs, ” Gibbs, ”, Gibbs, “ You’re, you’re, CFIUS, Michael Leiter, Skadden’s CFIUS, ” – CNN’s Matt Egan Organizations: Washington DC CNN, Nippon, US Steel, White, Foreign Investment, White House, Treasury, Steel, Nippon Steel, “ Nippon Steel, Washington Post, Labor, United Steelworkers, Justice, KeyBanc, CNN, steelworkers, “ Nippon, National Security Locations: United States, Japan, American, Pittsburgh, shoring, Gary , Indiana, “, Clairton , Pennsylvania, Pennsylvania, Monongahela, America

☆ Boeing CEO admits company has been ‘far from perfect’ after a flood of safety lapses
▼ + stars: | 2024-06-17 | by ( Chris Isidore | Gregory Wallace | ) edition.cnn.com time to read: +6 min

At an April 17 hearing Boeing engineer Sam Salehpour testified that Boeing is putting out defective planes because he and others who complain faced pressure not to do so. Calhoun has already met with members of Congress since the Alaska Air incident, albeit behind closed doors. He has also made numerous public statements to Boeing employees and to investors since the Alaska Air incident. But the January 5 incident aboard the Alaska Air flight happened just days before the end of the probationary period. Boeing has denied the Alaska Air incident violated the deferred prosecution agreement and is challenging any potential criminal liability in court.

Persons: Dave Calhoun, We’ve, Stephen Brashear, Calhoun, Howard McKenzie, Boeing’s, Sam Salehpour, ” Salehpour, ” Calhoun, “, ”, Richard Aboulafia, “ I’m, Calhoun’s, Max Organizations: Washington DC CNN, Boeing, Alaska Air Boeing, Max, Federal Aviation Administration, Getty, Consultancy, Alaska Air, Alaska Airlines, Alaska Airlines ’, Department Locations: Renton , Washington, Alaska, Indonesia, Ethiopia

☆ FAA chief admits agency ‘too hands-off’ in oversight of Boeing
▼ + stars: | 2024-06-13 | by ( Chris Isidore | Gregory Wallace | ) edition.cnn.com time to read: +2 min

Washington DC CNN —Federal Aviation Administration chief Mike Whitaker said his agency is partly responsible for the safety problems at Boeing, admitting that it had been “too hands off” in its oversight of the troubled aircraft manufacturer. But he also said that the FAA was not blameless in that incident. Whitaker said that the FAA previously had 24 inspectors at Boeing and Spirit and that the number was in the low 30s now. But Whitaker said that Boeing needs to make changes as well to improve the safety of its planes. “There must be a fundamental shift in the company’s safety culture in order to holistically address its quality and safety challenges,” he said.

Persons: Mike Whitaker, Whitaker, ”, “, ” Whitaker, We’ve Organizations: Washington DC CNN — Federal Aviation Administration, Boeing, Senate, Alaksa Airlines, FAA, Boeing’s South Locations: Boeing’s, Boeing’s South Carolina, Renton , Washington

☆ Boeing whistleblower: ‘They are putting out defective airplanes’
▼ + stars: | 2024-04-17 | by ( Chris Isidore | Gregory Wallace | ) edition.cnn.com time to read: +5 min

Washington DC CNN —Boeing’s already battered reputation took another hit at two Senate committee hearings Wednesday on Capitol Hill, with witnesses questioning how the company builds airplanes and the safety of those planes. Boeing did not have any witnesses at either hearing Wednesday, but at a briefing earlier this week it defended the standards used to build planes. Boeing recently said it has searched for records but believes its employees did not document the work. Bill Clark/CQ Roll Call/SipaHe said that since the hearing was announced, his committee has heard from other whistleblowers inside of Boeing. “What I don’t want this committee to do is to scare the you-know-what out of the American public,” he said.

Persons: Washington DC CNN — Boeing’s, Sam Salehpour, he’s, ”, Salehpour, “, don’t, …, Ed Pierson, Max, Democratic Sen, Richard Blumenthal, Bill Clark, ” Blumenthal, Republican Sen, Ron Johnson Organizations: Washington DC CNN, Capitol, Boeing, The Foundation for Aviation Safety, National Transportation Safety, Alaska Airlines, Alaska Air, Democratic, Richard Blumenthal of Connecticut, Senate Homeland Security, Governmental, Republican Locations: Richard Blumenthal of, Dirksen, nonunion South Carolina, Alaska, Wisconsin

☆ Blinken grounded by problems with his Boeing jet
▼ + stars: | 2024-04-03 | by ( Chris Isidore | Jennifer Hansler | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —US Secretary of State Antony Blinken is the latest person dealing with problems with a Boeing jet. This is the second time this year that Blinken has had an issue with a Boeing plane while traveling. The incident has sparked numerous investigations into the Boeing’s practices and public attention to a large number of other problems on subsequent flights with Boeing jets. Many of those came on older planes and issues, which typically would have not been reported, were likely not caused by anything Boeing did. But the subsequent incidents, which typically would have not been reported by the media, have focused more attention on questions about the quality and safety of Boeing jets.

Persons: Antony Blinken, Blinken, plane, Max Organizations: DC CNN, Boeing, State Department, Brussels, Air Force, Alaska Airlines, National Transportation Safety Locations: Washington, Europe, Ukraine, Gaza, Paris, Switzerland

☆ Safety regulators probe Ford driver assist features after fatal crash
▼ + stars: | 2024-03-19 | by ( ) edition.cnn.com time to read: +2 min

Washington DC CNN —The National Highway Traffic Safety Administration said on Monday it has opened an investigation into a recent Ford Mustang Mach-E fatal crash in San Antonio, Texas, where authorities suspect an advanced driver assistance system was in use. Driver assistance features are being hailed by automakers as a way to reduce accidents, but federal safety regulators are concerned that over-reliance on the features by drivers could be causing some accidents. While NHTSA has opened more than three dozen Tesla special crash investigations since 2016 where advanced driver assistance systems such as Autopilot were suspected of being used with 20 crash deaths reported, this is NHTSA’s first special crash probe involving a Ford advanced system. NHTSA typically opens more than 100 special crash investigations annually into emerging technologies and other potential auto safety issues. In addition to the NHTSA probe, on Friday, the National Transportation Safety Board opened a separate investigation into the Feb. 24 crash.

Persons: Jeffrey Allen Johnson, Austin, Ford, “, CNN’s Chris Isidore Organizations: Washington DC CNN, Traffic Safety Administration, Ford, NHTSA, National Transportation Safety, NTSB, San, Honda Locations: San Antonio , Texas, San Antonio

☆ Here’s why high interest rates haven’t caused a US recession
▼ + stars: | 2024-03-19 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

America’s economy remains remarkably solid, despite the high interest rates. The Fed dramatically cut interest rates in the early days of the Covid-19 pandemic to help shore up an economy dealing with high unemployment, prompting mortgage rates to also drop in tandem. Those homeowners who locked in an affordable 3% mortgage rate, for instance, aren’t likely to trade it for anything higher. Fed officials reflected in their latest economic projections from December that they expect to cut interest rates three times this year, which would also lower mortgage rates. That all means that Americans have been well equipped to deal with the effects of high interest rates.

Persons: Jerome Powell, ” Powell, ” Dan North, Freddie Mac, ” Karen Manna, Federated Hermes, “, ”, Powell Organizations: DC CNN, Federal Reserve, Reserve, CBS, Allianz Trade, CNN, Fed, Employers, Consumer Finances, Federated Locations: Washington

☆ United CEO tries to reassure customers following multiple safety incidents
▼ + stars: | 2024-03-18 | by ( Pete Muntean | Chris Isidore | ) edition.cnn.com time to read: +3 min

On Friday in a United Boeing 737-800 landed in Medford, Oregon, with a panel from the underside of the fuselage missing. Earlier this month, United suffered a series of four incidents, all involving Boeing jets . A United Boeing 737-900ER spewed flames from an engine after takeoff from Fort Meyers, Florida, a United Boeing 777 lost a wheel during takeoff from San Francisco, a United Boeing 737 Max slid off a runway in Houston, and a United Boeing 777 trailed hydraulic fluid leaving Sydney. The age of the aircraft in the United incidents suggest that the cause could lie with United personnel, rather than Boeing’s well documented quality issues. And its fleet of 737 Max 9 jets were grounded for three weeks in January following the incident at Alaska Air.

Persons: Scott Kirby, Max, “, ” Kirby, Kirby Organizations: Washington DC CNN — United Airlines, Boeing, ”, United Boeing, United, Alaska Airlines Boeing, Max, Latam Airlines, National Transportation Safety Board, Alaska Air, FAA, Airbus Locations: Medford , Oregon, Fort Meyers , Florida, San Francisco, Houston, Sydney, Australia, Auckland , New Zealand, Alaska

☆ How the recent settlement on paying a commission could change the way Americans buy and sell homes
▼ + stars: | 2024-03-15 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Commissions aren’t disappearing — you’ll still need to pay a real estate agent for their work, just as you would any service provider. And the commission, which is set between an agent and the seller, will continue to be negotiable. The seller’s agent will also still be able to split the commission with the agent bringing the buyer. One new rule prohibits agents’ compensation from being included on listings placed on local centralized portals known as multiple listing services, which critics say led brokers to push more expensive properties on customers. This agreement will specify the work the buyer’s agent will do and how they will get paid.

Persons: who’ve, TD Cowan, Will, that’s, it’s Organizations: DC CNN, National Association of Realtors, NAR, MLS Locations: Washington

☆ Mortgage rates tumble for the second week in a row
▼ + stars: | 2024-03-14 | by ( Anna Bahney | ) edition.cnn.com time to read: +1 min

Washington, DC CNN —Mortgage rates dropped for the second week in a row, falling nearly a quarter of a percentage point over the past two weeks in the face of stronger-than-expected employment and inflation data. The 30-year fixed-rate mortgage averaged 6.74% in the week ending March 14, down from 6.88% the previous week, according to data from Freddie Mac released Thursday. But while rates are expected to move around in the next few months, homebuyers shouldn’t expect a major drop. “In this environment, there is a good possibility that rates will stay higher for a longer period of time.”Over the past four months, mortgage rates have come down from their highest levels of last year: 7.79%. Applications for mortgages were up 7% in the week ending March 8 from the week before, according to the Mortgage Bankers Association.

Persons: Freddie Mac, homebuyers, ”, Sam Khater, Freddie Mac’s, who’ve Organizations: DC CNN —, Mortgage, Association Locations: Washington

☆ Mortgage rates drop after climbing for four weeks
▼ + stars: | 2024-03-07 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates ticked down slightly this week, a tiny boon to buyers eager to make a move with newly listed homes coming to market. The 30-year fixed-rate mortgage averaged 6.88% in the week ending March 7, down from 6.94% the previous week, according to data from Freddie Mac released Thursday. While mortgage rates are expected to fall further in 2024, Sturtevant added, short-term movements in mortgage rates will likely be influenced by congressional testimony given this week by Federal Reserve Chair Jerome Powell. During his semiannual monetary report to Congress, he indicated there is no rush to cut interest rates with more evidence of cooling inflation. The February jobs report, which will be released Friday, is also likely to have some bearing on mortgage rates.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, homebuyers, Khater, Redfin, Lisa Sturtevant, ” Sturtevant, Sturtevant, Jerome Powell Organizations: DC CNN —, Mortgage, Association, Federal Housing Administration, Redfin, MLS, Bright MLS, Federal, Congress Locations: Washington

☆ Fed Chair Powell says there’s no rush to cut interest rates
▼ + stars: | 2024-03-06 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —The Federal Reserve is in no rush to cut interest rates, according to Fed Chair Jerome Powell’s written testimony submitted to congressional lawmakers, released Wednesday. Recent economic data showed that price pressures persisted in January, leading investors to recalibrate their expectations for rate cuts this year. Still, the timing and pace of rate cuts remains up in the air. Too soon to cut rates? In a recent interview with CNBC, Richmond Fed President Thomas Barkin said “we’ll see” if the Fed cuts rates in 2024.

Persons: Jerome Powell’s, Powell’s, inflation’s, ”, José Torres, “ Young, there’s, Raphael Bostic, Thomas Barkin, “, “ I’m, Austan Goolsbee, we’re, Adriana Kugler Organizations: DC CNN, Federal, Fed, Financial, “, Interactive Brokers, CNN, Atlanta Fed, CNBC, Richmond Fed, Congress, Chicago Fed, ”, Stanford University Locations: Washington

☆ Even Cookie Monster is complaining about the US economy now
▼ + stars: | 2024-03-04 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Cookie Monster has taken a stance on a very real and controversial trend in the US economy — and he hates it. Me cookies are getting smaller,” Cookie Monster wrote. “Household paper products, like toilet paper and paper towels, are 34.9 percent more expensive per unit than they were in January 2019. The latest Consumer Price Index showed that inflation didn’t ease in January as much as Wall Street was expecting. Americans’ attitudes toward the economy have improved recently, thanks to slowing inflation, according to consumer surveys, but remain below levels seen before the Covid-19 pandemic.

Persons: “, “ Guess, Democratic Sen, Bob Casey, It’s, Sherrod Brown, Cookie, ”, Joe Biden, Biden, shrinkflation, ” Biden, Casey, Jerome Powell, Powell Organizations: DC CNN, Democratic, Labor Department, Research, of, Federal Trade Commission, Fed Locations: Washington, Ohio

“The FAA identified non-compliance issues in Boeing’s manufacturing process control, parts handling and storage, and product control,” the FAA said in a press release, but did not immediately provide further details. The FAA said the findings of both this audit and the separate report should be part of Boeing’s quality improvement plan. But in January Boeing CEO David Calhoun conceded Boeing needed to improve its quality controls. Without giving details, the FAA said it found multiple instances where both companies allegedly failed to comply with manufacturing quality control requirements. The agency is not the only government body looking into Boeing’s quality issues.

Persons: David Calhoun, ”, Calhoun, “, Mike Whitaker, Jennifer Homendy Organizations: Washington DC CNN, Federal Aviation Administration, Alaska Airlines ’ Boeing, FAA, Boeing, Spirit, Max, National Transportation Safety, Alaska Air, NTSB, Justice Department, Alaska, Senate Locations: Renton , Washington

☆ A bigger pool of American workers could continue to slow inflation even further
▼ + stars: | 2024-03-03 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Now, as the Federal Reserve faces the final stretch of its historic inflation battle, a bigger pool of workers could slow inflation even further. That then begs the question: How much more can better labor supply slow inflation? The US Labor Department releases January figures on job openings, quits, hires and layoffs. The US Labor Department reports the number of new applications for jobless benefits in the week ended March 2. China’s National Bureau of Statistics releases February inflation data.

Persons: Mary Daly, “, ” Sarah House, Michael Gapen, That’s, Jack Bantock, ’, ”, Richard Felton, Thomas, ’ ”, Patrick Harker, Ross, Nordstrom, Michael Barr, Campbell Soup, Foot, Jerome Powell, Loretta Mester Organizations: DC CNN, Federal Reserve, San Francisco Fed, National Association for Business Economics, Labor, CNN, Bank of America, White House’s Council, Economic Advisers, English Premier League, Chelsea, Burnley, Philadelphia Fed, Target, P Global, Institute for Supply Management, US Commerce Department, Abercrombie, Fitch, Financial Services, The Bank of Canada, US Labor Department, Broadcom, Costco, Eagle Outfitters, Potbelly, Banking, Housing, Urban Affairs, European Central Bank, Cleveland Fed, National Bureau of Statistics Locations: Washington, San, Wells, United States, London, JD.com, Kroger, Burlington, DocuSign

☆ Jill Biden puts Donald Trump on notice as her campaign role comes into focus
▼ + stars: | 2024-03-02 | by ( Arlette Saenz | Betsy Klein | ) edition.cnn.com time to read: +13 min

Washington, DC CNN —First lady Dr. Jill Biden isn’t holding back as her role in her husband’s reelection campaign comes into sharper focus. The first lady is juggling her campaign work with her official role and her full-time teaching job at Northern Virginia Community College. She’s going to go to a variety of areas in this country,” a source familiar with the planning said. Biden campaign advisers believe the first lady’s appeal has far reach – particularly with women and grassroots supporters and in moderate parts of the country. “Here’s the thing about men like Donald Trump - they underestimate our power because they don’t understand it,” she said in Atlanta.

Persons: Jill Biden isn’t, Donald Trump, “ I’ve, Joe, “, Roe, Wade, ”, Harris, “ Donald Trump, she’s, Biden Jill Biden, “ She’s, Biden, ” Biden, Julie Chavez Rodriguez, SSRS, Harris ”, “ We’re, We’re, Dr . Biden, ” She’s, Trump Jill, Katie Rogers, Rogers, Trump, Hillary Clinton, Joe Biden, Kamala Harris, Jill Biden, “ Trump, Robert Hur, Beau Biden, Anita McBride, Laura Bush, Court’s Dobbs, Kate Cox, “ We’ve, “ It’s, ” McBride Organizations: DC CNN, Biden, Harris ”, Trump, CNN, White, Northern Virginia Community College, Paris, Democratic, –, Super, Democratic Party, Arizona, Republican, what’s, Atlanta, Wine Locations: Washington, Atlanta, Georgia, Arizona , Nevada, Wisconsin, Italy, Israel, Tucson , Arizona, Houston, Texas

☆ Millennials stand to become the richest generation in history, after $90 trillion wealth transfer
▼ + stars: | 2024-03-01 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

However, over the next twenty years, Millennials are poised to inherit some $90 trillion of assets and become the richest generation in history – but only the ones who already come from affluent families, potentially deepening wealth inequality further. Between now and 2044 in the US, the Silent Generation and Baby Boomers are expected to hand over the reins of their significant wealth to Millennials, according to The Wealth Report, a periodic report from global property consultant Knight Frank. But whether you’re a Millennial on the receiving end of that wealth transfer is largely a lottery of birth. Looking ahead, the number of supremely wealth people is expected to increase by 28% over the next five years, according to the report. More growth in ultra-high-net-worth individuals is expected in Asia, including India, China, Malaysia and Indonesia, the report said.

Persons: Millennials, Knight Frank, Liam Bailey, ” Mike Pickett, Z, ” Pickett, “, ”, Bailey Organizations: DC CNN, Boomers, Cazenove Locations: Washington, North America, Africa, America, Asia, India, China, Malaysia, Indonesia

☆ The FAA has identified more safety issues on Boeing’s 737 Max and 787 Dreamliner
▼ + stars: | 2024-03-01 | by ( Gregory Wallace | Chris Isidore | ) edition.cnn.com time to read: +6 min

Washington DC CNN —The Federal Aviation Administration has flagged more safety issues for two troubled families of Boeing planes, the latest in a series of issues at the embattled aircraft maker. The issues involve engine anti-ice systems on the 737 Max and larger 787 Dreamliner. But it’s not a solution.”The FAA said the newly disclosed Max issue could cause the jet’s engines to stop working. The 2021 discovery lines up with the company’s order that year to ground some Max planes because of a different electrical problem. A different issue with the DreamlinerLess than a week after publicly publishing the 737 Max notice, the FAA reported a separate anti-icing issue with the 787 Dreamliner.

Persons: Max, “, Mother Nature’s, ”, Dennis Tajer, aren’t, it’s, Jessica Kowal, Boeing Max —, Jennifer Riordan, Kowal, Dave Calhoun Organizations: Washington DC CNN, Federal Aviation Administration, Boeing, FAA, Seattle Times, Alaska Air, American Airlines, Allied Pilots Association, Southwest Airlines, National Transportation Safety, Justice Department, NTSB

The Justice Department review could, the reports note, expose Boeing to broader criminal liability if officials decide Boeing may have violated a controversial legal agreement that was due to expire on January 7, two days after the door plug incident. In the days after the door plug incident on Alaska Airlines flight 1282, an attorney for the families asked the Justice Department to review whether Boeing violated the agreement. Boeing is subject to several other investigations stemming from the door plug incident. The National Transportation Safety Board continues to investigate the door plug incident and recently reported that critical bolts that hold the door plug in place were not installed in Boeing’s factory. The NTSB has yet to determine blame or fault for the door plug incident on the Alaska Air flight.

Persons: Max, –, Dave Calhoun, “, ” Organizations: Washington DC CNN, US Justice Department, Boeing, Federal Aviation Administration, New York Times, Bloomberg, Alaska Airlines, Department of Justice, CNN, DOJ, FAA, Justice Department, National Transportation Safety, NTSB, Alaska Air Locations: United States

☆ Mortgage rates edge closer to 7%, dampening start of spring homebuying season
▼ + stars: | 2024-02-29 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates climbed for the fourth week in a row, inching closer to 7% just as peak homebuying season gets underway. Since reaching a 20-year high of 7.79% in October, mortgage rates have been slowly falling. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. Last week, mortgage applications dropped 5.6% from the week before, according to the MBA. Higher home prices pushed loan amounts higher in January, offsetting what was a monthly decline in mortgage rates, said Edward Seiler, MBA’s associate vice president for housing economics.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Khater, Bob Broeksmit, Mike Fratantoni, Edward Seiler, MBA’s, Lawrence Yun Organizations: DC CNN —, “, Federal Reserve, Mortgage, Association, National Association of Realtors Locations: Washington

☆ US consumer confidence soured in February for the first time in three months
▼ + stars: | 2024-02-27 | by ( Bryan Mena | ) edition.cnn.com time to read: 1 min

Washington, DC CNN —Americans’ attitudes toward the economy soured in February after a three-month streak of improving moods, according to The Conference Board’s latest consumer survey released Tuesday. The survey’s index fell in February to 106.7, down from a reading of 110.9 in January. Americans became less worried about rising food and gas prices, but more concerned about the job market, the survey showed. “The drop in confidence was broad-based, affecting all income groups except households earning less than $15,000 and those earning more than $125,000,” Dana Peterson, chief economist at The Conference Board, said in a release. “Confidence deteriorated for consumers under the age of 35 and those 55 and over, whereas it improved slightly for those aged 35 to 54.”This story is developing and will be updated.

Persons: ” Dana Peterson Organizations: DC CNN, Conference Locations: Washington

☆ Drugs like Ozempic and Wegovy could strengthen the US economy, Goldman Sachs predicts
▼ + stars: | 2024-02-27 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —The US economy is set to reap considerable benefits from Americans taking popular medications used for weight loss, including Ozempic and Wegovy, Goldman Sachs analysts wrote in a recent research report. Originally developed to treat type 2 diabetes, they proved to be highly effective at helping people shed weight in clinical trials. (Ozempic has not been approved for weight loss by regulators, though Wegovy, a similar drug, has.) Goldman Sachs argues that since poor health unambiguously weighs on the economy, improving health outcomes due to GLP-1s could lower costs and boost productivity, shoring up economic output. For some Americans who are obese but don’t have diabetes, obtaining those drugs has become difficult, if not impossible.

Persons: Goldman Sachs, Eli Lilly, Jody Dushay, Beth, Doug Langa, they’ve Organizations: DC CNN, Government, Novo Nordisk, Beth Israel Deaconess Medical, CNN Locations: Washington, United States, North America, Novo

☆ Americans have racked up a trillion dollars in credit card debt. That’s actually okay
▼ + stars: | 2024-02-25 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Washington, DC CNN —Americans racked up a record amount of credit card debt in 2023, soaring past a trillion dollars. “Consumers still have a lot of money left over to be able to spend, so the credit card data is often misinterpreted,” Russell Price, chief economist at Ameriprise Financial, told CNN. According to a LendingTree analysis of more than 350,000 credit reports, the average unpaid credit card balance was $6,864 in the fourth quarter. Overall, US household debt (including credit card balances) rose to a new high of $17.5 trillion in the fourth quarter, up 1.2% from the prior three-month period. So, while there certainly isn’t a shortage of economic hurdles bedeviling people’s budget — and credit card debt has surged — the big picture indicates that, so far, Americans (and their economy) remain healthy.

Persons: ” Russell Price, Price, haven’t, market’s, ” Gregory Daco, ” Lara Rhame, Laura, Jensen Huang, Christine Lagarde, Virgin, Michael Barr, Raphael Bostic, Susan Collins, John Williams, Papa, Austan Goolsbee, Loretta Mester, fuboTV, Christopher Waller, Mary Daly, Adriana Kugler Organizations: CNN Business, Bell, DC CNN, Workers, New York Fed, Consumers, Ameriprise, CNN, Federal Reserve Bank of New, . New York Fed, Employers, Soaring, FS Investments, Nvidia, Huawei, AMD, Microsoft, Broadcom, US Commerce Department, Central Bank, eBay, Smucker, Urban Outfitters, Global, Board, TJX, Monster Beverage, Baidu, HP, Paramount Global, Anheuser, Busch Inbev, Dell Technologies, Papa John’s, US Labor Department, National Association of Realtors, P, China’s National Bureau, Statistics, Pearson, P Global, Institute for Supply Management, University of Michigan Locations: Washington, Federal Reserve Bank of New York, ., EY, Santa Clara, Singapore, Shenzhen, China, Beijing, CAVA

☆ Here’s where the price of rent is dropping in the US
▼ + stars: | 2024-02-22 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

The national median price of rent for apartments ranging from studios to two-bedroom apartments fell 0.3% year-over-year to in January. Still, prices are over 18% higher than pre-pandemic levels, due to continued strong demand and limited supply in some markets. The national median rent for a two-bedroom apartment was $1,892 in January, down 0.6%, while rent for a one-bedroom was essentially flat at $1,591. Still, even with the uptick, Chicago’s median rent of $1,852 is almost $1,000 less than coastal big cities like New York at $2,844 and Los Angeles at $2,829. But the supply of new multifamily housing is growing, which helps to bring down rental prices, according to the report.

Persons: That’s, Realtor.com, ”, Danielle Hale, Hale, weren’t Organizations: DC CNN, Kansas, Las Locations: Washington, Chicago, Indianapolis, Kansas City , Missouri, New York, Angeles, Memphis , Tennessee, Atlanta, Austin , Texas, Louis , Missouri, Miami, Phoenix, Las Vegas, Los Angeles, Seattle, Boston

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