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☆ Average homebuyers are beating out Wall Street landlords
▼ + stars: | 2023-11-29 | by ( James Rodriguez | ) www.businessinsider.com time to read: +15 min

The shutdowns of 2020 created a perfect storm for the housing market — and supercharged the clash between Wall Street and regular homebuyers. Given the attention these markets received during the pandemic, it's no wonder that the battle between Wall Street and Main Street became the dominant story of COVID-era homebuying. Advertisement"If Wall Street was really gobbling up Main Street," Sharga told me, "we would see homeownership rates go down." Wall Street landlords have also been increasingly selling off homes to regular people, a Business Insider analysis found. Still circlingWhile average homebuyers have staged a comeback over the past three years, Wall Street isn't ready to jump out of the housing market altogether.

Persons: homebuyers, That's, Wall, elbowed, Rick Sharga, CJ Patrick Company, they're, who've, Axios, Sharga, CoreLogic, Pretium —, John Voorheis, Voorheis, —, Freddie Mac, James Rodriguez Organizations: Rage, Federal Reserve Bank of Philadelphia, Parcl Labs, Labs, National Association of Realtors, Wall Street, Investor, Wall, Tricon, Associates, Investors, Center for Economic Studies, Census Locations: Phoenix, Chicago, homebuilders, homeownership, Dallas, Charlotte, North Carolina, Atlanta

☆ US economy grows 5.2% in third quarter; higher interest rates eroding momentum
▼ + stars: | 2023-11-29 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

The growth pace, which was the quickest in nearly two years, however, likely exaggerated the health of the economy last quarter. Economists polled by Reuters had expected GDP growth would be revised up to a 5.0% rate. Inventory investment added 1.40 percentage points to GDP growth, instead of the 1.32 percentage points estimated last month. Higher wages contributed to the economy growing at a 1.5% rate last quarter, the fastest in a year, when measured from the income side. That suggested trade could be a drag on GDP growth this quarter after being a neutral factor in the April-June period.

Persons: Elizabeth Frantz, Christopher Rupkey, There's, Conrad DeQuadros, Jeffrey Roach, Lucia Mutikani, Chizu Nomiyama, Paul Simao, Andrea Ricci Organizations: REUTERS, Commerce Department, Gross, Commerce Department's, Analysis, Reuters, Federal, United Auto Workers, Treasury, Brean, BEA, Fed, LPL Financial, Thomson Locations: Arlington , Virginia, U.S, WASHINGTON, New York, Charlotte , North Carolina

Consumers grew somewhat more optimistic about the future of the economy in November as expectations about inflation improved, but their sense of the current state of affairs worsened a bit. Still, two-thirds of consumers surveyed still expect a recession to be “somewhat” or “very likely” within the next 12 months. However, that is well above current inflation of 3.2% and forecasts from the Federal Reserve and mainstream economists. In the peak hour from 10 p.m. to 11 p.m. EST, consumers spent $15.7 million a minute, according to online analytics firm Adobe. One thing that might make some consumers happy is that home prices continued to increase in September.

Persons: ”, Dana Peterson, ” Peterson, Jeffrey Roach, Craig J, Lazzara, Lisa Sturtevant Organizations: Conference, Federal Reserve, LPL, “, Adobe, MLS Locations: Detroit, San Diego

☆ New home sales fell last month as mortgage rates hit 2023 high
▼ + stars: | 2023-11-27 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —New home sales in the United States fell in October as typical mortgage rates reached their highest levels this year. This was below analysts’ expectations of an annualized sales pace of 723,000. The average mortgage rate for that loan has been lower recently, dropping down to 7.29% last week, according to Freddie Mac. New home builders often offer more financing options for homebuyers, she said, and are able to “buy down” mortgage rates to make their offerings more attractive than the resale market. With [mortgage] interest rates anticipated to drop in the coming year, more resale homes may go on the market – however there remains significant pent-up demand from buyers,” Mangold said.

Persons: Freddie Mac, ”, Kelly Mangold, ” Mangold, “ Organizations: DC CNN, US Department of Housing, Urban Development, Census, Federal Reserve, Real Estate Consulting, homebuyers Locations: Washington, United States

New home sales fell 5.6% in October, worse than expected, as higher mortgage rates took a bite out of demand. The annual level of sales in October was 679,000, down from September’s substantially revised 719,000 pace, However, sales in October were still up 17.7% from a year ago. October saw a sharp increase in mortgage rates to around 8% for a 30-year fixed rate loan. However, the higher mortgage rates have slowed sales of new homes as well. The recent drop in mortgage rates, with more expected next year, could prove to be a tonic to the market.

Persons: ”, Kelly Mangold, Greg Logan, Lisa Sturtevant, ” “, ” Sturtevant Organizations: Census Bureau, Department of Housing, Urban Development, Builders, RCLCO Real Estate Consulting, MLS Locations: RCLCO, Southern, Northeast, Midwest

☆ 10 cities where millennials are moving
▼ + stars: | 2023-11-27 | by ( Noah Sheidlower | Jordan Pandy | ) www.businessinsider.com time to read: +5 min

One in four millennials moved to a different city in 2022, many for work or cost of living concerns. Nearly 17,300 millennials relocated to Cambridge in 2022, bringing the total percentage of millennials to 38% of the total population. Seattle and Sunnyvale, California, also saw comparable moves, as millennials who moved in 2022 made up about 12.5% of the total population for both cities. When looking at the top cities by percentage of total millennials compared to the total population, Jersey City, New Jersey, ranked first at 41.5%, followed by Seattle, Denver, and Austin. However, Port St. Lucie in Florida had the lowest rate of millennials moving in compared to the total population at 4.8%, followed by Brockton, Massachusetts.

Persons: —, Jaclyn DeJohn, millennials, Millennials, DeJohn, SmartAsset, Gen Xers Organizations: Cambridge, Service, Survey, Business, Harvard University, Massachusetts Institute of Technology, Intel, Nvidia, Lone Star State, Waco, Fort Hood, Fontana Locations: Santa Clara , CA, Seattle, Cambridge , Massachusetts, Santa Clara , California, Boston, Cambridge, Santa Clara, Silicon Valley, Santa Clara's, Georgia, Sandy Springs, Sunnyvale , California, Denver, Bellevue , Washington, Arlington , Virginia, millennials . Arlington, Hialeah , Florida, Arlington, Killeen , Texas, Austin, Jersey City , New Jersey, Port St, Lucie, Florida, Brockton , Massachusetts, Cities, California, Santa Ana, Moreno, Surprise , Arizona, Bend , Oregon, Scottsdale , Arizona, Orlando . Florida

☆ Why climate change may cost you big bucks — and what to do about it
▼ + stars: | 2023-11-27 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Climate change has been described as a ticking time bomb, the threats of which extend beyond ecosystems and biodiversity to big financial impacts on households and the U.S. economy. Here's what to know, according to Rumbach and David Pogue, host of the podcast "Unsung Science" and author of "How to Prepare for Climate Change: A Practical Guide to Surviving the Chaos." Both experts were interviewed by CNBC during a recent discussion about climate change and its impact on personal finance. "Over time, each incremental increase in climate change is going to up the economic cost bit by bit," Rumbach said. But there are also steps they can take to prepare for the worsening effects of climate change.

Persons: Andrew Merry, Andrew Rumbach, David Pogue, Tim Wright, Rumbach, Pogue, There's, Justin Paget, Digitalvision Organizations: CNBC's, Finance, White, Urban Institute, CNBC, Bloomberg Creative, Bloomberg, Census, Getty, Starbucks, Urban Locations: U.S, Florida, Louisiana, New Orleans

☆ Midwestern Cities Will Have Highest Winter Heating Bills, Study Finds
▼ + stars: | 2023-11-24 | by ( Eliza Relman | ) www.businessinsider.com time to read: +2 min

Residents of cities across the Midwest will be hardest hit by home heating costs this winter. A new study ranked US cities based on costs in relation to incomes, energy efficiency, and more. The study ranked heating expenses in the 500 biggest cities in the country based on several factors, including electricity and heating fuel costs relative to average income, home energy-efficiency, and things like weather and average home size and age. Cleveland and Flint have particularly energy inefficient homes, while Independence and St. Joseph ranked high on energy costs, the study reported. During the hot months, places like Florida and Georgia become the most unaffordable when it comes to HVAC costs, the study noted.

Persons: —, Joseph Organizations: Service, Midwest ., Midwestern, Puget, Census Bureau, Department of Energy, National Oceanic, Atmospheric Administration Locations: Midwest, Springfield , Missouri, Cleveland , Ohio, Independence , Missouri, Flint , Michigan, St, Joseph , Missouri, Midwest . Cleveland, Flint, Independence, Northeastern, Southern, Central California, Washington State, Florida, Georgia

☆ US weekly jobless claims fall; business spending on equipment softening
▼ + stars: | 2023-11-22 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Though the weekly jobless claims report from the Labor Department on Wednesday also showed unemployment rolls declining for the first-time since mid-September, they remained near the highs for this year. The claims data covered the period during which the government surveyed businesses for the nonfarm payrolls component of November's employment report. Continuing claims fell 22,000 to 1.840 million during the week ending Nov. 11, the claims report showed. Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, dipped 0.1% last month, the Commerce Department's Census Bureau said. Business spending on equipment spending contracted in the third quarter.

Persons: Andrew Kelly, Nancy Vanden Houten, Unadjusted, Lucia Mutikani, Paul Simao Organizations: REUTERS, Labor Department, Oxford Economics, Reuters, Fed, Bank of America Institute, Commerce Department, Commerce, Data, Thomson Locations: Manhattan , New York City, U.S, WASHINGTON, New York, California, Kentucky , Oregon , Kentucky, Illinois, Texas, Commerce Department's

☆ 'The consumer slowdown has begun': America's deteriorating shopping spree in 4 charts
▼ + stars: | 2023-11-22 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

According to Deloitte, the consumer spending slowdown is already starting. "The stellar US economic growth recorded in the third quarter was largely due to the strong growth in consumer spending. However, it is widely expected that consumer spending will decelerate in the holiday season, thereby putting financial stress on retailers and their suppliers." Spending intentions have plummetedThe negative trend in retail sales could continue, as spending intentions among Americans have plummeted over the past few months, according to Deloitte's spending intentions index. Americans' spending intentions are the lowest they've been all year.

Persons: —, Ira Kalish, Kalish Organizations: Deloitte, Service, Wall, Conference, Survey

☆ 20 metro areas with the highest share of home-price cuts in October, some in the $200,000s — plus 6 aggressive bargains buyers can ask for, according to 2 real-estate experts
▼ + stars: | 2023-11-22 | by ( Laila Maidan | ) www.businessinsider.com time to read: +4 min

The significant advantage to buyers is negotiating power, and if done right, it could help offset some of those higher mortgage rates. Below is a list of 20 metro areas with the highest share of home sellers dropping their listing prices in October. The data is based on the top 50 most populated areas as defined by the US Census Bureau. If they need to move by a specific date or need that cash, you can offer a quick closing. More than one-third — or 35% — of home sales in the three months ending October 31 included concessions to buyers, according to Redfin.

Persons: Shmuel Shayowitz, It's, Shayowitz, Dottie Herman, Douglas Elliman, Herman, Price Organizations: Competition, Business, US Census Bureau, Orlando, Phoenix, DC Locations: Redfin, Metro, Cincinnati, Indianapolis, Denver, Tampa, Portland, Antonio, Austin, Dallas, Minneapolis, Worth , TX, Jacksonville, Louis, Sacramento, Seattle, WA, Baltimore, Cleveland, Houston, AZ, Kansas City, Washington

☆ US durable goods orders fall on weakness in transportation equipment sector
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +3 min

Durable goods are seen on sale in a store in Los Angeles, California, U.S., March 24, 2017. Economists polled by Reuters had forecast durable goods orders would decline 3.1%. Durable goods orders rose 4.0% on a year-over-year basis in October. These so-called core capital goods orders were previously reported to have risen 0.5% in September. Business spending on equipment spending contracted in the third quarter.

Persons: Lucy Nicholson, Detroit's, Lucia Mutikani, Paul Simao Organizations: REUTERS, Rights, United Auto Workers, UAW, Data, Reuters, Manufacturing, General Motors, Ford, Chrysler, Civilian, Boeing, Machinery, Thomson Locations: Los Angeles , California, U.S, Department's

☆ Millennials are flocking to these 10 U.S. cities—New York and Los Angeles aren’t on the list
▼ + stars: | 2023-11-21 | by ( Annie Probert | ) www.cnbc.com time to read: 1 min

Millennials are relocating to new cities in droves, with 25% of the generation moving to a different metropolitan area in 2022 alone. Cambridge, Massachusetts, had the highest rate of millennials moving in, with members of the generation making up nearly 38% of the total population. That's all according to a recent SmartAsset study, which used data for 268 cities pulled from the Census Bureau's 1-year American Community Survey for 2022 to determine where people ages 25 to 44 had migrated. The study then ranked the cities based on the rate at which millennials moved in as a percentage of the total population. These are the top 10 cities where millennials are moving the most, according to SmartAsset.

Persons: millennials Organizations: Survey Locations: Cambridge , Massachusetts

☆ A remote worker explains why she stands by the controversial practice of working from movie theaters
▼ + stars: | 2023-11-21 | by ( Andrew Lloyd | ) www.businessinsider.com time to read: +4 min

A remote worker shared a video of herself on her laptop while at the movie theater. Williams told Business Insider in an email exchange that she juggled multiple freelance roles, which included writing product reviews and writing for a mobile game. she told Business Insider. "If companies are gonna force people back into the office, they're gonna do it no matter what we do," she told Business Insider. "If I felt like I was bugging someone, the laptop would've gone straight away," she told Business Insider.

Persons: —, Hanna Williams, Williams, they'd, they're Organizations: Service, AMC Theatres, AMC Locations: Los Angeles , California, Sterling Heights , Michigan

Tester entered the Senate after selling Montana voters on his authenticity, and the former high school band teacher's message hasn’t changed much. Tester chairs the Senate Veterans’ Affairs Committee. “I take my cues directly from the veterans of this state,” Tester told the assembly at Bigfork High School. There’s been an influx of newcomers from Arizona, Washington state, California and Texas. He currently ranks second with $407,000 in contributions from lobbyists, putting him just behind Washington state Democratic Sen. Maria Cantwell, according to the research group OpenSecrets.

Persons: Jon Tester, Tester, Republican Donald Trump, hasn’t, you’ve, He's, ”, “ It’s, West Virginia Democratic Sen, Joe Manchin's, Mitch McConnell, Tim Sheehy, Matt Rosendale, Kevin McCarthy of, Trump, he’s, Israel, Noah Sohl, Lockheed Martin, Sohl, “, ” Sohl, ‘ I’m, I’m, ” Tester, Terry Baker, Baker, “ He’s, There’s, that's, Sid Daoud, Sen, Conrad Burns, ” Jack Abramoff, Abramoff, Burns, Democratic Sen, Maria Cantwell, he's, Big Sandy, Sharla Organizations: U.S . Senate, Veterans, Bigfork, Democrat, Republican, Montana, West Virginia Democratic, Montana , U.S . Navy, U.S . Rep, Democratic, Lockheed, . Census, Veterans ’ Affairs, Bigfork High, Senate, Republicans, Montana Libertarian, Washington Locations: Mont, U.S, Montana, Bigfork, Flathead, Washington, Pacific, Ky, Montana , U.S, Kevin McCarthy of California, Rosendale, Butte, Israel, Missoula, Vietnam, Kalispell, ” Montana, Arizona, California, Texas, Bozeman, Iraq, Big

☆ Renters are getting more perks as increased construction adds to housing market supply
▼ + stars: | 2023-11-20 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Zillow said 30% of rental listings offer some sort of concession to prospective renters. AdvertisementMore rental listings are offering sweetened deals, as an influx in freshly constructed properties gives prospective tenants more options. Zillow said 30% of rental listings now offer at least one concession, up from 24% a year ago. Construction activity has continued through October, with 408,000 multi-family units added, according to new Census Bureau data on Friday. Multifamily units under construction in October were only down 1% from July's record high, and up by half from late 2019.

Persons: Zillow, —, Bill Adams Organizations: Service, Comerica Bank Locations: Phoenix, Atlanta

☆ Baby boomers got rich off real estate and they are in perfect position to do it again
▼ + stars: | 2023-11-19 | by ( Cork Gaines | ) www.businessinsider.com time to read: +5 min

Nearly one-fourth of that was built through real estate equity. With less pressure from interest rates, they can take advantage of the current real estate market, too. They're also in the perfect position to help themselves by taking advantage of the current real estate market. However, boomers can make stronger bids on homes for sale because of their savings and real estate equity. AdvertisementMeanwhile, more than one-third of house purchases in September were all-cash, according to the real estate broker RedFin.

Persons: —, They're, Jessica Lautz, RedFin, Jeremy Grantham, Grantham, David Rosenberg, Rosenberg, Merrill Lynch Organizations: Service, National Association of Realtors, NAR, Brigade, Census Bureau, Federal, Rosenberg Research, North, Federal Reserve Locations: North American

Yet according to a raft of polls and surveys, most Americans hold a glum view of the economy. Polls consistently show that most Americans disapprove of Biden's handling of the economy. I hear that from my family.”That's particularly true for some of the goods and services that Americans pay for most frequently: Bread, beef and other groceries, apartment rents and utilities. “Partly because the country is more polarized.”Even so, many Americans, like Charles, are still feeling the pain of inflation. Even if it does, the higher pay may come with a time lag.

Persons: they’re, Joe Biden, Lisa Cook, Cook, ”, Wendy Edelberg, Katherine Charles, Charles, “, ” Charles, Maximus, Eileen Cassidy Rivera, ” Rivera, Karen Dynan, George W, Bush, Obama, Edelberg, ” Edelberg, haven't, Brad Hershbein, Anthony Murphy, Murphy, Aparna Jayashankar, ” Hershbein Organizations: WASHINGTON, Associated Press, NORC, for Public Affairs Research, Federal Reserve's Board of Governors, Duke University, “, Brookings Institution, Medicare, Affordable, Teamsters, Biden, House, Republicans, University of Michigan's, Harvard, Upjohn Institute, Federal Reserve Bank of Dallas Locations: U.S, Tampa , Florida, autoworkers, ”

Some current and former officials and staffers said it’s the public nature of some of the challenges from federal employees that is unusual. The State Department has an honored tradition of allowing formal, structured statements of dissent to U.S. policy. It was done,'' said Thomas Shannon, a retired career foreign service officer who served in senior positions at the State Department. State Department officials say several expressions of dissent have made their way through the formal channels to Secretary of State Antony Blinken. One State Department official, 11-year veteran Josh Paul, quit late last month to protest the administration's rush to provide arms to Israel.

Persons: Joe Biden, Biden, Israel, Benjamin Netanyahu, Netanyahu, “, ”, we’ve, Richard Nixon’s, George W, Bush, Obama, Thomas Shannon, Shannon, Trump, Sean Spicer, Donald Trump’s, I’m, ” Shannon, Antony Blinken, Josh Paul, Blinken, Matthew Miller, shirk, there's, Jamey Keaten, Matthew Lee Organizations: WASHINGTON, —, State Department, NASA, Hamas, Congressional, Capitol, Gaza, Israeli, Biden’s Democratic Party, The Associated Press, NORC Center for Public Affairs Research, Census, U.S . Agency for International Development, Department of Defense, Palestinian Health Ministry, The State Department, U.S ., Trump, Biden, Department, White, State, USAID, Washington Post, Foreign, Muslim, Associated Press, AP Locations: Gaza, United States, Israel, U.S, Cambodia, Iraq, Syria, Afghanistan, Geneva

☆ Markets are cheering the prospect of rate cuts next year, but it's a double-edged sword
▼ + stars: | 2023-11-18 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

But that's a tricky situation for investors, as cuts would likely come in response to a slowing economy. Rate cuts aren't inherently bullish and signs emerging that the economy is slowing into year-end. AdvertisementMarkets are cheering the possibility the Federal Reserve could begin slashing interest rates next year, but rate cuts are a double-edged sword, Wall Street experts are warning, because of what the move would signal about the broader economy. But rate cuts may not be the decidedly bullish catalyst markets are hoping for. AdvertisementMarkets have been eyeing a Fed rate cut to trigger a bullish rally in stocks.

Persons: —, we've, Paul McCulley, Chris Grisanti, We're, Claudia Sahm Organizations: Service, Reserve, Fed, CNBC, Mai Capital Management, Deutsche Bank, UBS, Atlanta Fed

☆ They Made It to the Top 0.2%—in Age. Here’s What Helped Them Get There.
▼ + stars: | 2023-11-17 | by ( Gretchen Tarrant | ) www.wsj.com time to read: 1 min

Photo: iStockGood genes may be a big piece of the longevity puzzle, but there are some strategies that seem to help people maintain vitality later in life. Wall Street Journal readers shared their own and loved ones’ stories about reaching and surpassing the age of 95, which would put them in just 0.2% of today’s population, according to the Census Bureau. Below, their advice on living long and well.

Organizations: Wall Street Journal, Census

☆ The housing market is historically unaffordable - but a record number of Americans now own their home without a mortgage
▼ + stars: | 2023-11-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

The share of US homes without a mortgage jumped five percentage points from 2012 to 2022 to a record near 40%, Bloomberg reported. Historically high mortgage rates and home prices have kept many Americans sidelined from the market. The share of homeowners that are mortgage-free surged 5% between 2012 and 2022, Bloomberg reported Friday, citing data from the Census Bureau, hitting a new record just below 40%. Construction is booming in these states, and the share of mortgage-free homes is high. West Virginia, meanwhile, has the largest share of mortgage-free homes, at about 53%, Bloomberg reported.

Persons: —, Holly Meyer Lucas Organizations: Bloomberg, Service, Census, Business Locations: Florida, Texas, South Florida . Texas, Arizona, West Virginia

☆ US housing starts rise moderately; tight supply supporting new construction
▼ + stars: | 2023-11-17 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Single-family housing starts, which account for the bulk of homebuilding, rose 0.2% to a seasonally adjusted annual rate of 970,000 units last month, the Commerce Department's Census Bureau said. Overall housing starts rose 1.9% to a rate of 1.372 million units in October. The number of housing under construction dipped 0.1% to a rate of 1.674 million units. The inventory of single-family housing under construction declined 0.6% to a rate of 669,000 units, the lowest level since May 2021. The stock of multi-family housing under construction edged up 0.1% to 987,000 units, not far from recent record highs.

Persons: Jeffrey Roach, Ben Ayers, Freddie Mac, Bill Adams, Thomas Ryan, Lucia Mutikani, Chizu Nomiyama, Nick Zieminski Organizations: WASHINGTON, Commerce Department, LPL Financial, Commerce, Data, National Association of Home Builders, Nationwide, Federal Reserve, Treasury, Comerica Bank, Reuters, Realtors, Capital Economics, Thomson Locations: Charlotte , North Carolina, homebuilding, Commerce Department's, Northeast, Columbus , Ohio, Dallas, West, South, Midwest

☆ New home construction increased in October for second straight month
▼ + stars: | 2023-11-17 | by ( Anna Bahney | ) edition.cnn.com time to read: +1 min

Washington, DC CNN —The annual pace of new home construction increased again last month amid a historic shortage of housing inventory and crushing mortgage rates. Housing starts, a measure of new home construction, jumped by 1.9% in October, compared to the previous month. Starts rose to a seasonally adjusted annual rate of 1.372 million last month, rising above expectations of 1.35 million, according to data released Wednesday by the Census Bureau. Building permits also ticked up in October, climbing 1.1% from August’s revised number to a seasonally adjusted annual rate of 1.487 million. “The new construction housing market is poised to ensure that inventory is available to meet pent-up demand of households who have been waiting for a reprieve in rates before purchasing.”

Persons: ”, Kelly Mangold, Mangold Organizations: DC CNN, Housing, Census, Real Estate Consulting Locations: Washington

BEIJING, Nov 17 (Reuters) - China's commerce minister expressed concern over U.S. curbs on semiconductor exports to China, as well as sanctions on Chinese firms and tariffs on Chinese imports, when he met U.S. Commerce Secretary Gina Raimondo on Thursday, his ministry said Friday. "Wang Wentao expressed concern about the final rules of the U.S. semiconductor export controls against China, sanctions against Chinese companies, two-way investment restrictions, and Section 301 tariffs," according to China's commerce ministry. Two-way trade hit a record $690 billion last year, as U.S. demand for Chinese consumer goods rose and Beijing's demand for U.S. farm products and energy grew. This year is off to a significantly slower pace, however, with two-way trade flows through September down $104 billion, or 19%, from the first nine months of 2022, according to U.S. Census Bureau data. Wang and Raimondo also agreed to hold the first meeting of a commerce working group at the vice minister level in the first quarter of 2024, China's commerce ministry said.

Persons: Gina Raimondo, Wang Wentao, Raimondo, Joe Biden, Trump, Wang, Joe Cash, Christopher Cushing, Mark Potter Organizations: U.S, Commerce, Southeast, China, Census, Thomson Locations: BEIJING, China, San Francisco, Southeast Asia, U.S, Canada, Mexico

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