DIRS.INFO The most relevant business & tech news

The labor market continues to show resilience, with the number of job openings barely budging in late September at 9.6 million, the Labor Department said on Wednesday. Economists had predicted job openings would decline to around 9.278 million, but the number at 9.6 million was more or less in line with the revised 9.5 million a month earlier. Job openings increased in accommodation and food services with 141,000 positions added as well as in arts, entertainment, and recreation, up by 39,000. While that was below estimates of a 150,000 gain, it was an increase from the 89,000 jobs created in September. The Federal Reserve has been looking for the labor market to slow, and on Friday the government will report the number of jobs created in October.

Persons: Economists, ”, Gargi Chaudhuri Organizations: Labor Department, Federal Reserve Locations: Americas

WASHINGTON (AP) — Employers posted 9.6 million job openings in September, up from 9.5 million in August and a sign that the U.S. job market remains strong even as the U.S. Federal Reserve attempts to cool the economy. Layoffs fell to 1.5 million from 1.7 million in August, more evidence that workers enjoy an unusual degree of job security. The number of Americans quitting their jobs — a sign of confidence they can find better pay elsewhere — was virtually unchanged. The September openings are down from a record 12 million in March 2022 but remain high by historical standards. Before 2021 — when the American economy began to surge from the COVID-19 pandemic — monthly job openings had never topped 8 million.

Persons: — Organizations: WASHINGTON, — Employers, U.S . Federal, Labor Department Locations: U.S, American

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. Meanwhile, the Treasury Department said it will slow the pace of increases in its longer-dated debt auctions in the November-January quarter. Seven of the 11 major S&P 500 sectors were trading higher, with information technology (.SPLRCT) and communication services (.SPLRCL) leading gains. Overall, analysts expect earnings for S&P 500 companies to grow 5% in the third-quarter, per LSEG data. The S&P index recorded seven new 52-week highs and 24 new lows, while the Nasdaq recorded 18 new highs and 190 new lows.

Persons: Brendan McDermid, Estee Lauder, U.S . Treasury Department's refunding, Jerome Powell's, Robert Pavlik, EL.N, advancers, Amruta Khandekar, Shashwat Chauhan, Sriraj Kalluvila, Dhanya Ann Thoppil, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Federal, Treasury, CVS, Dow, Nasdaq, Federal Reserve, U.S . Treasury, Dakota Wealth, Traders, Treasury Department, Microsoft, Nvidia, Reuters Graphics Reuters, Labor, Dow Jones, Paycom, NYSE, Thomson Locations: New York City, U.S, October's U.S, Fairfield , Connecticut, Bengaluru

☆ Premarket stocks: American inequality is rising despite higher wages
▼ + stars: | 2023-11-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

The median (or mid-point) net worth for households has also increased. And while the median net worth has increased significantly, it’s still under $200,000 — far short of the estimated amount Americans should have in retirement savings. Bud Light sales keep sinkingBud Light continues to drag on Anheuser-Busch InBev’s bottom line in the United States, reports my colleague Jordan Valinsky. In the summer, Bud Light lost its long-held top-selling American beer title to rival Modelo. In an effort to jumpstart sales, Bud Light has been rolling out marketing campaigns and partnerships it thinks will placate fans.

Persons: it’s, ”, “ Consumers, ” Dana Peterson, Bud, Bud Light, Jordan Valinsky, Dylan Mulvaney, Elisabeth Buchwald, Biden, ’ Organizations: CNN Business, Bell, New York CNN, Labor Department, Consumer Finances, Governors, Federal Reserve, Conference, Board, “, Conference Board, Wall, Dow, Nasdaq, Bud Light, Anheuser, Busch, InBev, Modelo, Beer Business, NFL, UFC Locations: New York, Black, United States

☆ Biden’s ‘Junk Fee’ Crackdown Comes for Retirement Advice
▼ + stars: | 2023-10-31 | by ( Anne Tergesen | ) www.wsj.com time to read: 1 min

The U.S. Labor Department on Tuesday proposed that financial advisers, brokers and insurance agents should be held to the fiduciary standard on rollover IRAs. Photo: Erin Scott/BloombergAmericans rolling over their money into an individual retirement account from a 401(k) will have more protections on the advice they get as part of a Labor Department proposal released Tuesday. Under a 1974 federal law that governs retirement accounts, employers have a duty to manage 401(k) plans in the best interest of employees, including to vet the investments and fees. Known as Erisa, the law also imposes this fiduciary standard on advisers to act in a client’s best interest when giving advice in 401(k)s.

Persons: Erin Scott Organizations: U.S . Labor Department, Bloomberg, Labor Department

☆ Workers Keep Getting Big Raises, Just Not as Much as Last Year
▼ + stars: | 2023-10-31 | by ( Gwynn Guilford | Nick Timiraos | ) www.wsj.com time to read: 1 min

WSJ’s Dion Rabouin unpacks the latest GDP report and explains what it says about the state of the economy. Photo: Li Jianguo/Zuma PressAmerican workers are still commanding big pay raises, though not quite as beefy as last year. That is good news for workers but a potential complication for the Federal Reserve’s fight to lower inflation. Employers spent 1.1% more on wages and benefits in July through September than in the prior three months, according to the Labor Department’s employment-cost index, released Tuesday. That was slightly better than the 1% gain in the second quarter and a sign that wage pressures remained strong as economic growth accelerated.

Persons: WSJ’s Dion Rabouin, Li Jianguo Organizations: Zuma Press American, Federal, Employers, Labor

☆ A Key Measure of Wages Grew at a Moderate Pace This Summer
▼ + stars: | 2023-10-31 | by ( Jeanna Smialek | More About Jeanna Smialek | ) www.nytimes.com time to read: +1 min

A measure of pay and benefits that officials at the Federal Reserve have been watching closely as they try to gauge the heat of the labor market grew at a moderate pace over the summer. The Employment Cost Index, a quarterly inflation measure from the Labor Department that tracks changes in wages and benefits, climbed 1.1 percent in the third quarter of 2023 versus the prior three months. That pace of growth does mark a deceleration from a series of rapid quarterly gains in 2022. Still, the index averaged 2.2 percent yearly gains in the decade leading up to the pandemic, underscoring that today’s pace remains unusually quick. And it is notable that wage gains continue to come in strong at a time when economists had expected them to be returning to a more normal pace.

Organizations: Federal Reserve, Labor Department

☆ Biden administration to crack down on ‘junk fees’ in retirement plans
▼ + stars: | 2023-10-31 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Tom Williams | CQ-Roll Call, Inc. | Getty ImagesThe Biden administration is cracking down on so-called "junk fees" in retirement accounts. The "hidden costs" of financial conflicts in retirement plans amount to "junk fees," Lael Brainard, director of the White House National Economic Council, said during a press call Monday evening. watch now"It's time to get junk fees out of the retirement savings market," said Julie Su, acting secretary of the Labor Department, during the call. However, the Labor Department can regulate them if sold in a retirement account, according to a Biden administration official speaking on background. It's time to get junk fees out of the retirement savings market.

Persons: Julie A, Su, Tom Williams, Biden, There's, Lael Brainard, Julie Su, Sen, Bill Cassidy, Virginia Foxx, Anna Moneymaker, Obama Organizations: Labor, Health, Education, Washington , D.C, CQ, Inc, Getty, U.S . Department of Labor, Finance, Securities and Exchange Commission, Congressional Research Service, White, National Economic Council, Labor Department, Rep, Economic, SEC, Biden, Department of Labor Locations: Washington ,

Adjusted for inflation, total compensation rose 0.6% in the third quarter compared with a year earlier, much slower than the second-quarter increase of 1.6%. Wages and salaries for private sector workers, excluding those who receive bonuses and other incentive pay, rose 0.9% in the third quarter, down from 1.1% in the previous period. Political Cartoons View All 1227 ImagesGrowth in pay and benefits, as measured by the ECI, peaked at 5.1% last fall. The Fed's goal is to slow inflation so that even smaller pay increases can result in inflation-adjusted income gains. While higher pay is good for workers, it can also fuel inflation if companies choose to pass on the higher labor costs in the form of higher prices.

Persons: Jerome Powell Organizations: WASHINGTON, Federal, Labor Department

☆ Biden administration wants to kill ‘junk’ fees in retirement investments and advice
▼ + stars: | 2023-10-31 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

The DOL’s proposed rule seeks to ensure “all retirement investors receive the same quality of investment advice regardless of product or services,” said DOL Acting Secretary Julie Su in a call with reporters. Across all retirement products, “requiring advisers to make recommendations in the savers’ best interest can increase retirement savers’ returns by between 0.2% and 1.20% per year. Industry pushback expectedThe new proposed rule follows earlier attempts by the Labor Department to broaden and standardize the circumstances in which financial advisers must act in retirement savers’ best interests. It is not clear yet whether the changes called for in the latest proposed rule will be sufficient to quell the opposition earlier versions faced. But industry pushback is expected, including from the Insured Retirement Institute, a trade association for the insured retirement industry.

Persons: Biden, “, ”, Julie Su, —, ’, DOL Organizations: New, New York CNN, Department of Labor, Securities and Exchange Commission, White, Industry, Labor Department, IRI, CNN, — Locations: New York, DOL

☆ New Biden target in junk fee crackdown: retirement advisers
▼ + stars: | 2023-10-31 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +3 min

The proposed Labor Department rules require retirement plan providers to only sell commodities and insurance products, such as annuities, to clients when doing so is in the customer's best interest. "Financial advisors should put savers best interest first, and not sell them lower returning products in order to maximize their own fees," Lael Brainard, director of the White House National Economic Council, said. "When a retirement saver pays for trusted advice that is actually not in their best interest and comes at a hidden cost to their lifetime savings, that's a junk fee," Brainard said. Taking on "junk fees" gives Biden and his allies fodder to show they are helping people tackle costs as many Americans are dissatisfied with his economic stewardship. The proposed rule would ensure that retirement advisers must provide advice in the saver’s best interest, regardless of whether they are recommending a security or insurance product and where they are giving advice, senior administration officials said.

Persons: Joe Biden, Leah Millis, Biden, Lael Brainard, Brainard, doesn't, Jarrett Renshaw, Michael Perry Organizations: Artificial Intelligence, White, REUTERS, Labor Department, National Economic Council, Securities, Exchange Commission, Thomson Locations: Washington , U.S, IRAs

☆ Wages boost US labor costs in third quarter
▼ + stars: | 2023-10-31 | by ( Lucia Mutikani | ) www.reuters.com time to read: +3 min

The Employment Cost Index (ECI), the broadest measure of labor costs, rose 1.1% last quarter after increasing 1.0% in the April-June period, the Labor Department's Bureau of Labor Statistics reported. Labor costs increased 4.3% on a year-on-year basis after advancing by 4.5% in the second quarter. Wages increased 1.2% in the third quarter after climbing 1.0% in the prior three months. They were up 4.6% on a year-on-year basis after advancing by the same margin in the second quarter. Inflation-adjusted wages for all workers rose 0.9% on a year-on-year basis after jumping 1.7% in the second quarter.

Persons: Megan Varner, Rubeela Farooqi, Lucia Mutikani, Paul Simao Organizations: REUTERS, Rights, Federal Reserve, Labor Department, Treasury, Fed, Labor Department's Bureau of Labor Statistics, Reuters, Labor, State, Thomson Locations: Dalton , Georgia, U.S

☆ US paychecks grew faster than expected in the third quarter
▼ + stars: | 2023-10-31 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Total compensation paid to US workers grew at a faster pace than expected last quarter, pointing to ongoing momentum in the job market. That’s a faster pace than the 1% gain registered in the second quarter. Wage growth advanced at a robust 1.2% pace in the July-through-September period, accelerating from the prior three-month period’s 1% rise, contributing to a pickup in overall compensation growth. From a year earlier, wages and benefits grew 4.3% in the third quarter, a slower pace than the second quarter’s 4.5% annual gain and the first quarter’s 5% rate. An analysis from jobs site ZipRecruiter showed that consumer prices rose faster than wages from the first quarter of 2020 through this year’s second quarter: Consumer prices grew 17.2%, versus compensation growth of 13.6%.

Persons: ” Julia Pollak, ZipRecruiter, ” Pollak, “, ” Organizations: DC CNN —, Labor Department, Federal Reserve, CNN Locations: Washington, That’s

☆ CNBC Daily Open: The perfect storm
▼ + stars: | 2023-10-30 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +3 min

A new jobs report released by the Labor Department this morning shows employers added 390,000 jobs in May. (Photo by Spencer Platt/Getty Images) Spencer Platt | Getty Images News | Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. And if that wasn't packed enough, market players will also be chasing the October jobs report due on Friday. It's expected to show the U.S. economy added 175,000 jobs last month, according to consensus estimates from FactSet.

Persons: Stocks, Spencer Platt, It's, Dow Jones, Dave Sekera, Sekera Organizations: NEW, New York Stock Exchange, Labor Department, Getty, CNBC, PCE, Fed, Apple, Pfizer Locations: New York City, U.S, FactSet

Do policymakers look back to last week’s report that the nation’s economy grew at a 4.9% rate in September, beating expectations? Or this week’s report on job growth for October due out on Friday after the Fed meeting on Tuesday and Wednesday? On Wednesday, the jobs data onslaught begins with private payroll firm ADP reporting its monthly employment survey for October. Political Cartoons on the Economy View All 602 ImagesWednesday also has the Fed announcing its decision on interest rates. These include adjustments to the Fed’s new regime of higher interest rates for a longer period and the government’s fiscal situation that requires a greater level of debt issuance.

Persons: Jerome Powell, ” Sam Bullard, Wells, ” Bullard, ” Chris Diaz, ”, Louisiana Republican Mike Johnson, Johnson Organizations: Conference Board, Fed, Treasury, Federal, Brown Advisory, Labor Department, McDonalds, Apple, Dow Industrial, Louisiana Republican Locations: Louisiana

☆ How the Fed is using its multi-trillion-dollar balance sheet to fight inflation
▼ + stars: | 2023-10-29 | by ( Bryan Mena | ) edition.cnn.com time to read: +9 min

Washington, DC CNN —The Fed’s fight against inflation is about to enter a new phase, but the central bank’s enormous balance sheet will continue to play a key role. The Fed also manages a multi-trillion-dollar balance sheet that accounts for trillions in government securities and lists how much currency is in circulation. For over a year now, the Fed has been steadily shrinking its balance sheet to help cool the economy. The Fed’s balance sheet is currently at around $7.9 trillion, down from its peak of $9 trillion in early 2022 right before the runoff. They also see alternative scenarios for the end of the balance sheet runoff if there isn’t a recession.

Persons: that’s, Lael Brainard, What’s, Wells, Jerome Powell, JPMorgan Chase’s Jamie Dimon, Jamie Dimon, Krystal Hur, Dimon —, Mr, Dimon, JPMorgan Chase, what’s, Estee Lauder, Kraft Heinz, Yum, Bausch, Eli Lilly, Molson Organizations: CNN Business, Bell, DC CNN, Congress, Fed, Wall Street, JPMorgan, JPMorgan Chase, CNN, HSBC, McDonald’s, China’s National Bureau of Statistics, Bank of Japan, Pfizer, Caterpillar, Marathon Petroleum, Sirius XM, Anheuser, Busch, BP, Chesapeake Energy, US Labor Department, Global, Board, CVS, GSK, Humana, Reuters, Apollo Global Management, Brands, Garmin, Cruise Line Holdings, Qualcomm, Airbnb, PayPal, MetLife, Aflac, AIG, Allstate, Prudential, P Global, Institute for Supply Management, Federal Reserve, ConocoPhillips, Starbucks, Duke Energy, Shopify, Ferrari, Marriott International, Moderna, Fox, Molson Coors, Hyatt, Apple, Motorola, Bank of England, Dominion Energy, Gartner, Restaurant Brands Locations: Washington, Treasuries, China’s, Mondelez, DoorDash, Avis, Shell, Cigna

☆ GDP: 5 reasons the economy grew so much last quarter despite the Fed’s efforts
▼ + stars: | 2023-10-27 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

New York CNN —The US economy wasn’t supposed to expand this much — or even at all — after so many rate hikes. But against all odds, the economy grew at an annualized rate of almost 5% last quarter, the Commerce Department reported Thursday. By making it more expensive for businesses and consumers to borrow money, those rate hikes were intended to get people to cut back on spending. For a while, many economists feared that the Fed’s rate hikes would climb too high too fast that it would give rise to a recession. That is to say that without more interest rate hikes, there could be a growing risk that inflation will accelerate even more.

Persons: ” said David Beckworth, “, That’s, ”, it’s, Courtney Shupert, Shupert, there’s, EJ Antoni Organizations: New, New York CNN, Commerce Department, Federal Reserve, George Mason University, Treasury Department, CNN, Productivity, Workers, Labor Department, Heritage Foundation Locations: New York

☆ US third-quarter economic growth seen fastest in nearly 2 years
▼ + stars: | 2023-10-26 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

While the anticipated robust growth pace notched last quarter is probably not sustainable, it would demonstrate the economy's resilience despite aggressive interest rate hikes from the Federal Reserve. According to a Reuters survey of economists, GDP likely increased at a 4.3% annualized rate last quarter, which would be the fastest since the fourth quarter of 2021. Others are not too concerned, noting the labor market continues to churn out jobs at a solid clip. Growth last quarter was also seen lifted by a smaller trade deficit, thanks to strong exports and increased inventory investment. But the labor dispute, which is costing auto makers millions of dollars per week, could weigh on growth in the fourth quarter.

Persons: Andrew Kelly, Joe Biden's, Sal Guatieri, Luke Tilley, it's, Yelena Shulyatyeva, Brian Bethune, Lucia Mutikani, David Gregorio Our Organizations: REUTERS, Business, WASHINGTON, Federal Reserve, United Auto Workers, BMO Capital Markets, Consumer, Wilmington Trust, Labor, Labor Department, U.S, Treasury, Financial, Group's, BNP, Boston College, Thomson Locations: Brooklyn , New York City, U.S, Toronto, American, Wilmington, Philadelphia, New York

☆ CNBC Daily Open: Shiny Meta
▼ + stars: | 2023-10-26 | by ( Clement Tan | ) www.cnbc.com time to read: +3 min

(Photo by Spencer Platt/Getty Images)This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. But in its third-quarter earnings report, Meta revealed its Reality Labs unit, which develops metaverse-related technologies, recorded a $3.74 billion operating loss. IBM beatsIBM shares rose 1% in extended trading after the technology conglomerate announced third-quarter results that exceeded Wall Street estimates. New Morgan Stanley CEOMorgan Stanley said Ted Pick will succeed James Gorman as CEO at the start of 2024.

Persons: Stocks, Spencer Platt, Rosy Meta Meta, Meta, Mattel, Max, New Morgan Stanley, Morgan Stanley, Ted Pick, James Gorman Organizations: NEW, New York Stock Exchange, Labor Department, Getty, CNBC, Treasury, Nasdaq, Dow Jones, Rosy Meta, Facebook, Labs, IBM, Wall, Boeing, New Locations: New York City

Jobless claim applications rose by 10,000 to 210,000 for the week ending Oct. 21, the Labor Department reported Thursday. Overall, 1.79 million people were collecting unemployment benefits the week that ended Oct. 14, about 63,000 more than the previous week. The central bank’s goal is to cool the economy and labor market and bring down rising wages, which it says feeds inflation. However, the labor market and the broader economy have held up better than expected. Though the unemployment rate rose from 3.5% to 3.8% last month, that’s mostly due to the fact that about 736,000 people resumed their search for employment.

Organizations: Labor Department, Federal Reserve

☆ CNBC Daily Open: Meta outperformance
▼ + stars: | 2023-10-26 | by ( Clement Tan | ) www.cnbc.com time to read: +3 min

(Photo by Spencer Platt/Getty Images)This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. In its third-quarter earnings report, the Facebook parent said revenue increased 23%, its fastest rate of growth since 2021. Meta is seeing faster growth in its core digital advertising business as clients rebound from a tough 2022. Meta said it expects revenue of $36.5 billion to $40 billion for the fourth quarter.

Persons: Stocks, Spencer Platt, Ford, Mattel, Meta, Mark Zuckerberg’s, Susan Li, —, Jonathan Vanian Organizations: NEW, New York Stock Exchange, Labor Department, Getty, CNBC, Labor, United Auto Workers, IBM, Wall, Google, Meta, Labs, Treasury Locations: New York City, China, Israel

It would also require the Labor Department to compile a list of companies ineligible for federal contracts based on "serious, repeated, or pervasive violations of child labor laws." The Labor Department said earlier this month that in the 2023 fiscal year, which ended on Sept. 30, 2023, investigations had found close to 5,800 kids illegally employed in the U.S., an 88% increase from 2019. Another bipartisan Senate bill introduced on Thursday by Republican Marco Rubio from Florida, with Democrats Alex Padilla from California and John Hickenlooper from Colorado, and Republican Roger Marshall from Kansas, would require the Labor Department to report more details to lawmakers about the perpetrators and victims involved in child labor cases. A February 2022 Reuters story exposed child labor at Alabama chicken plants, revealing how unaccompanied Central American migrants in debt to human smugglers were working grueling factory shifts. Later, in November, the Labor Department filed a complaint against cleaning company Packers Sanitation Services Inc. (PSSI) for employing dozens of kids cleaning meatpacking plants around the country, some of whom suffered chemical burns and other injuries.

Persons: Cory Booker, Kevin Lamarque, Josh Hawley, Republican Marco Rubio, Alex Padilla, John Hickenlooper, Republican Roger Marshall, Rubio, Dick Durbin, Mica Rosenberg, Joshua Schneyer, Kristina Cooke, Aurora Ellis, Jonathan Oatis Organizations: Capitol, REUTERS, Democratic, Labor Department, U.S . Department of Agriculture, The Labor Department, Republican, Central, Packers Sanitation Services Inc, Hyundai, Kia, Reuters, Democratic Senators, Senate, Thomson Locations: Washington , U.S, United States, U.S, New Jersey, Missouri, Florida, California, Colorado, Kansas, Alabama, Korean, Mexico, Illinois, New York

☆ US economic growth accelerates in third quarter
▼ + stars: | 2023-10-26 | by ( Lucia Mutikani | ) www.reuters.com time to read: +3 min

Gross domestic product increased at a 4.9% annualized rate last quarter, the fastest since the fourth quarter of 2021, the Commerce Department's Bureau of Economic Analysis said in its advance estimate of third-quarter GDP growth. The economy grew at a 2.1% pace in the April-June quarter and is expanding at a pace well above what Fed officials regard as the non-inflationary growth rate of around 1.8%. While the robust growth pace notched last quarter is unlikely sustainable, it was testament to the economy's resilience despite aggressive interest rate hikes from the Federal Reserve. Growth could slow in the fourth quarter because of the United Auto Workers strikes and the resumption student loan repayments by millions of Americans. Since March, the U.S. central bank has raised its benchmark overnight interest rate by 525 basis points to the current 5.25% to 5.50% range.

Persons: Andrew Kelly, Lucia Mutikani, Nick Zieminski Organizations: REUTERS, Rights, Gross, Commerce Department's, Reuters, Federal Reserve, United Auto Workers, Labor, Labor Department, Treasury, Group's, Thomson Locations: Brooklyn , New York City, U.S

The U.S. economy is on a roll, expanding at a 4.9% annual clip in the third quarter, the Bureau of Economic Analysis reported on Thursday. Analysts are looking for the overall index to show prices increased at a 3.4% annual rate and the core index at 3.7%, down from 3.5% and 3.9%, respectively. On Wednesday, Adobe Analytics issued its monthly measure of online prices showing they continue to fall, hitting a 41-month low in September. “Online prices fell for the majority of Adobe’s tracked categories (12 of 18) on an annual basis. On a month-over-month basis, online prices were down 0.6%.”

Persons: ” Joseph Brusuelas, ”, Steve Rick, Raymond James, Eugenio Aleman, “ Organizations: Economic, RSM US, Federal Reserve, TruStage, Labor Department, Adobe Analytics, “ Locations: U.S

☆ U.S. GDP grew at a 4.9% annual pace in the third quarter, better than expected
▼ + stars: | 2023-10-26 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

Economists surveyed by Dow Jones had been looking for a 4.7% acceleration in GDP, which also is adjusted for inflation. The sharp increase came due to contributions from consumer spending, increased inventories, exports, residential investment and government spending. Consumer spending, as measured by personal consumption expenditures, increased 4% for the quarter after rising just 0.8% in Q2, and was responsible for 2.7 percentage points of the total GDP increase. The GDP increase marked the biggest gain since the fourth quarter of 2021. At a time when many economists had thought the U.S. would be in the midst of at least a shallow recession, growth has kept pace due to consumer spending that has exceeded all expectations.

Persons: Dow Jones, Gross, Michael Arone, Jeffrey Roach, Arone, Price, Matthew Ryan Organizations: Gross, Commerce Department, Treasury, SPDR, State Street Global Advisors, Federal Reserve, Group, LPL, Labor Department, Federal, Hamas, CNBC Locations: U.S, Israel, Ukraine

Search resuls for: "Labor Department"

25 mentions found