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

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

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

Americans continued to spend heavily as 2023 came to an end, driving retail sales higher by 0.6% in December, fueled by online purchases and spending at bars and restaurants, the Census Bureau reported on Wednesday. Excluding auto sales and gasoline that tend to be volatile month to month, sales rose by 0.6% as well compared to forecasts of a 0.2% increase. “Strong increase of 0.6% with the control group that feeds into the estimate of GDP up a robust 0.8%. Outstanding credit card spending debt surpassed $1 trillion in the third quarter, although debt-to-income levels were below 10% and modest compared to the early 2000s. Behind the shift is a belief that declining inflation and a cut in interest rates will help the economy grow modestly as the year unfolds.

Persons: Joseph Brusuelas, Carl Marks, ”, Howard Meitiner Organizations: Census, RSM, Carl, Carl Marks Advisors, “ Retailers, Mortgage Bankers Association Locations: U.S

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

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

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

☆ Thursday's inflation report could challenge the market outlook for big Fed rate cuts
▼ + stars: | 2024-01-10 | by ( Jeff Cox | ) www.cnbc.com time to read: +6 min

"The market seems to have gotten excited that the Fed's going to have to do more than what the Fed thinks in terms of rate cuts now. watch nowThere is certainly a wide gap between what the Fed has indicated in terms of rate cuts and what the market is expecting. It probably means that right now, the market needs to give back some of the rate cuts that they priced in." Fed Governor Michelle Bowman said this week that while she expects rate hikes could be done, she doesn't see the case yet for cuts. Still, Brusuelas thinks the market is too aggressive in pricing in six rate cuts.

Persons: Frederic J, Brown, Dow Jones, Jack McIntyre, McIntyre, they've, Michelle Bowman, Lorie Logan, Logan, Joseph Brusuelas, Brusuelas, Richard Clarida, … There's, Clarida Organizations: AFP, Getty, Federal, Brandywine Global Investment Management, Traders, Dallas, RSM Locations: Rosemead , California

☆ Job openings slide to 8.7 million in October, well below estimate, to lowest level since March 2021
▼ + stars: | 2023-12-05 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Job openings tumbled in October to their lowest in 2½ years, a sign the historically tight labor market could be loosening. The number was well below the 9.4 million estimate from Dow Jones and the lowest since March 2021. Federal Reserve policymakers watch the report, known as the Job Openings and Labor Turnover Survey, closely for signs of labor slack. While job openings fell dramatically, total hires only nudged lower while layoffs and separations were modestly higher. Declines in job openings were widespread by industry.

Persons: Dow Jones, Tuan Nguyen, nonfarm Organizations: Labor Department, Dow, Federal Reserve, Labor, Survey, Fed, RSM, Committee, Traders, CNBC PRO Locations: U.S, October's

☆ Camilo Villegas: After unimaginable personal tragedy, Colombian golfer is a champion again
▼ + stars: | 2023-11-22 | by ( Jack Bantock | ) edition.cnn.com time to read: +6 min

On July 26, 2020, Villegas and wife Maria’s 22-month-old daughter Mia died following a four-month battle with tumors on the brain and spine. “She was a very little kid, full of energy, and everything seemed to be going in the perfect direction,” Villegas told CNN Sport’s Patrick Snell. Rob Carr/Getty ImagesFront row seatSlowly, but surely, momentum began to change for Villegas, “a little snowball” gathering speed and size. Mia’s Miracles was flourishing under Maria’s presidency, Villegas was back competing at PGA Tour events and then, in December 2021, the greatest boost yet. No surprises as to which foundation Villegas directed the donation towards.

Persons: Camilo Villegas, “ Mia, Villegas, Maria’s, Mia, ” Villegas, CNN Sport’s Patrick Snell, “, ”, putts, ‘, ’ ”, Phil Mickelson, Andy Lyons, Miami’s, Jack Nicklaus, Barbara, Maria, that’s, “ It’s, ” Maria, Rob Carr, Mateo, –, – Villegas, Sweden’s Alex Noren, Ross Kinnaird, Mia –, she’s, we’ve, RSM Birdies, Love, “ We’ve, We’ll Organizations: CNN, PGA, Bermuda, Nationwide Children’s, FedEx St Jude, Miami’s Nicklaus Children’s, Health Care Foundation, Getty, Port Royal, RSM Locations: Ohio, Charlotte , North Carolina, Bermuda

His final birdie allowed Aberg to tie the 72-hole scoring record on the PGA Tour, matching the 253 of Justin Thomas at the 2017 Sony Open. Hughes shot 60-63 on the weekend and finished four shots behind. Even after making his only bogey of the week, on the 12th hole of the Seaside course at Sea Island, Aberg answered every challenge. 1 player from the PGA Tour University ranking after his senior year at Texas Tech. He also would appear to be a shoo-in for PGA Tour rookie of the year.

Persons: — Ludvig Aberg, Swede, ” Aberg, “ It's, Justin Thomas, Matt Jones, Patrick Rodgers, ”, Mackenzie Hughes, couldn't, “ He's, doesn’t, fearlessly, Hughes, Aberg, “, ” Hughes, “ I'm, —, Viktor Hovland, Marco Simone, Scottie Scheffler, Brooks Koepka, Eric Cole, Tyler Duncan, ” Cole, Ryan Moore Organizations: SIMONS, RSM, Ryder, Texas Tech, PGA, PGA Tour, Ryder Cup, Masters, FedEx Cup Locations: Kapalua, Switzerland

☆ The Fed is probably done hiking rates. Cuts are still far off
▼ + stars: | 2023-11-16 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

New York CNN —The Federal Reserve likely won’t raise interest rates again during its current tightening cycle, thanks to a cooldown in inflation. Interest rates are at a 22-year high after the Fed last March began its punishing pace of hikes in a bid to tame wayward inflation. Traders are now virtually certain that the Fed will hold rates steady at its December policy meeting and won’t hike again this cycle, according to the CME FedWatch Tool. Of course, one month’s data doth not a trend make. Traders are anticipating rate cuts won’t start before next March, and see May as more likely, according to the CME FedWatch Tool.

Persons: ”, Jeffrey Roach, Price, Sharp, Jerome Powell, Yung, Yu Ma, Joseph Brusuelas, Sephora, Parija Kavilanz, Read, Rishi Sunak, Hanna Ziady, “, ” Sunak, ” Read Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Fed, Dow Jones, Nasdaq, “, LPL, Bureau of Labor Statistics, CPI, Research, BMO Wealth Management, Traders, Investors, RSM US, CNN, National Statistics Locations: New York

Consumer prices held stable in October, bringing the annual inflation rate down to 3.2% from 3.7% a month ago as energy prices receded, the Bureau of Labor Statistics said on Tuesday. “Further evidence of disinflation inside the October inflation report,” RSM US Chief Economist Joseph Brusuelas posted on social media, noting that month-over-month inflation was flat at 3.2% and core inflation was up 0.2 percent to 4% over the same period. Although prices for a wide variety of goods and services have cooled this year, the current inflation rate is well above the 2% target set by the central bank. “Inflation expectations over the next 5 years dipped to 2.7%, slightly above the Fed’s long-run target of 2%. “We don’t think the last mile of disinflation will be particularly hard,” Goldman Chief Economist Jan Hatzius wrote in the outlook.

Persons: Joseph Brusuelas, Stocks, Matt Bush, Patrick De Haan, “, ”, Piyush Patel, Jeffrey Roach, Goldman Sachs, Jan Hatzius Organizations: of Labor Statistics, RSM, Federal, Treasury, Dow Industrial, Guggenheim Partners, CNBC, National Retail Foundation, NRF, Affinity Solutions, Wall Street, Travel, Gas, New York Federal Reserve Bank, University of Michigan’s, LPL, Investment, ” Goldman Locations: U.S

☆ Biden’s economic scorecard touts fragile advantage
▼ + stars: | 2023-11-09 | by ( Ben Winck | ) www.reuters.com time to read: +11 min

And if the political strategist James Carville was right that “it’s the economy, stupid,” the next several months could make or break Joe Biden’s economic record. As things stand, the current ruler of the free world touts a fragile advantage. Households’ disposable income after adjusting for inflation hit a record $20 trillion in the month that Biden’s measure was approved, according to the Bureau of Economic Analysis. STUDENT LOANSForgiving swaths of student debt was another of Biden’s campaign promises, but his efforts have so far failed. And with higher interest rates making debt service more expensive, Biden’s spending could come back to bite him on election day.

Persons: Joe Biden, Ken Cedeno, James Carville, Joe Biden’s, “, aren’t, Breakingviews, it’s, Biden, Donald Trump, Mitch McConnell, ”, Realtor.com, Congressional Republicans haven’t, haven’t, WALL, Lauren Silva Laughlin, Sharon Lam, Aditya Sriwatsav Organizations: Edmond's Catholic, REUTERS, Rights, Reuters, House, Republican, AMERICAN, ACT, Brookings Institution, Analysis, Walmart, Nordstrom, Deere, Caterpillar, Republicans, Commerce Department, Micron, Bank of America, Gallup, Federal Reserve, United Auto Workers, RSM, Congressional Republicans, Biden, Reuters Graphics Reuters, Conservative, Thomson Locations: St, Rehoboth Beach , Delaware, U.S, New York, Arizona, West Virginia

☆ Video shows the moment a new Russian submarine test-fired an intercontinental-range 'Bulava' missile
▼ + stars: | 2023-11-06 | by ( Chris Panella | ) www.businessinsider.com time to read: +4 min

Video footage shows the moment a new Russian submarine test-fired an intercontinental-range ballistic missile. AdvertisementAdvertisementRussia's new strategic nuclear submarine has successfully launched an intercontinental ballistic missile, it's defense ministry said, releasing video footage it said was from the test. The test involved the firing of an intercontinental-range Bulava submarine-launched ballistic missile (SLBM) and was a significant step for the vessel. Video footage from the defense ministry that was shared by Russian state media outlets on Sunday showed what they said was the newest Borei-class nuclear-powered ballistic missile submarine Imperator Alexander III launching an RSM-56 Bulava ballistic missile. Russian nuclear submarine Yuri Dolgorukiy (NATO reporting name: SSBN "Borei", or "Dolgorukiy") is seen during the Navy Day Military parade July, 27, 2014, in Severomorsk.

Persons: —, Alexander III, Imperator Alexander III, it'll, Generalissimus Suvorov, Yuri Dolgorukiy, Sasha Mordovets, Bulava SLBMs Organizations: Service, RSM, Missile, Navy, Russia's, Russian Locations: Russian, Russia, Kamchatka, Severomorsk, Soviet Union, Europe, Atlantic

Inflation, as measured by an index closely followed by the Federal Reserve, dipped slightly in line with estimates in September, the Bureau of Economic Analysis reported on Friday. The personal consumption price expenditures index rose 0.4% for the month, unchanged from August, while rising 3.4% on an annual basis, down from 3.5% a month earlier. The narrower core index, excluding food and energy costs, rose 0.3% for the month, in line with expectations but up from the 0.1% increase in August. For the year, the core index is running at 3.7%, an improvement from the 3.9% registered a month ago. The report showed that spending also increased, by 0.7%, while incomes rose by 0.3%,“Core Inflation: the three month annualized pace of core PCE slowed to 2.4% y/y.

Persons: Joseph Brusuelas, Mark Vitner, Joe Davis, Andrew Patterson, ” Organizations: Federal Reserve, Economic, PCE, RSM, Fed, Crescent Capital, Vanguard, Global, “ Locations: Europe

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

The BoE is monitoring the labour market closely as it considers whether it needs to resume raising interest rates, having kept them on hold in September after 14 hikes in a row. Under the previous methodology, the unemployment rate had been reported as 4.3% for the three months to July rather than 4.2%. Still, the new data showed more slack in the labour market than the BoE had predicted in August, when it forecast an unemployment rate of 4.1% for the third quarter as a whole. "It is probably only a matter of time before the recent loosening of the labour market feeds through into significantly slower wage growth," Pugh said. The latest ONS estimate showed employment fell by 133,000 in the three months to July, compared with 207,000 in its previous estimate.

Persons: BoE, Thomas Pugh, Pugh, Tony Wilson, Andy Bruce, William Schomberg, Paul Sandle, Bernadette Baum Organizations: Office, National Statistics, Bank of England, Labour Force Survey, RSM, ONS, Financial, Institute for Employment Studies, Thomson

☆ The Fed is losing control
▼ + stars: | 2023-10-24 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Financial markets currently see a nearly 99% chance the Fed will continue to pause rate increases in November, according to the CME FedWatch Tool. That means the Fed may not need to continue aggressively raising rates to bring spending — and inflation — down. A spokesperson from the United Food and Commercial Workers International Union told CNN that they support the organizers planning a walkout and protests. In a statement to CNN, Walgreens said about 20 stores out of about 9,000 had “disruptions over three days,” Oct. 9-11. Walgreens walkout organizers told CNN that their tally is much higher, with about 600 employees participating.

Persons: New York CNN —, Jerome Powell, Joe Brusuelas, That’s, Powell, ”, ” Johns, Laurence Ball, Shane Jerominski, Tim Wentworth, ” Kim Kardashian, Skims, Kim Kardashian, undershirts Organizations: CNN Business, Bell, New York CNN, Federal, Fed, Economic, of New, RSM, Financial, Treasury, Reserve, ” Johns Hopkins, “, Walgreens, Workers, CNN, United Food, Commercial Workers International Union, SEIU, United Healthcare Workers West, Organizers Locations: New York, of New York, Friday’s

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsOct 23 (Reuters) - Jason Andringa’s company was part of the stampede of U.S. businesses that built factories in China. But the mood of Vermeer and many other global producers has turned sour on China. Rather than expand in China, these companies are directing new investments to other low-cost countries such as Vietnam and India. Ryan Gunnigle, CEO of Atlanta-based toy maker Kids2, said he is continuing to invest in his China factories, adding both automation and new capacity. The CEO of Danby Appliances, a Canadian company that sells over half of its products in the U.S., got 85% of its goods from Chinese factories five years ago.

Persons: Lucy Nicholson, Jason Andringa’s, Vermeer, Biden, Joe Biden, Xi Jinping, Gina Raimondo, Matt Dollard, Ryan Gunnigle, Kids2, Jim Estill, He’s, Danby, Timothy Aeppel, Anna Driver Organizations: Port, REUTERS, U.S ., U.S, Nvidia, Wall Street, U.S . Bureau, China Business Council, Reuters, Asia Pacific Economic Cooperation, Trump, RSM US, Appliances, Thomson Locations: Port of Long Beach, Port of Los Angeles, Los Angeles , California, U.S, China . Iowa, China, Mexico, Asia, San Francisco, Beijing, Washington, Taiwan, Vietnam, India, Atlanta, Canadian, Turkey, Canada

☆ Gas prices could fall to $3.25 by Halloween as oil plunges
▼ + stars: | 2023-10-05 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —After spiking to alarming levels just last week, oil prices are suddenly in free-fall mode. US oil prices plunged by 5.6% to $84.22 a barrel on Wednesday, marking the biggest one-day decline in a year. Now, gas prices are already starting to retreat and experts predict sharper drops to come. That’s 11 cents below the 2023 peak set last month when gas prices experienced an unusual post-Labor Day jump. Boom to bustSo why did oil prices go from spiking to plunging?

Persons: Andy Lipow, Tom Kloza, Kloza, ” Kloza, “, Joe Brusuelas, ”, Matt Smith, ” Smith, There’s Organizations: New, New York CNN, AAA, Labor, Lipow Oil Associates, CNN, Oil Price Information Service, “, Federal Reserve, RSM, Fed, Saudi, Americas Locations: New York, Saudi Arabia, Kpler, Ukraine

"We know that the British economy recovered faster from the pandemic than anyone previously thought and data out today once again proves the doubters wrong," finance minister Jeremy Hunt said. And that's before the full drag from higher interest rates has been felt," said Ruth Gregory, deputy chief UK economist at Capital Economics. The upward revisions were concentrated in 2020 and 2021, during the height of the pandemic and immediate aftermath. Growth in 2021 was revised to 8.7% from 7.6%, while the size of 2020's historic slump was reduced to 10.4% from 11.0%, in line with preliminary guidance on Sept. 1. Growth in 2022 was revised up to 4.3% from 4.1%.

Persons: Rachel Adams, Jeremy Hunt, Ruth Gregory, Thomas Pugh, Capital's Gregory, David Milliken, Andy Bruce, William James, Toby Chopra Organizations: Oxford, REUTERS, National Statistics, European Union, Capital Economics, The Bank of England, RSM, Reuters Graphics Reuters, ONS, Thomson Locations: Britain, London, Germany, France, United States, Japan, Italy, Canada, Ukraine

☆ Analysis: A messy government shutdown is the last thing the economy needs
▼ + stars: | 2023-09-28 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Against this precarious backdrop, Washington is on the verge of a messy shutdown of the federal government. A shutdown probably won’t wreck the economy, especially if it’s short. And if it a shutdown lasts long enough, it could, along with these other headwinds, do some real damage. The US Travel Association estimates the domestic travel economy would lose as much as $140 million a day from a government shutdown. “Uncertainty regarding federal operations will likely persist for the next few months.”Given all the other obstacles facing the economy, chaos in Washington is the last thing the economy needs.

Persons: New York CNN —, ”, Greg Valliere, Joe Brusuelas, Goldman Sachs, —, Uncle Sam, Mark Zandi, don’t, ” Zandi, AGF’s, “, ” Moody’s Organizations: New, New York CNN, UAW, Big Three, Federal, Federal Reserve, AGF Investments, RSM, American Federation of Government Employees, TSA, US Travel Association, Companies, Moody’s, AAA, Goldman Locations: New York, Washington, United States

Talks continued between union representatives and company management on the sixth day of a coordinated walkout, a day after Ford (F.N) averted a strike by Canadian workers. The UAW launched a strike against Ford, General Motors (GM.N) and Stellantis last week, targeting one U.S. assembly plant at each company. UAW workers also want to end a tiered wage structure that they say has created a large gap between newer and older employees, forcing some to work two jobs to make ends meet. We’re serious about this,” said Victor Holloway, 24, of Westland, Michigan, who has worked at the Ford plant in Wayne, Michigan, since 2021. U.S. President Joe Biden is wearing a red tie on Wednesday in solidarity with UAW workers, the White House said.

Persons: Mark Reuss, “ We’re, ”, Victor Holloway, Rebecca Cook, Stellantis, Ram, Reuters Graphics Ford, Unifor, Ford, Joe Biden, Biden, Shawn Fain's, David Shepardson, Joe White, Ben Klayman, Anirudh, Richard Chang, Will Dunham, Matthew Lewis, Deepa Babington Organizations: DETROIT, United Auto Workers, Ford, Detroit, Detroit Free Press, UAW, General Motors, Ford Bronco, Chevrolet, Reuters, GM, REUTERS, GM's, Silverado, Reuters Graphics, Kokomo, RSM, Thomson Locations: Michigan , Ohio, Missouri, Chevrolet Colorado, Westland , Michigan, Wayne , Michigan, Fairfax , Kansas, Toledo , Ohio, U.S, Canada, Canadian, Ohio, Indiana, Kokomo , Indiana, Washington, Detroit, Bengaluru

DETROIT, Sept 20 (Reuters) - Talks were ongoing on Wednesday between union representatives and company management in the sixth day of the United Auto Workers strike at the Detroit Three automakers, a day after Ford (F.N) averted a walkout by Canadian workers. The UAW launched a strike against Ford, General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI) last week, targeting one U.S. assembly plant at each company. The UAW's coordinated U.S. action led to about 12,700 workers going on strike last week. Ford reached a last-minute deal to avoid a walkout at its Canadian operations late on Tuesday. Unifor, which represents about 5,600 Canadian auto workers, had been threatening to go on strike at all three of Ford's plants in that country if a deal was not reached by late on Tuesday.

Persons: Ford, Mark Reuss, Carlos Osorio, Ram, Unifor, Stellantis, Anirudh Saligrama, David Shepardson, Ben Klayman, Will Dunham, Richard Chang, Jamie Freed Organizations: DETROIT, United Auto Workers, Detroit Three, Ford, UAW, General Motors, Chrysler, Ford Bronco, Chevrolet, Motors, Detroit, Detroit Free Press, Plant, REUTERS, GM's, Silverado, GM, RSM, Kokomo, Thomson Locations: Michigan , Ohio, Missouri, Chevrolet Colorado, Kansas, Oakville, Oakville , Ontario, Canada, Ford Canada, Canadian, Ohio, Indiana, Toledo, Kokomo , Indiana, Bengaluru, Washington, Detroit

☆ Gas is rapidly approaching $6 in one state
▼ + stars: | 2023-09-19 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

In California, gas prices are rapidly approaching $6 a gallon. Nationally, gas prices remain well below the record of $5.02 set last June. Still, US gas prices climbed this week to $3.88 a gallon, the highest level of the entire year, according to AAA. Boosted by those two nations’ aggressive supply cuts, US oil prices climbed to as high as $93.74 a barrel on Tuesday. And this recent rise in gas prices is causing headaches for some in Washington.

Persons: it’s, That’s, Pain, Joe Biden’s, Jerome Powell, Powell, ” Nicholas Colas, Colas, “, ”, Joe Brusuelas, Andy Lipow, Lipow, Russia don’t, Brent, Goldman Sachs, Vincent Reinhart, RSM’s, Reinhart, ’, Morgan Stanley, Kristina Hooper Organizations: New York CNN, —, AAA, Brent, Federal, DataTrek Research, RSM, Lipow Oil Associates, Rockies, Citigroup, Fed, Mellon Locations: United States, West Coast, In California, Los Angeles, Long Beach, California, Washington and Nevada, Saudi Arabia, Russia, It’s, Washington, OPEC

☆ Striking unions impacting the economy at a level not seen in decades
▼ + stars: | 2023-09-18 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

watch nowThe auto workers' strike is the latest in a series of labor-management conflicts that economists say could start having significant growth impacts if they persist. So far, the United Auto Workers stoppage has impacted just a small portion of the workforce with limited implications for the broader economy. United Auto Workers (UAW) members on a picket line outside the Stellantis NV Toledo Assembly Complex in Toldeo, Ohio, on Monday, Sept. 18, 2023. August alone saw some 4.1 million labor hours lost this year, the most for a single month since August 2000, according to the Labor Department. Year to date, there have been 7.4 million hours lost, compared to just 636 hours total for the same period in 2022.

Persons: Ian Shepherdson, Emily Elconin, Shepherdson, Doris Dear, John Nacion, Joseph Brusuelas, Brusuelas, Biden, Janet Yellen, CNBC's Sara Eisen Organizations: United Auto Workers, Labor Department statistics, Pantheon, UAW, Stellantis NV, Bloomberg, Getty, Big Three, Ford, GM, Federal Reserve, Labor, Labor Department, HBO, National Union Solidarity, Writers Guild of America, Screen Actors Guild, University of Michigan, RSM, York Fed Locations: Stellantis NV Toledo, Toldeo , Ohio, U.S, New York City, John, Los Angeles, California , Oregon, Washington, York

Biden said that when negotiations began, he encouraged leaders of the two sides to stay at the bargaining table as long as possible. The head of the UAW said the union's negotiators “are hard at work at the bargaining table.”The UAW strike is just one of many labor disruptions. Still, a wider strike by the UAW could cause parts of the U.S. economy to shudder. The chain reaction across parts suppliers to the stores and restaurants that auto workers patronize could hurt local economies in Michigan, Wisconsin and other states that could be pivotal in next year’s election. Former President Donald Trump, the early Republican front-runner, said that union workers jobs are at risk because of Biden’s push to use of government incentives to build more EVs.

Persons: Joe Biden, autoworkers, ”, ” Biden, Stellantis, Biden, Julie Su, Gene Sperling, Shawn Fain, “, ’, Suzanne Clark, Joshua Bolten, ” Fain, Joe Brusuelas, Donald Trump, Trump, Jill Colvin Organizations: WASHINGTON, Big, White, United Auto Workers, General Motors, Ford, UAW, GM, Fiat Chrysler, Workers, Labor Department, Democratic, Business, U.S . Chamber of Commerce, RSM, Oxford Economics, Republican, NBC News Locations: Detroit, California , Oregon, Washington, U.S, Michigan , Wisconsin, China, United States, America

☆ Auto strike could be speed bump for hard-driving US economy
▼ + stars: | 2023-09-15 | by ( Dan Burns | ) www.reuters.com time to read: +4 min

"While that amount is large in nominal dollar terms, it would not be large enough to tip the economy into recession. In the end, the impact of a such a strike would be modest compared to previous generations," Brusuelas said. Other economists offered comparable estimates of the potential drag from a prolonged strike by the Big Three's full union membership. A full-blown strike "could push U.S. payroll growth temporarily negative," Michael Pearce, lead U.S. economist at Oxford Economics, wrote on Wednesday. Pearce also estimated a full strike lasting a month could cut U.S. auto output by nearly a third, much as it did during the 1998 strike.

Persons: Rebecca Cook, Detroit's, Joe Brusuelas, Brusuelas, Michael Pearce, Pearce, Dan Burns, Deepa Babington Organizations: UAW, General Motors Detroit, Hamtramck, REUTERS, General Motors, Ford, United Auto Workers, RSM, Big, Federal Reserve, Oxford Economics, Labor, payrolls, Thomson Locations: Hamtramck , Michigan, U.S

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