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Search resuls for: "Robert Frick"


7 mentions found


☆ U.S. consumer confidence rebounds; existing home sales sink
  + stars: | 2022-12-21 | by ( Lucia Mutikani | ) www.reuters.com   time to read: +6 min
"The outlook for consumer confidence in 2023 will hinge on the Fed's ability to deliver a soft landing on what could be described as a narrow runway." The Conference Board said its consumer confidence index increased to 108.3 this month, the highest reading since April, from 101.4 in November. While the survey places more emphasis on the labor market, the rebound in confidence matched a similar rise in the University of Michigan's sentiment index. The improvement, which mostly reflected lower gasoline prices, was in line with recent data showing consumer prices increasing moderately in November. But with the housing market in the doldrums, economists believe the labor market will loosen and unemployment increase next year.
☆ New home building retreated in November
  + stars: | 2022-12-20 | by ( Anna Bahney | ) edition.cnn.com   time to read: +5 min
Washington CNN —Home building pulled back in November, as buyers faced spiking mortgage rates topping 7% that make homes increasingly unaffordable. Housing starts bounced back a bit in August while mortgage rates briefly retreated. But since that time, mortgage rates have been on the rise, hitting a 20-year high in October. One number that beat estimates was housing starts, he said, but those were weighted to apartments, not single-family homes. “Potential homebuyers should see some relief next year in the form of lower mortgage rates and possibly lower home prices,” said Frick.
☆ Consumer prices rose less than expected in November, up 7.1% from a year ago
  + stars: | 2022-12-13 | by ( Jeff Cox | ) www.cnbc.com   time to read: +1 min
watch nowStocks initially roared higher following the report, with futures tied to the Dow Jones Industrial Average up more than 800 points initially before easing a bit. Falling energy prices helped keep inflation at bay. Food prices, however, rose 0.5% and were up 10.6% from a year ago. Even with its monthly decline, the energy index was higher by 13.1% from November 2021. Real average hourly earnings rose 0.5% for the month, though they were still down 1.9% from a year ago.
☆ Premarket stocks: Why the stock market is channeling Goldilocks
  + stars: | 2022-12-02 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +6 min
It’s rough out there, but there is a silver lining: Persistently high Inflation is showing signs of slowing. “This morning’s data was a Goldilocks report,” wrote Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, in a note Thursday. Gas prices also dropped between October and November, which means that inflation could keep slowing. A range of factors have led to the drop in gas prices – and not all of them are positive. The bottom line: Gas prices are still relatively high for this time of the year, but looking ahead, some forecasters see gas prices continuing to dip.
☆ Mortgage rates fall for the second week in a row
  + stars: | 2022-11-23 | by ( Anna Bahney | ) edition.cnn.com   time to read: +4 min
Mortgage rates dropped again this week, after plunging nearly half a percentage point last week. Mortgage rates have risen throughout most of 2022, spurred by the Federal Reserve’s unprecedented campaign of hiking interest rates in order to tame soaring inflation. But last week, rates tumbled amid reports that indicated inflation may have finally reached its peak. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. As a result of the drop in mortgage rates, both purchase and refinance applications picked up slightly last week.
☆ Premarket stocks: Big Tech can't save your investments
  + stars: | 2022-10-27 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +6 min
But disappointing earnings from Big Tech stocks have the tendency to turn the broader market south thanks to their immense market value. Beyond determining market sentiment, tech earnings also offer important clues about where the economy is heading. In particular, sales growth in the cloud business – one of the company’s biggest bright spots in recent years – was lower than analysts had hoped. Its fiscal second-quarter forecast came in short of Wall Street estimates, sending shares down 8% on Wednesday. A slowing economy, geopolitical chaos and heightened inflation have all worked to dry up the number of IPOs and mergers and acquisitions made on Wall Street.
☆ Job openings plunged by more than 1.1 million in August
  + stars: | 2022-10-04 | by ( Jeff Cox | ) www.cnbc.com   time to read: +3 min
The number of job openings plunged by more than a million in August, providing a potential early sign that the massive U.S. labor gap is beginning to close. One primary area of interest for the central bank has been the ultra-tight labor market, which had been showing about two job openings for every available worker. "Job openings took a major dive in August, falling by more than about 1 million, but they still total more than 10 million. The rate remains one full percentage point below where it was in February 2020, just prior to the pandemic. Markets still expect the Fed to push forward with a fourth consecutive 0.75 percentage point interest rate hike at its next meeting.
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