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☆ Angel Reese: Mystery still swirls around LSU forward’s absence as star is set to play high-profile game Thursday
▼ + stars: | 2023-11-30 | by ( David Close | ) edition.cnn.com time to read: +2 min

CNN —LSU women’s basketball head coach Kim Mulkey said star player Angel Reese will return to the defending national champion’s lineup on Thursday against No. Reese has been mysteriously absent from the team since the Tigers faced Kent State on November 14. “She’s coming back after not being with the team,” Mulkey said. “Angel is back and we are happy, happy, happy. She’s happy, happy, happy.”The Tigers-Hokies tilt on Thursday night is a 2023 Final Four rematch between the two programs; LSU won that game 79-72 en route to the national championship.

Persons: Kim Mulkey, Angel Reese, Reese, Mulkey, “, Reese didn’t, “ She’s, ” Mulkey, “ We’ve, ”, Angel, “ Angel Organizations: CNN, LSU women’s, Virginia Tech, Tigers, Kent State, LSU, LSU’s, Niagara, Cayman, Iowa, NCAA, YouTube, Hokies Locations: Virginia, ”

☆ Elon Musk’s SpaceX Starship rocket and spacecraft lost in second test flight
▼ + stars: | 2023-11-18 | by ( Leighton Rowell | Jackie Wattles | ) edition.cnn.com time to read: +10 min

The Super Heavy booster and Starship spacecraft successfully separated after liftoff, as the Starship lit up its engines and pushed away. SpaceX's Starship launches on its second test flight from the Starbase facility in Boca Chica, Texas, on Saturday morning. The method was used to separate the Starship spacecraft and Super Heavy rocket after liftoff. Then, the spacecraft’s flight termination system was triggered to prevent it from veering off course, bringing an early end to the test flight. After April’s explosive first test flight, SpaceX noted “success comes from what we learn, and we learned a tremendous amount.”

Persons: Eric Gay, ”, John Insprucker, Artemis, “ Congrats, Bill Nelson, —, @SpaceX, Jim Free, Elon Musk, Kate Tice Organizations: CNN, Super, Starship, SpaceX, SpaceX's, Federal Aviation Administration, Boca, FAA, NASA, SpaceX Quality Systems Engineering Locations: of Mexico, Boca Chica , Texas, Hawaii

☆ SpaceX Starship: FAA grants launch license for Friday test launch
▼ + stars: | 2023-11-15 | by ( Jackie Wattles | ) edition.cnn.com time to read: +5 min

CNN —Federal regulators have granted SpaceX permission to launch a long-awaited second test flight of its Starship system — the most powerful rocket ever built — following an explosive first attempt in April. The agency then completed a safety review on October 31 for SpaceX’s planned second test flight. That process concluded on November 14, according to a statement from the agency, allowing FAA to issue the launch permit. Environmental concernsSpaceX may also face additional pushback from environmentalists ahead of — or in the wake of — the second launch attempt. The group of environmental and wildlife advocates that previously sued the FAA could still attempt to seek an injunction to stop the next launch.

Persons: “, Artemis, greenlit, William Gerstenmaier, we’re, SpaceX’s, Elon Musk, Jared Margolis Organizations: CNN, SpaceX, Federal Aviation Administration, Super, FAA, US Fish and Wildlife Service, Center for Biological Diversity Locations: of Mexico, Boca Chica , Texas, China, —

Tens of millions in the Americas will have front-row seats for Saturday's rare “ring of fire” eclipse of the sun. It’s a prelude to the total solar eclipse that will sweep across Mexico, the eastern half of the U.S. and Canada, in six months. HOW TO PROTECT YOUR EYES DURING THE ECLIPSEBe sure to use safe, certified solar eclipse glasses, Lockwood stressed. April’s total solar eclipse will crisscross the U.S. in the opposite direction. Almost all these places missed out during the United States’ coast-to-coast total solar eclipse in 2017.

Persons: —, NASA’s Alex Lockwood, Lockwood, Judy Eychner, Eychner, It’s, ”, Madhulika Guhathakurta Organizations: Corpus Christi, ECLIPSE, NASA, Kerrville, U.S, Riddle, Associated Press Health, Science Department, Howard Hughes Medical Institute’s Science, Educational Media Group, AP Locations: Americas, U.S, Central, South America, Oregon, Brazil, Mexico, Canada, North, Nevada , Utah, New Mexico, Texas, slivers, Idaho , California, Arizona, Colorado, Gulf of Mexico, Corpus, Yucatan, Belize, Honduras, Nicaragua, Costa Rica, Panama, Colombia, Hawaii, Central America, San Antonio, Kerrville, Pacific, Oklahoma , Arkansas , Missouri , Illinois , Indiana , Ohio, Pennsylvania, New York, New England, New Brunswick, Newfoundland, States, Alaska, Antarctica

INDIANAPOLIS (AP) — Indianapolis Colts quarterback Anthony Richardson left Sunday’s game with a right shoulder injury late in the first half. The rookie was hurt at the end of a 4-yard run with 4:29 to play. He appeared to go down awkwardly and also took a hit to the shoulder. Richardson stayed down for several minutes before walking slowly to the injury tent and eventually to the locker room. He was the fourth overall selection in April’s draft and has made four starts this season, but only has finished one game.

Persons: Anthony Richardson, Richardson Organizations: INDIANAPOLIS, — Indianapolis Colts, Colts

☆ Here’s why home prices stayed high in May
▼ + stars: | 2023-07-25 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

“The ongoing recovery in home prices is broadly based.”Before seasonal adjustment, prices rose in all 20 cities in May, as they had also done in March and April. Month over month, home prices rose in May for the fourth consecutive month. “Though home prices are likely to continue to cool slightly, limited inventory relative to buyer demand will likely keep prices somewhat afloat. By 1983, partly spurred by high inflation, the price rose to $75,500, and it continued rising to $126,100 by 1993. “It is worth noting that market data are coming up on last year’s record-high prices, notched during May and June,” he said.

Persons: “, ”, Craig Lazzara, “ It’s, Hannah Jones, Jones, George Ratiu, May’s, Ratiu, ” Ratiu Organizations: DC CNN, City Composites, Realtor.com, ”, National Association of Realtors, Federal Reserve Locations: Washington, Chicago, Cleveland, New York, Seattle, Las Vegas, Phoenix, Miami, Tampa , Florida, “, ’

President Biden is headed to Philadelphia Thursday to tout his “Bidenomics” agenda, hoping once again to make early headway with voters over economic issues. And for now, Biden has a chance to tout his economic agenda and successes while his potential Republican presidential challengers are bogged down, either in a battle for second place or by the potential of another looming indictment. Doug Burgum’s campaign announced Wednesday that he had received contributions from more than 40,000 individual donors, meeting one threshold to qualify for the first GOP presidential primary debate. That could be a blow to both Republicans as they take on (or consider running against) primary candidates who have support from GOP leaders. Raking it in: Nevada Republican Sam Brown raised $400,000 in the first week of his Senate campaign, Politico reports.

Persons: Biden, Roe, Wade, That’s, Jonathan Allen, Allan Smith, Mike Pence, Pence, Sarah Dean, Greene, Joe Biden’s, Marjorie Taylor Greene, ”, MAGA, Mike Memoli, Trump, E, Jean Carroll, Burgum, Doug Burgum’s, ’ Adam Edelman, Alex Mooney, Matt Rosendale, Nevada Republican Sam Brown Organizations: Republicans, NBC, Monmouth University, GOP, Georgia GOP, Republican Party, New, New York State, Dakota Gov, CNN, Nevada Republican, Politico Locations: Philadelphia, Columbus, Ind, New York, Ohio, West Virginia, Montana, Nevada

☆ Despite shakeup at the Fed, a rate hike in September is likely
▼ + stars: | 2023-07-17 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Fed Chair Powell has said the Fed still has more work to do, and he himself hasn’t ruled out back-to-back rate hikes. But he also suggested that the Fed prefers to get rate hikes over with as soon as possible. The Fed is overwhelmingly expected to raise its key federal funds rate later this month after it paused in June after 10 straight rate hikes. If core inflation continues to moderate only slightly, Fed officials might just want to get the second rate hike over with. The FOMC next meets on July 25-26, with an announcement on rate hikes due at 2 p.m.

Persons: Louis, James Bullard, Adriana Kugler, Powell, hasn’t, Christopher Waller, ” Waller, ”, weren’t, Kugler, That’s Organizations: DC CNN, Federal Reserve, Fed, Louis Fed, Market Committee, “, New York University Locations: Washington, April’s

☆ Riikka Purra: Finnish finance minister apologizes for racist and violent comments made online in 2008
▼ + stars: | 2023-07-12 | by ( Zahid Mahmood | ) edition.cnn.com time to read: +2 min

CNN —Finnish finance minister Riikka Purra has apologized after she made racist comments in 2008 that were recently discovered online. The leader of the far-right Finns Party said her old comments were “stupid” and that she was sorry for the harm they had caused. Purra’s Finns Party won second place in April’s elections, finishing behind Finnish Prime Minister Petteri Orpo’s National Coalition Party, before forming a coalition. Finnish Prime Minister Petteri Orpo said his government was committed to combating racism. “Our immigration policy is legitimate and legal and there is nothing wrong or suspicious about it,” Purra added on Twitter.

Persons: Riikka Purra, “, ” Purra, ”, Petteri, Orpo, Petteri Orpo, Ksenia Kuleshova, ” Orpo, Purra Organizations: CNN, Finns Party, Purra’s Finns Party, Finnish, National Coalition Party, Bloomberg, Getty, Swedish People’s Party, Christian, Twitter Locations: Spain, Finnish, Finland, Nordic

☆ Expect more rate hikes from the Fed after the latest jobs report
▼ + stars: | 2023-07-07 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Job gains remain robust, wage growth is still going strong, and unemployment continues to hover near historic lows. That means the job market is still fueling demand in the economy, which the Fed has been trying to slow through rate hikes. Assessing the labor marketThe Fed wants to see the labor market slow down broadly, bringing it into “better balance,” as Powell has frequently described it. And there has been some progress on bringing the job market back into better balance while inflation has come down. “The focus is on the path of wage inflation because of its pass-through to services inflation,” said Sonia Meskin, head of US Macro at BNY Mellon IM.

Persons: Austan Goolsbee, “, ”, Lorie Logan, John Williams, Jerome Powell, Powell, Dave Gilbertson, Powell homed, Goolsbee, Gilbertson, Sonia Meskin, Joe Biden’s Organizations: DC CNN, Federal Reserve, Federal Reserve Bank of Chicago, Fed, Federal Reserve Bank, Dallas, Central Bank Research Association, ” Fed, New, ”, CNN, Labor, CNBC, BNY Mellon, Commerce Department Locations: Washington, New York, April’s

☆ There was an intense debate at the Fed over pausing rate hikes, minutes show
▼ + stars: | 2023-07-05 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Fed officials vigorously debated whether to hike rates again or hold them steady, according to minutes from the most recent meeting, released Wednesday. The Fed held its key federal funds rate steady at a range of 5-5.25%, snapping a streak of 10 consecutive rate hikes since the Fed began lifting rates in March 2022. The Fed wants to see the labor market, which include monthly job and wage gains, slow to a pace that’s consistent with 2% inflation. Job openings are down from their record high last year and the rate of quitting has slowed to near pre-pandemic levels. Consumer spending has cooled in the past several months, according to figures from the Commerce Department.

Persons: Jerome Powell, ”, Quincy Krosby, Powell, “, Joe Biden’s Organizations: DC CNN — Fed, Fed, LPL, Commerce Department Locations: Washington, April’s

☆ A wedding dress restorer displays more than 150 years of history
▼ + stars: | 2023-07-02 | by ( Aj Willingham | ) edition.cnn.com time to read: +5 min

Tierney is a professional dressmaker and textile restorer, and had gathered 12 of her clients to model wedding dresses sewed or restored by Tierney’s own hand. It was also a celebration of tradition, family and more than 150 years of wedding dress history. The threads of historyTierney has been restoring wedding gowns and creating her own custom work for 18 years. People loved my costumes so much they asked me to start making some for them.”A lifelong seamstress, Tierney delved into the research and artistry of historic wedding gown and lace restoration. There is a lot of trust involved.”That may mean taking the entire thing apart and repairing it piece by piece, like Tierney did with one wedding gown dating back to 1894.

Persons: Karen Tierney, Tierney, Tierney’s, Lord Byron, Jane Austen –, George Pardee, ” Tierney, “, ”, –, she’s, taffeta Organizations: CNN, California Gov, Adobe, Stanford University, Oakland Locations: Oakland , California, California, Maine, Montana, Oregon, Southern California, Ireland, San Francisco

☆ Americans are growing optimistic about inflation
▼ + stars: | 2023-06-30 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —With inflation continuing to slow, US consumers are taking notice — and they’re feeling more optimistic. That was due to inflation’s steady retreat in recent months and consumers feeling more cheery about the economy’s future. Consumers’ economic outlook for the year ahead jumped 28% over last month. More action from the Fed is centered on core inflation remaining stubbornly high and not decelerating as fast as the headline number. The optimism reflected in the survey means US consumers have faith that inflation will eventually slow to a sustainable level, which the Fed defines as 2% inflation.

Persons: ”, Joanne Hsu, Brian Moynihan, Joe Biden’s, Jerome Powell, Powell Organizations: DC CNN, University of Michigan, Consumers, Commerce Department, Federal, Bank of America, CNN, European Central Bank, Market Committee, Fed Locations: Washington, April’s, ”

☆ The Fed’s favorite inflation gauge shows prices rose just 0.1% last month
▼ + stars: | 2023-06-30 | by ( Alicia Wallace | ) edition.cnn.com time to read: +6 min

Minneapolis CNN —The Federal Reserve’s preferred inflation gauge cooled off last month, and consumers reined in some spending as the economy slows, according to data released Friday by the Commerce Department. Personal spending ticked up by just 0.1%, a more moderate pace than April’s revised 0.6% growth rate. When adjusting for inflation, consumer spending was flat. Consumers refill the coffersThe data in recent months shows a gradual cooling in consumer spending, Gregory Daco, chief economist at EY-Parthenon, told CNN. “There were no fireworks within the Fed’s favorite inflation report today,” George Mateyo, chief investment officer for KeyBank, wrote in a statement.

Persons: Diane Swonk, ”, Gregory Daco, “ It’s, Friday’s, Abby Omodunbi, Janet Yellen, Yellen, ” Yellen, ” George Mateyo, KeyBank, Swonk, it’s, we’ve Organizations: Minneapolis CNN, Commerce Department, CNN, “, PNC, Fed, Transportation Locations: Minneapolis, EY, New Orleans

CNN —Home prices rose in April for a third consecutive month, according to the latest S&P CoreLogic Case-Shiller US National Home Price Index released Tuesday. After seasonal adjustment, the national index rose 0.5% in April from March. Before seasonal adjustments, the national index rose 1.3% from March. “The US housing market continued to strengthen in April 2023,” said Craig Lazzara, managing director at S&P DJI. Low inventory is keeping prices strongAlthough mortgage rates have risen since last year, prices remain strong in part because there are fewer options available for those who can still afford to buy.

Persons: ”, Craig Lazzara, Danielle Hale, we’ve, ” Hale Organizations: CNN, Federal Reserve Locations: today’s, Realtor.com

☆ UK has little wiggle room on mortgage aid
▼ + stars: | 2023-06-21 | by ( Francesco Guerrera | ) www.reuters.com time to read: +4 min

LONDON, June 21 (Reuters Breakingviews) - UK Prime Minister Rishi Sunak is under pressure to provide relief for mortgage borrowers buckling under soaring interest rates. The problem is that mortgage relief dilutes the Bank of England’s fight against inflation, which remained stubbornly high at 8.7% in May. The UK government is to meet mortgage lenders to discuss helping households struggling with their home loans, finance minister Jeremy Hunt told parliament on June 20. However, Hunt ruled out introducing state-backed support to help mortgage borrowers facing higher costs due to soaring interest rates. Hunt said that offering government mortgage relief would be inflationary.

Persons: Rishi Sunak, Liz Truss, –, Jeremy Hunt, BoE, Hunt, George Hay, Oliver Taslic Organizations: Reuters, UK Finance, Conservatives, Labour Party, Bank of England’s, Conservative Party, Bank of England, Thomson Locations: Spain, Poland

☆ Bull market or fool's market? Investors say the latter
▼ + stars: | 2023-06-18 | by ( Krystal Hur | ) edition.cnn.com time to read: +10 min

Mega-cap tech stocks that were battered by rising interest rates in 2022 have also seen a huge boost this year. The Federal Reserve on Wednesday held interest rates steady but indicated that it could hike rates twice more this year. Tech stocks’ record runApple shares closed at a record high on Thursday, creeping closer to reaching a $3 trillion market capitalization. The rally’s next testDespite some bullish signs in the market, investors say the math isn’t adding up to a sustained rally — especially considering a possible recession looms on the horizon. The central bank last Wednesday paused interest rates and indicated that it could raise rates two more times this year.

Persons: Dow, ”, Amanda Agati, Wednesday’s, Stocks, Joe Biden, Dan Ives, “, ” Ives, Richard Steinberg, Jerome Powell, Agati, Sylvia Jablonski, Christopher Waller, Thomas Barkin, ” Waller, Sarah Henry, Henry, Here’s, Price, Refinitiv, Paul Eitelman, ” Eitelman Organizations: CNN Business, Bell, New York CNN, Apple, Nasdaq, PNC Financial Services, Management, “, Federal Reserve, Nvidia, Wedbush Securities, Microsoft, The Colony, Treasury, ”, Federal, Richmond Fed, Logan Capital Management, CPI, PPI, University of, Consumers, North America, Russell Investments, Wednesday, National Association of Realtors, Senate Locations: New York, what’s, Oslo

☆ Consumers feel better/worse about inflation, economy's direction
▼ + stars: | 2023-06-16 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Americans are feeling upbeat about inflation and the economy, according to the University of Michigan’s latest consumer survey released Friday. Consumers’ inflation expectations for the year ahead retreated for the second straight month, declining to 3.3% early this month from 4.2% in May. That’s good news for the Federal Reserve, which closely watches sentiment surveys to gauge the expectations consumers and businesses have for price hikes. “The sharp drop of short-term consumer inflation expectations points to another slowdown in the June CPI report, which will be out before the Fed’s next decision,” wrote Bill Adams, chief economist at Comerica Bank, in an analyst note. However, Federal Reserve Chair Jerome Powell said in his news conference this week that inflation expectations remain in check.

Persons: ”, Bill Adams, Jerome Powell, That’s, Christopher Waller Organizations: DC CNN, University of Michigan’s, Federal Reserve, Comerica Bank, Federal Reserve Bank of New, National Federation of Independent Business, Federal Locations: Washington, Federal Reserve Bank of New York, Norway

☆ US retail sales rose in May
▼ + stars: | 2023-06-15 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Retail sales at stores, online and in restaurants grew 0.3% in May from April, the Commerce Department reported on Thursday. Retail sales data is adjusted for seasonality but not for inflation. Excluding sales at gasoline stations, retail spending increased by a faster clip of 0.6%. From a year ago, overall retail sales rose 1.6% in May. Impact of the labor marketWhile retail sales held up in May, spending has erred on the weaker side after a big jump in January.

Persons: Brian Field, ”, Joshua Shapiro, Maria Fiorini Ramirez, Jerome Powell, Thomas Simons, Deborah Weinswig Organizations: DC CNN, Commerce Department, Sensormatic Solutions, CNN, Federal Reserve, Jefferies, “, Coresight Locations: Washington

☆ Does a recession in Europe hurt the US?
▼ + stars: | 2023-06-13 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Slow consumer spending and sticky inflation have led to two consecutive quarters of economic contraction in the European Union. That means that the eurozone fell into a recession over the winter months, and growth this year is likely to be weak. If Europe sneezes, the economists ask, is it possible that the United States catches a cold? Akinci and Pesenti recently examined whether economic crises in Europe have affected the United States over the past thirty years. Strong employment and higher wages can mean higher inflation as companies pass on increased labor costs by raising the price of goods.

Persons: they’re, Ozge Akinci, Paolo Pesenti, “, we’ll, We’ll, Janet Yellen, Emmanuel Macron, ‘, Goldman Sachs, David Solomon, ”, Solomon, ” Solomon, haven’t, It’s, Alicia Wallace Organizations: CNN Business, Bell, New York CNN, European Union, Federal Reserve Bank of New, Organisation for Economic Co, US Federal Reserve, French, CNBC, Federal, CPI, Federal Reserve Locations: New York, United States, Europe, Federal Reserve Bank of New York, Greece, France

☆ CPI in May: US inflation cooled significantly — but it's still not where the Fed wants it
▼ + stars: | 2023-06-13 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

The Consumer Price Index, a key inflation gauge that measures price changes for a basket of goods and services, increased 4% for the year ending in May. That represents a sharp pullback from April’s 4.9% and is slightly below economists’ expectations for a 4.1% gain, according to Refinitiv. It’s the 11th consecutive month that inflation has slowed, and it’s a welcome reprieve from the painful shock of persistently high inflation endured during the past two years. The Fed would like to see inflation (as measured by the core Personal Consumption Expenditures index) settle in at 2%. Markets are currently pricing in a 95.3% probability that the Fed pauses on Wednesday, according to CME FedWatch.

Persons: It’s, “, Nancy Vanden Houten, it’s, Chris Zaccarelli, “ They’ve, ”, Scott Olson, Vanden Houten, There’s, Kurt Rankin, ” Rankin Organizations: Minneapolis CNN, Bureau of Labor Statistics, Oxford Economics, CNN, Federal Reserve, Independent, CPI, Fed, FedWatch, Walmart, Federal Reserve Bank, Richmond, Hospitality, PNC Financial Services, PNC, United Locations: Minneapolis, Chicago , Illinois, United States

☆ Jobs report: What to expect from the May data
▼ + stars: | 2023-06-01 | by ( Alicia Wallace | ) edition.cnn.com time to read: +5 min

But despite all that, the labor market has kept humming right along. And that’s largely expected to be the case, again, in Friday’s monthly jobs report from the Bureau of Labor Statistics. Private sector employment increased by 278,000 jobs in May, according to ADP’s monthly National Employment Report, frequently seen as a proxy for the government’s official number. Labor turnover data released Wednesday showed that the US employment market remained tight in April. The government’s May jobs report is scheduled for Friday at 8:30 a.m.

Persons: ” Daniel Zhao, that’s, ” Julia Pollak, “, Pollak, ”, Michael Feroli, Matthew Martin, ” Pollak, it’s Organizations: Minneapolis CNN, Federal Reserve, Bureau of Labor Statistics, “, ”, Commerce Department, CNN, Labor, JPMorgan, Oxford Economics, Challenger, Conference Locations: Minneapolis, April’s

☆ China’s small and medium-sized factories post surprise growth, easing market anxiety
▼ + stars: | 2023-06-01 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —A key gauge of China’s small- and medium-sized factories showed their surprise return to expansion last month, which eased market anxiety about growth stalling in the world’s second largest economy. The Caixin manufacturing Purchasing Managers’ Index (PMI) rose to 50.9 in May from April’s 49.5, according to a private survey. The Caixin survey is focused on small and medium-sized enterprises. Asian markets received a boost from the Caixin data. It settled 2% lower on Wednesday, weighed down by the weak China data and a stronger greenback.

Persons: Ken Cheung, Joe Biden, WTI Organizations: Hong Kong CNN, PMI, National Bureau of Statistics, Mizuho Bank, Nikkei, China’s, US, Senate, greenback . Locations: Hong Kong, April’s, China, China’s Shanghai

☆ The Fed’s favorite inflation gauge just heated up — and that could mean another rate hike
▼ + stars: | 2023-05-26 | by ( Alicia Wallace | ) edition.cnn.com time to read: +6 min

The closely watched core PCE index — where volatile components of food and energy are excluded — unexpectedly ticked up: The Fed’s go-to gauge was up 4.7% for the year. In March, the core PCE gauge grew by 4.6%. Economists had forecast that core PCE would hold steady at 4.6%, according to Refinitiv. Consumer spending jumped 0.8% in April from March, double what economists had expected. Excluding the effects of inflation, real consumer spending increased 0.5%, reflecting a boost seen from new car purchases, according to the report.

☆ US home prices fall by most in 11 years but sales are down
▼ + stars: | 2023-05-18 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Sales had shown some life, rising in February after a full year of declines due to surging mortgage rates, but that momentum has since cooled. Annually, sales were down 23% from a year ago and the seasonally adjusted annualized sales pace dropped from 5.57 million units a year ago to 4.28 million in April. Mortgage rates were rising in February and pushing toward 7% in March when many of these April closings went into contract. But the current sales pace is down 33% from the cyclical peak of a 6.34 million unit pace in January 2022. In the South prices were down 0.6% to $357,900 and in the West prices have fallen 8% from a year ago to $578,200.

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