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☆ A key part of America’s economy has shifted into reverse
▼ + stars: | 2024-07-07 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Washington CNN —A vast swath of the US economy is showing signs of weakness as unemployment rises to its highest point in more than two years. “When you think of services, a lot of it is driven by the consumer, and consumers are key to where the US economy goes,” James Knightley, chief international economist at ING, told CNN. Consumer spending, which makes up about 70% of the US economy, has already moderated over the past few months, government statistics show, and retailers themselves have said they’ve noticed shoppers across the income spectrum change their purchasing behavior. The bottom 60% of households by income accounted for a larger proportion of spending on health care services. These firms have added 168,000 jobs a month, on average, from April through June, according to fresh Labor Department data released Friday.

Persons: “, ” James Knightley, “ We’re, Knightley, Scott Hamilton, Gallagher, It’s, Tesla, China’s Geely, Laura He, Elon, Jerome Powell, Michael Barr, Michelle Bowman, Austan Goolsbee, Raphael Bostic Organizations: CNN Business, Bell, Washington CNN, Institute, Supply, ING, CNN, Commerce, Service, Labor Department, EV, Volvo, SAIC, Elon Musk’s, Business, Committee, Fed, China’s National Bureau of Statistics, Financial Services, Chicago Fed, Pepsico, Delta Air Lines, ConAgra Brands, US Labor Department, Atlanta Fed, JPMorgan Chase, Citigroup, The, New York Mellon, The University of Michigan Locations: Washington, United States, California, Jiangsu, China, Shanghai, Wells Fargo

☆ Oil holds near two-month high on higher demand outlook, possible rate cut
▼ + stars: | 2024-07-02 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were little changed on Tuesday, holding near the two-month highs reached in the previous session, on expectations for rising fuel demand from the summer travel season and possible U.S. interest rate cuts that could boost economic growth. Oil prices were little changed on Tuesday, holding near the two-month highs reached in the previous session, on expectations for rising fuel demand from the summer travel season and possible U.S. interest rate cuts that could boost economic growth. Gasoline demand in the U.S., the world's biggest oil consumer, is expected to ramp up as the summer travel season picks up with the Independence Day holiday this week. Still, signs of less-than-expected demand growth have limited gains in oil prices. This was mainly because of lower imports into China, the world's biggest oil importer and the second-largest consumer.

Persons: Beryl Organizations: Brent, . West Texas, Independence, American Automobile Association, ANZ, U.S, National Hurricane Center, Federal, Commerce Department Locations: U.S, Mexico's Bay, Campeche, Caribbean, Asia, China

☆ Democrats ask Raimondo to step up enforcement on CHIPS funding
▼ + stars: | 2024-07-01 | by ( Emily Wilkins | ) www.cnbc.com time to read: +2 min

WASHINGTON — A group of Democrats are raising concerns as to whether companies that received federal funding for semiconductors used the money to support stock buybacks - and criticizing their own party over how the awards are given. Raimondo has stated that CHIPS funding is not meant to pad companies' bottom lines or support stock buybacks. But lawmakers urged her to go further, and ban stock buybacks for companies that receive CHIPS funds. About $33 billion of funding from the CHIPS Act has been allocated, mostly to major companies. It also said decisions on buybacks were independent from any funds released through the CHIPS Act.

Persons: Gina Raimondo, WASHINGTON, Sen, Elizabeth Warren, Sean Casten, Bill Foster of, Pramila, Pat Gelsinger, Raimondo, Warren Organizations: Science, Technology, Washington , D.C, CNBC, BAE Systems, Intel, Yahoo, Finance, Microelectronics, Commerce Department Locations: Rayburn, Washington ,, Bill Foster of Illinois, Washington

☆ US employers want more part-time workers. Here’s what that means
▼ + stars: | 2024-06-30 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

“So far, the labor market has adjusted slowly, and the unemployment rate has only edged up. The industries that were most likely to advertise part-time work as of May were beauty and wellness; personal care and home health; retail; food preparation and service; and sports, Indeed said. During the Great Recession from 2007 to 2009, part-time work rose sharply, according to research from the San Francisco Fed. “There was this rise in part-time work when the economy and the labor market were doing well coming out of the pandemic,” Culbertson told CNN. The US Labor Department releases June figures gauging the state of the labor market, including monthly job growth, wage gains and the unemployment rate.

Persons: Mary Daly, ” Daly, Daniel Culbertson, ” Culbertson, Alicia Wallace, Friday’s, Jerome Powell, John Williams Organizations: CNN Business, Bell, Washington CNN — Companies, Labor Department, Federal Reserve, San Francisco Fed, Commonwealth Club World Affairs of, CNN, Commerce Department, Commerce, P Global, Institute for Supply Management, European Central Bank, US Labor Department, Constellation Brands, Constellation Brands . New York Fed, US Commerce Department, New York Fed Locations: Washington, Commonwealth Club World Affairs of California, Constellation Brands .

Inflation slowed last month according to the Federal Reserve's preferred measure, which means mortgage rates could soon trend down. As inflation slows and the Fed is able to start lowering the federal funds rate, mortgage rates are expected to decrease. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. As inflation slows and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates are expected to trend down as well.

Persons: Fannie Mae Organizations: Federal, Commerce Department, Zillow, Federal Reserve, Mortgage, Association, ARM Locations: April's, Chevron

☆ Key Fed measure shows inflation rose 2.6% in May from a year ago, as expected
▼ + stars: | 2024-06-28 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

May marked the lowest annual rate since March 2021, which was the first time in this economic cycle that inflation topped the Federal Reserve's 2% target. An important economic measure for the Federal Reserve showed Friday that inflation during May slowed to its lowest annual rate in more than three years. Including food and energy, headline inflation was flat on the month and also up 2.6% on an annual basis. Outside of the inflation numbers, the Bureau of Economic Analysis report showed that personal income rose 0.5% on the month, stronger than the 0.4% estimate. Shelter-related costs have proven stickier than Fed officials have anticipated and have helped keep the central bank from reducing interest rates as expected this year.

Persons: Dow Jones, Seema Shah Organizations: Dow, Commerce Department, Federal, Asset Management, Gross, Atlanta Fed Locations: PCE

☆ Supreme Court overturns 1984 Chevron precedent, curbing power of federal government
▼ + stars: | 2024-06-28 | by ( John Fritze | ) edition.cnn.com time to read: +4 min

CNN —The Supreme Court on Friday significantly weakened the power of federal agencies to approve regulations in a major decision that could have sweeping implications for the environment, public health and the workplace. But the decision will net a far wider swath of federal regulations affecting many facets of American life. The decision overturns the Chevron v. Natural Resources Defense Council precedent that required courts to give deference to federal agencies when creating regulations based on an ambiguous law. The justices have been incrementally diminishing federal power for years, but the new case gave the court an opportunity to take a much broader stride. The Supreme Court had been trending in that direction for years, knocking back attempts by federal agencies in other contexts to approve regulations on their own.

Persons: Chevron, John Roberts, ”, Neil Gorsuch, Elana Kagan, ” Kagan, Biden, Trump Organizations: CNN, Commerce Department, Chevron, Natural Resources Defense, Environmental Protection Agency, Conservatives Locations: Chevron, Washington

☆ There's a big Fed inflation reading coming Friday. Here's what to expect
▼ + stars: | 2024-06-27 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

There could be some pretty good inflation news on the way from the Commerce Department when it releases a key economic report Friday. If that date rings a bell, it's when core PCE first passed the Fed's coveted 2% inflation target during this cycle. Should the core PCE price forecasts transpire, it will serve as a milestone of sorts. "We are in line with [the forecast] that the PCE core pricing data will come in soft," said Beth Ann Bovino, chief economist at U.S. Bank. In addition to the inflation numbers, the Commerce Department at 8:30 a.m.

Persons: Dow Jones, Beth Ann Bovino, It's, pocketbooks, Lisa Cook, Cook, Bovino Organizations: Commerce Department, Federal Reserve, U.S . Bank, Fed Locations: Brooklyn , New York

☆ Stock market today: Indexes edge higher, yields fall ahead of the Fed's favorite inflation gauge
▼ + stars: | 2024-06-27 | by ( Max Adams | ) www.businessinsider.com time to read: +3 min

Stocks ended Thursday slightly higher ahead of a key update on inflation. PCE for May will be published on Friday morning, providing new hints about when rate cuts may be coming. Chip firms Nvidia and Micron dipped in Thursday's session, though the broader Nasdaq edged higher. Bond yields dipped ahead of the new data, with the 10-year Treasury yield falling about two basis points to 4.292%. "More recent data have moved in the right direction, but not by enough to convince the Fed that inflation is whipped."

Persons: Stocks, —, economy's, Bill Adams, Michelle Bowman, Keith Gill Organizations: PCE, Nvidia, Micron, Nasdaq, Service, Commerce Department, Treasury, Friday's PCE, Federal Reserve, Comerica Bank, Fed, Here's Locations: Friday's, U.S, Chewy

☆ Think the CDK outage is just about cars and dealerships? Think again
▼ + stars: | 2024-06-26 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

Last month there were $122 billion of transactions at car dealerships, according to Commerce Department estimates. That accounts for 17% of all retail sales in May. An outage lasting through June 30 would mean 10 days without dealership access to CDK. Now here’s where it gets even more glaring: Retail sales aren’t just some minor part of the economy. Consider yourself warned: You may want to hold off on looking at your 401(k) on July 25, when the government releases second-quarter GDP estimates.

Persons: Ramishah Maruf, Peter Valdes, CDK, Russell Price, ” Price Organizations: New, New York CNN, North America, Commerce Department, Ameriprise, CNN Locations: New York

☆ Abu Dhabi wants to be an AI leader. Aligning with the US is just the start
▼ + stars: | 2024-06-26 | by ( Amy Gunia | ) edition.cnn.com time to read: +7 min

CNN —The world’s first minister dedicated to developing artificial intelligence (AI) strategy is already becoming embroiled in a global power struggle for tech supremacy. The UAE is one of the world’s largest producers of fossil fuels, and Abu Dhabi sees its AI push as crucial for diversifying away from oil. Christopher Pike/Bloomberg/Getty ImagesWashington has also limited the sale of sophisticated US chips to ensure China doesn’t use Middle Eastern nations as a back door to access the newest AI technology, according to Reuters. By opening up the technology, Abu Dhabi is positioning itself as an ally to developing nations that don’t have the resources to build their own AI tools. In March, a report commissioned by the US State Department warned that the most advanced AI systems could, in a worst-case scenario, “pose an extinction-level threat to the human species.”Olama has some specific concerns.

Persons: Biden, Omar Al Olama, “, Zayed Al Nahyan, Abu Dhabi, ”, ” Olama, Al Olama, ’ ”, Christopher Pike, Olama, Abu Dhabi’s, ” James Lewis, Abu Dhabi’s Mohamed bin, Gifty Sahany, Lewis, ” He’s Organizations: CNN, Microsoft, United Arab Emirates, UAE, PwC, Commerce Department, Huawei, Etihad, United, Bloomberg, Getty, Washington, Reuters, Nvidia, Apple, Technology Innovation Institute, Google, Center for Strategic, International Studies, Washington DC, University of Artificial Intelligence, Systems, US State Department Locations: Abu Dhabi, UAE, China, United States, Dubai, Gulf, United Arab Emirates, Beijing, Washington, University, Valley

☆ Fed officials are talking down the chance of rate cut this year
▼ + stars: | 2024-06-25 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +3 min

London CNN —At the beginning of the year, Federal Reserve officials projected they would cut interest rates three times this year. The labor-force participation rate has leveled off after a post-Covid boom, and the US immigration policy rate may soon become more restrictive, limiting potential new labor market participants. “Reducing our policy rate too soon or too quickly could result in a rebound in inflation, requiring further future policy rate increases to return inflation to 2% over the longer run.”Investors weren’t happy to hear it. That’s why not taking preemptive action when it’s not necessary is so important.”Chicago Fed President Austan Goolsbee has also been particularly hawkish in his views. He also said rate hikes are “certainly not off the table.”Like Bowman and Kashkari, New York Fed President John Williams said rate hikes aren’t part of his baseline outlook.

Persons: Michelle Bowman, she’s, ” Bowman, Bowman, ”, Dow, Mary Daly, Daly, ” Daly, “ We’re, it’s, Austan Goolsbee, Goolsbee, Neel Kashkari, John Williams, he’s Organizations: London CNN —, Federal Reserve, Exchange, London ., Federal, Market, Nvidia, San Francisco Fed, Commonwealth Club World Affairs of California, Chicago Fed, Minneapolis, Kashkari , New York Fed, Commerce Department Locations: London, San Francisco, Kashkari , New

☆ Fed Governor Bowman says she's still open to raising rates if inflation doesn't improve
▼ + stars: | 2024-06-25 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Michelle Bowman, governor of the US Federal Reserve, speaks during the Exchequer Club meeting in Washington, DC, US, on Wednesday, Feb. 21, 2024. Federal Reserve Governor Michelle Bowman said Tuesday the time is not right yet to start lowering interest rates, adding she would be open to raising if inflation doesn't pull back. "However, we are still not yet at the point where it is appropriate to lower the policy rate." The Commerce Department on Friday will release its reading on the May personal consumption expenditures price index, the Fed's preferred inflation gauge. Economists surveyed by Dow Jones expect a 12-month inflation rate of 2.6% on both the all-items and core, which excludes food and energy prices.

Persons: Michelle Bowman, Bowman, Dow Jones, Mary Daly, Daly, CNBC's Deirdre Bosa, it's, Austan Goolsbee, CNBC's Steve Liesman Organizations: US Federal Reserve, Federal, Market, Commerce Department, European Central Bank, San Francisco Fed, Chicago Fed Locations: Washington , DC, London, U.S, San Francisco

☆ U.S. probing China Telecom, China Mobile over internet and cloud risks, Reuters reports citing sources
▼ + stars: | 2024-06-25 | by ( ) www.cnbc.com time to read: +7 min

Routing through ChinaChina Telecom, China Mobile and China Unicom have long been in Washington's crosshairs. The FCC denied China Mobile's application to provide telephone service in 2019 and revoked China Telecom and China Unicom's licenses to do the same in 2021 and 2022 respectively. It cited at least nine instances where China Telecom misrouted internet traffic through China, putting it at risk of being intercepted, manipulated or blocked from reaching its intended destination. China Telecom has previously denied the government's allegations and told U.S. agencies that routing problems are common and occur on all networks. China Telecom did not respond to requests for comment about its U.S. based PoPs.

Persons: Peter Parks, Biden, China Unicom, Doug Madory, Bill Woodcock, Alibaba Organizations: HK, China Mobile, Peter, AFP, Getty, China Telecom, Authorities, Commerce Department, China, Commerce, Embassy, Reuters, Washington, Regulators, China China Telecom, FCC, U.S, Justice Department, PoPs Locations: China Mobile, China, Beijing, United States, Washington, crosshairs, U.S

☆ America’s housing crisis continues to worsen
▼ + stars: | 2024-06-23 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Washington CNN —Homeowners in America aren’t the only ones struggling with an unaffordable housing market. A report from Harvard University’s Joint Center for Housing Studies released last week showed that both homeowners and renters in recent years have become increasingly burdened by climbing housing costs. That’s all part of a broader struggle in the US housing market, and recent data shows that it hasn’t gotten any better. But there’s a problem: ChatGPT — soon to be integrated into Siri — is banned in China, reports my colleague Samantha Murphy Kelly. The Chicago Fed releases its National Activity Index for May.

Persons: ” Lael Brainard, ”, “, Brainard, Biden, ” Brainard, ChatGPT —, Siri —, Samantha Murphy Kelly, OpenAI, Siri, ChatGPT, Read, Christopher Waller, Lisa Cook, Michelle Bowman, General Mills, Levi Strauss, Tom Barkin Organizations: CNN Business, Bell, Washington CNN — Homeowners, America aren’t, Harvard University’s, for Housing Studies, Harvard, “, White, Economic Council, Urban Institute, Administration, Apple, Apple Intelligence, Microsoft, Google, Meta, Samsung, Cyberspace Administration, FedEx, Chicago Fed, Global, Index, Board, Micron, General, US Commerce Department, Federal Reserve, Nike, McCormick, Walgreens, US Labor Department, National Association of Realtors, Richmond Fed, University of Michigan Locations: Washington, America, Congress, China

☆ Kaspersky: Biden administration bans Americans from using Russian-made cybersecurity software over national security concerns
▼ + stars: | 2024-06-20 | by ( Zachary Cohen | Sean Lyngaas | ) edition.cnn.com time to read: +4 min

CNN —The Biden administration is taking the unprecedented step of banning US companies and citizens from using software made by a major Russian cybersecurity firm because of national security concerns, Commerce Department Secretary Gina announced Thursday. Thursday’s announcement comes after CNN reported in April that the Biden administration was preparing to issue an order that would prevent US companies and citizens from using Kaspersky software. US government agencies are already banned from using Kaspersky Lab software, but action to prevent private companies from using the software is unprecedented. Founded in Moscow in 1997, Kaspersky Lab grew into one of the world’s most successful anti-virus software companies alongside American rivals like McAfee and Symantec. Some of the speculation and suspicion from US officials about the Russian company centers around Eugene Kaspersky, a charismatic computer expert who co-founded Kaspersky Lab in Moscow in 1997.

Persons: CNN —, Biden, Gina, Joe Biden, Donald Trump, ” Raimondo, “ We’re, Kaspersky, Raimondo, we’ve, Russian government’s, Eugene Kaspersky, ” Kaspersky Organizations: CNN, Commerce, Commerce Department, Kaspersky, McAfee, Symantec, Lab, —, Russian Ministry of Defense, West Locations: Russian, United States, Russia, Moscow, Israel, Eugene, Ukraine

☆ Americans could be on a tight budget this summer
▼ + stars: | 2024-06-20 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —Americans tend to shell out in the summer as they venture outdoors, book trips and step away from their desks. Consumers plan to spend less on away-from-home entertainment and vacations this summer, according to the 2024 KPMG Consumer Pulse Survey released Tuesday. That’s a contrast to last year when Americans shelled out on the “Barbenheimer” phenomenon, Taylor Swift and Beyoncé concert tickets and getaways. Retailers that offer Americans more bang for their buck including Ross Stores, TJ Maxx and HomeGoods-parent TJX, Dollar General and Walmart have benefitted. Americans are also feeling worse about the economy as they struggle with elevated inflation and high borrowing rates.

Persons: Taylor Swift, It’s, ”, Duleep Rodrigo, TJ Maxx, Mark Thompson, Henley, ” Hannah White, —, OpenAI’s Organizations: CNN Business, Bell, New York CNN, Pulse Survey, Commerce Department, Federal Reserve, Retailers, Ross Stores, Walmart, Abercrombie, Fitch, Williams, University, Michigan’s, Millionaires, Labour, Henley & Partners, Institute for Government, City of, Henley Private Wealth, Nvidia, Microsoft, Apple Locations: New York, Sonoma, Britain, United Kingdom, City of London

☆ Biden to ban U.S. sales of Kaspersky software over ties to Russia, source says
▼ + stars: | 2024-06-20 | by ( ) www.cnbc.com time to read: +4 min

Kaspersky Internet Security software is seen at the store in Krakow, Poland on December 30, 2021. A spokesperson for the Commerce Department declined to comment, while Kaspersky Lab and the Russian Embassy did not respond to requests for comment. Previously, Kaspersky has said that it is a privately managed company with no ties to the Russian government. The new restrictions on inbound sales of Kaspersky software, which will also bar downloads of software updates, resales and licensing of the product, kick in on Sept. 29, 100 days after publication, to give businesses time to find alternatives. If it only adds the Russian entity, the impact will be largely reputational.

Persons: Biden, Trump, Kaspersky, Donald Trump Organizations: Commerce Department, Russian Embassy, Biden, Department of Homeland Security, Kyiv, U.S, Reuters, Piaggio, Qatar Olympic Committee Locations: Krakow, Poland, United States, U.S, Russian, Moscow, Ukraine, Russia, China, New U.S, Massachusetts, Spain

☆ Retail sales rose less than expected in May
▼ + stars: | 2024-06-18 | by ( Bryan Mena | ) edition.cnn.com time to read: +1 min

Washington CNN —Sales at US retailers rose last month at an unexpectedly weak pace as US consumers continue to deal with still-high inflation and elevated interest rates. Retail sales rose just 0.1% in May from the prior month, the Commerce Department reported Tuesday. That’s better than April’s downwardly revised 0.2% decline but below the 0.3% gain economists projected in a FactSet poll. Meanwhile, spending was the strongest at specialty stores that sell sporting goods, books, and musical instruments, which jumped by 2.8% last month. Monthly retail sales have increased four times over the past six months through May, but figures for April and March were revised lower, the Commerce Department said Tuesday.

Persons: That’s Organizations: Washington CNN —, Commerce Department, Federal Reserve

☆ May retail sales rise 0.1%, weaker than expected
▼ + stars: | 2024-06-18 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

A worker assists with check-out at a Costco store in Teterboro, New Jersey, US, on Wednesday, Feb. 28, 2024. Retail spending was weaker than expected in May as consumers continued to wrestle with stubbornly higher levels of inflation. Sales rose just 0.1% on the month, one-tenth of a percentage point below the Dow Jones estimate, according to a Commerce Department report Tuesday that is adjusted for seasonality but not inflation. On a year-over-year basis, sales rose 2.3%. The sales number was worse when excluding autos, with a decline of 0.1% against the estimate for a 0.2% increase.

Persons: Dow Jones, Patrick Harker Organizations: Costco, Commerce Department, Federal Reserve, Fed, Philadelphia Fed Locations: Teterboro , New Jersey, US

☆ Housing inflation will need to come down before the Fed can think about cutting rates, BofA says
▼ + stars: | 2024-06-18 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

With shelter inflation "sticky" at a 5.4% year over level, Gapen said it could be months before "greater confidence" is achieved. "We think the Fed is unlikely to achieve the confidence it needs to begin rate cuts until shelter inflation takes a step lower," he said. Monthly housing inflation readings in the PCE measure have been running at either 0.5% or 0.4% since March 2023. We don't target housing prices, for example," Powell said. Philadelphia Fed President Patrick Harker, a nonvoter on the FOMC this year, on Tuesday singled out the "long-term stubbornness of shelter inflation."

Persons: Michael Gapen, Gapen, Jerome Powell, Powell, Patrick Harker Organizations: Federal Reserve, Bank of America, Commerce, Philadelphia Fed

☆ America’s top central banker says the job market is back to normal. Is that true?
▼ + stars: | 2024-06-16 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Washington CNN —America’s top central banker recently said the job market now looks the way it did before the Covid-19 pandemic drastically upended society. Before the Bell spoke with Julia Pollak, chief economist at jobs site ZipRecruiter, about her views of the job market. Before the Bell: Do you agree with Chair Powell’s view that today’s job market is back to a pre-pandemic normal? Why is the job market slower now? The number of job openings is higher than it was by around 15% or so, but online job postings are actually lower by ZipRecruiter’s count.

Persons: Washington CNN —, “, Jerome Powell, Powell, it’s, Bell, Julia Pollak, they’re, They’re, Olesya Dmitracova, Emmanuel Macron, Read, Patrick Harker, Lisa Cook, Tom Barkin, Susan Collins, Adriana Kugler, Lorie Logan, Alberto Musalem, Goolsbee Organizations: CNN Business, Bell, Washington CNN, Fed, Labor, EU, National, New York Fed, Manufacturing Index, Reserve Bank of Australia, US Commerce Department, Federal Reserve, National Association of Home Builders, Accenture, Kroger, Darden, Bank of England, US Labor Department, Philadelphia Fed, Richmond Fed, Global, National Association of Realtors Locations: Washington, France, Wells Fargo

☆ Japan did it first. Chinese stocks with some of the biggest global upside
▼ + stars: | 2024-06-16 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

If the international expansion of Japanese companies is any guide, Chinese companies still have significant potential left in the global market. The company did not break out overseas revenue for the first quarter, but said overall revenue grew by 14% from a year ago to 3.8 billion yuan. When compared to Japanese companies, the contribution of overseas revenue to the total for Chinese businesses is low across industries. "We believe Zhejiang Dingli will benefit from strong boom lift sales growth, especially in the US market," the HSBC report said. I think the conversation has moved now more toward being tough on global trade or free trade," David Chao, global market strategist, Asia Pacific (ex-Japan), at Invesco, said during a webinar Thursday.

Persons: Steven Sun, Christine Peng, Anker, Dingli, Snibe, David Chao, — CNBC's Michael Bloom Organizations: HSBC, CSI, Japan's Nikkei, HSBC Qianhai Securities, UBS Asia Pacific, Companies, Amazon, Apple, Google, U.S . Commerce Department, Shenzhen New Industries Biomedical Engineering, Asia Pacific, U.S, Association of Southeast Asian Nations, Union Locations: China, Japan's, Shanghai, Germany, Indonesia, East, South America, Shenzhen, Zhejiang, Snibe — Shenzhen, U.S, Asia, Japan, Invesco, Singapore, The U.S

☆ RV sales are picking up. That’s a good sign for the economy
▼ + stars: | 2024-06-16 | by ( Alicia Wallace | ) edition.cnn.com time to read: +10 min

When consumer sentiment falters or the economy starts to teeter, RV sales follow suit, said Michael Hicks, an economics professor at Ball State University and director of Indiana University’s Center for Business and Economic Research. “People don’t make these large, luxury purchases unless they’re actually feeling better about the economy,” said Hicks, who follows the RV industry closely. “It’s so sensitive to interest rate changes, which often precede a downturn.”A Winnebago travel trailer at Motor Sportsland RV dealership in Salt Lake City on April 6, 2020. Nika Shneyder and her father and business partner, Alex Shneyder, standing by a Chill RV in Malibu RV Park, California, in 2019. They moved down to a historically strong, but noticeably smaller, 493,000 the next year, according to data from the RV Industry Association.

Persons: That’s, Nika Shneyder, “ We’re, ” Shneyder, “, Michael Hicks, ”, Hicks, George Frey, bode, ” Michael J, Happe, hasn’t, We’ve, we’ve, Covid, Alex Shneyder, Nika, they’d, Monika Geraci, David Titus, Ty Wright, there’s, Ball State’s Hicks, ’ Titus, they’re, we’ll, Titus, ” Titus Organizations: CNN, Ball State University, Indiana University’s Center for Business, Economic Research, Bloomberg, Getty, Winnebago Industries, RV Industry, Dealers, RVs, Consumers, HL Enterprise, Manufacturing, of Labor Statistics Locations: Los Angeles, teeter, Salt Lake City, YOLO, Malibu, , California, Elkhart , Indiana, The Northern Indiana, South Bend, Elkhart, “, Elkhart .

☆ Inflation slows in May, with consumer prices up 3.3% from a year ago
▼ + stars: | 2024-06-12 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

The consumer price index showed no increase in May as inflation slightly loosened its stubborn grip on the U.S. economy, the Labor Department reported Wednesday. The monthly rate rose 0.3% in April while the annual rate was 3.3%. Though the top-line inflation numbers were lower for both the all-items and core measures, shelter inflation increased 0.4% on the month and was up 5.4% from a year ago. Housing-related numbers have been a sticking point in the Federal Reserve's inflation battle and make up a heavy share of the CPI weighting. Though the Fed doesn't use the CPI as its main inflation indicator, it still figures into the calculus.

Persons: Dow Jones, Price, Robert Frick, Joseph LaVorgna, FOMC Organizations: department's Bureau of Labor Statistics, Labor Department, Treasury, Dow Jones, Navy Federal Credit Union, Federal Reserve, CPI, Nikko Securities, Commerce Locations: U.S

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