‘Recession is underway’: Home builders expect single-family starts to fall further before recovering in the second half of this year
LAS VEGAS — Home builders are expecting a little more pain before business improves. While realtors believe that the housing market is on the mend, home builders are still cautious, with low demand and rising construction costs. Home builders are one of the key contributors to the housing supply. And… Source link
The U.S. Consumer Is Starting to Freak Out
Listen to article(2 minutes)The engine of the U.S. economy—consumer spending—is starting to sputter.Retail purchases have fallen in three of the past four months. Spending on services, including rent, haircuts and the bulk of bills, was flat in December, after adjusting for inflation, the worst monthly reading in nearly a year. Sales of existing homes in […]
U.S. employment costs rise more slowly, but still too fast for Fed comfort
The numbers: The U.S. employment cost index rose more slowly at the end of 2022 for the third quarter in a row, but worker compensation still rose a sharp 1% and didn’t offer much comfort to the Federal Reserve as it fights to tame inflation. Economists polled by The Wall Street Journal had forecast a […]
Fed Debates Whether Wages or Low Unemployment Will Drive Inflation
Fed officials face a fork in the road when forecasting inflation: Focus on moderating wage and price trends or persistently low unemployment? Source link
The Jobless Rate Is at a Half-Century Low. In These States, It’s Even Lower.
EconomyU.S. EconomyUtah and the Dakotas have historically low jobless rates; signs of broader labor-market cooling emerge Source link
U.S. consumer sentiment strengthens in final January reading
The numbers: U.S. consumer sentiment improved in late January to 64.9, according to the University of Michigan’s gauge of consumer attitudes. This added 5.2 index points from 59.7 in December and was up from the initial January reading of 64.6. Economists surveyed by The Wall Street Journal had forecast an unchanged reading of 64.6. Key […]
Corporate Layoffs Spread Beyond High-Growth Tech Giants: WSJ
Dow, IBM and SAP say they will lay off thousands of workers as belt-tightening becomes the new business priority. Source link
South Korea’s economy contracts sequentially in Q4 for first time in 2 years
South Korea’s economy contracted sequentially in the fourth quarter of 2022 for the first time in more than two years due to weak exports and private consumption. Gross domestic product shrank 0.4% from the prior quarter during the October-December period–the first sequential contraction since the second quarter of 2020–after a 0.3% expansion in the third […]
Treasury yields edge lower as tech earnings disappoint, sparking risk aversion
Treasury yields edged lower on Wednesday as worries about a slowing U.S. economy hit appetite for risk and boosted demand for government bonds.What’s happeningWhat’s driving markets A risk-off tone across markets was encouraging investors to buy government bonds on Wednesday, nudging yields lower. Investors were focused in… Source link
China’s Reopening Complicates Global Fight Against Inflation: WSJ
Stronger Chinese economy will boost demand for commodities but could ease supply-chain bottlenecks, sending mixed signals for central bankers… Source link