Economy

The U.S. budget deficit was sliced in half for fiscal 2022, the biggest drop in history following two years of huge Covid-related spending. Though still large in historical terms, the budget shortfall declined to $1.375 trillion, compared to the 2021 deficit of $2.776 trillion. The decline would have been steeper had it not been for

In this article TSLA Follow your favorite stocksCREATE FREE ACCOUNT Tesla Inc CEO Elon Musk attends the World Artificial Intelligence Conference (WAIC) in Shanghai, China August 29, 2019. Aly Song | Reuters Tesla founder and CEO Elon Musk thinks the global economic decline can last for another year and a half. In a Twitter exchange

Employees work at the BMW manufacturing plant in Greer, South Carolina, October 19, 2022. Bob Strong | Reuters The economy sent a low-key signal Thursday that a recession is looming — and that the Federal Reserve could be making a policy mistake by continuing to try to slow things down. According to the Conference Board’s

Juan Espinoza, far left, with his family. A combination of rising interest rates, high home values and limited inventory has been squeezing prospective homebuyers — and perhaps few know that as well as Juan Espinoza does. The 23-year-old resident of Santa Ana, California, has been on a three-year search for a dwelling that’s within the

Amazon CEO Jeff Bezos speaks during the UN Climate Change Conference (COP26) in Glasgow, Scotland, Britain, November 2, 2021. Paul Ellis | Reuters Amazon founder Jeff Bezos has become the latest corporate leader to warn about the state of the economy, cautioning that rougher times are likely ahead. In a tweet posted Tuesday evening, the

Container freight rates, which soared to record prices at the height of the pandemic, have been falling rapidly and container shipments on routes between Asia and the U.S. have also plunged, logistics data shows. Anucha Sirivisansuwan | Moment | Getty Images After two years of port congestions and container shortages, disruptions are now easing as

Customers shop at the GU Co. store in the SoHo neighborhood of New York, US, on Friday, Oct. 7, 2022. Gabby Jones | Bloomberg | Getty Images Consumer spending was flat in September as prices moved sharply higher and the Federal Reserve implemented higher interest rates to slow the economy, according to government figures released

Prices consumers pay for a wide variety of goods and services rose more than expected in September as inflation pressures continued to weigh on the U.S. economy. The consumer price index for the month increased 0.4% for the month, more than the 0.3% Dow Jones estimate, according to the Bureau of Labor Statistics. On a

Wholesale prices rose more than expected in September despite Federal Reserve efforts to control inflation, according to a report Wednesday from the Bureau of Labor Statistics. The producer price index, a measure of prices that U.S. businesses get for the goods and services they produce, increased 0.4% for the month, compared with the Dow Jones

A gasoline nozzle pumps gas into a vehicle in Los Angeles, California on August 23, 2022. Frederic J. Brown | AFP | Getty Images Inflation expectations and the outlook for household spending growth fell sharply in September as the Federal Reserve’s rate increases take hold in the U.S. economy. Consumers expect the inflation rate a

Cathie Wood, Founder, CEO, and CIO of ARK Invest, speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, May 2, 2022. David Swanson | Reuters The Federal Reserve likely is making a mistake in its hard-line stance against inflation Ark Investment Management’s Cathie Wood said Monday in an open letter to the

Dimon said in June that he was preparing the bank for an economic “hurricane” caused by the Federal Reserve and Russia’s war in Ukraine. Al Drago | Bloomberg | Getty Images JPMorgan Chase CEO Jamie Dimon said Monday that the U.S. should forge ahead in pumping more oil and gas to help alleviate the global

Ben Bernanke, former chairman of the U.S. Federal Reserve, speaks during the American Economic Association and Allied Social Science Association Annual Meeting on Friday, Jan. 4, 2019. Bernanke is one of three winners of the 2022 Nobel prize in economics. Bloomberg | Bloomberg | Getty Images U.S.-based economists Ben Bernanke, Douglas Diamond and Philip Dybvig

Heidi Gutman | CNBC Ahead of the release of the latest consumer price index reading this week, Allianz Chief Economic Adviser Mohamed El-Erian told CBS’ “Face The Nation” Sunday that he predicts headline inflation “will probably come down to about 8%,” but that core inflation “is still going up.” Core inflation is what measures the

Job growth fell just short of expectations in September and the unemployment rate declined despite efforts by the Federal Reserve to slow the economy, the Labor Department reported Friday. Nonfarm payrolls increased 263,000 for the month, compared with the Dow Jones estimate of 275,000. The unemployment rate was 3.5% versus the forecast of 3.7% as

Job growth remained strong overall in September, but declines in several sectors led to a slowdown compared to hot readings during the summer. Leisure and hospitality was the standout sector, growing by 83,000 jobs. The sector has been consistently adding jobs since the Covid restrictions in 2020 shuttered many bars and restaurants. However, the sector

A “Now Hiring” sign is displayed during a job fair for Hispanic professionals in Miami, Florida. Marco Bello | Bloomberg | Getty Images The unemployment rate among Hispanic workers dropped sharply in September, but that could be due to fewer eligible adults looking for a job. Hispanic workers saw their unemployment rate fall to 3.8%

The Go! Go! Curry restaurant has a sign in the window reading “We Are Hiring” in Cambridge, Massachusetts, July 8, 2022. Brian Snyder | Reuters September’s jobs report provided both assurance that the jobs market remains strong and that the Federal Reserve will have to do more to slow it down. The 263,000 gain in