Economy

Woman making a cash withdrawal at an ATM. Getty Images Total consumer debt hit a fresh new high in the first quarter of 2023, pushing past $17 trillion even amid a sharp pullback in home borrowing. The total for borrowing across all categories hit $17.05 trillion, an increase of nearly $150 billion, or 0.9% during

Now Hiring signs are displayed in front of restaurants in Rehoboth Beach, Delaware, on March 19, 2022. Stefani Reynolds | Afp | Getty Images Since the onset of Covid-19, labor shortages have plagued major economies and intensified inflationary pressures, but economists expect this trend to finally abate this year. Central banks around the world have

Janet Yellen, US Treasury secretary, during a news conference at the Group of Seven (G-7) finance ministers and central bank governors meeting in Niigata, Japan, on Thursday, May 11, 2023. Bloomberg | Bloomberg | Getty Images Treasury Secretary Janet Yellen said the idea of U.S. lawmakers letting the nation default on its debt should be

Michigan Avenue in Lansing, Michigan. Mike Kline (Notkalvin) | Moment | Getty Images Lansing, Michigan may never be the same. The city of just over 110,000 residents known for its towering state capitol building, large convention center and proximity to campuses is trying to reshape itself for a post-Covid world. It’s been more than three

German Finance Minister Christian Lindner hopes American lawmakers will be “mature” over the debt ceiling negotiations to avoid further headwinds for the global economy. U.S. Congress is trying to find a compromise on the debt limit — which refers to the maximum amount of money that the two chambers allow the federal government to borrow.

A member of the public walks through heavy rain near the Bank of England in May 2023. Dan Kitwood | Getty Images News | Getty Images LONDON — The U.K. economy grew by 0.1% in the first quarter, following an unexpected contraction in March, official figures showed on Friday. Economists polled by Reuters had forecast

Wholesale prices rose less than expected in April, according to a Labor Department report Thursday that provides more hope that inflation is at least trending lower. The producer price index, a measure of prices for final demand goods and services, increased 0.2%, against the Dow Jones estimate for 0.3%. Excluding food and energy, core PPI

Christopher Waller, governor of the US Federal Reserve, during a Fed Listens event in Washington, D.C., US, on Friday, Sept. 23, 2022. Al Drago | Bloomberg | Getty Images Federal Reserve Governor Christopher Waller on Thursday cast doubt on the need for special focus on how banks are preparing for climate change risks. While acknowledging

Shoppers during the grand opening of a Costco Wholesale store in Kyle, Texas, on Thursday, March 30, 2023. Jordan Vonderhaar | Bloomberg | Getty Images Even with inflation running well above the Federal Reserve’s goal, markets became more convinced Wednesday that the central bank will be cutting interest rates by as soon as September. The

A widely followed measure of inflation rose in April, despite more than a year’s worth of Federal Reserve interest rate increases. The consumer price index, which measures the cost of a broad swath of goods and services, increased 0.4% for the month, in line with the Dow Jones estimate, according to a Labor Department report

John Williams, Chief Executive Officer of the Federal Reserve Bank of New York, speaks at an event in New York, November 6, 2019. Carlo Allegri | Reuters NEW YORK — New York Federal Reserve President John Williams on Tuesday cautioned that interest rate increases will take a while to work their way through the economy

Tumult in mid-sized institutions caused banks to tighten lending standards both to households and businesses, potentially posing a threat to U.S. economic growth, according to a Federal Reserve report Monday. The Fed’s quarterly Senior Loan Officer Opinion survey said requirements got tougher for commercial and industrial loans as well as for many household-debt instruments such

The Federal Reserve in Washington, D.C. Wysiati | E+ | Getty Images Banking system pressures, real estate stress and persistent inflation top worries about financial stability, though the system overall remains stable, the Federal Reserve said in a report Monday. The central bank issued its periodic report on the nation’s financial and economic health, a

People walk in front of a store along the Magnificent Mile shopping district on March 15, 2023 in Chicago, Illinois. Scott Olson | Getty Images Household spending is expected to decrease significantly over the next year, according to a New York Federal Reserve survey released Monday that reflects downbeat consumer sentiment as well as a

Job growth fared better than expected in April despite bank turmoil and a decelerating economy, the Labor Department reported Friday. Nonfarm payrolls increased 253,000 for the month, beating Wall Street estimates for growth of 180,000, according to the Bureau of Labor Statistics. The unemployment rate was 3.4% against an estimate for 3.6% and tied for

The Good Brigade | Digitalvision | Getty Images The unemployment rate slipped for Black and Hispanic workers in April, but remained stable for Asian American workers. The U.S. unemployment rate inched down to 3.4% last month, according to the U.S. Bureau of Labor Statistics. The number not only marked a decrease from 3.5% in March,

Broad job gains across the economy helped the labor market show resilience in the face of a banking crisis and growing recessionary concerns. Nonfarm payrolls increased by 253,000 in April, according to data from the Bureau of Labor Statistics released Friday. That’s more than the Dow Jones estimate of 180,000. Friday’s data bolsters the argument

Hiring at private companies unexpectedly swelled in April, countering expectations for a cooling job market ahead, payroll processing firm ADP reported Wednesday. Private payrolls rose by 296,000 for the month, above the downwardly revised 142,000 the previous month and well ahead of the Dow Jones estimate for 133,000. The gain was the highest monthly increase