Economy

A key inflation indicator that the Federal Reserve uses to set policy rose 3.4% in May, the fastest increase since the early 1990s, the Commerce Department reported Friday. Though the gain was the biggest since April 1992, it met the Dow Jones estimate and markets reacted little to the news. Stock market futures indicated a

Kristen Deptula, center, with her husband and two children, says that paying a $15 per hour wage has helped them grow their Rehoboth Beach, Delaware, business. When Kristen Deptula and her husband bought the Canalside Inn in Rehoboth Beach, Delaware, in October 2019, they had no idea the coming summer season at the shore town

Initial claims for unemployment insurance remained elevated last week as employers struggled to fill a record amount of job openings. First-time filings totaled 411,000 for the week ended June 19, a slight decrease from the previous total of 418,000 and worse than the 380,000 Dow Jones estimate, the Labor Department reported Thursday. A separate report

Federal Reserve Chairman Jerome Powell acknowledged Tuesday that some inflation pressures are stronger and more persistent than he had anticipated, though still not on par with some of the worst episodes the U.S. has seen historically. Under questioning from a special House panel, the central bank leader continued to attribute most of the recent inflation

Sales of existing homes dropped for the fourth straight month due to a very low supply of homes on the market. Existing home sales fell 0.9% in May from the previous month to a seasonally adjusted annualized rate of 5.8 million units, according to the National Association of Realtors. That is the fourth straight month

Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a House Select Subcommittee on the Coronavirus Crisis hearing in Washington, D.C., U.S., September 23, 2020. Stefani Reynolds | Reuters Federal Reserve Chairman Jerome Powell said in testimony prepared for delivery to Congress this week that the economy is growing but faces continued threats from

Producer prices rose at their fastest annual clip in nearly 11 years in May as inflation continued to build in the U.S. economy, the Labor Department reported Tuesday. The 6.6% surge was the biggest 12-month rise in the final demand index since the Bureau of Labor Statistics began tracking the data point in November 2010.

The Federal Reserve on Wednesday considerably raised its expectations for inflation this year and brought forward the time frame on when it will next raise interest rates. However, the central bank gave no indication as to when it will begin cutting back on its aggressive bond-buying program, though Fed Chairman Jerome Powell acknowledged that officials

This is a comparison of Wednesday’s Federal Open Market Committee statement with the one issued after the Fed’s previous policy-making meeting on April 28. Text removed from the April statement is in red with a horizontal line through the middle. Text appearing for the first time in the new statement is in red and underlined. Black text appears in both

A child passes by the Marriner S. Eccles Federal Reserve Board Building on Constitution Avenue, NW, on Monday, April 26, 2021. Tom Williams | CQ-Roll Call, Inc. | Getty Images Members of the Federal Reserve now see two interest rate hikes in 2023, according to the central bank’s so-called dot-plot projections. Wednesday’s forecast showed 13

St. Louis Federal Reserve President James Bullard told CNBC on Friday that he sees an initial interest rate increase happening in late-2022 as inflation picks up faster than previous forecasts had anticipated. That estimate is even quicker than the outlook the broader Federal Open Market Committee released Wednesday that caused a hit to financial markets.

People look at a home for sale during an open house on April 16, 2019 in San Francisco, California. Justin Sullivan | Getty Images The average rate on the popular 30-year fixed mortgage moved decidedly higher Thursday, hitting 3.25%, according to Mortgage News Daily. That is the highest rate since mid-April. The move was a

Initial jobless unexpectedly rose last week despite an ongoing recovery in the U.S. employment market, the Labor Department reported Thursday. First-time filings for unemployment insurance for the week ended June 12 totaled 412,000, compared to the previous week’s 375,000. That was the highest number since May 15. Economists surveyed by Dow Jones had been expecting

LONDON — Vaccine policy will trump all other economic polices this year as the world tries to recover from the coronavirus crisis, Kristalina Georgieva, the head of the International Monetary Fund said at CNBC’s Global Evolve Summit on Wednesday. “Vaccine policy this year, probably next year, is going to be the most important economic policy,

Robin Azougi 1st R, a licensed real estate salesperson with Douglas Elliman Real Estate, talks with prospective buyers at a house for sale in Floral Park, Nassau County, New York, on Sept. 6, 2020. Wang Ying | Xinhua News Agency | Getty Images After three straight weeks of declines, mortgage demand came crawling back, thanks

Residential single family homes construction by KB Home are shown under construction in the community of Valley Center, California, U.S. June 3, 2021. Mike Blake | Reuters Builder sentiment in June fell to its lowest level since August, as construction costs pushed new home prices higher, sidelining buyers and making it harder for some builders

U.S. Federal Reserve Chairman Jerome Powell speaks to reporters after the Federal Reserve cut interest rates in an emergency move designed to shield the world’s largest economy from the impact of the coronavirus, during a news conference in Washington, March 3, 2020. Kevin Lamarque | Reuters The Federal Reserve is not expected to take any

Bank of America CEO Brian Moynihan encouraged the Federal Reserve to ease up on its ultra-easy monetary policy, saying Monday that the urgency for the pandemic-related response is abating. Speaking a day before the central bank begins its June policy meeting, the head of the second-largest U.S. banks by assets told CNBC that inflation-related issues