Breaking News: Economy

Private hiring increased by just 127,000 jobs in November, well below estimates, ADP reports

Private hiring slowed sharply during November in a sign that the historically tight labor market could be losing some steam, according to a report Wednesday from payroll processing firm ADP. Companies added just 127,000 positions for the month, a steep reduction from the 239,000 the firm reported for October and well below the Dow Jones …

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Fed officials see smaller rate hikes coming ‘soon’

Federal Reserve officials earlier this month agreed that smaller interest rate increases should happen soon as they evaluate the impact policy is having on the economy, meeting minutes released Wednesday indicated. Reflecting statements that multiple officials have made over the past several weeks, the meeting summary pointed to small rate hikes coming. Markets widely expect …

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Fed’s Mester wants more progress on inflation before ending interest rate hikes

Cleveland Federal Reserve President Loretta Mester said Monday inflation will need to show more signs of progress before she’s ready to stop advocating for interest rate increases. While acknowledging that recent data has been encouraging, the central bank official told CNBC that the progress is only a start. “We’re going to have more work to …

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Home sales fell for ninth straight month in October

A “For Sale” sign outside a house in Albany, California, on Tuesday, May 31, 2022. David Paul Morris | Bloomberg | Getty Images Home sales declined for the ninth straight month in October, as higher interest rates and surging inflation kept buyers on the sidelines. Sales of previously owned homes dropped 5.9% from September to …

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Fed’s Collins expresses hope that inflation can be tamed without hitting jobs

Susan Collins, Boston Federal Reserve Source: Federal Reserve Bank of Boston Boston Federal Reserve President Susan Collins expressed confidence Friday that policymakers can tame inflation without doing too much damage to employment. “By raising rates, we are aiming to slow the economy and bring labor demand into better balance with supply,” Collins said in prepared …

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Fed’s Daly sees rates rising at least another percentage point as ‘pausing is off the table’

San Francisco Federal Reserve President Mary Daly said Wednesday she expects the central bank to raise interest rates at least another percentage point, and possibly more, before it can pause to evaluate how the inflation fight is going. Daly told CNBC in a live interview that her most recent estimates in the Fed’s summary of …

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Household debt soars at fastest pace in 15 years as credit card use surges, Fed report says

Luis Alvarez | Digitalvision | Getty Images Households increased debt during the third quarter at the fastest pace in 15 years due to hefty increases in credit card usage and mortgage balances, the Federal Reserve reported Tuesday. Total debt jumped by $351 billion for the July-to-September period, the largest nominal quarterly increase since 2007, bringing …

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Wholesale prices rose 0.2% in October, less than expected, as inflation eases

Wholesale prices increased less than expected in October, adding to hopes that inflation is on the wane, the Bureau of Labor Statistics reported Tuesday. The produce price index, a measure of the prices that companies get for finished goods in the marketplace, rose 0.2% for the month, against the Dow Jones estimates for a 0.4% …

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Fed Vice Chair Brainard says it may ‘soon’ be appropriate to move to slower pace of rate hikes

Federal Reserve Vice Chair Lael Brainard indicated Monday that the central bank could soon slow the pace of its interest rate increases. With markets expecting a likely step down in December from the Fed’s rapid pace of rate increases this year, Brainard confirmed that a slowdown if not a stop is looming. related investing news …

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Inflation expectations rebound on record-high jump in gas outlook: NY Fed survey

A Sheetz customer gets gasoline at a gas station in Plains, Pennsylvania, US October 19, 2022. Aimee Dilger | Reuters Americans grew more worried about inflation in the October, with fears emanating from an expected burst in gasoline prices, a Federal Reserve survey showed Monday. Inflation expectations for the year ahead rose to 5.9%, up …

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