indicator
Washington (AFP) - The US central bank's favored measure of inflation accelerated last month, according to government data published Friday, pushing back the chances of an interest rate cut this summer. The hotter print is likely to cement the view that inflation, while down sharply since 2022, remains a challenge, and could keep the Federal Reserve on pause as it seeks to battle rising prices. It also complicates US president Joe Biden's reelection message as he seeks to convince still-skeptical consumers that the economy is heading in the right direction ahead of November's vote. The person...
AFP
Washington (AFP) - The US economy cooled markedly in the first three months this year, expanding less than anticipated as consumer spending and exports decelerated, according to government data released on Thursday. The world's biggest economy grew 1.6 percent in the first quarter, the Commerce Department said, missing analysts' expectations of a larger 2.4 percent rise. This was also a clear slowdown from the 3.4 percent increase in the final three months of last year, and the weakest rate since mid-2022. President Joe Biden maintained that the "report shows the American economy remains stron...
AFP
Washington (AFP) - Sales of new homes across the United States increased sharply last month, according to fresh government data published Tuesday, though February's numbers were revised lower. There were 693,000 new single-family houses sold last month, the Commerce Department said in a statement, 8.8 percent above the revised February rate of 637,000. The March data were well above market expectations of 670,000 new homes, according to Briefing.com. Meanwhile, the median sales price of new homes sold in March was $430,700, while the average sales price was $524,800. "Home sales surprised to...
AFP
Washington (AFP) - Retail sales in the United States grew more than anticipated last month, government data showed on Monday, defying predictions of weaker consumer demand. US retail sales picked up by 0.7 percent in March to $709.6 billion, after February's increase was revised to 0.9 percent, said the Commerce Department. From a year ago, the March figure was 4.0 percent higher. Boosting the headline figure was a 2.1 percent rise in gas station sales from February to March, said the latest report. Excluding gas stations, overall sales were up by a slightly lower 0.6 percent. But motor vehic...
AFP
Washington (AFP) - US consumer inflation continued to accelerate last month, according to government data published Wednesday, reducing the chances of an early interest rate cut from the Federal Reserve in a tense election year. The data raised the likelihood that the first Fed rate cut will come right before November's presidential vote, which would thrust the independent US central bank into the middle of a fractious fight between President Joe Biden and his likely opponent, former president Donald Trump. The annual consumer price index (CPI) came in at 3.5 percent in March, up 0.3 percent...
AFP
Washington (AFP) - US hiring rose much more than expected last month, according to government data published Friday, increasing the chances that the Federal Reserve will remain on pause for longer as it weighs when to start cutting interest rates. The world's largest economy added 303,000 jobs in March, up from a revised 270,000 new jobs created a month earlier, the Department of Labor announced. The surge, coming seven months before the November election pitting President Joe Biden against former Republican president Donald Trump, was far above market expectations of an increase of 200,000, ...
AFP
Washington (AFP) - The US trade deficit expanded in February by more than analysts expected to reach its highest level since April 2023, as imports once again exceeded exports, according to government data published Thursday. The overall trade gap grew to $68.9 billion, up $1.3 billion from a month earlier, the Commerce Department said in a statement. This was above market expectations of a slight decrease in the trade deficit, according to Briefing.com. The February increase reflected a $7.1 billion rise in imports from a month earlier, which was counteracted by export growth of just $5.8 b...
AFP
Washington (AFP) - US private sector hiring came in well above expectations last month, payroll firm ADP said Wednesday, with construction, financial services and manufacturing all contributing to the increase. Private sector employment rose by 184,000 in March, ADP said in a statement. This was sharply above market predictions of 150,000 new jobs, according to Briefing.com. ADP also revised up the February jobs data, from 140,000 to 155,000. The hot jobs data will be well-received by the Biden administration as it seeks to talk up the president's economic record ahead of November's preside...
AFP
Washington (AFP) - US new home sales ticked down surprisingly in February, according to government data released Monday, after January's rate was revised higher. New single-family home sales were at an annual rate of 662,000 last month, seasonally adjusted, 0.3 percent down from the revised 664,000 figure for January, said the Commerce Department. The median sales price of new properties sold was $400,500, lower than the month prior as well. The slight decreases come as mortgage rates remain at a much higher level than in recent years. But the situation has also made homeowners reluctant to en...
AFP
Washington (AFP) - Sales of existing homes made the biggest jump in a year last month on improved housing supply, according to industry data released Thursday, as mortgage rates held at slightly lower levels. Existing home sales advanced 9.5 percent in February from January to an annual rate of 4.38 million, seasonally adjusted, the National Association of Realtors (NAR) said. "Additional housing supply is helping to satisfy market demand," said NAR chief economist Lawrence Yun. This was the highest rate since February 2023, with sales of previously owned homes bogged down by elevated mortgage...
AFP
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