Wholesale prices rose 0.3% in November, more than expected, despite hopes of inflation cooling

Wholesale prices rose more than expected in November as food prices rose sharply, dampening hopes that inflation could turn lower, the Labor Department reported Friday. The producer price index, a measure of what companies get for their pipeline products, rose 0.3% this month and 7.4% from a year ago. Economists polled by Dow Jones were … Read more

The Fed’s path to a “Goldilocks” economy has only gotten more complicated

On December 2, 2022 in New York City, a “help wanted” sign hangs in a window of a Manhattan store. Spencer Plat | Getty Images As for the jobs reports, November was not exactly what the Federal Reserve was looking for. A higher-than-expected payroll and a high wage reading that was twice what Wall Street … Read more

Payrolls and wages are exceeding expectations and flying in the face of Fed rate hikes

Job growth was much better than expected in November, despite aggressive efforts by the Federal Reserve to slow down the labor market and tackle inflation. Nonfarm payrolls rose by 263,000 this month while the unemployment rate stood at 3.7%, the Labor Department reported Friday. Economists polled by Dow Jones had expected a 200,000 increase in … Read more

Fed Chair Jerome Powell says smaller rate hikes could come in December

WASHINGTON — Federal Reserve Chairman Jerome Powell confirmed Wednesday that smaller rate hikes are likely ahead, even as he sees progress in the fight against inflation as largely inadequate. Echoing recent statements by other central bank officials and comments at the Fed’s November meeting, Powell said he sees the central bank in a position to … Read more

The number of vacancies is falling as a result of the Fed’s efforts to cool the labor market

Employees sort packages at a FedEx Express location on Cyber ​​Monday in Garden City, New York, on Monday, November 28, 2022. Michael Nagel | Bloomberg | Getty Images The number of job openings fell in October as the Federal Reserve’s efforts to cool down the sweltering labor market, the Labor Department reported Wednesday. The Job … Read more

Private hiring rose just 127,000 jobs in November, well below estimate, ADP reports

Private hiring slowed sharply in November, signaling that the historically tight labor market may be losing some momentum, according to a report Wednesday from payroll processing company ADP. Companies added just 127,000 holdings this month, a sharp drop from the 239,000 the company reported for October and well below the Dow Jones estimate of 190,000. … Read more

Fed officials see smaller rate hikes coming ‘soon’

Federal Reserve officials agreed earlier this month that smaller rate hikes should happen once they evaluate the policy’s impact on the economy, the minutes published Wednesday show. Reflecting statements made by multiple officials in recent weeks, the meeting summary pointed to small interest rate hikes coming up. Markets are widely expecting the Federal Open Market … Read more

JPMorgan sees four possible outcomes for the economy, and only one of them is good

The global economy faces four likely scenarios — none particularly large — though economists at JPMorgan Chase say there’s a 1 in 5 chance that a recession won’t happen. In the company’s most likely case, the US is likely to contract in the second half of 2023. Other possible outcomes are a recession at the … Read more

The Fed’s Daly sees rates rise 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 by at least another percentage point, and possibly more, before she can pause to evaluate how the inflation battle is going. Daly told CNBC in a live interview that her most recent estimate in the summary of … Read more

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

Luis Alvarez | Digital vision | Getty Images Households increased debt at the fastest pace in 15 years in the third quarter on the back of sharp increases in credit card and mortgage use, the Federal Reserve reported Tuesday. Total debt rose $351 billion for the July to September period, the largest quarterly nominal increase … Read more