Customers shop at a Costco store on August 31, 2023 in Novato, California. According to a report by the Commerce Department, consumer spending rose 0.8% in July beating expectations of 0.7%. (Photo by Justin Sullivan/Getty Images) Justin Sullivan | Getty Images News | Getty Images Consumers increasingly doubt the Federal Reserve can achieve its inflation … Read more
Wall Street ended the week lower, despite the S & P 500 notching an all-time closing high Thursday and the Nasdaq Composite hitting an intraday record Friday before dropping more than 1% in the session. The Dow Jones Industrial Average registered its worst week since October, falling 0.93%. The S & P 500 and tech-heavy … Read more
In his State of the Union address, President Joe Biden celebrated his administration’s progress in the fight against inflation. “Wages keep going up and inflation keeps coming down,” Biden said in the annual speech before Congress. To be sure, inflation has cooled while wages have ticked higher — but households are still struggling to keep up with the increased cost of living. More from Personal Finance:Why … Read more
Job creation topped expectations in February, but the unemployment rate moved higher and employment growth from the previous two months wasn’t near as hot as initially reported. Nonfarm payrolls increased by 275,000 for the month while the jobless rate moved higher to 3.9%, the Labor Department reported Friday. Economists surveyed by Dow Jones had been … Read more
Costco Wholesale reported solid fiscal 2024 second-quarter results after Thursday’s closing bell, but the stock fell in extended trading due to a slight miss on sales and margins. Given their recent run-up, we would expect that pressure on shares to continue Friday. However, the quarter wasn’t thesis-changing to the powerful Costco business model that excels … Read more
[The stream is slated to start at 10 a.m. ET. Please refresh the page if you do not see a player above at that time.] Federal Reserve Chair Jerome Powell is back Thursday on Capitol Hill, offering to the Senate Banking Committee his second day of congressionally mandated testimony on the state of the economy … Read more
Consumers have been increasingly relying on credit cards to make ends meet, and it may be finally catching up with them. The national average credit score, which has steadily increased over the last decade, fell to 717 from a high of 718 in the beginning of 2023, according to a report from FICO, developer of one of the … Read more
Federal Reserve Chairman Jerome Powell arrives to testify during the House Financial Services Committee hearing titled “The Federal Reserve’s Semi-Annual Monetary Policy Report,” in Rayburn Building on Wednesday, June 21, 2023. Tom Williams | CQ-Roll Call, Inc. | Getty Images Federal Reserve Chair Jerome Powell on Wednesday reiterated that he expects interest rates to start … Read more
The Liberal government is facing a tough fiscal position heading into the 2024 budget, according to new projections from the Parliamentary Budget Officer. Ottawa is simultaneously dealing with rising debt costs and a slowing economy, both of which are fuelled by decades-high interest rates from the Bank of Canada as it works to tame inflation. … Read more
Investors should move out of cash and into fixed income with some duration, said Franklin Templeton’s chief market strategist, Stephen Dover. “Inflation probably won’t get quite as low as market expectations and interest rates won’t drop quite as far as market expectations,” Dover said, adding that “this is is an opportunity, particularly in the fixed … Read more
