The Personal Consumption Expenditures index — the Federal Reserve’s preferred inflation measure — held at a 3.7% annual pace in July, slightly higher than forecasted and reflecting persistent cost pressures for consumers. Economists polled by FactSet had predicted a 3.6% annual increase. Wednesday’s report instead showed that inflation remained unchanged from June. PCE tracks changes…
President Trump’s 50% tariffs on certain Canadian products could raise their prices in the U.S., but the narrow scope of the levies is unlikely to trigger a broader spike in inflation, trade experts said. After the tariffs, first announced in late June, took effect on Saturday following a breakdown in trade talks, Canada pledged to…
The U.S. job market is less robust than it looks, according to a new analysis. The nation’s unemployment rate fell to 4.1% in July, well within the range economists consider healthy. Yet that measure, which reflects the percentage of people over the age of 16 who don’t have a job and who are looking for work,…
The national debt topped $40 trillion, according to Treasury Department data released on Wednesday, representing a fiscal milestone that underscores the federal government’s mounting borrowing and interest costs. The Treasury Department’s daily financial report shows that the nation’s debt reached $40.05 trillion on August 18, more than double its level in 2017. The federal debt has…
Washington — The United States and Canada have wrangled for decades over trade, poking each other interminably over sore spots like Canadian softwood lumber imports and U.S. access to Canada’s protected dairy market. Somehow, the two neighbors still managed to remain friends, allies and trading partners. Canadian soldiers fought alongside Americans in Afghanistan after 9/11….
The torrent of corporate spending on artificial intelligence in the U.S. is driving up consumer prices, working against efforts to cool inflation. AI requires enormous computing power, driving demand for the semiconductors that enable it. Rising chip costs are also prompting electronics manufacturers to raise prices on smartphones, computers, software and other tech accessories. Consumers are…
Artificial intelligence is believed to save workers time by helping them complete their daily tasks. But just how much more efficient can it make employees? About 55% of workers say they use AI on the job, with about one-third of those saying it cuts down the time they need to complete their assignments by one…
Inflation eased for the second consecutive month, rising at a 3.4% annual pace in July, in line with economists’ expectations and a signal that some price pressures may be easing. By the numbers Economists polled by the financial data firm FactSet predicted July inflation rose at an annual rate of 3.4%. Oil prices surged in…
What a difference a day can make for monetary policy. On Thursday, interest rate futures were decidedly tilted toward the Federal Reserve hiking its benchmark rate in September, according to CME FedWatch, which tracks traders to forecast the central bank’s policy decisions. But after Friday morning’s dismal July jobs report, which showed that employers unexpectedly…
The U.S. economy unexpectedly shed 23,000 jobs in July, undershooting economists’ expectations and signaling the job market may be slowing. By the numbers Economists polled by FactSet forecast employers added 95,000 jobs in July. The unemployment rate in July stood at 4.1%, down from 4.2% in June. The Labor Department also revised down the May…
