Debt-Ceiling Standoff Could Start a Recession, But Default Would Be Worse
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Fed chair says banking strains could mean rates don’t have to rise as much to tame inflation
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Home Depot warned that its annual sales will fall for first time since 2009. The company said demand for home-improvement goods is softening as shoppers spend more on services.
Retail sales rose a seasonally adjusted 0.4% last month compared with March, the first increase in sales since January.
The pandemic led first to a boom, and now a bust, in tax collections.
Convention halls across the country are filling up again, restoring a vital source of economic fuel that had been cut off during the pandemic.
Accounting majors in the class of 2023, the first to enter a postpandemic professional world, will find no shortage of demand for their services as the industry grapples with a scarcity of candidates. They will, however, find starting salaries to be relatively low compared with other possible professions and an evolving workplace experience.
Federal Reserve governor Michelle Bowman says there hasn’t been sufficient evidence of a labor market or inflation slowdown.
Prices rose 4.9% from a year earlier, marking the 10th straight month of cooling.
Construction of semiconductor and battery factories helps Caterpillar, Nucor and other manufacturers plow past economic uncertainty and rising interest rates.
Spending cuts could prompt the Fed to cut interest rates sooner, easing some of the pressure on banks.
The satellite detection of pollutants in the atmosphere offers an independent look at what is really going on with Russia’s economy.
Hiring picked up as employers added 253,000 jobs last month. The unemployment rate fell to 3.4%.
The Labor Department will release April’s hiring data and unemployment rate Friday.
Central bank officials remove earlier guidance that had pointed to further increases.
SYDNEY—New Zealand’s financial system is well placed to handle rising interest rates and uncertainty in the international financial system, the Reserve Bank of New Zealand said in its latest report card on financial stability. New Zealand households are facing increased debt servicing costs due to rising interest rates, but levels of loan default are low,…
Home builders are enjoying stronger-than-expected business this spring, capitalizing on the recent fall in mortgage rates.
Construction, leisure and hospitality and healthcare job cuts drove the layoff increase as job openings fell to the lowest level since April 2021.
Inflation has proved more stubborn than central banks bargained for when prices started surging two years ago. Now some economists think they know why: Businesses are using a rare opportunity to boost their profit margins. Figures released Tuesday by the European Union’s statistics agency showed consumer prices in the eurozone were 7.0% higher than a…