SEPTEMBER 11, 2023 – THE EU AND CANADA HOLD RATES STEADY THIS MONTH The European Central Bank is expected to hold interest rates steady at their meeting this Thursday, and economists are split as to whether there will be one more hike before the end of the year. Economic activity in the 20-nation union has slowed under the rate rise …
September 5, 2023 — Job Growth Slows Over the Summer
SEPTEMBER 5, 2023 – JOB GROWTH SLOWS IN OVER THE SUMMER The labor market has started to cool as the effects of higher interest rates are beginning to affect the economy. A robust 187,000 new jobs were added in August, yet the July jobs number was revised down by 30,000 to 157,000 while June’s number fell by 80,000 to 105,000. …
August 28, 2023 — Powell Warns Rates May Need to Go Higher
AUGUST 28, 2023 – POWELL WARNS RATES MAY NEED TO GO HIGHER At the annual Jackson Hole Symposium last week, Fed Chair Jerome Powell said the Fed is prepared to raise rates higher if appropriate and will maintain high rates until they believe inflation is moving toward their targeted 2 percent. Powell pointed out inflation has moved down from its …
August 21, 2023 — Fed’s Annual Jackson Hole Economic Summit this Week
AUGUST 21, 2023 – FED’S ANNUAL JACKSON HOLE ECONOMIC SUMMIT THIS WEEK Fed Chair Powell will speak about the Fed’s intentions at the annual Jackson Hole economic conference this week. Powell is expected to give his latest opinion whether more policy tightening will be needed to bring down inflation, or if it will be reasonable for the Fed to hold …
August 12, 2023 — Inflation Rises 3.2 Percent in July
AUGUST 12, 2023 – INFLATION RISES 3.2 PERCENT IN JULY Annual inflation for the month of July was reported at 3.2 percent, up slightly from the 3 percent reported in June. Core CPI, excluding food and energy, was up 4.7 percent, down slightly from June’s 4.8 percent. If we look at the monthly increases, both the CPI and the core …
August 7, 2023 — 185,000 New Jobs Added in July
AUGUST 7, 2023 – 185,000 NEW JOBS ADDED IN JULY The July jobs report was released last week which reported the addition of 187,000 new jobs to the US economy. The number was slightly ahead of the 185,000 new jobs reported in June. The unemployment rate fell from 3.6 percent to 3.5 percent, while average hourly wages were up 0.4 …
July 31, 2023 — Interest Rates Rise 0.25 Percent
JULY 31, 2023 – INTEREST RATES RISE 0.25 PERCENT As anticipated, the Fed raised rates by 0.25 percent at their meeting last week, the 11th increase since March 2022. Rates are now at their highest level in 22 years. Fed officials say there could be another 0.25 percent rate increase later this year as the Fed continues to target inflation …
July 17, 2023 — Inflation Growth Slows to 3 Percent in June
JULY 17, 2023 — INFLATION GROWTH SLOWS TO 3 PERCENT IN JUNE Inflation in the US rose a mere 0.2 percent for the month of June, and was up 3 percent year-over-year, the smallest increase since March 2021. The core CPI, excluding food and energy, increased 0.2 percent for the month and 4.8 percent year-over-year. The annual rate was the …
July 10, 2023 — 209,000 New Jobs Created in June
JULY 10, 2023 — 209,000 NEW JOBS CREATED IN JUNE The US economy added 209,000 jobs in June, below expectations of 240,000 jobs, this after the 306,000 new jobs created in May. This is the lowest number of new jobs added since December 2020. The unemployment rate fell to 3.6 percent from 3.7 percent in May, while average hourly wages …
July 3, 2023 — Key Inflation Figure Up Only 0.3 Percent in May
JULY 3, 2023 – KEY INFLATION FIGURE UP ONLY 0.3 PERCENT IN MAY The personal consumption index (PCE), the Fed’s key inflation measure, increased by 0.3 percent for the month of May. Headline PCE is up 3.8 percent for the year, while core PCE (excluding food and energy) is up 4.6 percent. The data indicates a slight easing of inflation …