Economy

An “Open House” sign is displayed in the front yard of a home for sale in Columbus, Ohio. Ty Wright | Bloomberg via Getty Images Mortgage rates have moved to their highest level in more than a year, and that may have potential homebuyers nervous that their affordability window is closing faster than expected. Home

Inflation plowed ahead at its fastest 12-month pace in nearly 40 years during December, according to a closely watched gauge the Labor Department released Wednesday. The consumer price index, a gauge that measures costs across dozens of items, increased 7%, according to the department’s Bureau of Labor Statistics. On a monthly basis, CPI increased 0.5%.

The leisure and hospitality sector led hiring in December as restaurant and bar managers added wait staff, cooks and bartenders to payrolls ahead of the holidays. That sector saw net job growth of 53,000 workers, with eateries accounting for 42,600 of that gain and hotels, motels and other accommodation businesses adding 10,000. Amusement parks, casinos

Commuters arrive from Metro North Railroad trains in Grand Central Station in New York. Timothy A. Clary | AFP | Getty Images Workers quit their jobs in record numbers in November while the total employment openings pulled back a bit, the Labor Department reported Tuesday. The so-called quits level surged to 4.53 million for the

In this article GSBD U.S. Senator Joe Manchin (D-WV) delivers remarks to reporters at the U.S. Capitol in Washington, D.C., November 1, 2021. Jonathan Ernst | Reuters The apparent failure of President Joe Biden’s “Build Back Better” plan means that economic growth could be weaker than expected next year, according to Goldman Sachs. The plan

A For Sale sign is seen in front of a home in Miami, Florida. Joe Raedle | Getty Images The already competitive housing market is getting even more so, and that is now cutting into mortgage demand. Even a small drop in interest rates couldn’t bring more buyers in, although it did boost refinance demand

HOUSTON, TEXAS – AUGUST 12: A newly sold home is shown on August 12, 2021 in Houston, Texas. Home prices have climbed during the pandemic as low interest rates and working from home has become more abundant. Home prices around the country continue to surge in the second quarter as strong demand continues to overwhelm

Count former U.S. Treasurer Rosie Rios among the experts who sees brighter days ahead for the U.S. economy. If she’s right, it could mean good news for businesses and shoppers. “I’m much more optimistic about 2022 than I was about 2021,” Rios, who served in that role as part of the Obama Administration from 2009

Construction workers frame a new home being built by CastleRock Communities in the Sunfield neighborhood of Buda, Texas, U.S., on Wednesday, Nov. 10, 2021. Matthew Busch | Bloomberg | Getty Images Surprisingly strong housing demand, even in the usually slower season for housing, has homebuilders feeling increasingly confident. Builder sentiment in the single-family housing market

Inflation accelerated at its fastest pace since 1982 in November, the Labor Department said Friday, putting pressure on the economic recovery and raising the stakes for the Federal Reserve. The consumer price index, which measures the cost of a wide-ranging basket of goods and services, rose 0.8% for the month, good for a 6.8% pace

WASHINGTON – Northrop Grumman CEO Kathy Warden said the ongoing labor shortage plaguing the nation was a primary focus for America’s defense business. “When I think about the challenges that we all might face going into next year, the labor shortages that we’re seeing are suddenly one that’s top of mind,” Warden told CNBC’s Morgan

The U.S. economy created far fewer jobs than expected in November, in a sign that hiring started to slow even ahead of the new Covid threat, the Labor Department reported Friday. Nonfarm payrolls increased by just 210,000 for the month, though the unemployment rate fell sharply to 4.2% from 4.6%, even though the labor force

In this article ETSY KR MAT CVS U.S. President Joe Biden announces the release of 50 million barrels of oil from the U.S. Strategic Petroleum Reserve as part of a coordinated effort with other major economies to help ease rising gas prices as he delivers remarks on the economy and “lowering prices,” during a speech

Customers stand in line to check out at a grocery store in San Francisco, California, U.S., on Thursday, Nov. 11, 2021. David Paul Morris | Bloomberg | Getty Images After lying dormant for years, inflation is once again chipping away at American wallets, and it has become a chief concern for the White House. In

Long-term market bull Jeremy Siegel expects a serious pullback that it isn’t tied to the Covid-19 surge risks. His tipping point: a drastic change in Federal Reserve policy in order to deal with hot inflation. “If the Fed suddenly gets tougher, I’m not sure that the market is going to be ready for a U-turn

Real estate agents leave a home for sale during a broker open house in San Francisco, California. Justin Sullivan | Getty Images Rising mortgage interest rates continue to take their toll on demand, especially in the refinance market. Total mortgage application volume fell 2.8% last week compared with the previous week, according to the Mortgage

A record-high 4.4 million people, or 3% of workers, quit their job in September, according to the Labor Department’s latest Job Openings and Labor Turnover Survey released Friday. The tight market, where workers have more leverage to move around and employers are doing everything they can to staff up, is already impacting the holiday shopping

U.S. dollar banknotes are seen in this photo illustration. Jose Luis Gonzalez | Illustration | Reuters Household debt passed $15 trillion for the first time in the third quarter, as rising prices pushed up balances for homes and autos, the New York Federal Reserve reported Tuesday. Mortgages rose 2.2% to nearly $10.7 trillion, and autos