Economy

Choochart Choochaikupt | Istock | Getty Images American consumers are worried about access to credit amid persistently higher interest rates and tighter standards at banks, according to a New York Federal Reserve survey released Monday. Respondents indicating that the ability to get loans, credit cards and mortgages is harder now than it was a year

Taylor Swift performs in Cincinnati, Ohio, June 30, 2023, during her Eras tour. Taylor Hill/tas23 | Getty Images Entertainment | Getty Images Taylor Swift is providing a gold rush for the hotel industry. The “Cruel Summer” singer’s attention-grabbing “Eras” tour has pushed up revenue for hotels in cities across the U.S., according to data from

European bank shares dropped significantly in August after a surprise announcement from the Italian government for a new tax. Stefano Montesi – Corbis | Corbis News | Getty Images Italy’s shock tax on banks continues to prove controversial, even as the government insists it can improve it. Europe’s main bank stock index fell almost 3%

The August jobs report was another sign that the U.S. labor market is cooling off, though some of the sectors that have fueled the post-pandemic rebound remain strong. The U.S. Department of Labor said Friday that the economy added 187,000 jobs in August even as the unemployment rate ticked up to 3.8%. Payrolls growth was

Pixelseffect | E+ | Getty Images The unemployment rate for Black workers slipped in August, bucking the broader trend of a higher overall jobless rate. The overall unemployment rate ticked up to 3.8% last month, the highest since February 2022. It came as the labor force participation rate – a measure of the number of

The unemployment rate rose sharply in August, as the summer of 2023 neared a close with a job market in slowdown mode. Nonfarm payrolls grew by a seasonally adjusted 187,000 for the month, above the Dow Jones estimate for 170,000, the U.S. Bureau of Labor Statistics reported Friday. However, the unemployment rate was 3.8%, up

Taylor Swift, Beyonce, Barbie, Oppenheimer Getty Images Consumer spending may not be out of the woods. Real spending is expected to come in 1.9% higher in the third quarter, helped in part by stadium tours from music superstars Taylor Swift and Beyoncé, as well as summer movie blockbusters “Barbie” and “Oppenheimer,” according to Morgan Stanley.

A ‘help wanted’ sign is displayed in a window of a store in Manhattan on December 02, 2022 in New York City.  Spencer Platt | Getty Images Job creation in the United States slowed more than expected in August, according to ADP, a sign that the surprisingly resilient U.S. economy might be starting to ease

A woman waits on customers at the Same Day Cafe in the Logan Square neighborhood on August 18, 2023 in Chicago, Illinois. Scott Olson | Getty Images The amount of money most workers want now to accept a job reached a record high this year, a sign that inflation is alive and well at least

Traders work on the floor of the New York Stock Exchange (NYSE), August 15, 2023. Brendan McDermid | Reuters China’s economic model is “washed up on the beach” and “not going to take off again,” which will have a big impact on global markets, says veteran investor David Roche. Despite a remarkable rally in stock

Shoppers at Brickell City Centre in Miami, Florida, US, on Wednesday, June 14, 2023.  Eva Marie Uzcategui | Bloomberg | Getty Images Consumer spending held up well in July as inflation slowed, with retail sales turning in a stronger than expected showing for the month, the Commerce Department reported Tuesday. The advanced retail sales report

This pool image distributed by Sputnik agency shows Russian President Vladimir Putin meeting with the Tver region governor at the Kremlin in Moscow on August 9, 2023. Mikhail Klimentyev | AFP | Getty Images The U.S. dollar surged above 100 to the ruble on Monday, with the Russian currency nearing a 17-month low as President Vladimir Putin’s

Grocery items are offered for sale at a supermarket on August 09, 2023 in Chicago, Illinois.  Scott Olson | Getty Images A measure of wholesale prices rose more than expected in July, countering recent trends showing that inflation pressures are easing. The producer price index, which gauges the costs that goods and services producers receive

Jim O’Neill, former chief economist Goldman Sachs Group, in Italy in 2019. Alessia Pierdomenico | Bloomberg via Getty Images Veteran economist Jim O’Neill says central banks will need to keep interest rates up around 5% across major economies for longer than the market expects, even as inflation subsides. The U.S. Federal Reserve is broadly expected

The consumer price index rose 3.2% from a year ago in July, a sign that inflation has lost at least some of its grip on the U.S. economy. Prices accelerated 0.2% for the month, in line with the Dow Jones estimate, the Bureau of Labor Statistics reported Thursday. However, the annual rate was slightly below

Gas station signboards display prices in Bethesda, Maryland on August 6, 2023. Mandel Ngan | AFP | Getty Images Thursday’s consumer price index report likely will show that the pace of price increases is easing, but not enough to get the Federal Reserve to retreat on its inflation fight. If the Wall Street consensus as

Jose Luis Pelaez Inc | Digitalvision | Getty Images Americans increasingly turned to their credit cards to make ends meet heading into the summer, sending aggregate balances over $1 trillion for the first time ever, the New York Federal Reserve reported Tuesday. Total credit card indebtedness increased by $45 billion in the April-through-June period, an

Traders work on the floor of the New York Stock Exchange, June 29, 2023. Brendan McDermid | Reuters Global stock markets tumbled on Wednesday after ratings agency Fitch downgraded the United States’ long-term credit rating — but top economists say there is nothing to worry about. Fitch announced late on Tuesday that it had cut