Sky-High Mortgage Rates Sent New Home Sales Tumbling in August
The pace slowed 8.7% in August from the previous month to a seasonally adjusted annual rate of 675,000 properties, the Department of Commerce reported this week. read more >
The pace slowed 8.7% in August from the previous month to a seasonally adjusted annual rate of 675,000 properties, the Department of Commerce reported this week. read more >
The surge in gas prices is coursing through the economy and could slow down shoppers' momentum heading into the critical holiday shopping season. read more >
It raises the likelihood that the Fed will leave interest rates unchanged when it next meets in late September. read more >
The government had previously estimated that the economy expanded at a 2.4% annual rate last quarter. read more >
Sales in the sector jumped 11.8% in July and 9.5% in June from a year ago, according to the Commerce Department. read more >
Analysts noted that spending on Amazon Prime Day, the online juggernaut's big two-day sales event that took place earlier last month, also helped boost online sales. read more >
Driving last quarter's growth was a burst of business investment, which surged at a 5.7% annual pace, the fastest rate since late 2021. read more >
While the headline number of 0.2% was a bit weaker than expected, economists on Tuesday were focused on the number that excludes volatile autos, gas, building materials and food services, which rose a solid 0.6% in June. read more >
Despite the uptick, the government's third and final report on January-March economic growth still marked a deceleration from the 2.6% annual rate from October through December and the 3.2% growth from July through September. read more >
The government had previously estimated that the economy grew at a 1.1% annual rate last quarter. read more >
It marked the first increase since January when unusually warm weather and a big jump in Social Security benefits likely spurred more spending. read more >
One of the projects will extend rail service at the Little Rock Port. read more >
The 221-202 vote sends the measure to the Senate, where lawmakers from both parties have expressed similar concerns about what many call unfair competition from China. read more >
An index that is closely followed by the Fed, which excludes volatile food and energy costs to capture "core" inflation, rose 0.3% from February to March and 4.6% from a year earlier, according to a report Friday from the Commerce Department. read more >
But consumer spending, which accounts for about 70% of U.S. economic activity, remained resilient, growing at a 3.7% annual pace, the fastest such rate in nearly two years. read more >
The decline in sales adds to other recent evidence that the economy is cooling as consumers grapple with higher interest rates and the impact of a year-long bout of elevated inflation. read more >
Friday's report from the Commerce Department showed that consumer prices rose 0.3% from January to February, down from a 0.6% increase from December to January. read more >
The government had previously estimated that the economy expanded at a 2.7% annual rate last quarter. read more >
The funds will provide computers to students in need, create a Wi-Fi hotspot program and improve wireless connectivity. read more >
The report from the Commerce Department's National Telecommunications and Information Administration says the current app store model — dominated by Apple and Google — is "harmful to consumers and developers" by inflating prices and reducing innovation. read more >
