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Home Sellers are Cutting List Prices as Spring Buying Season Starts With Higher Mortgage Rates

Some 14.6% of U.S. homes listed for sale last month had their price lowered, according to Realtor.com. That’s up from 13.2% a year earlier, the first annual increase since May. In January, the percentage of homes on the market with price reductions was 14.7%.

21% of US Businesses are Minority-Owned

Of the about 5.9 million employer businesses in the United States in 2021, 1.2 million, or 21%, were minority-owned; 406,086, or 6.9%, were Hispanic-owned; and 1.3 million, or 22%, were […]

Average Long-Term US Mortgage Rate Declines to Levels Last Seen in Early February

Despite the choppy trajectory in mortgage rates this year, the average rate on a 30-year home loan is still down from the 23-year high of 7.79% it reached in late October.

US Inflation Up Again in February, The Latest Sign That Price Pressures Remain Elevated

Prices rose 0.4% from January to February, higher than the previous month’s figure of 0.3%, the Labor Department said Tuesday.

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State Jobless Rate Holds at 3.7% in January After December Rate Revised Up

Compared to the same month the previous year, the labor force participation rate was two-tenths of a percentage point higher. read more >
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AI Market Forecast to Hit $1.8 Trillion in 2030

The global value of the artificial intelligence market is expected to surge in the next decade, growing from about $95.6 billion in 2021 to $1.8 trillion by 2030, according to […] read more >
Banking & Finance / Real Estate

Average Long-Term US Mortgage Rate Edges Lower for the First Time in Five Weeks

The average rate on a 30-year mortgage slipped to 6.88% from 6.94% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.73%. read more >
Business Services / Construction / Government & Politics / Manufacturing / Restaurants & Food / Small Business

US Job Openings Stay Steady at Nearly 8.9 Million in January, a Sign Labor Market Remains Strong

Layoffs fell modestly, but so did the number of Americans quitting their jobs — a sign of confidence they can find higher pay or better working conditions elsewhere. read more >
Banking & Finance / Government & Politics / Investments

Fed’s Powell: Rate Cuts Likely This Year, but More Evidence is Needed That Inflation is Tamed

Powell noted that inflation is slowing for both goods and services and did not express concern about the government's latest inflation data read more >
Banking & Finance / Real Estate

Average Long-Term US Mortgage Rises To 6.94%

The average rate on a 30-year mortgage rose to 6.94% from 6.90% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.65%. The average rate is now just below its highest level since mid-December, when it was 6.95%. read more >
Banking & Finance / Government & Politics / Real Estate

The Fed’s Preferred Inflation Gauge Picked Up Last Month, a Sign of Still-Elevated Prices

The government reported Thursday that prices rose 0.3% from December to January, up from 0.1% in the previous month. But in a more encouraging sign, prices were up just 2.4% from a year earlier, down from a 2.6% annual pace in December and the smallest such increase in nearly three years. read more >
Business Services / Small Business

Many Small Business Owners See 2024 as a ‘Make or Break’ Year, Survey Shows

Many are still facing tough issues like a volatile economy, a polarizing election on the horizon and declining sales. read more >
Banking & Finance / Business Services / Construction / Energy / Insurance / Manufacturing

What Recession? Forecasters Raise Expectations for US Economy in 2024

Economists also more than doubled their estimates for the number of jobs gained across the economy this year. read more >
Public Companies / Restaurants & Food / Retail / Small Business

Consumers Are Increasingly Pushing Back Against Price Increases — And Winning

Inflation has changed the way many Americans shop. Now, those changes in consumer habits are helping bring down inflation. read more >
Restaurants & Food / Small Business

US Leisure & Hospitality Employment Near Pre-Pandemic High

The number of employees in the leisure and hospitality sectors in the United States stood at 16.8 million in January, just short of the pre-pandemic high of 16.9 million in […] read more >
Banking & Finance / Government & Politics / Investments / Real Estate

Fed Minutes: Officials Worried That Progress on Inflation Could Stall in Coming Months

Some officials “noted the risk that progress toward price stability could stall, particularly if aggregate demand strengthened” or that the progress in improving supply chains could falter. read more >
Insurance / Real Estate

Home Sales Rose in January as Easing Mortgage Rates, Higher Inventory Enticed Homebuyers

Existing home sales rose 3.1% last month from December to a seasonally adjusted annual rate of 4 million, the National Association of Realtors said Thursday. read more >
Construction / Manufacturing / Technology

Robots and Happy Workers: Productivity Surge Helps Explain US Economy’s Surprising Resilience

The productivity boom marks a shift from the pre-pandemic years, when annual productivity growth averaged a tepid 1.5%. read more >
Banking & Finance / Retail / Small Business

Consumer Sentiment Edges Higher as Economic Growth Accelerates and Inflation Fades

Still, consumer sentiment remains 6% below its long-run average after the worst spike in inflation in four decades pushed up the cost of groceries, rent, gas, and other necessities, frustrating many consumers. read more >
Banking & Finance / Energy / Health Care / Insurance / Real Estate / Restaurants & Food / Tourism

US Inflation Slows in January, but Remains Elevated

The prices of services — hotel rooms, restaurant meals, auto insurance, apartment rents and the like — are still rising faster than they did before the pandemic and keeping overall inflation persistently high. read more >
Banking & Finance / Investments / Nonprofits / Small Business

Report: Wealth Disparities by Race Grew During The Pandemic, Despite Income Gains

According to a report from the New York Federal Reserve Bank, the real net worth of white individuals has outgrown that of Black and Hispanic individuals by 30 percentage points and 9 percentage points, respectively. read more >
Media & Marketing / Public Companies / Retail

Brands Prune Offerings to Focus on Best Sellers

Many companies think they're also doing shoppers a favor, with studies showing that fewer choices, not lots of variety, actually encourage shoppers to buy more. read more >
Energy

US Oil, Gas Production Set Records in December, EIA Says

Domestic consumption of natural gas had a record month in January due to a stretch of brutal winter weather. read more >
Tourism

Sports Betting Revenue Hit $7.5B in 2022

Sports betting continues to explode in the United States since its legalization starting in 2018, with gross gaming revenue from sports betting reaching $7.5 billion in 2022. That’s according to […] read more >