On Tuesday, The Conference Board said its consumer confidence index fell to its lowest level in 12 years in September.
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Since taking over as Fed chair in late May, Warsh has made it clear he is less comfortable providing forward guidance than his predecessor.
Consider the dream of the presumptively dovish Warsh delivering a rate cut this year now officially dead and buried (if it wasn’t already)
Consumer prices jumped 3.5% in June. That’s higher than the Fed’s preferred 2% inflation rate, but lower than the 4.2% May rate.
Labor-intensive services such as gardening, home healthcare and day care and preschool were all significant drivers of inflation.
The Federal Reserve Bank of New York says remote work is a driving force behind the rise in unemployment among young college graduates.
Meta, Oracle, Amazon, and Coinbase have all made major layoffs as tech-sector job cuts surge past 111,000 for the year, per Layoffs.fyi.
Just 28% of workers say it’s a good time to find a quality job, down from 70% in mid-2022, according to data from Gallup.
Early adopters of artificial intelligence have redeployed staff from operational work to higher-value tasks.
Job gains are heavily concentrated in healthcare and social assistance, which added 125,000 jobs last month for the lion’s share of new gigs.
The number of available positions climbed to 7.67 million in October, according to the JOLTS report, good for the highest mark in five months.
Overall employment was likely roughly flat in October due to layoffs in the federal government amid the longest shutdown in history.
Boston city council members are considering an ordinance that would require a “human safety operator” to be present in autonomous vehicles.
The report cautions tariffs are driving inflation higher and says companies are grappling with whether to pass the costs to consumers.
It’s not all sunshine and roses, however, with economists still flagging rising inflation and a weakening labor market going forward.
Whatever they say, consumers’ actual spending has remained rock solid, even if sentiment is yet to return to prepandemic levels.