‘A modest recession will begin in the second half of 2023’: Fannie Mae
Government-sponsored enterprise Fannie Mae expects the U.S. economy to enter into a mild recession in the back half of 2023.
Economic Report
U.S. consumer sentiment rebounds slightly in late May, but worries persist
The final reading of a consumer-sentiment survey in May rebounded slightly, but Americans remained worried about the future of the economy.
Durable-goods orders get a boost from military spending
Orders for manufactured goods jumped 1.1% in April largely because of the military, but business investment also rose sharply in a positive sign for the U.S. economy.
U.S. trade deficit in goods leaps 17% as exports retreat
The trade deficit in goods shot up 17% in April to a six-month high of $96.8 billion, reflecting a rebound in imports and a broad decline in American exports.
U.S. prices rise again as fight against inflation stalls, PCE signals
The cost of goods and services rose 0.4% in April and inflation appears to have gotten stuck in the 4% to 5% range, complicating the Fed's interest-rate decision.
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Consumer spending is far from dead as Americans had cash registers ringing in April
Consumer spending jumped 0.8% in April as Americans bought more new cars and other goods and services, underscoring the resilience of the U.S. economy in the face of higher interest rates.
Bad news for homebuyers: Mortgage rates climb amid U.S. debt-ceiling concerns
The 30-year mortgage rate is averaging at 6.57%, Freddie Mac said in its latest weekly survey on Thursday.
U.S. jobless claims fall back to 229,000 after fraudulent filings are erased
The number of Americans who applied for unemployment benefits before Memorial Day totaled just 229,000, reflecting efforts by Massachusetts to weed out fraud.
Lack of homes for sale stalls pending sales in April as mortgage rates top 7%
U.S. pending-home sales remained flat in April, the National Association of Realtors said on Thursday.
First-quarter GDP ratcheted up to 1.3% from 1.1%. U.S. economy has lost some steam.
The U.S. grew at a somewhat faster but still tepid 1.3% annual pace in the first quarter, updated figures show. Here's the breakdown.
German recession declaration matches what economists believed all along
Germany was left meeting the technical definition of a recession after the Destatis statistics agency revised its estimate of first-quarter gross domestic production to a 0.3% quarterly contraction, from a previous estimat...
Surge in U.S. jobless claims could be wiped away after fraud is uncovered
A seemingly steady rise in U.S. layoffs since March could be wiped away after Massachusetts lowers its estimate of jobless claims to reflect a recent rash of fraud.
U.S. economy grew faster in May, S&P finds. Recession still appears far off
The biggest part of the U.S. economy sped up in May, S&P Global surveys showed, but manufacturers lagged behind.
New home sales rise as buyers run out of options in the resale market
New home sales at 683,000 annual rate in April versus 656,000 in prior month.
U.S. house prices experience the largest yearly decline since January 2012
Existing-home sales fell to a rate of 4.28 million in April, the National Association of Realtors said.
Banks trim loans slightly as deposits fall to nearly two-year low
Lending by banks fell slightly last week even as deposits dropped to a nearly two-year low, suggesting that U.S. financial institutions are in stable condition.
14 million mortgages were refinanced during ‘pandemic boom.’ That makes life very difficult for home buyers.
Low interest rates during the pandemic led to a refinance boom among homeowners, according to the Federal Reserve Bank of New York.
Rising layoffs? Not so fast. Fraud in Massachusetts inflates jobless claims.
Widespread fraud in Massachusetts has exaggerated the recent surge in jobless claims, suggesting a seemingly steady rise in U.S. layoffs is largely a mirage.
Bank borrowing from the Fed rises for second straight week
The amount of money U.S. banks borrowed from the Federal Reserve rose for the second week in a row, a sign that stress on the financial system hasn't totally gone away.
Bad news for home buyers: Mortgage rates inch higher, adding costs to the home-buying process
The 30-year mortgage rate is averaging at 6.39%, Freddie Mac said in its latest weekly survey on Thursday.
Slowing U.S. economy gets closer to recession, leading index signals
The U.S. leading economic index fell 0.6% in April and declined for the 13th month in a row, pointing once again to a potential recession later in the year.
U.S. jobless claims fall sharply to 242,000 as Massachusetts battles to reduce fraud
The number of Americans who applied for unemployment benefits in mid-May sank to 242,000, as Massachusetts worked to counter a recent spike in fraudulent claims.
Philadelphia Fed’s factory gauge shows ninth straight month of declining activity in May
The Philadelphia Fed said Thursday its gauge of regional business activity rose to negative 10.4 in May from negative 31.3 in the prior month.
Housing market supply crunch is pushing aspiring homeowners into new homes, boosting starts by 2.2% in April
Construction on new U.S. homes rose 2.2% in April, the Commerce Department said Wednesday.
Builder confidence rises for fifth consecutive month amid ongoing shortage of U.S. homes for sale
U.S. home builder sentiment rose for the fifth month in a row in May, the National Association of Home Builders said.
