Browsing: Economy

Economy FOMC minutes signal rates may have peaked  

Federal Open Market Committee members were unanimous in their decision to hold interest rates steady at 5.25 to 5.5% at the December 12-13 meeting, and that doing so would promote further progress toward the committee’s 2% inflation target, according to minutes from the meeting.

Economy ABA Data Bank: Consumers expect to spend more on gifts in 2023

U.S. consumers plan to spend an average of $654 on holiday gifts this holiday season, up from $613 in 2022. In contrast, consumers expect to spend much less on non-gift holiday items such as food and decorations – only $330 this year compared to $393 in 2022.

Economy Home prices rose in August 

Home prices were up 2.6% in August compared to the same month a year ago, according to the S&P CoreLogic Case-Shiller Index, while the Federal Housing Finance Agency’s House Price Index showed prices rising 0.6% in August.

Economy

The labor market remained tight in June, according to the latest nonfarm payroll data from the Bureau of Labor Statistics. The unemployment rate was little changed at 3.6%. The monthly increase was driven by gains in education and health services, government, and construction that more than offset declines in trade and transportation.

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