U.S. consumers’ gloom deepened again in June, according to the University of Michigan’s monthly survey of consumer sentiment, after also slipping in April and May.
Tag: inflation
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CANADA’S CENTRAL BANK CUTS INTEREST RATE
On 5 June, the Royal Bank of Canada (RBC) became the first central bank among G7 countries to cut its key interest rate during the current inflationary cycle.
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EUROPEAN CENTRAL BANK CUTS INTEREST RATE BY QUARTER POINT
As expected, the European Central Bank (ECB) cut its key interest rate on loans from 4.25 percent to 4 percent last week.
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FAST FOOD, FASTER PRICE INCREASES
From 2014 through 2023, prices at a dozen fast-food chains increased between 39 and 100 percent, while inflation over the same 10 years added just 31 percent to costs, according to a new study by financial website FinanceBuzz.
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SALES SLOW DOWN AT CAMPBELL, BATH & BODY WORKS
People ate fewer Goldfish crackers and Pepperidge Farm cookies in this year’s first quarter, dropping revenue 2 percent in Campbell Soup’s snacks division, the company reported.
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U.S. ECONOMY TACKS ON ANOTHER 272,000 JOBS IN MAY
Employers took on another 272,000 workers last month, the U.S. Labor Department reported, well above the average of 232,000 over the preceding 12 months and the 190,000 that economists had expected.
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LUXURY STOCKS SLUMP ON CHANEL’S WARNING; LAUREN DISAPPOINTS
On 22 May, Chanel Ltd. reported double-digit gains in sales and profits in its most recent quarter.
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U.K., U.S. CONSUMERS CUT SPENDING IN APRIL
“Spending fatigue” has set in on both sides of the Atlantic, The Wall Street Journal reported, as shoppers in the U.K. spent 2.3 percent less in April than in March, the National Bureau for Statistics reported.
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AMERICANS FEELING ECONOMIC PAIN
Donald Trump insists the U.S. economy is “going to hell.” According to a new Harris poll, most Americans agree.
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SOME FED OFFICIALS UNSURE IF INFLATION CAN BE SLOWED FURTHER
Inflation’s pace slowed steadily through the last half of 2023 but has been stuck at around 3.5 percent for much of this year.