Tag: U.S. economy

A money manager acting on behalf of Rafael Bostic, president of the Federal Reserve Bank of Atlanta, bought and sold shares in 19 exchange-traded funds on May 2 this year, a date that fell within the Fed’s “blackout period” during which Fed officials are forbidden to make trades.

Small and regional U.S. banks have survived the collapse of Signature and Silicon Valley banks and their stock values have largely stabilized—only to face a future of tighter regulations, lower stock values, and demands from depositors for higher interest rates, Wall Street Journal analyst James Mackintosh wrote in a 14 June essay.

During the COVID War in 2021, 47.7 million people quit their jobs, according to the U.S. Bureau of Labor Statistics, the most since the bureau began tracking the number in 2001. 

U.S. consumers spent 0.3 percent more on retail purchases in May than in April, the U.S. commerce department reported, besting economists’ expectations of a 0.2-percent decline.

The U.S. national debt reached a record $32 trillion after Congress agreed to lift the debt ceiling once again after a months-long standoff over spending cuts.

After 10 interest-rate increases in as many meetings, the U.S. Federal Reserve’s Open Market Committee held the central bank’s key federal funds rate steady at 5.0 percent on deposits and 5.25 percent on loans at its meeting last week.

Signet Jewelers, the parent company of the Zales and Kay jewelry store chains, cut its 2023 financial outlook, saying the COVID lockdown killed sales and the following rise in inflation and interest rates has slashed demand for engagement rings.

During this year’s first quarter, online banks increased their total deposits while small and regional brick-and-mortar competitors were seeing depositors flee.

New claims for jobless benefits rose to 261,000 in the most recent week, rising 28,000 from the week before, the U.S. labor department reported.