Latest US Economy News & Archive

Majority of American Millionaires Say They're 'Self-Made,' Don't Think They're Rich: Survey

Nearly 80% of American millionaires say that they are "self-made," however only about one third said that they would consider themselves wealthy.

US Household Incomes Rose In 2023: Census Bureau

Last year's median income was $80,610, up an inflation-adjusted 4% over 2022 and marked the first statistically significant increase since 2019.

Americans' Inflation Outlook Largely Unchanged: NY Fed

The latest Survey of Consumer Expectations showed little difference from a month earlier, with the biggest anticipated price hike involving medical care.

US Housing Prices Hit Record High In June, Fourth Month In A Row

The latest S&P Corelogic Case-Shiller Index showed a 5.4% annual increase, marking a "decelerating trend" from May, when the gain was 5.9%.

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CFPB Slashes Credit Card Late Fees, Saving Billions

The rule is expected to save Americans over $10 billion in late fees each year, lowering the typical fee from $32 to $8.

Fed Governor Says DeFi Trading Will Strengthen US Dollar's Global Dominance

Fed Governor Christopher Waller has given a different take the DeFi marketplace amid ongoing fears that it could erode the U.S. dollar's dominance.

U.S. to announce scientific breakthrough on fusion energy

US Nuclear Fusion Laboratory Repeats Net-Energy Gain Experiments; Fusion Power Closer In Sight

The US's leading fusion laboratory is ahead of schedule. How soon until utility-scale nuclear fusion becomes a reality?

Warren Buffett signaled strong support for the Bill and Melinda Gates Foundation even as he said he was resigning as a trustee

Berkshire Hathaway Adds Nearly $600M In Occidental Petroleum Stock After Permian Basin Acquisition

Warren Buffett's conglomerate increased its ownership of Occidental this week, signaling approval of the Houston-based oil company's purchase of CrownRock.

Consumers purchase gasoline at a gas station as a plane approaches to land at the airport in San Diego

Gas Prices For US Consumers Reach Two-Year Low As Holiday Travel Season Approaches

Record domestic oil output is driving down gas prices.

John C. Williams, president and CEO of the Federal Reserve Bank of New York speaks to the Economic Club of New York in the Manhattan borough of New York

New York Fed President Says Inflation Is Still 'Too High,' Work Isn't 'Nearly Done'

John Williams said interest rates should keep a restrictive stance for "quite some time.''

US new home sales eased to an annual rate of 679,000 in October, cooling from September's figure, said the Commerce Department

Pending Home Sales Fall To Record Low In October

The housing market is suffering from mortgage rates near the highest level in two decades.

US jobless claims have declined for five straight weeks, highlighting a healing in the labor market in the world's largest economy

Jobless Claims Rise Less Than Expected

Despite the indication of a slowdown, the numbers are more volatile because of the Thanksgiving holiday.

Gas prices fell in October, though the costs for shelter increased, the US Labor Department said

Fed's Preferred Inflation Index Rises The Least In More Than Two Years

The PCE index had the smallest gain since March of 2021 after a drop in energy prices.

Your credit score determines your creditworthiness to lenders when applying for loans, credit cards, and mortgages.

Mortgage Rates Fall To Lowest Level In 10 Weeks

Demand for mortgage loans is increases as rates fall.

While the bigger-than-expected drop in retail sales could give the Federal Reserve room to ease back on its rate hikes, the figure fuelled worries about the US economy

US Economic Growth In Third Quarter Was Stronger Than Previously Estimated

The upward revision was caused by stronger business investment and government spending.

Kenya is seeking to generate 100 percent of its electricity from renewables such as geothermal power by 2030

Google Begins Operation Of First Next-Generation Geothermal Energy Plant In Nevada

Google has successfully launched a joint venture with a startup to power data processing centers using energy from the Earth.

The day after Thanksgiving, 'Black Friday' marks the unofficial start of the holiday shopping season

Thanksgiving Weekend Shopping Rises To Record And Beats Expectations

Online shopping attracted more consumers than physical stores, the National Retail Federation said.

Independent producers are feeding solar and wind energy into the grid

Solar Remains Fastest Growing Energy Source In US, Producing More Electricity Than Hydro In 2023

Thermal and photovoltaic solar installations outpaced all other energy sources for the 12th consecutive year by a considerable margin.

People carrying shopping bags exit a retail store during the holiday season in New York

Consumer Confidence Recovers After Three Months Of Declines

Consumer expectations for future conditions still remain at a level that indicates a recession next year.

The US housing sector became a popular place despite the overall economic downturn caused by the Covid-19 pandemic, as cheap mortgage rates and the disruptions caused by the virus spurred people to shop for homes

Zillow Cuts Estimate For Home Prices In 2023

High mortgage rates and the increase in the inventory of homes for sale are putting downward pressure on prices.

New home sales came in stronger than expected in July, according to Commerce Department data, while the median sales price rose as well

New Home Sales Fall More Than Expected While Inventory Rises

The residential real estate market is responding to high interest rates.

Container trucks , ships and cranes are shown at the Port of Long Beach as supply chain problem continue from Long Beach, California, U.S. November 22, 2021.

Biden Creates Council And Announces Measures To Strengthen Supply Chain

The initiatives comes after supply chain disruptions led to an acceleration of inflation after the pandemic.

A pick-up in US consumer confidence has helped boost investor sentiment

Consumers Become Less Optimistic Amid Stronger Concern On Inflation

The University of Michigan says consumers see the possibility of inflation accelerating again.

The factory floor at Boeing's North Charleston, South Carolina, manufacturing facility for the 787 Dreamliner

Jobless Claims Drop Most Since June; Durable Goods Orders Fall More Than Expected

The data show resilience in the labor market while manufacturing struggles.

Rising interest rates is causing pain for British homeowners as mortgage rates are usually fixed for only several years

Mortgage Rates Fall To Lowest Level In Two Months; Applications Rise

Rates are responding to the drop in Treasury yields as inflation and the economy slow.

Fed minutes show some members backed an additional hike heading into the previous FOMC meeting

Fed Minutes Show Agreement To Proceed 'Carefully' On Interest Rates

The minutes say rates could rise more if progress on fighting inflation isn't sufficient.

US existing home sales dipped for a 10th straight month in November as mortgage rates spiked

Home Sales Fall To Lowest Level In More Than 13 Years

The drop was worse than economists expected as homebuyers are discouraged to make purchases.

Rising rent and a gasoline price rebound helped keep US consumer prices elevated in January

Landlords Are Offering More Concessions To Attract Tenants, Zillow Says

Concessions are more common in areas where construction of multi-family homes are booming.

A person enters a Best Buy store in Manhattan, New York City, U.S., November 22, 2021.

Best Buy, Lowe's Cut Forecasts As Consumers Become More Cautious

Quarterly sales were below analyst's estimates for both companies

40 Highest Paying Jobs In 2023: Where Passion Meets Money

Discover the professional landscape with our comprehensive guide to the 40 highest paying jobs in 2023, backed by data from Salary.com, Talent.com and US News & World Report.