
Biden Says Inflation Is ‘Top Priority’ Before Meeting Fed Chair
President Joe Biden is set to meet with Federal Reserve Chairman Jerome Powell as soaring inflation takes a bite out of Americans’ pocketbooks.
President Joe Biden is set to meet with Federal Reserve Chairman Jerome Powell as soaring inflation takes a bite out of Americans’ pocketbooks.
An inflation gauge that is closely monitored by the Federal Reserve jumped 6.4 percent in February compared with a year ago, with sharply higher prices for food, gasoline and other necessities squeezing Americans’ finances.
U.S. construction spending fell 0.3 percent in May. Growth in housing, the economy’s standout performer, slowed while activity in areas most directly impacted by the pandemic showed further weakness.
The U.S. economy grew at a record 33.1 percent annual rate in the July-September quarter but has yet to fully rebound from its plunge in the first half of the year — and the recovery is slowing as coronavirus cases surge and government aid dries up.
U.S. home construction slipped 0.3 percent in March, as housing starts are running below last year’s pace in a sign that inventory could be a challenge for would-be buyers.
New orders for U.S.-made goods recorded their biggest decline in six months in January and business spending on equipment appeared to be slowing after strong growth in 2017.
Nationwide housing starts rose 13.7 percent in October to a seasonally adjusted annual rate of 1.29 million units after a slight upward revision to the September reading, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department.
Sales of new U.S. single-family homes unexpectedly rose in September, hitting their highest level in nearly 10 years, offering hope that the housing market was regaining speed after appearing to stall recent months.
U.S. homebuilding fell for a second straight month in August as a rebound in the construction of single-family houses was offset by persistent weakness in the volatile multifamily home segment.
The U.S. economy slowed less than initially thought in the first quarter, but there are signs it could struggle to rebound sharply in the second quarter amid slowing business investment and moderate consumer spending.
U.S. homebuilding unexpectedly fell in April amid a persistent decline in the construction of multifamily housing units and a modest rebound in single-family projects, pointing to a slowdown in the housing market recovery.
U.S. construction spending rose to a near 11-year high in February amid robust gains in homebuilding investment.
New U.S. single-family home sales rose less than expected in January, likely hurt by flooding in California, but continued to point to a strengthening housing market despite higher prices and mortgage rates.
U.S. homebuilding fell in January as the construction of multifamily housing projects dropped, but upward revisions to the prior month’s data and a jump in permits to a one-year high suggested the housing recovery remained on track.
The number of Americans filing for unemployment benefits rose more than expected last week, but the underlying trend remained consistent with tightening labor market conditions.
A drop in U.S. exports last month pushed the country’s trade deficit in goods higher while the number of Americans filing for unemployment benefits fell last week in a positive sign for the labor market.
New U.S. single-family home sales rose more than forecast to a four-month high in November, likely as expectations of higher mortgage rates drew buyers into the market.
U.S. housing starts rose more than expected in June as construction activity increased broadly, but a downward revision to the prior month’s data pointed to a housing sector treading water in the second quarter.