Category: fox-business/economy

National Debt Tracker: American taxpayers (you) are now on the hook for $34,861,321,658,685.01 as of 7/11/24

The U.S. national debt is climbing at a rapid pace and has shown no signs of slowing down, despite the growing criticism of massive levels of government spending. The national debt — which measures what the U.S. owes its creditors — fell to $34,861,321,658,685.01 as of Thursday afternoon, according to the latest numbers published by the Treasury Department. That is down about $23 billion from…

Inflation unexpectedly falls to 3% in June

Inflation cooled more than expected in June, a welcome sign for the Federal Reserve even as prices remained uncomfortably high for millions of Americans. The Labor Department on Thursday said that the consumer price index (CPI), a broad measure of how much everyday goods like gasoline, groceries and rent cost, dropped 0.1% in June from the previous month. Prices remain up 3% from the same…

Costco hiking membership fees for first time in 7 years

It will soon cost more to be a part of the club. On Wednesday, Costco Wholesale announced plans to increase annual membership fees by $5 to $10 in the U.S. and Canada, effective Sept. 1. It is the first time in seven years the retail giant has done so. The annual fee, last raised in June 2017, would increase by $5 to $65 for “gold…

Mortgage refinance falls again, despite homeowners sitting on $17T in equity

American homeowners are sitting on a record $17 trillion in equity, yet the rapid rise in mortgage rates over the past two years has prevented many of them from tapping their equity in order to refinance. Data published Wednesday by the Mortgage Bankers Association (MBA) shows that demand for refinancing slid 2% last week as mortgage rates remain near a two-decade high. Refinance applications remain…

Inflation expected to slow again in June, but high prices are still crushing Americans

A closely watched inflation report due Thursday is expected to show that price pressures within the economy continued to ease in June. Economists expect the consumer price index, which measures a range of goods that includes gasoline, health care, groceries and rent, to show that prices rose 3.1% in June, down from the 3.3% reading recorded the previous month. On a monthly basis, inflation is…

Over 2M Texans out of power Tuesday after Beryl tears through the state

More than 2 million homes and businesses across Texas were left without power Tuesday morning after Beryl slammed into the state as a Category 1 hurricane. As of 8 a.m. ET Tuesday, about 2,315,753 electrical customers in Texas were in the dark, according to PowerOutage.us. Meanwhile, there are still more than 26,000 outages in Louisiana and more than 15,000 in Arkansas, according to the outage…

Commission finds COVID pandemic caused $18 trillion in economic damage to US

A new report by the Heritage Foundation’s Nonpartisan Commission on China and COVID-19 found that the COVID pandemic caused $18 trillion in economic losses to the U.S. and placed blame for the outbreak on the Chinese government. FOX Business exclusively viewed an advance copy of the report, which estimated that as of December 2023, the pandemic’s total economic cost in the U.S. topped $18 trillion…

Labor market nearing pre-pandemic conditions, Fed report says

The Federal Reserve said Friday in a report to Congress that the U.S. labor market is back in the “tight but not overheated” situation it was in before the COVID pandemic threw the economy into disarray. The report noted that the job market “continued to rebalance over the first half of this year,” and added: “Labor demand has eased, as many job openings have declined…

U.S. economy adds 206,000 jobs; April, May revised down

U.S. employers added 206,000 jobs in June, more than expected and slightly below the revised 218,000 added in May, a sign the labor market remains solid. The unemployment rate ticked up slightly to 4.1% vs. 4%.  This as both April and May data points were adjusted lower by a combined 111,000, signaling fewer jobs created. This may please the Federal Reserve, which is looking for…

Americans’ student loan balance tops $1.6 trillion; nearly half of borrowers haven’t resumed payments

Student loan borrowers in the U.S. are taking their time resuming repayments after the last pandemic-related pause expired late last year. Repayments were paused for borrowers of federal student loans from mid-March 2020, when the COVID pandemic began, and remained in effect until Sept. 1, 2023, 3½ years after the repayment pause began. Data from the Department of Education shows that, as of the end…

Private sector job growth slows in June to just 150,000, worse than expected

Hiring by U.S. companies slowed more than expected in June, pointing to a labor market that is continuing to cool in the face of higher interest rates, according to the ADP National Employment Report released Wednesday morning. Companies added 150,000 jobs last month, missing the 160,000 gain that economists surveyed by Refinitiv predicted and down from the revised 157,000 figure in May. At the same…

Delta flight from Detroit to the Netherlands diverted over spoiled food

A Delta flight from Detroit to Amsterdam was diverted early Wednesday morning after passengers consumed spoiled food. “Delta flight 136 from Detroit to Amsterdam diverted to New York’s JFK early Wednesday morning after reports that a portion of the Main Cabin in-flight meal service were spoiled,” a Delta spokesperson said in a statement to FOX Business.  Flight crews consulted with medical experts, who recommended the…

National Debt Tracker: American taxpayers (you) are now on the hook for $34,841,059,628,786.80 as of 7/2/24

The U.S. national debt is climbing at a rapid pace and has shown no signs of slowing down, despite the growing criticism of massive levels of government spending. The national debt — which measures what the U.S. owes its creditors — rose to $34,841,059,628,786.80 as of Tuesday afternoon, according to the latest numbers published by the Treasury Department. That is up about $9.4 billion from…

Six Flags merges with Cedar Fair to become largest amusement park operator in North America

Six Flags Entertainment Corporation says its merger with Cedar Fair Entertainment Company has now formed the “largest” amusement park operator in North America, with a new combined portfolio of 42 parks across the U.S., Canada and Mexico.  The merger, which was completed Monday, puts the estimated value of the company at $8 billion and “brings together the strengths of both companies, combining Cedar Fair’s reputation…

National Debt Tracker: American taxpayers (you) are now on the hook for $34,831,634,431,393.47 as of 7/1/24

The U.S. national debt is climbing at a rapid pace and has shown no signs of slowing down, despite the growing criticism of massive levels of government spending. The national debt — which measures what the U.S. owes its creditors — rose to $34,831,634,431,393.47 as of Monday afternoon, according to the latest numbers published by the Treasury Department. That is up about $108.9 billion from…

Who added more to the national debt, Biden or Trump?

With great fanfare and lacking in any context or anything beyond linear thinking, The Hill recently published an article entitled “Trump Added Twice as Much to the National Debt as Biden.”  The article was based on a recent study by the Committee for a Responsible Budget that compared the fiscal records of the two presidents. The comparison was not based on what has actually been observable, but on the Congressional Budget Office’s own…

John Deere announces mass layoffs in Midwest amid production shift to Mexico

John Deere, the world’s largest seller of tractors and crop harvesters, has announced another wave of layoffs Friday, telling around 610 production staff at plants in Illinois and Iowa that they will be out of a job by the end of the summer, according to reports.   The company is slashing around 280 workers from a plant in East Moline, Illinois, while another 230 employees are…

Inflation measure closely watched by the Fed rises 2.6% in May

The personal consumption expenditures (PCE) index showed that prices were unchanged from the previous month, according to the Labor Department. On an annual basis, prices climbed 2.6%. Both of those figures are in line with expectations. This is a developing story. Please check back for updates. Go to Source

National Debt Tracker: American taxpayers (you) are now on the hook for $34,724,689,266,963.11 as of 6/27/24

The U.S. national debt is climbing at a rapid pace and has shown no signs of slowing down, despite the growing criticism of massive levels of government spending. The national debt — which measures what the U.S. owes its creditors — dipped to $34,724,689,266,963.11 as of Thursday afternoon, according to the latest numbers published by the Treasury Department. That is down about $23.7 billion from…

National Debt Tracker: American taxpayers (you) are now on the hook for $34,748,398,688,455.49 as of 6/26/24

The U.S. national debt is climbing at a rapid pace and has shown no signs of slowing down, despite the growing criticism of massive levels of government spending. The national debt — which measures what the U.S. owes its creditors — dipped to $34,748,398,688,455.49 as of Wednesday afternoon, according to the latest numbers published by the Treasury Department. That is down about $204 million from…

America’s top restaurants for customer satisfaction

Inflation has made dining out more of a luxury these days, but despite higher prices, Americans’ satisfaction with their restaurant experiences has actually risen a bit over the past year – and the people have spoken when it comes to the places they love most. The American Customer Satisfaction Index (ACSI) Restaurant and Food Delivery Study 2024, released Tuesday, found consumers’ overall satisfaction with full-service…

How the US national debt is keeping mortgage rates elevated

Prospective homebuyers in the U.S. are keeping a close eye on the Federal Reserve as they eagerly await interest rate cuts that could offer relief from painfully high borrowing costs. But there is another factor that could keep mortgage rates elevated in the coming months and years: the U.S. national debt. “As mortgage rates remain near 7%, a lot of attention is being paid to…

Olive Garden parent CEO says fast food inflation driving customers to sit-down franchises

Sit-down restaurant prices at fast food chains are pushing some customers to skip the drive-thru in favor of the genuine casual-dining experience, according to Darden Restaurants CEO Rick Cardenas. Cardenas said Darden, which owns popular franchises including Olive Garden and Longhorn Steakhouse, has not yet benefited from the trend, but noted competitors like Brinker International, which owns Chili’s, and Applebee’s parent Dine Brands have begun…

Olive Garden raising menu prices again

Olive Garden customers can expect menu prices to increase in the near future after the popular Italian restaurant chain has kept price hikes well below inflation in recent years, parent company Darden Restaurants said this week. Darden CFO Raj Vennam told analysts on the company’s earnings call Thursday that Olive Garden menu prices for this year are “to be more in line with inflation” in…

Southwest flight heading for Oklahoma City dives to 500 feet above neighborhood

The Federal Aviation Administration (FAA) is investigating a Southwest Airlines flight that dropped to around 500 feet from the ground earlier this week during a missed approach while landing at Oklahoma City’s Will Rogers World Airport, reports say.  Data from the flight-tracking website FlightAware shows that the Boeing 737-800 passenger jet was flying low over Yukon – a city on the outskirts of Oklahoma City…

American Airlines flight attendants ‘one step closer to a strike’ after talks end without agreement: union

The Association of Professional Flight Attendants, which represents 28,000 flight attendants, said it is “one step closer to a strike” after ongoing contract talks with American Airlines ended Thursday without an agreement. Union president Julie Hedrick, who is also a career flight attendant, said in a statement that the airline “did not come to the table” with an adequate compensation agreement “after years of bargaining,…

National Debt Tracker: American taxpayers (you) are now on the hook for $34,734,110,906,935.60 as of 6/20/24

The U.S. national debt is climbing at a rapid pace and has shown no signs of slowing down, despite the growing criticism of massive levels of government spending. The national debt — which measures what the U.S. owes its creditors — declined to $34,734,110,906,935.60 as of Thursday afternoon, according to the latest numbers published by the Treasury Department. That is down about $16 billion from…

Hollywood Arby’s shutters doors after more than 5 decades in business following minimum wage hike

Hungry people strolling down Hollywood’s Sunset Boulevard may find themselves wondering who has the meats after Arby’s closed its long-standing location after more than five decades in business. The fast food joint’s iconic cowboy hat sign was captured by FOX 11’s SkyFOX camera on Tuesday reading, “Farewell Hollywood. TY for 55 great years.”  The restaurant near Bronson Avenue closed on Saturday, according to local reports. …

Majority of US hotels are understaffed ahead of summer rush

Many vacationers headed to hotels this summer might not see the full array of services typically offered as staffing shortages have led to a domino effect in a lack of amenities. Those range from clean rooms to hotel dining. Although post-pandemic staffing has improved in the hotel industry each year, there are still positions unfilled. The National Hotel & Lodging Association says 76% of hotels…

US home prices just smashed another record high as affordability crisis deepens

The cost of buying a new house just hit a fresh record, even as mortgage rates dipped to the lowest level in three months, according to a new report. Findings from Redfin show the median U.S. home sale price soared to $394,000 during the four weeks ended June 9 – a 4.4% increase from a year earlier.  The monthly mortgage payment at that price, when…