Category: fox-news/fox-news-us/fox-news-economy/inflation

Worried about losing your job? Financial backup plan is essential, say experts

With daily reports in the media about companies laying off employees and small business owners struggling to make their payrolls, millions of Americans are going to sleep each night worried they may lose their jobs.  Although the reality of these difficult economic conditions exists, excessive worrying about the prospect of being downsized isn’t an effective way to handle the possibility, experts say.  To be better…

Wholesale inflation accelerates more than expected in January

Inflation at the wholesale level rose much more than expected in January, underscoring the challenge of taming price pressures within the economy.  The Labor Department said Friday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, jumped 0.3% in January from the previous month. On an annual basis, prices remain up 0.9%. Those figures are both higher than…

Retail sales tumble much more than expected in January

Americans pumped the brakes on spending in January after the pivotal holiday season as they continued to confront high interest rates and steeper prices for everyday goods. Retail sales, a measure of how much consumers spent on a number of everyday goods including cars, food and gasoline, tumbled 0.8% in January, the Commerce Department said Thursday. That is lower than both the 0.1% decline projected…

Dow plunge accelerates, on pace for worst day of 2024

U.S. stocks tumbled in a broad sell-off after a hotter-than-expected inflation report may jeopardize the Federal Reserve’s plan to cut interest rates. The Dow Jones Industrial Average fell more than 600 points during intraday trading, or 1.7%, and is on pace for the worst session in 11 months.  The benchmark has erased almost half its gains for 2024 with the 10-year Treasury yield nearing 4.3%. …

January inflation breakdown: Where are prices still rising the fastest?

Inflation rose faster than expected in January as an increase in the cost of rent and food kept prices elevated for millions of U.S. households.  The Labor Department said Tuesday that the consumer price index, a broad measure of the price of everyday goods including gasoline, groceries and rent, rose 0.3% in January from the previous month. Prices climbed 3.1% from the same time last…

Inflation rises faster than expected in January as high prices persist

The Labor Department said Tuesday that the consumer price index, a broad measure of the price of everyday goods including gasoline, groceries and rent, rose 0.3% in January from the previous month, more than expected. Prices climbed 3.1% from the same time last year, which also came in above the 2.9% expectation from Refinitiv economists. This is a developing story. Please check back for updates….

US job growth unexpectedly jumps in January as economy adds 353,000 new positions

U.S. job growth unexpectedly surged in January, underscoring the resilience of the labor market even in the face of high interest rates and stubborn inflation. Employers added 353,000 jobs in January, the Labor Department said in its monthly payroll report released Friday, easily topping the 180,000 gain forecast by Refinitiv economists. The unemployment rate held steady at 3.7%, against expectations for a slight increase. Wage…

Rising costs of housing pushing millennials to make ‘drastic sacrifices’ by living in vans for years

The rising costs of living over the last few years have driven the younger generation to make “drastic sacrifices” in order to reset their financial stability or be able to own a home in the future. Younger people are opting to live in cost-effective vans and showcase their tiny living quarters on TikTok to the fascination of the internet.  Michael Alberse, a TikToker with 57K…

Education Department plans inflation fix for new FAFSA

The Department of Education said it will fix a problem with the new Free Application for Federal Student Aid (FAFSA), which would have cost students about $1.8 billion in lost federal aid, according to news first reported by NPR. While the new form was intended to give students from low-income backgrounds access to more aid as well as streamline the application process, the tables used to…

Ohio man complaining about rising food prices eats Costco hot dogs for entire week: ‘Best $43 I’ve ever spent’

An Ohio resident, while complaining about the rising costs of food in the past few years, explained that he took upon himself a challenge to eat discounted meals from Costco for an entire week. The total? About $45.  Joey Kinsley from Cleveland ate hot dogs and soda from the wholesale giant, spending about $1.50 per meal – which included 1 hot dog and a soda…

Fed’s favorite inflation gauge rose 0.2% in December

An inflation measure closely watched by the Federal Reserve rose in December after declining the previous month as high prices continued to weigh on millions of Americans. The personal consumption expenditures (PCE) index showed that consumer prices rose 0.2% from the previous month, according to the Labor Department. On an annual basis, prices climbed 2.6% – unchanged from the previous month. The figures were both…

Consumers are propping up the US economy, but they’re going into debt to do so

Americans’ commitment to spending, even in the face of high inflation and interest rates, has kept the U.S. economic engine running for the past two years, but that may finally be coming to an end.  Households are draining their savings and racking up a historic amount of credit card debt, which could finally bring to an end the post-COVID-19 spending spree. “Americans with jobs and…

Fighting inflation: Experts share what behavioral changes, habits can save you major cash in 2024

Americans are coming up with new ways to combat inflation through various budgeting hacks and experts say that a few behavioral and habitual modifications that push balance and commitment can save significant cash in 2024. Larry Sprung, the bestselling author of “Financial Planning Made Personal,” told Fox News Digital that it is important to have a balance between living for now and saving for years…

US economy grew faster than expected during the fourth quarter

The U.S. economy grew at a faster pace than expected at the end of 2023, underscoring its resilience even in the face of still-high inflation and steep interest rates. Gross domestic product, the broadest measure of goods and services produced across the economy, grew by 3.3% on an annualized basis in the three-month period from October through December, the Commerce Department said in its first…

US economic growth likely slowed at the end of 2023

The U.S. economy likely ended 2023 on solid footing, but momentum is expected to have cooled from earlier in the year as consumers battle high inflation and interest rates. Economists expect the Commerce Department’s first reading of gross domestic product, the broadest measure of goods and services produced in the country, to show the economy expanded by 2% on an annualized basis in the three-month…

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