Americans cut back sharply on retail spending last month as the holiday shopping season began with high prices and rising interest rates forcing families, particularly lower income households, to make harder decisions about what they buy.
The number of Americans applying for unemployment benefits fell significantly last week, a sign that the labor market remains strong even as the Federal Reserve continues to raise interest rates in an effort to cool the economy and slow inflation.
After four straight three-quarter-point interest rate hikes, the Federal Reserve is set to announce a smaller half-point increase in its key rate today, a first step toward dialing back its efforts to combat inflation.
Inflation in the US slowed again last month in the latest sign that price increases are gradually cooling despite the pressures they continue to inflict on American households.
The election for a seat on Louisiana’s Public Service Commission has gained national attention as major utility companies and outside political action committees pour hundreds of thousands of dollars into the race.
The average long-term U.S. mortgage rate fell for the fourth consecutive week and has dropped more than three-quarters of a point since hitting a 20-year high last month.