Further loss of service sector momentum weighs on overall US economic performance
US businesses signalled a broad stagnation in output at the end of the third quarter as manufacturers and service providers alike indicated muted demand conditions. September data indicated the worst performance across the private sector since February, as the service economy lost further momentum. New orders fell at the strongest pace this year so far as demand for services slipped further into contractionary territory. Manufacturers also saw a drop in new sales, albeit at a slightly softer pace. Cost pressures ticked higher again, as input prices rose at a marked pace. Nonetheless, the rate of cost inflation was ... (full story)
- Older Stories
The industry’s elite were on full display on Thursday evening with the highly anticipated UF AWARDS Global 2023 ceremony making a noteworthy splash. All the top brands across ...
tweet: ECB’S LANE: A 4% ECB RATE WILL DO QUITE A BIT TO BRING INFLATION TO 2%. tweet: ECB’S LANE: THE 4% RATE HAS TO BE HELD SUFFICIENTLY LONG. tweet: ECB’S LANE: THE ECB IS STILL VERY DATA DEPENDENT. tweet: *LANE: LOTS OF DATA NEEDED GIVE ASSURANCE PRICES HEADED TO GOAL *LANE: KEY WAGE DATA WON'T BE AVAILABLE UNTIL SOMETIME INTO 2024 tweet: ?*ECB'S LANE: EURO-AREA ECONOMY THIS YEAR WILL BE `FAIRLY MUTED' *ECB'S LANE: A LOT OF REASONS FOR ECONOMY TO STAGNATE THIS YEAR
tweet: ECB's de Cos: -We certainly can't rule out cuts. I do not want to and cannot confirm them either -Underlying inflation is now easing, so we seem to have finally turned corner -interest rate level if maintained for sufficiently long is broadly consistent with achieving targetde Cos: “It is quite normal if we do not always agree on everything” BZ: Mr Hernandez de Cos, the European Central Bank (ECB) is in a dilemma with excess inflation and increasing economic risks. What worries you more at the moment - sticky inflation or a rapid economic deterioration? Let me explain how we see the outlook. The euro area economy broadly stagnated in the first half of this year and has remained weak in the third quarter. In the coming quarters, we are likely to see low growth. This more negative short-term outlook is the main reason behind the ECB experts lowering their projections, and they now expect cumulative growth for the period 2023-2025 to be 1% lower. This is a significant downward revision. And the risks to this projection are tilted to the downside. But the baseline scenario is not a dramatic one, and they do not foresee a recession. As regards inflation, the staff projections for 2023 and 2024 have b
- Newer Stories
House Republican leaders on Thursday sent the chamber into recess, likely dashing hopes of passing a bill to fund the government in the coming days. The schedule change was an ...
Thank you for the invitation to join you today, and congratulations on 50 years of working together to better serve the people of Colorado. As a former community banker, it is always great to be with community bankers and to recognize the importance of your work to strengthen economic opportunities for your communities and your customers. I look forward to hearing more about the issues affecting your institutions and your customers, including the impact of the Federal Reserve's regulation and supervision. Before we turn to our conversation, I'd like to offer a few thoughts on the economy and monetary policy, since the members of the Federal Open Market Committee (FOMC) met earlier this week. As you know, at that meeting, my colleagues and I voted to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent, after raising rates sharply over the past year and a half to reduce inflation. During that time, we have seen considerable progress on lowering inflation, warranting a more gradual pace of increases this year and supporting the decision this week to hold rates steady. However, inflation is still too high, and I expect it will likely be appropriate for the Committee to raise rates further and hold them at a restrictive level for some time to return inflation to our 2 percent goal in a timely way. Most recently, the latest inflation reading based on the consumer price index showed that overall inflation rose, responding in part to higher oil prices. I see a continued risk that energy prices could rise further and reverse some of the progress we have seen on inflation in recent months. At the same time, the economy has remained st tweet: <=USD>:*BOWMAN: MORE RATE HIKES LIKELY NEEDED TO GET INFLATION TO 2% ?*BOWMAN SEES RISK ENERGY PRICES RISE MORE, HURTING INF PROGRESS *BOWMAN:LIKELY APPROPRIATE FOMC HIKES RATE IF INFLATION TOO HIGH tweet: FED'S BOWMAN: WE NEED TO REPEAT MONETARY POLICY ISN'T ON PRESET COURSE. tweet: Nevertheless, Bowman allows that she supported the decision to hold rates steady this week because "we have seen considerable progress on lowering inflation."
Major automakers are calling into question the United Auto Workers’ motives in launching targeted strikes in light of leaked messages by a union director calling to “keep them ...