Higher car prices are forcing Americans to hold onto their vehicles longer than they want to, according to a new survey, The price of new and used cars remains high, with many car owners planning to delay selling their vehicles, along with rising borrowing rates and high inflation cutting into many Americans’ expenses. The average…
Manufacturing Levels Plummet to 2023 Lows, Shatter Expectations
Manufacturing activity in New York State fell sharply in May 2023, according to the Empire State Manufacturing Survey released by the Federal Reserve Bank of New York. The headline general business conditions index plunged 43 points, to -31.8, drastically falling below the expected level of -2.5. The survey reveals that new orders and shipments also…
Manufacturing Levels in New York State Plummet to 2023 Lows, Shatter Expectations
Manufacturing activity in New York State fell sharply in May 2023, according to the Empire State Manufacturing Survey released by the Federal Reserve Bank of New York. The headline general business conditions index plunged 43 points, to -31.8, drastically falling below the expected level of -2.5. The survey reveals that new orders and shipments also…
Manufacturing Levels in New York State Plummet to 2023 Lows, Far Below Expectations
Manufacturing activity in New York State fell sharply in May 2023, according to the Empire State Manufacturing Survey released by the Federal Reserve Bank of New York. The headline general business conditions index plunged 43 points, to –31.8, drastically falling below the expected level of –2.5. The survey reveals that new orders and shipments also…
Fed Officials Say Don’t Bet on Rate Cuts Even If There’s a Recession
Two senior Federal Reserve officials threw cold water on investor hopes for interest-rate cuts anytime soon as they both expressed concern about stubborn inflation. Raphael Bostic, president of the Federal Reserve Bank of Atlanta, highlighted the stickiness of inflation while saying that he does not anticipate any interest-rate cuts this year and, if anything, “we may have…
Biggest Fear Among US Business Leaders Is ‘Catastrophic’ Debt Default: White House Economic Adviser
May 15, 2023
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A key aide to President Joe Biden said Sunday that American business leaders’ chief concern is not inflation or recession but the looming threat of a “catastrophic” government debt default. Lael Brainard, director of the White House National Economic Council, told CBS’ “Face the Nation” on Sunday that the country’s top business leaders have told her…
States Face Budgetary Pressure Amid Weaker April Income Tax Revenues
A number of states are feeling financial strain as they deal with lower income tax revenues for April compared to last year, but Fitch Ratings says most remain on track to meet or exceed year-end budget forecasts thanks in part to conservative revenue projections and prior-year surpluses that boosted reserves. April is a key month…
Recession Odds Rise to Highest in 40 Years: Fed
The odds that the United States will fall into a recession at some point over the next 12 months have risen to a 40-year high, according to a probability model from the New York Federal Reserve. The probability that the country will enter a recession within the next year has risen to 68.2 percent, according…
Consumer Sentiment Hits 6-Month Low in May: Survey
May 12, 2023
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Consumer sentiment in the United States took a hit in May, dropping to its lowest point this year. This decline comes amid renewed concerns about the American economy and elevated expectations for inflation in the long term. According to the University of Michigan’s preliminary reading of its consumer sentiment index, the figure dropped to 57.7—considerably…
Biden Nominates Philip Jefferson as Federal Reserve Vice Chair
Federal Reserve Governor Philip Jefferson has been nominated by President Joe Biden to serve as the central bank’s next vice chair. If confirmed by the Senate, Jefferson would replace Lael Brainard, who resigned from her position in February to become the president’s chief economic adviser. He was widely expected to become the next Fed’s second…
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