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Hopes for more Fed rate cuts dim as Powell notes hot CPI means 'we're not quite there yet'
A Federal Reserve interest rate cut won't be coming until at least September, if at all this year, following a troubling inflation report Wednesday, according to updated market pricing. Futures markets shifted from the expectation of a June cut and possibly another before the end of the year to no m
Trump's Mexico and Canada tariffs could add nearly $6,000 to the average cost of a car, by one estimate
Americans shopping for cars may need to fork over thousands more if President Donald Trump's proposed tariffs go into effect, according to data from investment bank Benchmark Co. Analyst Cody Acree estimated that the average sticker price would rise about $5,790, based on the impact of the currently
Consumer prices rise 0.5% in January, higher than expected as annual rate rises to 3%
Inflation perked up more than anticipated in January, providing further incentive for the Federal Reserve to hold the line on interest rates. The consumer price index, a broad measure of costs in goods and services across the U.S. economy, accelerated a seasonally adjusted 0.5% for the month, puttin
Consumer price report Wednesday expected to show inflation isn't going away
The January consumer price index report is likely to tell a familiar story: Another month, another expected miss for inflation as it relates to the Federal Reserve's goal, with concerns aplenty about what happens from here. So instead of looking for hope from the headline readings, which aren't expe
Trump's steel tariffs could trigger broader trade war as EU threatens 'proportionate countermeasures'
The European Union plans to retaliate against the United States for new steel and aluminum tariffs. "Unjustified tariffs on the EU will not go unanswered—they will trigger firm and proportionate countermeasures," European Commission President Ursula von der Leyen said in a statement late Monday. The
Asian economies scramble to appease Trump as the U.S. president ratchets up tariff threats
As the specter of Donald Trump's reciprocal tariffs looms, several Asian economies that enjoy substantial trade surpluses with Washington are scrambling to negotiate favorable solutions with the U.S president to prevent being slapped with higher duties. Trump said Friday that he would announce recip
Consumer inflation fears spike in February as tariff worries hit sentiment
Consumers grew dramatically more worried about near-term inflation as President Donald Trump pushed aggressive tariffs against major U.S. trading partners, a closely watched survey showed Friday. The University of Michigan consumer survey for February showed that respondents expect the inflation rat
Unemployment spiked for Black men in January as more joined the labor force
Unemployment among Black men surged in January as the number of those looking for work increased, according to data released Friday by the Department of Labor. In January, Black workers saw their jobless rate edge higher to 6.2% from 6.1% in the month prior. This trend bucked the overall unemploymen
Minneapolis Fed's Kashkari expects lower interest rates later this year
Minneapolis Federal Reserve President Neel Kashkari said Friday he expects to see interest rates lower this year if the economic data continues to move in the same direction. In a CNBC interview, the central bank official expressed confidence that inflation will continue to drift down to the Fed's 2
Here's where the jobs are for January 2025 — in one chart
Health care was a bright spot once again for the U.S. economy in January, even as overall job growth showed signs of slowing. Data on job growth in different area of the economy from the Bureau of Labor Statistics showed health care and social assistance as the leading category, adding 66,000 jobs.
U.S. economy added just 143,000 jobs in January but unemployment rate fell to 4%
Job creation was lower than expected in January, though the unemployment rate edged down and worker wages rose sharply, the Bureau of Labor Statistics reported Friday. Nonfarm payrolls climbed by a seasonally adjusted 143,000 for the month, down from an upwardly revised 307,000 in December and below
Some Census Bureau data now appears to be unavailable to the public
Many databases from the U.S. Census Bureau appeared to be unavailable to the public on Thursday, with users being told access was "forbidden" when attempting to download common datasets. Several data experts told CNBC that they were receiving the same error message on files that are routinely availa
The big January jobs report comes out Friday. Here's what to expect
The U.S. labor market likely began 2025 in solid fashion, if a bit of a step down from where it closed the previous year. When the Bureau of Labor Statistics releases its nonfarm payrolls count for January, it is projected to show growth of 169,000, down from 256,000 in December but nearly in line w
Bank of England's Bailey says UK can't avoid U.S. tariff impact — even if it's not in the direct firing line
Even if the U.K. is not the "direct recipient" of potential tariffs imposed by the U.S., "it will have an effect," Bank of England Governor Andrew Bailey said Thursday. If tariffs are announced, their effect on the global economic growth and inflation would need to be looked at, Bailey told CNBC's S
Bessent says Trump is focused on the 10-year Treasury yield and won't push the Fed to cut rates
The Trump administration is more focused on keeping Treasury yields low rather than on what the Federal Reserve does, Treasury Secretary Scott Bessent said. While in the past President Donald Trump has implored the Fed to cut its benchmark rate, Bessent said Wednesday that the current strategy is us
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