Economic Indicators

President Biden said Tuesday that tackling inflation is his "top domestic priority" but there's little any president can do unilaterally to bring down the high consumer costs that have dogged the president's approval numbers.

Inflation cooled for the first time in months in April, even as supply chain constraints, the war in Ukraine and strong consumer demand continued to keep consumers prices running near a 40-year-high.

President Biden on Tuesday called combating the hottest inflation in 40 years his top domestic priority as he sought to reassure Americans over sky-high consumer prices, which have become a majority political liability for Democrats.

Cleveland Federal Reserve President Loretta Mester said Tuesday she supports consecutive, half-point interest rate hikes at the central bank's next two meetings – and would back an even bigger increase down the road if sky-high inflation doesn't cool off by the second half of the year.

Job growth was higher than expected in April, keeping the Fed on its current track to raise rates.

Costco is no longer offering a mortgage program for its members.

U.S. job growth continued at a brisk clip in April, buoyed by hiring at restaurants and bars despite concerns about a looming slowdown and record-high inflation.

World food prices fell in April after a large jump in March, according to the United Nations' Food and Agriculture Organization (FAO).

The U.S. economy saw solid job growth in April, suggesting the labor market is still strong despite headwinds from rising interest rates, soaring inflation and a worsening labor shortage.

U.S. job growth likely continued at a brisk clip in April, suggesting the labor market is still strong despite headwinds from the highest inflation in four decades, global supply chain constraints and a worsening labor shortage.

The Federal Reserve raised rates by 50 basis points in May, and another rate hike could be on the way in the battle against rising inflation.

The number of Americans filing for unemployment benefits unexpectedly rose last week, hitting the highest level since February as soaring inflation and a persistent labor shortage weigh on businesses.

Fed Chairman Jerome Powell has pivoted sharply on inflation, transforming into a policy hawk in the months since he conceded that rising prices had proven to be more powerful and persistent than initially expected.

Goldman Sachs strategists led by Jan Hatzius said the probability of an economic downturn within the next 24 months is 38%.

The Federal Reserve is hoping to achieve the rarest of economic feats as it moves into full inflation-fighting mode: cooling consumer demand enough so that prices stop rising, without crushing it so much that it throws the country into a recession.

Counties in California's Bay Area saw significant population declines over the past year, according to the state's Department of Finance. 

A record number of Americans quit their jobs in March, underscoring how persistent turmoil in the labor market has made it difficult for employers to fill open positions.

The S&P 500 just suffered its worst April performance since 1970, plunging into its second correction of the year — now, many experts are lowering their projection for the index this year.

Supply chain issues are pushing inflation higher, according to a report, and could soon push interest rates up.

Supply chain constraints, government spending and consumer demand have pushed inflation in the U.S. to the highest level in 40 years – but geopolitical elements are also fueling rising prices.