Latest Consumer spending News

EXPLAINER: How do we know when a recession has begun?

Aug. 05, 2022 14:54 PM EDT

WASHINGTON (AP) — Whether the U.S. economy is heading for a recession got more difficult to answer Friday, when a report showed employers hired hundreds of thousands more workers last month than expected. The stunning strength made clear that a linchpin of the economy remains...

Inflation and wage data suggest US prices will keep climbing

Jul. 29, 2022 11:19 AM EDT

WASHINGTON (AP) — Inflation surged in June and workers' average wages accelerated in the spring — signs that Americans won't likely feel any relief from rising prices anytime soon and that the Federal Reserve will feel compelled to further raise borrowing costs. An inflation...

EXPLAINER: How do we know when a recession has begun?

Jul. 28, 2022 12:35 PM EDT

WASHINGTON (AP) — The U.S. economy has contracted for two straight quarters, intensifying fears that the nation is on the cusp of a recession — if not already in one — barely two years after the pandemic recession officially ended. Six months of contraction is a long-held...

Best Buy cuts sales forecast as inflation tempers spending

Jul. 27, 2022 19:19 PM EDT

NEW YORK (AP) — Best Buy, the nation's largest consumer electronics chain, cut its annual sales and profit forecast Wednesday, citing surging inflation that has dampened consumer spending on gadgets. The Minneapolis-based company echoed Walmart, which earlier this week said higher...

US economy sending mixed signals: Here's what it all means

Jul. 27, 2022 10:30 AM EDT

WASHINGTON (AP) — The U.S. economy is caught in an awkward, painful place. A confusing one, too. Growth appears to be sputtering, home sales are tumbling and economists warn of a potential recession ahead. But consumers are still spending, businesses keep posting profits and the...

US economy sending mixed signals: Here's what it all means

Jul. 26, 2022 13:43 PM EDT

WASHINGTON (AP) — The U.S. economy is caught in an awkward, painful place. A confusing one, too. Growth appears to be sputtering, home sales are tumbling and economists warn of a potential recession ahead. But consumers are still spending, businesses keep posting profits and the...

Fed set to impose another big rate hike to fight inflation

Jul. 25, 2022 12:31 PM EDT

WASHINGTON (AP) — Conflicting signs about the health of the U.S. economy have thrust the Federal Reserve into a difficult spot. With inflation raging at a four-decade high, the job market strong and consumer spending still solid, the Fed is under pressure to raise interest rates...

Retail sales up 1% in June, easing fears of a recession

Jul. 15, 2022 13:34 PM EDT

NEW YORK (AP) — Consumers picked up their spending from May to June, underscoring their resilience despite painfully higher prices at the gas pump and in grocery aisles and allaying fears that the economy might be on the verge of a recession. U.S. retail sales rose 1% in June, from...

China's economy shrinks 2.6% during virus shutdowns

Jul. 15, 2022 01:09 AM EDT

BEIJING (AP) — China’s economy contracted in the three months ending in June compared with the previous quarter after Shanghai and other cities shut down to fight coronavirus outbreaks, but the government said a “stable recovery” is under way after businesses reopened. The...

Asian shares mixed after China says growth weakened in 2Q

Jul. 14, 2022 23:44 PM EDT

BANGKOK (AP) — Share prices were mixed in Asia on Friday after China reported its economy contracted by 2.6% in the last quarter as virus shutdowns kept businesses closed and people at home. Tokyo's Nikkei 225 index added 0.6% to 26,797.47. The Kospi in Seoul was up 0.1% at...