Latest Federal Reserve System News

US jobless claims fall to 238,000 from 10-month high, remain low by historical standards

Jun. 20, 2024 16:04 PM EDT

WASHINGTON (AP) — The number of Americans applying for unemployment benefits slipped last week as the U.S. labor market remained resilient. The Labor Department reported Thursday that jobless claims fell by 5,000 to 238,000 from a 10-month high of 243,000 the week before. The...

Average long-term US mortgage rate falls again, easing to lowest level since early April

Jun. 20, 2024 16:04 PM EDT

LOS ANGELES (AP) — Home loan borrowing costs eased again this week as the average rate on a 30-year mortgage declined to its lowest level since early April. The rate fell to 6.87% from 6.95% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.67%. ...

Retail sales rise a meager 0.1% in May from April as still high inflation curbs spending

Jun. 18, 2024 14:56 PM EDT

NEW YORK (AP) — Consumers barely increased spending in May from April as still high prices on groceries and other necessities and high interest rates curbed spending. Retail sales rose 0.1% in May, below the pace that economists projected, the Commerce Department said Tuesday. And...

Stock market today: Asian shares mostly gain after Wall St rallies to new records

Jun. 18, 2024 01:44 AM EDT

BANGKOK (AP) — Shares were mostly higher in Asia on Tuesday after U.S. stocks rallied to more records, with gains for technology companies pushing the benchmarks higher. U.S. futures were flat and oil prices declined. This week has few top-tier economic reports...

Stock market today: Wall Street hangs around its records after European stocks slump

Jun. 14, 2024 17:03 PM EDT

NEW YORK (AP) — U.S. stocks hung around their record levels on Friday as Wall Street remained relatively quiet following another slide in Europe. The S&P 500 edged down by less than 0.1%, marking the first time this week where it did not set an all-time high. The Dow Jones...

Trump offers CEOs a cut to corporate taxes. Biden's team touts his support for global alliances

Jun. 13, 2024 19:14 PM EDT

WASHINGTON (AP) — Former President Donald Trump told an influential group of CEOs that he wants to further cut the corporate tax rate he lowered while in office, while President Joe Biden's chief of staff separately told them that the Democratic incumbent’s emphasis on global alliances would...

How major US stock indexes fared Thursday, 6/13/2024

Jun. 13, 2024 16:44 PM EDT

Most U.S. stocks fell, but hopes for coming cuts to interest rates and Wall Street’s continued frenzy around artificial-intelligence technology sent indexes to more record highs. The S&P 500 rose 0.2% Thursday after a day of drifting between shallow gains and losses, beating...

Mortgage rates ease for second straight week, leaving average rate on a 30-year home loan at 6.95%

Jun. 13, 2024 15:24 PM EDT

LOS ANGELES (AP) — Mortgage rates eased again this week, though the latest pullback leaves the average rate on a 30-year home loan at close to 7%, where it's been much of this year. The rate fell to 6.95% from 6.99% last week, mortgage buyer Freddie Mac said Thursday. A year ago,...

The number of Americans filing for jobless benefits jumps to the highest level in 10 months

Jun. 13, 2024 10:46 AM EDT

The number of Americans filing for jobless benefits jumped to the highest level in 10 months last week, a sign that the labor market is likely cooling under the weight of high interest rates. Unemployment benefit applications for the week ending June 8 rose by 13,000 to 242,000, up...

US wholesale prices dropped in May, adding to evidence that inflation pressures are cooling

Jun. 13, 2024 09:39 AM EDT

WASHINGTON (AP) — Wholesale price increases fell in May, the latest sign that inflation pressures in the United States may be easing as the Federal Reserve considers a timetable for cutting interest rates. The Labor Department reported Thursday that its producer price index —...