This past month, sales for retailers and restaurants grew at a rate much higher than anticipated by economists. Despite fears of an economic downturn, U.S. consumers finished the summer with spending habits that did not indicate any cutbacks. In September, sales grew by 0.4% from the previous month according to data from the Census Bureau. This is an increase from 0.1% growth in August. According to an article from the Wall Street Journal, this data alongside current unemployment filing rates depicts a cooling but still-robust economy as the U.S. heads into the presidential election. Even over the past 12 months, retail sales have climbed nearly 1.7%, not adjusted for inflation. While rising unemployment rates over the summer brought some fear the economy was approaching a downturn, the data as summer comes to a close shows that the labor market and signs of consumers’ financial health present a more resilient image…
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Despite cooling inflation levels and lower costs for business owners, rent prices still remain high and some are even rising. With these increasing rent prices, owners have to make some difficult decisions that have an impact on their customers. In order to offset increased rent prices, many business owners are turning to price increases on their goods and services. However, the lasting effects of inflation from the past four years has caused consumers to be hesitant to pay increased prices, especially for services they are used to being priced at a certain rate. In an article from Yahoo! Finance, a Canadian auto repair shop owner, Peter Yu, discussed the challenges the rising rent prices are causing for his business. After his rent price was raised, Yu decided raising his prices would be cheaper than moving locations. Customers who came to his shop for services would tell him outright that the…
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The Federal Reserve has officially voted to lower interest rates by a half-percentage point. Marking the first reduction since the central bank launched its fight against inflation in 2020, this is a signal that the aggressive approach to bringing inflation rates down toward the 2% goal has been successful. Additionally, the hope is that lowering interest rates will help the economy continue to grow. Eleven of the 12 Fed voters were in favor of the interest rate cut to bring the benchmark federal funds rate to a range between 4.75% and 5%. Additionally, quarterly projections showed that the majority of officials were in favor of lowering rates by at least a quarter-point at the next meetings in November and December. The decision to cut rates by an amount that is much larger than what was originally predicted signals that the central bank is aiming to prevent past rate increases from…
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