Economic News

U.S. Stock Markets Close Worst Year in a Decade

The U.S. stock markets managed to end the year with a rollercoaster run, leading to a winter flurry of headlines. Following the worst Christmas Eve trading session ever — that resulted in the Dow Jones Industrial Average losing more than 650 points and brought the S&P 500 into a bear...

2018 Holiday Shopping Season Reaches Six-Year High

It seems as though many retailers have reason to celebrate about now as a new report indicates that the 2018 holiday shopping season was the strongest in years. According to a MasterCard report, this year's sales (measured from November 1st to December 24th) were up 5.1% over 2017 and managed...

Stock Market Losses Deepen on Christmas Eve, S&P Falls Into Bear Market

It has not been a good month for the stock market. In fact, as CNN Business reports, last week marked the worst week of trading since 2008 and the markets look to be on their way to the worst December since the Great Depression (yes, "Depression" — not "Recession"). Meanwhile the...

Federal Reserve Raises Interest Rates Another Quarter Point

Today, as expected, the Federal Open Market Committee voted to raise interest rates by 0.25%, bringing the new benchmark interest rate to a range of 2.25%-2.5%. This is the fourth time the Federal Reserve has increased rates this year as bankers voted unanimously with Chairman Jerome Powell to make the adjustment. Of...

Majority of S&P 500 Companies are Now in a Bear Market 2

The past few weeks have not been too kind to the markets. In fact, after months of gains, the S&P 500 is now down 3% for the year thanks to several rounds of sell-offs. While that overall correction is modest, it's a different story for many of the companies included in...

U.S. Consumers Added $16 Billion to Their Credit Card Debt in Q3 2018

While the 2018 holiday shopping season only began a couple of weeks ago, it looks like Americans have already been racking up debt well before the Black Friday kick off. According to a new report by WalletHub, consumers added $16 billion to the total credit debt between June and October...

U.S. Mover Rates Continue to Fall Despite Strong Economy

These days, Americans aren't moving homes as much as they used to. More accurately, this statement extends back to the 1980s, with the mobility rate trending downwards since the middle of that decade. Now new data from the Census Bureau (as reported by Axios) shows the percentage of movers falling...

President Trump Reportedly "Pleased" with Powell's Recent Rate Speech

Even before taking office, President Donald Trump had broken from tradition set by past presidents and taken aim at the Federal Reserve. More specifically Trump has repeatedly voiced his disdain for the Fed's recent rate increases, even suggesting that the agency was "going loco." However, following a speech by Fed Chairman...