American households took on $1.02 trillion in new debt in 2021, the most in 14 years, at levels not seen since before the 2008–09 financial crisis. U.S. consumers have ramped up borrowing to acquire homes, cars, and other goods that are becoming more expensive, according to a report released on Feb. 8 by the New…
US Consumer Debt up by $1 Trillion in 2021 According to the Fed, Highest Level Since 2007
US Heating Oil, Diesel Stocks Dwindle as Demand Rises
Supplies of diesel and heating oil in the United States have dwindled as refiners are having trouble replenishing the domestic fuel supply this winter, which may keep oil prices elevated for months. Heating oil futures reached $2.83 per gallon at the market’s close on Feb. 4, the highest price in seven years. U.S. and global benchmarks…
US Manufacturing Orders Fell in December, Says Commerce Department, Despite Rise in Shipments
February 4, 2022
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Business & Economybusiness inventoryCompanieseconomyMarketsU.S. manufacturingUncategorizedUSUS economy
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Manufacturing orders for U.S.-made goods fell slightly more than expected in December, according to a Feb. 3 report from the Commerce Department. U.S. manufacturers, which account for 11.9 percent of the economy, are being underpinned by businesses replenishing low stocked inventories. Factory orders fell by 0.4 percent in December, while data for November was revised…
State, Local Governments Now Flush With Cash Even Without Federal Aid
February 3, 2022
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CCP Viruseconomygovernment spendingPolicies & ImpactsPoliticsrecovery fundsUncategorizedUSUS economyUS Features
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What a difference two years—and $5.7 trillion in federal money—makes in fostering dramatic reversals of fortune for state and local budget managers. In spring 2020, governments were confronted with cascading costs in managing the public health response to the COVID-19 outbreak, spiking unemployment, and steep revenue declines resulting from business disruption and restrictions. Two years…
States, Local Governments Now Flush With Cash Even Without Federal Aid
February 3, 2022
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CCP Viruseconomygovernment spendingPolicies & ImpactsPoliticsrecovery fundsUncategorizedUSUS economyUS Features
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What a difference two years—and $5.7 trillion in federal money—makes in fostering dramatic reversals of fortune for state and local budget managers. In spring 2020, governments were confronted with cascading costs in managing the public health response to the COVID-19 outbreak, spiking unemployment, and steep revenue declines resulting from business disruption and restrictions. Two years…
Weekly US Unemployment Claims Fall for First Time in a Month
The number of Americans applying for unemployment benefits for the week of Jan. 22 declined on a weekly basis for the first time in 2022, according to the Labor Department on Jan. 27. Jobless claims dropped to 260,000, following three weeks of increases amid a surge in Omicron cases. This was 30,000 fewer from the…
US Housing Sees Notable Increase in December as Building Permits Surge
New home construction in the United States saw a notable increase in the month of December, amid unseasonably mild temperatures, according to a Commerce Department report from Jan. 19. The report said that housing starts rose 1.4 percent to an annual rate of 1.702 million in December representing a 1 percent increase from the previous…
December Retail Sales Drop 1.9 Percent as Inflation Hits US Consumers
U.S retail sales sharply fell 1.9 percent in December, as inflation and supply issues hit prices, according to a Commerce Department report on Jan 14. The disappointing results were worse than the Dow Jones’s estimate, which had earlier predicted a 0.1 percent drop. The new surge in Omicron cases is being blamed as a factor for…
Wholesale Prices Rise 0.2 Percent in December With Inflation at a 40-year High
January 13, 2022
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Business & EconomyBusinesses in COVID-19commoditiesconsumer priceseconomyinflationMarketsUSUS economy
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Wholesale prices in the United States rose 0.2 percent in December, with total prices skyrocketing 9.7 percent in 2021, the highest 12-month period on record going back to 2010, according to the producer price index (PPI). This was at half the 0.4 percent Dow Jones estimate, but consumers are still feeling the pinch, with inflation running…
Supply Chain Problems and Inflation Dent Online Holiday Sales Growth
January 12, 2022
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Business & EconomyBusinesses in COVID-19CCP Virusconsumer spendingeconomysupply chain issueUSUS economyUS News
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Online consumer spending in the United States during the holiday shopping season from Nov. 1 through Dec. 31 was weaker than expected according to Jan. 12 data from Adobe Analytics. Adobe covered more than one trillion visits to U.S. retail websites in its analysis. Continuing pandemic-related issues such as the supply chain crisis, rising inflation,…
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