Wolf Richter

Runaway Services Inflation in Euro Area Spikes to Record. Core CPI Stays Near Record. Energy-Price Plunge Pushes Down Overall CPI

by Wolf Richter • Jul 31, 2023 • 70 Comments

“The drivers of inflation are changing…. Domestic price pressures, including from rising wages and robust profit margins,” are increasingly important: ECB

Trucker Yellow Shuts Down, to File for Bankruptcy, 3 Years after $700-Million Government Bailout that Stank to High Heaven

by Wolf Richter • Jul 29, 2023 • 158 Comments

Executive officers, directors, and Teamsters benefited from the bailout. So get it over with, finally.

Fed Favored “Core” PCE Price Index Rises 4.1%, Least since Sept 2021, on Drop in Durable Goods. But Monthly Services Inflation Accelerates

by Wolf Richter • Jul 28, 2023 • 201 Comments

Housing, finance, insurance, recreation, other services jumped in June from May. Energy plunged 28% year-over-year, but also jumped in June from May.

What Alphabet’s Layoffs, Current Headcount, and Unemployment Claims Tell us about the Erstwhile Tech Layoff Tsunami

by Wolf Richter • Jul 27, 2023 • 64 Comments

Tech & social media companies went nuts during the pandemic hiring-bubble, then sobered up. Now it’s already over.

Businesses, Governments Join the Drunken Sailors. Consumers Still in Party-Mode: Tough to See a Slowdown in this Scenario

by Wolf Richter • Jul 27, 2023 • 125 Comments

What’s easier to see in this scenario is more persistent inflation.

Without Actually Pronouncing “6%,” Powell Said 6%. Inflation Not Vanquished in June. Even if the Fed Cuts Rates Next Year, QT Could Continue

by Wolf Richter • Jul 26, 2023 • 178 Comments

Powell managed to pull the rug out from under some widely held assumptions.

Fed Hikes by 25 Basis Points, to 5.5% Top of Range, Highest since 2001, More Rate Hikes on the Table. QT Continues

by Wolf Richter • Jul 26, 2023 • 155 Comments

“In determining the extent of additional policy firming that may be appropriate to return inflation to 2 percent over time…”

Prices of New Houses Drop Below Prices of “Used” Houses for First Time since 2005. Sales Languish, Inventories Sky-High

by Wolf Richter • Jul 26, 2023 • 48 Comments

Builders have to build and sell homes, no matter what the market conditions. More price cuts may be needed to get this moving.

Younger People Drove the Increase in Homeownership Rates over the Past Few Years: Census

by Wolf Richter • Jul 25, 2023 • 123 Comments

They’re making good money and got on with their lives. Fueled by low interest rates and FOMO, it was part of the force behind the price surge.

The Most Splendid Housing Bubbles in America, July Update: 3rd Year-over-Year Price Drop in a Row. Monthly Increases Are “Just Seasonal”: Robert Shiller

by Wolf Richter • Jul 25, 2023 • 120 Comments

Home price rise since 2012 “may be coming to an end”: Shiller. Biggest YoY drops: Seattle, San Francisco, Las Vegas, Phoenix, San Diego, Portland, Denver, Dallas.

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