All articles tagged with #import prices
The article discusses how U.S. consumers and businesses are gradually bearing the costs of Trump's tariffs through increased prices, a phenomenon termed 'sneakflation,' with evidence suggesting that most tariff costs are passed on to consumers over time, despite claims that foreign exporters are absorbing these costs.
The article discusses how tariffs imposed during President Trump's trade war are increasing costs for consumers and businesses in the U.S., leading to rising inflation indicators, with import prices and wholesale prices climbing sharply, and potential further inflationary pressures from new tariffs on various goods.
US retail sales increased by 0.5% in July, driven by strong demand for motor vehicles and promotional activities by major retailers, despite a softening labor market and rising goods prices which pose risks to future consumer spending growth. Consumer sentiment has weakened, and inflation expectations have increased, suggesting potential challenges for economic growth and monetary policy decisions in the coming months.
US consumer sentiment dropped to a six-month low in May due to concerns over the political haggling over raising the federal government's borrowing cap, according to the University of Michigan's survey. The survey also showed consumers' long-term inflation expectations jumping this month to their highest reading since 2011. The non-partisan Congressional Budget Office warned on Friday that the nation faced a "significant risk" of defaulting on payment obligations within the first two weeks of June without a debt ceiling increase.
The number of Americans filing new claims for unemployment benefits fell more than expected last week, pointing to continued labor market strength, though financial market turmoil is casting a shadow over the economy. Homebuilding surged in February, driven by the rental housing market, and import prices posted their first year-on-year decline since December 2020. Despite job cuts by major technology companies, the labor market has remained resilient, with employers generally reluctant to lay off workers after struggling to find labor during the COVID-19 pandemic.