An employee rides a bicycle next to oil tanks at the Saudi Aramco oil facility in Abqaiq, Saudi Arabia, on Oct. 12, 2019. Maxim Shemetov | Reuters Oil rose more than 3% on Wednesday as tensions mount in the Middle East and OPEC pledges to remain united in supporting prices. […]
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Mortgages, auto loans, credit cards: Expert predictions for interest rates in 2024
The Federal Reserve‘s effort to bring down inflation has so far been successful, a rare feat in economic history. The central bank signaled in its latest economic projections that it will cut interest rates in 2024 even with the economy still growing, which would be the sought-after path to a “soft landing,” where […]
Job openings nudged lower in November, down to 1.4 per available worker
A job seeker visits a Job News USA career fair in Louisville, Kentucky, on June 23, 2021. A new Kentucky law cuts the maximum duration of unemployment benefits by more than half, to 12 weeks, during periods of low unemployment. Luke Sharrett | Bloomberg | Getty Images Demand for workers […]
GM’s 2023 U.S. vehicle sales were its best since 2019
2024 Buick Envista GM DETROIT – General Motors’ U.S. vehicle sales increased 14.1% last year to represent the automaker’s best year since 2019, prior to the impacts of the coronavirus pandemic and yearslong supply chain problems. The Detroit automaker on Wednesday reported sales of roughly 2.6 million vehicles in 2023, […]
Xerox to cut 15% of its workforce
Signage is displayed outside the Xerox headquarters in Norwalk, Connecticut. Michael Nagle | Bloomberg | Getty Images Xerox on Wednesday announced it will cut 15% of its workforce as part of a plan to implement a new organizational structure and operating model. Xerox, which offers digital printing and document management […]
Samsung to announce new phones ‘powered by AI’ on Jan. 17
A man walks past the Samsung logo displayed on a glass door at the company’s Seocho building in Seoul on April 7, 2023. Jung Yeon-je | Afp | Getty Images Samsung recently announced it will host a news conference in San Jose, California, on Jan. 17 where it will unveil […]
Bitcoin drops 6%, giving back all of its new year gains as traders stay on ETF watch
Dado Ruvic | Reuters Bitcoin tumbled on Wednesday, giving back all of its gains from the rally earlier this week. The price of bitcoin was last lower by 6% at $42,159.37, according to Coin Metrics. On Tuesday it climbed as high as $45,913.30, its highest level since April 2022. The […]
Maersk shares surge after shipping firm extends Red Sea pause, freight rates rise
Shipping giant Maersk saw a second session of strong gains Wednesday, as investors assessed a ratings upgrade and its decision to prolong a halt on Red Sea travel due to safety concerns. The Danish firm topped Europe’s Stoxx 600 gainers, with its Copenhagen-listed shares up 4% in early afternoon trade […]
Fed’s Barkin sees likely soft landing ahead but notes rate hikes still a possibility
Federal Reserve Bank of Richmond President Thomas Barkin poses during a break at a Dallas Fed conference on technology in Dallas, Texas, May 23, 2019. Ann Saphir | Reuters Richmond Federal Reserve President Thomas Barkin on Wednesday expressed confidence that the economy is on its way to a soft landing, […]
Mortgage demand down 9.4% for final week of 2023, despite recent drop in interest rates
A “For Sale” sign sits in front of a new home May 27, 2004 in Miami, Florida. Joe Raedle | Getty Images Mortgage demand ended 2023 on a sour note, despite a sharp drop in mortgage interest rates during December. Total application volume was down 9.4% for the week ended […]