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    The Federal Reserve’s go-to barometer of inflation soared in October to the fastest annual pace of price increases in 31-years, data from the Commerce Department showed Wednesday. The personal consumption expenditure price index rose five percent compared with October 2020, an acceleration from the 4.4 percent annual gain recorded in September. Compared with the prior month, prices rose 0.6 percent, the biggest monthly jump since 2008. Core PCE inflation, which excludes volatile food and fuel categories, rose 4.1 percent annually, also the fastest pace since November 1990. For the month, it rose 0.4 percent. That is lower than the levels hit in April, May, and June of this year, which were the highest since 2001. The personal consumption expenditure price index is the Commerce Department’s metric for tracking the change in prices of goods and services purchased by consumers throughout the economy. It resembles the Labor Department’s Consumer Price Index but tracks a broader set of goods and services and adjusts for consumers switching between products as prices change. The Federal Reserve tracks it closely and measures its goal of...
    Home prices rose at an unprecedented pace in June, fueling fears that the U.S. housing market is experiencing another bubble. The S&P CoreLogic Case-Shiller national home price index was up 18.6 percent annually in June, up from the 16.8 percent increase in May. That is the largest year-0ver-year gain in the history of the index dating back to 1987. On a nominal basis, prices nationally are now 41 percent higher than their last peak during the housing boom in 2006. “June 2021 is the third consecutive month in which the growth rate of housing prices set a record,” says Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P DJI. “The National Composite Index marked its thirteenth consecutive month of accelerating prices.” The 10-City composite rose 18.5 percent, up from 16.6 percent in May. The 20-City composite was up by an even steeper 19.1 percent, up from 17.1 percent in May. Before seasonal adjustment, the U.S. National Index increased 2.2 percent month-over-month in June, while the 10-City index rose 1.8 percent and the 20-City index climbed 2.0 percent....
    It’s been more than thirty years since consumer inflation ran as hot as it did in July. Consumer prices were up 4.2 percent compared with July of 2021, according to the Personal Consumption Expenditure price index released Friday. That’s the highest since January of 1991. Core prices, which strip out volatile food and energy costs, were up 3.6 percent, also a thirty-year high. Fed officials use the PCE price index when targeting two perent inflation. Fed officials have argued that the PCE is better than the more familiar Consumer Price Index published by the Deparment of labor because PCE allows for  substitutions between similar items when one of them becomes more expensive. Over time, the PCE index and CPI tend to move together, although CPI tends to show more inflation than PCE. Although the annual gains hit record highs, the pace of consumer inflation slowed on a monthly basis in July. Compared with June, prices rose 0.4 percent last month, a notch below the June  gain of 0.5 percent.Core prices increased 0.3 percent in July from a month earlier,...
    More On: inflation Price inflation is about to hit toys — just in time for the holidays Inflation hits e-commerce after years of lower online prices: data Aw shucks! Restaurants pull seafood from menus, hike prices amid inflation Biden’s inflation-boosting spending will undo his own policy goals A key inflation indicator rose 3.5 percent in June from a year ago — its biggest year-over-year jump in 30 years — as costs continued to grow in the US economy just as it’s mounting a comeback from the pandemic, the feds said Friday. It is the most since July 1991 that the Commerce Department’s core personal consumption expenditures index has risen over a 12-month period, but still came in lower than expected as concerns remain heightened over inflation throughout the economy. Economists surveyed by Dow Jones expected to see the so-called core PCE index, which excludes food and energy costs, increase 3.6 percent. The core index rose 0.4 percent from May, slower than the 0.5 percent increase seen from April to May and below the 0.6 percent increase expected by economists surveyed by...
    Home prices in April jumped 14.6 percent compared with a year ago, up from a 13.3 percent rise in March, the S&P CoreLogic Case-Shiller National Home Price Index showed Tuesday. This is the fastest annual pace on record, beating the housing bubble high of 14.3 percent in 2005. On a monthly and seasonally adjusted basis, home prices nationally rose 1.6 percent, also an all-time high. “April’s performance was truly extraordinary,” said Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P DJI. “The 14.6 percent gain in the National Composite is literally the highest reading in more than 30 years of S&P CoreLogic Case-Shiller data.” In addition to the national index, Tuesday’s release included both the index of the ten and 20 largest cities. The 10-city composite was up 14.4 percent year over year, an acceleration from March’s 12.9 percent annual gain. That’s the biggest annual jump on record since January 2006. Compared with a month ago, prices in the 10-city index were up 1.4 percent. That’s actually a deceleration from March’s 1.5 percent monthly gain. The...
    Wholesale prices in the U.S. increased at their fastest annual rate ever in May, driven by rising food prices, as soaring inflation threatens to derail the post-pandemic economic recovery. The producer price index, which measures inflation pressure before it reaches consumers, rose 0.8 percent in May for an annual gain of 6.6 percent, the biggest jump since annual data was first compiled in 2010, the Labor Department said Tuesday. The annual gain is somewhat skewed by a 'base effect' from last year's data, when prices plunged early in the pandemic, but nevertheless offers another worrying signal to consumers that their dollars won't stretch as far as they used to.  Formerly known as the wholesale price index, the producer price index measures average changes in prices received by domestic producers for their output, and is the oldest continuously published data series from the Bureau of Labor Statistics. The producer price index, which measures inflation pressure before it reaches consumers, rose 0.8 percent in May for an annual gain of 6.6 percent as seen in this 10-year chart A customer shops...
    American consumers are facing another month of steep price increases. Consumer prices rose 0.6% in May, and 5% over the last 12 months, the Labor Department said on Thursday. It's the fastest rate of increase since August 2008, reflecting growing demand as consumers shop, travel and dine out in a reopening economy. Prices for used cars and trucks drove the increase, growing 29% over the last year, while energy prices grew 28.5% in the last 12 months. Transportation services increased 11.2% in the last 12 months. "There is stronger demand for hotel rooms, air travel, restaurant dining," Gus Faucher, chief economist at PNC Financial, told the Associated Press. "Many businesses are also facing upward pressure on their costs such as higher wages." "The price spikes could be bigger and more prolonged because the pandemic has been so disruptive to supply chains," Mark Zandi, chief economist at Moody's Analytics, told the AP. He expected to see a price drop "by the fall or end of the year," he told the AP. Tripadvisor CEO says "travel is back"...
    Consumer prices last month rose at the fastest rate since the Great Recession, firing up concerns about U.S. inflation. The Consumer Price Index, which tracks the prices of everything from cars to clothing, jumped 0.8% in April, the Labor Department said Wednesday. Over the past 12 months, prices have increased 4.2% — the fastest rise since September 2008. Used car prices led the surge, with a record 10% increase. But the gains were broad-based. Core inflation, which excludes volatile food and energy, jumped 3% over the past year. "Almost all the gain was driven by outsized increases in sectors that are seeing demand surge as restrictions ease," Michael Pearce, chief U.S. economist at Capital Economics, said in a research note. "The rise in airfares and hotel prices is so far simply reversing the sharp declines in prices seen earlier in the pandemic. But car rental prices have surged well above pre-pandemic levels, reflecting limited supply." With more consumers dining out and traveling this summer, pent-up demand could drive up prices in other leisure categories, Pearce noted.Price rises spook...
    CORONAVIRUS cases are rising rapidly in five areas in England and this interactive map reveals if your local authority is one of them. Official data from Public Health England (PHE) states that of the 315 areas in England, 111 have seen a rise in cases. ???? Read our coronavirus live blog for the latest updates Just 62 per cent (196 areas) have witnessed a fall in infections with eight areas remaining unchanged. Luton in Bedfordshire continues to have the highest rate of infections in England, with 181 new cases in the seven days to April 16 - the equivalent of 85 cases per 100,000 people. This is down very slightly from 87.8 in the seven days to April 9. Doncaster in Yorkshire has the second highest rate, down slightly from 82.4 to 77.9, with 243 new cases. Bradford in West Yorkshire has the third highest, down from 90 to 69.5, with 375 new cases. While the three areas above have the highest infection levels, there are five areas where cases have risen rapidly. Daventry in West Northamptonshire is up from 23.3...
    Waiter Boris Macquin serves customers behind plexiglass outside at Figaro Bistro on the first day Los Angeles County allows indoor seating since the coronavirus pandemic on March 15, 2021 in Los Angeles, California.Gina Ferazzi | Los Angeles Times | Getty Images Private payrolls in March expanded at the fastest pace since September 2020 as anticipation of a strong economic rebound coupled with aggressive vaccination rates pushed companies to hire, according to a report Wednesday from payroll processing firm ADP. Companies added 517,000 workers for the month, a healthy spike from the 176,000 in February though just below the 525,000 Dow Jones estimate as well as some fairly highly optimistic calls for the government's nonfarm payrolls count. The February total was revised sharply higher from the originally reported 117,000. Even though it was a bit below expectations, the March total represented the biggest hiring burst since September's 821,000. Importantly, the strongest job gains came from the leisure and hospitality sector, which took the biggest hit due to the government-imposed shutdowns associated with the Covid-19 pandemic. The sector added 169,000 new workers,...
    U.S. home prices are rising at the fastest pace in 15 years as the pandemic and a surge in urban shootings have fueled demand for single-family houses even as the supply for such homes shrinks. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering the entire U.S., reported an 11.2 percent annual gain in January, up from 10.4 percent in the previous month. That is the fastest pace for home prices since 2006, the peak of the housing bubble. The 20-city home price index rose 11.1 percent in January from a year earlier. That’s the biggest gain since March 2014. Prices rose in all 20 cities, and the 12-month increase was larger for all cities in January than in the previous month. The increase was well above expectations. The national index is now 29 percent above the housing bubble peak. Adjusted for inflation, however, prices are just 3 percent above the peak, according to Bill McBride of CalculatedRisk. The 20-city index is still 5 percent below the peak after adjusting for inflation. “January’s data remain consistent with the view...
    A "CLUSTER" of Covid cases has erupted in the Midlands with infection rates in five areas of the region rising faster than anywhere else in England, data shows. The interactive map below reveals how many Covid-19 cases your local area has. ???? Read our coronavirus live blog for the latest news & updates... Data from Public Health England (PHE) shows that while infection rates have fallen in 63 per cent of areas - there are currently 112 places in the country where cases are still rising. Most areas in the UK are currently under 100 cases per 100,000 and the national average sits at around 56 cases per 100,000. Of those 112 places, there are five that have seen a large week-on-week rise, all of which are in the Midlands. In the East Midlands, around 503 people are still testing positive for Covid-19 each day and in the West Midlands 611 are testing positive on a daily basis. This means that across the Midlands as a whole, 1,114 people are testing positive each day. This compares to 344 people testing positive...
    (CNN)Coastal communities are experiencing sea level rise four times worse than global water rise, according to a new study released Monday.Groundwater pumping, extraction of materials from the ground and sediment production are all happening near the coasts and that is causing the land to actually sink -- compounding the effects of a rising sea level.It is no coincidence that these are the same locations where people live, worsening the impacts and increasing the vulnerability.Many of the largest, most populated cities in the world are built along the deltas of major rivers, where there is the added exposure of rivers connecting to the ocean.Much of the coast is uninhabited by people, but where there is civilization, there tends to be a greater rise in water levels.Read MoreAccording to the study, it quantifies "global-mean relative sea-level rise to be 2.5 mm per year over the past two decades. However, as coastal inhabitants are preferentially located in subsiding locations, they experience an average relative sea-level rise up to four times faster at 7.8 to 9.9 mm per year."Coastal lands are sinking This is...
    Online real estate listing site Zillow will begin making cash offers to homeowners based on the company's 'Zestimate', a price estimate of the home's market value. Zillow announced on Thursday that its home value estimation tool is now an initial cash offer for eligible homes in more than 20 cities nationwide, marking a major change of business model for the popular listing platform founded in 2006. 'This exciting advancement demonstrates the confidence we have in the Zestimate and the lengths we are willing to go to make selling your home truly seamless and easy," said Zillow Chief Operating Officer Jeremy Wacksman in a statement. 'Presenting the Zestimate as a cash offer to qualifying homes up front will save time, reduce friction and provide greater transparency - getting us closer to our vision of helping customers transact with the click of a button,' he added. The 'Zesitmate' value estimation tool is now an initial cash offer for eligible homes in more than 20 cities nationwide, Zillow said Zillow CEO Rich Barton is seen above. The move marks a major change...
    Customers wearing protective masks exit a Uniqlo store in San Francisco, California, on Wednesday, Feb. 17, 2021.David Paul Morris | Bloomberg | Getty Images Retail sales are expected to grow this year between 6.5% and 8.2%, amounting to more than $4.33 trillion in sales, as the U.S. economy begins to reopen, and more and more individuals receive the Covid vaccine, the National Retail Federation said Wednesday. A preliminary reading shows that retail sales grew 6.7% to $4.06 trillion last year, the industry's leading trade group said. That was largely boosted by nearly 22% growth online. Over the course of the year, more Americans turned to websites and apps to buy groceries, comfortable clothing and home goods. The numbers exclude automobile dealers, gasoline stations and restaurants.  "The trajectory of the economy is predicated on the effectiveness of the vaccine and its distribution," NRF Chief Economist Jack Kleinhenz said in a statement. "Our principal assumption is that that the vaccination will be effective and permits accelerated growth during the mid-year," he said. "The economy is expected to see its fastest growth...
    By PAUL WISEMAN, AP Economics Writer WASHINGTON (AP) — U.S. home prices surged at the fastest pace in nearly seven years in December, fueled by low mortgage rates and Americans moving from crowded urban areas to houses in the suburbs. The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, climbed 10.1% in December from a year earlier. The year-end jump was the biggest since April 2014 and follows a strong 9.2% year-over-year gain in November. Home prices climbed 14.4% in Phoenix , 13.6% in Seattle and 13% in Seattle in December. But prices rose all over. Chicago, which recorded the slowest price gain, saw a 7.7% uptick. Detroit was not included in the year-over-year figures because of record-keeping delays caused by the coronavirus pandemic. “These data are consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes," said Craig Lazzara, global head of index investment strategy at S&P DJI.XX. But he said it was unclear whether the trend would last. The housing market has been resilient throughout the coronavirus pandemic, helped...
    WASHINGTON (AP) — U.S. home prices surged at the fastest pace in nearly seven years in December, fueled by low mortgage rates and Americans moving from crowded urban areas to houses in the suburbs. The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, climbed 10.1% in December from a year earlier. The year-end jump was the biggest since April 2014 and follows a strong 9.2% year-over-year gain in November. Home prices climbed 14.4% in Phoenix , 13.6% in Seattle and 13% in Seattle in December. But prices rose all over. Chicago, which recorded the slowest price gain, saw a 7.7% uptick. Detroit was not included in the year-over-year figures because of record-keeping delays caused by the coronavirus pandemic. “These data are consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes,” said Craig Lazzara, global head of index investment strategy at S&P DJI.XX. But he said it was unclear whether the trend would last. The housing market has been resilient throughout the coronavirus pandemic, helped by rock-bottom rates on home loans....
    A real estate agent exits a home for sale in Lancaster, Ohio.Ty Wright | Bloomberg | Getty Images Another week of rising rates spurred homeowners and buyers to pull back from the mortgage market, and the trend is not expected to turn any time soon. Total mortgage application volume fell 5.1% last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) increased to 2.98% from 2.96% for loans with a 20% down payment. That rate was 79 basis points higher the a year ago. "Expectations of faster economic growth and inflation continue to push Treasury yields and mortgage rates higher. Since hitting a survey low in December, the 30-year fixed rate has slowly risen, and last week climbed to its highest level since November 2020," said Joel Kan, MBA's associate vice president of economic and industry forecasting. The association began its weekly survey in March 1990. Applications to refinance a home loan, which are highly sensitive to weekly interest...
    WASHINGTON (AP) — U.S. home prices jumped in November at the fastest pace in more than six years, fueled by demand for more living space as Americans stick closer to home during the pandemic. Home prices soared 9.1% in November compared with 12 months ago, according to Tuesday’s report on the S&P CoreLogic Case-Shiller 20-city home price index. That is the largest increase since May 2014. Low borrowing costs are also contributing to rising home sales, which have sharply reduced the number of dwellings available. The limited inventory of homes is pushing up home prices. Sales of existing homes rose in December and home sales for all of 2020 rose to the highest level in 14 years. Phoenix posted the largest price gain in November from a year earlier for the 18th straight month, with a 13.8% increase. Seattle’s 12.7% gain was the second-highest, followed by San Diego at 12.3%. All 19 cities reported larger year-over-year price gains in November than in October. Detroit wasn’t able to fully report its home sales data because of delays related...
    By CHRISTOPHER RUGABER, AP Economics Writer WASHINGTON (AP) — U.S. home prices jumped in October by the most in more than six years as a pandemic-fueled buying rush drives the number of available properties for sale to record lows. That combination of strong demand and limited supply pushed home prices up 7.9% in October compared with 12 months ago, according to Tuesday's S&P CoreLogic Case-Shiller 20-city home price index. That's the largest annual increase since June 2014. The coronavirus outbreak has forced millions of Americans to work from home and it's curtailed other activities like eating out, going to movies or visiting gyms. That's leading more people to seek out homes with more room for a home office, a bigger kitchen, or space to work out. “The data from the last several months are consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes,” said Craig Lazzara, Managing Director at S&P Dow Jones Indices. All 19 cities reported larger year-over-year price gains in October than in September, Lazzara said. Detroit wasn't able...
    WASHINGTON (AP) — U.S. home prices jumped in October by the most in more than six years as a pandemic-fueled buying rush drives the number of available properties for sale to record lows. That combination of strong demand and limited supply pushed home prices up 7.9% in October compared with 12 months ago, according to Tuesday’s S&P CoreLogic Case-Shiller 20-city home price index. That’s the largest annual increase since June 2014. The coronavirus outbreak has forced millions of Americans to work from home and it’s curtailed other activities like eating out, going to movies or visiting gyms. That’s leading more people to seek out homes with more room for a home office, a bigger kitchen, or space to work out. “The data from the last several months are consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes,” said Craig Lazzara, Managing Director at S&P Dow Jones Indices. All 19 cities reported larger year-over-year price gains in October than in September, Lazzara said. Detroit wasn’t able to fully report...
    SACRAMENTO (CBS SF / CNN) — After reaching the grim milestone of 1 million COVID-19 cases, California is seeing the fastest rate of increase in the number of daily reported infections since the start of the pandemic, public health officials said Friday. There has been a 47.1% increase in the number of new cases in a one-week period since the beginning of this month, according to Dr. Erica Pan, who is currently serving as the state’s acting public health officer. “This is almost a 20% faster rate of rise and the fastest rate of rise we have seen in California,” Pan said. “When cases are increasing at this pace, it is really important for us to act quickly.” READ MORE: COVID Roundup: Thanksgiving Gathering Fears Mount; Cal Football Still In Limbo; State Reaches Grim Milestone The state reported 6,893 additional cases of Covid-19 on Friday, a higher number of new infections than the state’s seven-day average of 6,773 cases. The two-week test positivity rate has also increased from 3% to 4%, according to Pan. A statewide travel advisory was implemented Friday...
    If you’re looking for a few company success stories in Greater Washington, you’ve come to the right place. Our annual Fastest Growing Companies awards program ranks 75 companies by average revenue growth — and making this List is no easy feat. 2020 marks the third year that Data Editor Carolyn Proctor has compiled a List of all-private companies fo the awards program. The qualifications? Companies must be locally headquartered and independently owned with no parent company as of the date our survey process ended. Revenue for the companies also had to grow each year for two years in a row between 2017 and 2019, be at least $2 million in 2017 and at least $10 million in 2019. Carolyn ran the numbers, ranking 75 companies meeting that criteria with the highest average revenue growth during that time period. In addition, our program’s sponsor-judges, led by Cherry Bekaert LLP, help fact-check those submissions by interviewing the companies and going over their financials — this year,… Read the full story from the Washington Business Journal.
    By Chris Canipe and Lisa Shumaker (Reuters) - The United States saw a 27% increase in new cases of COVID-19 in the week ended July 5 compared to the previous seven days, with 24 states reporting positivity test rates above the level that the World Health Organization has flagged as concerning. Nationally, 7.5% of diagnostic tests came back positive last week, up from 7% the prior week and 5% two weeks ago, according to a Reuters analysis of data from The COVID Tracking Project, a volunteer-run effort to track the outbreak. The WHO considers a positivity rate above 5% to be a cause for concern because it suggests there are more cases in the community that have not yet been uncovered. Arizona's positivity test rate was 26%, up from 24% last week; Florida's rose to 19% from 16%, and Mississippi was 17%, up from 13%, according to the analysis. Graphic: Where coronavirus cases are rising in the United States - https://graphics.reuters.com/HEALTH-CORONAVIRUS-USA/0100B5K8423/index.html Testing rose by 7.5% last week and set a new record high with over 721,000 tests performed on July...
    By Chris Canipe and Lisa Shumaker (Reuters) - The United States saw a 46% increase in new cases of COVID-19 in the week ended June 28 compared to the previous seven days, with 21 states reporting positivity test rates above the level that the World Health Organization has flagged as concerning. Nationally, 7% of diagnostic tests came back positive last week, up from 5% the prior week, according to a Reuters analysis of data from The COVID Tracking Project, a volunteer-run effort to track the outbreak. The World Health Organization considers a positivity rate above 5% to be a cause for concern because it suggests there are more cases in the community that have not yet been uncovered. Arizona's positivity test rate was 24% last week, Florida's was 16%, and Nevada, South Carolina and Texas's were all 15%, according to the analysis. (Open https://tmsnrt.rs/2WTOZDR in an external browser for a Reuters interactive) Thirty-one states, mostly in the U.S. West and South, reported more new cases of COVID-19 last week compared to the previous week, the analysis found. Florida, Louisiana, Idaho...
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