The U.S. economy has remained resilient in recent years as consumers spent their COVID-19 pandemic savings, but that financial cushion has worn thin and is no longer able to play a key role in propping it up, economists say. The Federal Reserve Bank of San Francisco estimated in May that pandemic savings in America peaked at $2.1 trillion in August...

12:15 PM EDT, 06/27/2024 (MT Newswires) -- Weekly applications for unemployment insurance in the US declined more than market expectations, while continuing claims rose to the highest level since late 2021, government data showed Thursday. The seasonally adjusted number of initial claims decreased by 6,000 to 233,000 in the week ended June 22, according to the US Department of Labor....

(Reuters) - U.S. Federal Reserve Governor Michelle Bowman reiterated on Thursday that she is still not ready to support a central bank rate cut with inflation pressures still elevated. The Fed's current interest rate stance remains restrictive and price pressures should cool even with monetary policy held at current levels, Bowman said in the text of a speech prepared for...

02:50 PM EDT, 06/27/2024 (MT Newswires) -- Personal income and spending growth is expected to accelerate in May, while the PCE price measures--closely watched by the Federal Reserve--are expected to slow, compared with the gains in the previous month. The May data are scheduled to be released at 8:30 a.m. ET Friday. Personal income is forecast to rise by 0.4%...