The Ria maritime ship attacks are not expected to slow down cargo traffic, the NRF report said
28 minutes ago
Despite a slowdown in attacks in the Red Sea, shipping volume to US ports was up year-over-year in December, according to data released Friday.
According to export data from the National Retail Federation and Hackett Associates, forecasts show freight traffic picking up in the first half of the year. Carriers were able to ease the impact of attacks on shipping vessels in the Red Sea by taking advantage of the excess capacity that shippers built up during the pandemic.
„The shipping industry has quickly adjusted by adding additional vessels to its networks and returning to normal weekly vessel arrivals,” said Ben Hackett, founder of Hackett Associates.
In December, US ports handled 1.87 million cargo units, down 1% from last month and up 8.3% from December 2023.
Analysts forecast the volume to pick up slightly in January before rising to 20% year-on-year in February. Overall, cargo traffic at US ports increased by 5.3% in the first half of the year, the report said.
— Terry Lane
Oxford: House prices are boosting household wealth, with consumers likely to continue spending
1 hour 38 minutes ago
Household finances have held up well since the pandemic, so consumers will spend strongly in 2024, Oxford Economics said in a research note.
Net worth has risen across the income spectrum, the report shows. Most income groups have higher net worth than before the pandemic, stemming in part from rising home prices. Higher net worth will help consumers spend more than expected in 2024.
„Post-pandemic, the position of households' balance sheets has strengthened, with a stronger level of net worth helping to justify lower levels of savings,” the note said.
Strong consumer spending is one reason why the recession some analysts predicted for 2023 never materialized.
Consumers are also better off with credit, the note said. Debt levels are constant as a share of consumers' disposable income.
„While the rise in credit card balances has drawn attention in recent years, consumer debt as a share of income has declined since the start of the pandemic, and the decline has been most pronounced among low- and middle-income Americans,” the note said. said.
— Terry Lane
CEOs are feeling more upbeat about the economy
3 hours 13 minutes ago
CEOs feel more positive about the U.S. economy than they have in two years, according to a recent survey.
An index measuring CEO confidence compiled by the Conference Board rose to 53, above the 50 level that suggests confidence about the economy. This is the first time it has crossed 50 since the first quarter of 2022. It was 46 in the last three months of 2023.
„CEOs feel good about the economy, but are wary of the dangers ahead,” said Conference Board Trustee Roger W. Ferguson, Jr. said Friday.
The biggest domestic challenge affecting businesses this year is political uncertainty ahead of the US elections, with 51% citing it as the biggest concern. From a global economic perspective, protracted conflict was cited as the greatest risk by 46% of those surveyed.
Read more about CEOs' economic outlook here.
Consumer Price Index revisions confirm the inflationary trend
7 hours 30 minutes ago
Friday's much-anticipated revisions to inflation data confirmed that prices are continuing to move in the direction the Federal Reserve wants.
Each year, the Bureau of Labor Statistics makes seasonal adjustments to the Consumer Price Index for the past five years. Routine revisions showed no significant changes in data reported earlier this year.
Investors and economists were wary of revisions after last year's data showed inflation fell less aggressively than previously thought.
Members of the Federal Reserve Open Markets Committee (FOMC) said they would consider revised data as they continue to weigh when to start cutting interest rates. Chairman Jerome Powell said he was still looking for „confidence” that inflation was falling in a sustainable way.
„Keep calm and move on,” Ali Jaffery, senior economist at CIBC, wrote Friday morning. „It was a surprise adjustment to seasonal factors in 2022 that had FOMC officials nervous about another surprise this year, but less of a surprise to begin with as pre-pandemic seasonal patterns emerge again in 2023.”
„Oddany rozwiązywacz problemów. Przyjazny hipsterom praktykant bekonu. Miłośnik kawy. Nieuleczalny introwertyk. Student.