Every Friday I recap “news you can use” from the week: a handful of quotes from major (and often expensive) news sources, so you can stay up to date on the news that affects your money without spending a dime and in less than a minute.
Here’s an overview of what happened this week.
Democrats Prepare for Loss of Congress as Voters Break Late to GOP (October 31, Bloomberg) Inflation is still high and a recession is a near certainty. Gasoline prices dipped but remain costlier than average and Democratic and independent outrage over abortion rights isn’t strong enough to overshadow that.
New-Car Prices Are Starting to Cool After Years of Soaring to New Records (October 31, Wall Street Journal) After a multiyear surge in new-car prices, buyers are starting to see some relief on dealership lots.
Inventory levels are gradually coming back, giving shoppers more options when browsing showrooms, and some discounting has crept back into the market, albeit in a limited fashion.
Dow closes lower on Monday, but still posts best month since 1976 (October 31, CNBC) Markets made a huge comeback in October. The Dow guided those gains, soaring 13.95% for the month. The S&P and Nasdaq gained about 8% and 3.9%, respectively, for October.
Federal Reserve Hikes by 0.75 Point, Signals Slower Increases but Ultimately Higher Rates (November 2, Wall Street Journal) Officials are boosting interest rates at the fastest pace since the early 1980s to reduce inflation that is running near a 40-year high. They have raised rates by 0.75 point at four consecutive meetings, with the latest one taking the central bank’s benchmark federal-funds rate to a range between 3.75% and 4%.
U.S. job creation slowed to 261,000 — but it’s still too strong for the Fed (November 4, MarketWatch) Economists polled by The Wall Street Journal had forecast 205,000 new jobs.
The unemployment rate, meanwhile, rose to 3.7% from 3.5%, the government said Friday, as more people lost jobs and the size of the labor force shrank a little bit.
Fed Chairman Jerome Powell said on Wednesday the labor market is “out of balance” because there’s too many job openings and too few people to fill them.
Home Buyers Are Moving Farther Away Than Ever Before (November 4, Wall Street Journal) The rise of remote work and the ballooning cost of housing in major metro areas are leading Americans to move much farther away when buying a home.
Buyers who purchased homes in the year ended in June moved a median of 50 miles from their previous residences, according to a National Association of Realtors survey released Thursday. That distance is the highest on record in annual data going back to 2005.
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I founded Money Talks News in 1991. I’m a CPA, and I have also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.