income
Washington (AFP) - Amazon founder Jeff Bezos took back his spot as the world's richest man on Monday, dethroning Elon Musk on the Bloomberg Billionaires Index. Bezos' net worth stands at $200 billion, according to the tracker, surpassing the Tesla chief's $198 billion. Musk, who also heads X (formerly Twitter) and SpaceX, has seen his riches fall by more than $30 billion as Tesla's share price has dropped 25 percent in recent months. Adding to Musk's woes, a court in January approved the annulment of his enormous Tesla compensation agreement, worth $55.8 billion and originally struck in 2018. ...
AFP
Washington (AFP) - The US central bank's favored measure of inflation edged lower on an annual basis in January, government data showed Thursday, but a metric stripping out volatile food and energy prices jumped month-over-month. The new data highlights the challenges facing the Federal Reserve, which has recently poured cold water on the prospects of early rate cuts amid a strong economy, low unemployment and inflation that remains above its long-term target of two percent. The personal consumption expenditures (PCE) price index rose at an annual rate of 2.4 percent in January, down 0.2 perce...
AFP
Washington (AFP) - The US Federal Reserve's favored measure of inflation ticked higher last month, according to government data published Friday, indicating that its long-running battle against rising prices is not over yet. The latest announcement will likely ensure the US central bank keeps interest rates on hold at its next decision announcement on Wednesday, as policymakers continue talks on when to start cuts. The personal consumption expenditures (PCE) price index rose at an annual rate of 2.6 percent last month, unchanged from November, the Department of Commerce said in a statement. On...
AFP
San Francisco (AFP) - Elon Musk is at turns ingenious, impulsive and infuriating. He is also a corporate maverick, unafraid to tackle myriad industries by his own rules. After revolutionizing the auto industry, sending his own rocket to space -- with his car on board -- and building the world's biggest fortune, the eccentric billionaire is the new king of social media after he took charge of Twitter on Thursday and fired its top executives. That will give him control of the network on which the world debates, mobilizes, bickers and throws shade, Musk often first among them. The deal will also...
AFP
Washington (AFP) - A closely-watched measure of US inflation showed the annual pace of price increases slowed slightly in August as energy costs fell and increases in food costs eased, according to government data released Friday. But while the data moved in the right direction, it may not provide much comfort to President Joe Biden or the Federal Reserve since inflation remains at the highest level since the early 1980s. The Fed's preferred inflation measure, the personal consumption expenditures (PCE) price index, increased 6.2 percent from August 2021, down slightly from the pace in July an...
AFP
Washington (AFP) - A key US inflation measure accelerated again in June, outpacing gains in income, government data showed Friday, heaping pressure on President Joe Biden and policymakers trying to ease the pain for American families. The data showing the biggest inflation surge in four decades comes on the heels of dismal economic growth figures and another super-sized interest rate increase by the Federal Reserve. The Fed's preferred inflation gauge, the personal consumption expenditures (PCE) price index, rose 6.8 percent compared to June 2021, the Commerce Department reported. And inflatio...
AFP
Washington (AFP) - A key US inflation measure showed price increases held steady in the 12 months ended in May, while consumer spending growth slowed sharply, a good sign in the battle against soaring prices. Any sign of moderation will be a boon to President Joe Biden whose approval ratings have tumbled, as his administration has struggled to find effective tools to help American families feeling the pain of surging gasoline, food and housing prices. The trend also offers comfort to the Federal Reserve, showing its aggressive interest rate strategy is starting to have an impact to quell the f...
AFP
San Francisco (AFP) - Space conquest: check. Disrupt the auto industry: check. Take over Twitter? Why not. From eccentric entrepreneur to the world's richest man, Elon Musk likes to dream big -- and these days, he is everywhere you look. Two decades after banking his first millions, the South-African born Musk last year became the world's richest person -- wresting the title from Amazon's Jeff Bezos -- following the meteoric rise of Tesla, his electric automaker founded in 2003. The billionaire's latest big splash: a bid announced Thursday to take over Twitter, capping a rollercoaster fortnigh...
AFP
Washington (AFP) - American consumers ramped up spending in November but at a slower pace than the prior month, while prices continued to march upward, posting the biggest gain since 1982, according to government data released Thursday. The hot housing market also continued to see price pressures amid a shortage of new homes available for buyers, according to the latest monthly figures. Personal consumption expenditures last month rose 0.6 percent or $104.7 billion, less than half the increase in October, with most of the gain going to services, the Commerce Department reported. The small incr...
AFP
Washington (AFP) - Americans saw their incomes drop by a full percentage point in September as pandemic aid programs to support the unemployed expired that month, according to Commerce Department data released Friday. While the decline in income was greater than expected, the report said personal consumption expenditures (PCE) increased by a better-than-forecast 0.6 percent, as consumers channeled their money toward services like health care, restaurants and hotels. "As we approach 2022, the economy is regaining momentum. An improving health situation, rising mobility, improving employment tre...
AFP
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