consumer
Washington (AFP) - US consumer confidence beat expectations in January to reach its highest level since December 2021, with the public more optimistic than at any point since the Federal Reserve began hiking interest rates. The Fed has hiked interest rates to a 23-year high in a bid to tame inflation and bring it back towards its long-run target of two percent, pushing up borrowing costs across the country. But in recent months, hopes have grown that the Fed could soon begin cutting interest rates, likely helping to fuel confidence in the US economy. Consumer confidence jumped to 114.8 in Ja...
AFP
New York (AFP) - US Senators grilled a Southwest Airlines executive Thursday over December's winter storm troubles that affected some two million customers, resulting in a hellish holiday travel meltdown for the ages. Southwest had canceled more than 16,700 flights over a 10-day stretch beginning on December 21, hit by breakdowns partly stemming from the use of obsolete computer scheduling systems that became overwhelmed during the storm. "Do you understand the public's frustration with this?" asked Senator Maria Cantwell, a Washington state Democrat who chaired the hearing. Cantwell -- who al...
AFP
New York (AFP) - US airlines say they are reaping the benefits of a growing trend of hybrid work that allows employees to travel more frequently as Covid-19 restrictions ebb. Carriers including American Airlines, United and Delta highlighted the phenomenon on a series of conference calls as they reported banner results on continued strong travel demand. The increased adoption of virtual meetings, such as through Zoom, has eased the chains that once bound office workers to their desk, allowing greater flexibility. Get-away weekends are going longer, meaning an excursion that might have previous...
AFP
Washington (AFP) - Boosted by rising wages and falling gas prices, US consumers were much more upbeat about the state of the American economy now and in the months ahead, according to a closely-watched survey released Tuesday. The consumer confidence index jumped nearly five points to 108.0 the second straight monthly gain, according to The Conference Board. The result was the highest level since April and far better than the modest improvement economists had expected. The US Federal Reserve has been raising borrowing costs aggressively this year, and last week announced its third consecutive,...
AFP
Washington (AFP) - Airlines struggling to staff their planes cancelled hundreds of US flights Saturday at the start of a long and almost certainly messy holiday travel weekend. As of mid-afternoon, with Americans gearing up for July 4 Independence Day celebrations, more than 600 flights within, into, or out of the United States had been cancelled, and more than 3,300 were delayed, according to flight tracking service flightaware.com. The numbers on Friday were grim as well, with 587 US flights scrapped among a global total of 3,061 cancellations, the site said. Sunday was also looking problema...
AFP
Washington (AFP) - Airlines cancelled several hundred US flights Saturday at the start of a long and almost certainly messy holiday travel weekend as carriers struggled to staff their planes. As of mid-day, with Americans gearing up for July 4 Independence Day celebrations, some 600 flights within, into or out of the United States had been cancelled and more than 2,500 were delayed, according to flight tracking service flightaware.com. The numbers on Friday were awful as well, with 587 US flights scrapped among a global total of 3,060 cancellations, the site said. For days, amid a surge in tra...
AFP
Washington (AFP) - Americans' feelings about the economy deteriorated in May amid concerns about job prospects, but remained relatively strong even as high inflation bites, according to a survey released Tuesday. Amid the fastest increase in US consumer prices in more than four decades, made worse by the war in Ukraine, consumer confidence dipped slightly after a modest increase in April, falling to 106.4 from 108.6, according to The Conference Board's monthly survey. Consumers flush with savings and government support money have been a key driver of the recovery of the world's largest economy...
AFP
Washington (AFP) - US consumer confidence fell for the second straight month in February, a survey said Tuesday, as Americans' feelings about the economy's present and future health cooled. The Conference Board said its consumer confidence index declined to 110.5, a drop of less than a point from January and better than analysts expected. The data showed consumer expectations for the economy's future performance declined slightly, but there also was a small uptick assessments of its present condition, "suggesting the economy continued to expand in (the first quarter) but did not gain momentum,...
AFP
Washington (AFP) - American consumers were feeling less confident in January amid elevated prices and a Covid-19 resurgence, but their views of the economy and inflation were growing more positive, a survey released Tuesday showed. The Conference Board's consumer confidence index declined to 113.8 in January, less than two points below where it was in December but above analysts' forecasts, with the data showing Americans feeling better about the economy today but less certain about its short-term future. The survey indicated a slight downturn in consumers' expectations for inflation amid a su...
AFP
Washington (AFP) - US consumers were in the mood to spend this holiday season, with retail sales soaring 8.5 percent over last year, a study released Sunday showed. Online sales were up 11 percent and in-store sales up 8.1 percent between November 1 and Christmas Eve, according to the Mastercard SpendingPulse study. The increase, which was the strongest in 17 years, does not reflect automobile sales. "Consumers splurged throughout the season," said Steve Sadove, senior advisor for Mastercard and former CEO of Saks Incorporated. The boom saw "apparel and department stores experiencing strong gr...
AFP
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