Economy

Nearly 1 in 5 Sellers is Dropping Their Price

Measures of homebuying competition are plateauing as early-stage demand posts its biggest annual decline since April 2020. However, mortgage rates may have leveled off, which could prevent demand from dropping even further. The housing market is sending clearer signals that the pandemic-driven housing frenzy is coming to an end. Nearly one in five (19.1%) home …

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White House announces import of baby formula from Australia

Check out what’s clicking on FoxBusiness.com. The White House announced that 1.25 million cans of baby formula will be headed to the United States from Australia beginning in the coming weeks and months. In an announcement made on Friday afternoon, the US Food and Drug Administration announced that the shipment, manufactured by Bubs Australia, will …

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Consumer sentiment mired at 10-year low amid persistent inflation, UMich survey finds

The numbers: The University of Michigan’s gauge of consumer sentiment fell to a final May reading of 58.4 from the initial reading of 59.1 earlier in the month, its lowest level in more than 10 years. Economists were expecting a reading of 59.1, according to a Wall Street Journal survey. Americans’ expectations for overall inflation …

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Gold is an ‘antique instrument’; This is why Canada sold all its gold reserves – former BOC head David Dodge

(Kitco News) – Gold is an outdated commodity, and the Bank of Canada was right to get rid of its gold reserves. That’s according to David Dodge, former Governor of the Bank of Canada and Senior Advisor at Bennett Jones LLC. Dodge spoke with David Lin, Anchor and Producer at Kitco …

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Higher gas prices are ‘accepted’ by Americans amid travel demand, energy economist says

3 Solutions VP of Public Policy Nick Loris discusses how inflation is deeply impacting Americans ahead of the summer season. As gas prices are expected to hit a record high ahead of Memorial Day weekend and summer season, an energy economist argued that Americans have “accepted” the costs amid demand for more travel. “This summer …

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Alibaba’s strong earnings show Chinese consumers are still spending

E-commerce giant Alibaba reported better-than-expected earnings and sales for its most recent quarter Thursday. Shares of Alibaba (BABA) were up nearly 15% in late morning trading after the company reported that revenue rose 9% from a year ago, topping analysts’ forecasts. Alibaba said the strength was due to solid online and mobile shopping demand as …

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