2023-05-19 18:35:50
Hello and welcome to AS USA’s live blog on finance and economic news.
Earlier this week, the US Department of Housing and Urban Development reported that new permits for building houses have fallen by over twenty percent compared to April 2022. As interest rates have gone up, interest in constructing new housing units has slowed. With less supply on the way, bringing prices down could become much more challenging.
Negotiations in Washington over the debt ceiling will continue this week, with just fifteen days until the United States risks defaulting on its debt. Republicans have demanded cuts to social spending, but so far, the White House has been unwilling to cave on these points. We will bring you the latest on this as the day goes on.
Last week, the Bureau of Labor Statistics reported a 0.4 percent increase in the Consumer Price Index in April, leading to a year-over-year increase of 4.9 percent. Unemployment fell to 3.4 percent in April, providing important data points to the Federal Reserve as officials there evaluate additional rate hikes.
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