US Consumers: Goods Shrink, Services Rise

When people think about what an economy produces, they tend to think in terms of solid objects: cars, appliances, clothes, houses, food. But US consumers are in the midst of a long-term shift away from consuming goods and toward consuming services. Here’s an illustrative figure from the Congressional Budget Office (The Budget and Economic Outlook: … Read more

Weekly mortgage demand from homebuyers is flattening as interest rates rise

Thianchai Sitthikongsak | Moment | Getty Images Mortgage demand is struggling to contend with what appears to be another upswing in interest rates. Homebuyers in particular are pulling back. Total mortgage application volume rose 3.7% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. That was all due … Read more