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The latest news and analysis about the health of the US economy.

Exxon group pulls out of talks with Guyana over shallow water oil block, government says

U.S. oil major Exxon Mobil and partners have pulled out of negotiations with Guyana's government on terms for exploring and developing a shallow-water oil block, the South American country's vice president said on Thursday. Exxon, U.S.-based Hess and China's CNOOC won offshore block S8 in a bidding round launched in late 2022 by President Irfaan Ali's administration in a move to diversify Guyana's energy industry.

Reuters 1 hour ago

XOM

Oil Rises on Signs of Further Escalation in Russia-Ukraine War

(Bloomberg) -- Oil rose above $70 a barrel to settle at the highest in almost two weeks on signs that the Russia-Ukraine conflict is escalating further.Most Read from BloombergTrump Promises Could Have Seismic Impact on Washington EconomyParis to Replace Parking Spaces With TreesTokyo’s Scorching Summers Focus Public Anger Against Tree CuttingNYC Mayor Adams Names Jessica Tisch to Lead Police Head Amid ProbesNew York’s Transit Agency Approves $9 Congestion TollWest Texas Intermediate climbed 2%

Fed’s Goolsbee Sees Rates a ‘Fair Bit Lower’ Over Next Year

(Bloomberg) -- Federal Reserve Bank of Chicago President Austan Goolsbee said he sees interest rates moving “a fair bit lower,” while expressing confidence inflation is easing toward the central bank’s objective alongside a solid labor market. Most Read from BloombergTrump Promises Could Have Seismic Impact on Washington EconomyParis to Replace Parking Spaces With TreesTokyo’s Scorching Summers Focus Public Anger Against Tree CuttingNYC Mayor Adams Names Jessica Tisch to Lead Police Head Amid Pr

Fed's Goolsbee says pace of rate cuts may need to slow

Chicago Federal Reserve President Austan Goolsbee on Thursday reiterated his support for further interest rate cuts and his openness to doing them more slowly, remarks that underscore the U.S. central bank's debate that it's not about whether, but over how fast and how far, borrowing costs should be lowered. Some Fed policymakers worry that progress lowering inflation may have stalled and call for a cautious approach, while others want to make sure the labor market doesn't cool further, suggesting the need for continued rate cuts. Fed policymakers will meet on Dec. 17-18 to resolve their differences, at least temporarily, with a decision to either cut the policy rate again or wait to do so until next year.

New York Fed says bank reserves abundant as of mid-November

New data from the New York Federal Reserve suggests the U.S. central bank isn't facing any roadblocks to continuing forward with its ongoing effort to shrink the size of its balance sheet. The regional Fed bank reported on Thursday that its Reserve Demand Elasticity Measure 50th percentile reading stood at -0.15 on Nov. 13, holding steady relative to where it was a month ago. The New York Fed said as part of its report that "reserves remain abundant."

Students can now apply for federal college aid. Officials hope for a smoother rollout this year

The federal FAFSA form used to apply for college financial aid opened to high school seniors nationwide on Thursday, a year after a disastrous rollout by the Biden administration delayed the application for months. After weeks of testing, the Education Department says there have been no major problems with the online form. “After months of hard work and lots of feedback from students, schools and other stakeholders, we can say with confidence that FAFSA is working and will serve as the gateway to college access and affordability to millions of students," Education Secretary Miguel Cardona said Thursday.

Bosch to reduce hours for 450 employees due to tough economy

German auto parts supplier Robert Bosch will reduce the hours, and consequently the pay, of 450 employees in Germany from next spring, citing the difficult economic situation, a company spokesperson said on Thursday. Those employees, whose contracts stipulated that they work 38-40 hours a week, will work only 35 hours a week starting March 1, the spokesperson said. Several locations are affected, primarily in Stuttgart and Gerlingen, said the spokesperson.

Jobless claims fall to 7-month low, show labor market 'trending sideways at a healthy level'

Weekly unemployment claims continue to move lower as labor market data normalizes following hurricane disruptions throughout the fall.

Fed's Barkin says US is vulnerable to inflation shocks, FT reports

The U.S. is more vulnerable to inflationary shocks than in the past, Federal Reserve Bank of Richmond President Tom Barkin said in an interview with the Financial Times published on Thursday. Barkin said he expected inflation to continue dropping across the U.S, while cautioning that businesses were passing on costs to consumers more readily than in the past. "We're somewhat more vulnerable to cost shocks on the inflation side, whether they be wage-[related] or otherwise, than we might have been five years ago," Barkin told the FT.

IKEA CEO on the ‘massive economic advantages’ of climate action

For companies leading rather than lagging in the field, it “has given massive economic advantages.”

Fed’s Williams Says ‘Not Quite There Yet’ on Cooling Prices

(Bloomberg) -- Federal Reserve Bank of New York President John Williams said that while prices have come down in a still-solid economy, there’s still room to go for inflation to come into the Fed’s 2% target. Most Read from BloombergTrump Promises Could Have Seismic Impact on Washington EconomyParis to Replace Parking Spaces With TreesTokyo’s Scorching Summers Focus Public Anger Against Tree CuttingNYC Mayor Adams Names Jessica Tisch to Lead Police Head Amid ProbesNew York’s Transit Agency Appro