Tesla Inc. TSLA -8.54% has raised the prices on some of its cars by as much as $6,000, as the electric-car maker grapples with surging costs along its supply chain. The increase comes as the car industry faces rapidly rising costs on labor, transportation, raw materials and more. It also comes shortly after Tesla Chief … Read more
WASHINGTON—President Biden is likely to decide later this summer whether to partially forgive student-loan debt for millions of borrowers, according to administration officials and others familiar with the matter, after the president said more than a month ago that he would weigh in on the issue in the next couple of weeks. The officials said … Read more
U.S. households boosted spending for the fourth straight month in April, but they dipped deeply into their savings to do so. Consumer spending rose by a seasonally adjusted 0.9% last month, the Commerce Department said Friday. The saving rate fell to 4.4%, the lowest in 14 years, from a downwardly revised 5% the prior month, … Read more
Americans reported the highest level of financial well-being last fall than at any point in almost a decade, according to a Federal Reserve survey, bolstering households ahead of growing economic uncertainty. The survey, conducted in October and November of last year and released Monday, is a sign that households entered 2022 in good shape, ahead … Read more
Soon after Lizbeth Martinez set out to buy a house near her hometown of Cactus, Texas, she encountered a situation familiar to millions of Zillow-browsing Americans: few decent options. “There is nothing for sale,” Ms. Martinez said. “And, if it is, it is way out of my price range.” After months of searching, Ms. Martinez … Read more
Investors are looking for more signs that inflation and lingering effects from the Covid-19 pandemic are wearing on American consumers. This week, Macy’s Inc., Dollar General Corp. , Costco Wholesale Corp. and other retailers are slated to release quarterly reports showing sales without the lift from government stimulus that helped consumer spending last year. In … Read more
The last time Todd Jones heard this kind of panic in his clients’ voices, it was 2008 and the global financial system was on the brink of collapse. Mr. Jones, the chief investment officer at investment advisory firm Gratus Capital in Atlanta, now finds himself fielding similar calls. Two clients, both retirees, asked him this … Read more
WASHINGTON—Top U.S. officials who oversee the Internal Revenue Service are expressing growing dismay with a year-old D.C. mystery: how confidential information about the nation’s wealthiest and highest-income taxpayers—including Jeff Bezos and Elon Musk —became public. Extensive disclosures to news organization ProPublica made public the tax figures of many of the most well-known ultrawealthy Americans, showing … Read more
Consumers with low credit scores are falling behind on payments for car loans, personal loans and credit cards, a sign that the healthiest consumer lending environment on record in the U.S. is coming to an end. The share of subprime credit cards and personal loans that are at least 60 days late is rising faster … Read more
Rapidly rising mortgage rates and record home prices are cooling the U.S. housing market, as April sales dropped for the third straight month and fell to their weakest pace in nearly two years. Existing-home sales slipped 2.4% in April from the prior month, the National Association of Realtors said Thursday. Last month’s sales fell 5.9% … Read more