Latest news with #economicconcerns
The Independent
a day ago
- Business
- The Independent
The number of folks cooking at home has hit the highest level since the pandemic, Campbell's says
The number of people cooking at home has hit the highest level since the Covid-19 pandemic, Campbell's says. The soup company, which also makes Pepperidge Farm and V-8 products, has released new consumer behavior data amid heightened economic concerns. Almost half the respondents to an April poll conducted by The Economist and YouGov described the current state of the economy as 'poor.' Most Americans, 53 percent, believe the economy is getting worse, according to the poll. 'Consumers are cooking at home at the highest levels since early 2020,' Campbell's CEO Mick Beekhuizen said on Monday, according to CNBC. Five years ago, consumers were bracing for the impacts of the global pandemic. Due to massive lockdowns and millions of Americans staying home, unemployment rates skyrocketed, and consumer spending decreased. In the fourth quarter of 2020, the number of unemployed Americans reached 10.8 million, a 4.9 million increase from a year earlier, according to the U.S. Bureau of Labor Statistics. During the pandemic, average annual consumer expenditures dipped 2.7 percent, according to the bureau. Consumer spending for food purchased away from home and public transportation 'decreased sharply,' the bureau said. The Campbell's CEO said there is a similar pattern emerging now with consumption in the company's meals and beverages categories increasing among people of all incomes. President Donald Trump's sweeping tariffs is one of the factors fueling American economic uncertainty. On April 2, Trump announced a baseline 10 percent tariff on imported goods from all nations on what he called 'Liberation Day.' But several countries were hit with even higher tariffs, including some U.S. allies. Shortly after, Trump paused most of the tariffs for 90 days after Wall Street saw stocks plummet. The Economist / YouGov poll showed just 41 percent of Americans approved of the way Trump was handling jobs and the economy, and 51 percent disapproved. Regarding Trump's tariffs, 56 percent of Americans said the administration had gone too far, according to the poll.
Bloomberg
6 days ago
- Business
- Bloomberg
Oil Jumps After US Trade Court Blocks President Trump's Tariffs
Oil surged after a US trade court blocked President Donald Trump's global tariffs, deeming the levies illegal. West Texas Intermediate rose above $62 a barrel after advancing 1.6% in the previous session, while Brent closed near $65. Trump's sweeping tariffs and retaliatory measures by targeted countries has rattled global markets and raised concerns over an economic slowdown. The ruling can be appealed.
CBS News
6 days ago
- Business
- CBS News
What to know about home equity loans heading into June
Home equity loans offer homeowners an affordable way to borrow a large sum of money this June. Getty Images Borrowing from your home equity with a home equity loan comes with a series of both timeless and timely considerations. In the first category, homeowners will need to carefully calculate affordability as they could lose their home in a foreclosure should they fail to repay their loan. In the latter category, however, the intended use of the home equity funds and the interest rate at which that money is secured become more prevalent concerns. Broader economic concerns can also impact your home equity borrowing process this spring, as items like inflation, the interest rate climate, and more all impact your decision-making. And with a new inflation reading scheduled for release on June 11 and another Federal Reserve meeting to determine monetary policy (and interest rates) set for June 17 and June 18, new economic developments could further impact the home equity loan borrowing climate. Understanding this potential, then, prospective borrowers should start doing their research now. That starts with understanding some key items about home equity loans heading into June 2025. Below, we'll break down three of them. Start by seeing how much home equity you could borrow with a loan here. What to know about home equity loans heading into June Here are three important items to know about home equity loans heading into June 2025: Interest rates just fell to a 2025 low Home equity loan interest rates have been on a slow but gradual decline for much of the last year. In February 2024, the average rate on a 5-year home equity loan was 8.80%, but it was just 8.23% at the end of May, falling to a new 2025 low, according to Bankrate data. That 57-basis-point drop may not seem like much on paper, but it can add up to substantial savings over time, particularly considering the common 10 and 15-year repayment periods. And should inflation continue to decline (it fell in February, March and April) and interest rate cuts are issued again (which looks likely for later this year), rates here will likely fall even further. Still, if you need a home equity loan now, it may make sense to lock in today's low rate (home equity loan rates are fixed) and then simply look to refinance if rates fall materially in the future. Compare your current home equity loan rate offers online now. They're one of the more affordable ways to borrow now Partially because the home functions as collateral, home equity loans are generally one of the more affordable ways to borrow money, particularly when compared to unsecured loan types. But this difference has been stark in recent months. The average credit card interest rate, for example, is slightly below a record 23%. Personal loan interest rates, meanwhile, are cheaper but still closing in on 13% right now. Even rates on home equity lines of credit (HELOCs), which had been the clear, least expensive way to borrow, have been steadily increasing in recent weeks. And unlike home equity loans, HELOC rates are variable and subject to rise or fall after the funding has been applied for. So if you're looking for one of the most affordable (and safer) ways to borrow money going into June, a home equity loan could be one of your better options. The average home equity amount remains high The average home equity amount has declined a bit from where it was in 2024, when it sat around $327,000. But that decline hasn't been steep, with the average home equity amount now at $313,000, according to a March report. Even with many lenders requiring owners to maintain a 20% equity threshold in the home, that still leaves the median homeowner with a six-figure sum of money to withdraw from right now. So if you want to borrow $100,000 this June, for example, a home equity loan could be the smart way to do so. Just avoid the temptation to overborrow, too, as it could risk your homeownership if you're unable to maintain your repayment schedule. The bottom line This June could be a good time to borrow money with a home equity loan. With rates here declining and recently hitting a 2025 low, alternative borrowing options costlier and the average home equity amount giving homeowners a six-figure sum to potentially leverage, this could be the way to borrow a large amount of money now. Just be sure to carefully consider repayment costs both now and over the full repayment period to better gauge long-term affordability before formally applying.
Yahoo
23-05-2025
- Business
- Yahoo
French consumer confidence falls unexpectedly to 5-month low in May
PARIS (Reuters) -French consumer confidence fell unexpectedly in May, hitting a five-month low as concerns about the economy and unemployment surged, a monthly survey from the INSEE stats agency showed on Friday. INSEE said its household confidence index fell to 88 from 91 in April, confounding economists' average expectation in a Reuters poll for an improvement to 93. The survey showed that households' concerns about unemployment reached the highest level since March 2021 in the midst of the COVID crisis. A number of big companies ranging from steelmaker ArcelorMittal to microchip maker STMicroelectronics have announced layoff plans in recent months. So far unemployment in France has been largely stable, rising only marginally in the first quarter to 7.4% from 7.3% in the previous three months, but unions fear the rate will creep higher as firms shed staff in the face of slower activity. With the news replete with stories about a possible trade war with the United States, households' concerns about the general economic situation also worsened, rising to the highest level since December, INSEE said. Business confidence also fell in May, easing back to its lowest in three months with the more-consumer exposed service sector seeing a particularly sharp drop, INSEE said on Thursday. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Reuters
23-05-2025
- Business
- Reuters
French consumer confidence falls unexpectedly to 5-month low in May
PARIS, May 23 (Reuters) - French consumer confidence fell unexpectedly in May, hitting a five-month low as concerns about the economy and unemployment surged, a monthly survey from the INSEE stats agency showed on Friday. INSEE said its household confidence index fell to 88 from 91 in April, confounding economists' average expectation in a Reuters poll for an improvement to 93. The survey showed that households' concerns about unemployment reached the highest level since March 2021 in the midst of the COVID crisis. A number of big companies ranging from steelmaker ArcelorMittal ( opens new tab to microchip maker STMicroelectronics ( opens new tab have announced layoff plans in recent months. So far unemployment in France has been largely stable, rising only marginally in the first quarter to 7.4% from 7.3% in the previous three months, but unions fear the rate will creep higher as firms shed staff in the face of slower activity. With the news replete with stories about a possible trade war with the United States, households' concerns about the general economic situation also worsened, rising to the highest level since December, INSEE said. Business confidence also fell in May, easing back to its lowest in three months with the more-consumer exposed service sector seeing a particularly sharp drop, INSEE said on Thursday.
