Daily Economy News

The Federal Reserve Bank of Philadelphia yesterday named Patrick Harker as its new president. What’s interesting about this appointment is Harker’s background: Unlike most reserve bank presidents, Harker does not hold a doctorate in economics, nor has he worked inside the Fed system, although he has served on the Philly Fed board for the last…

There’s more data out this morning showing subdued inflationary pressures. The Commerce Department reported today that the price index for personal consumption expenditures increased at an annual rate of 0.2 percent in January. The Federal Reserve has set a target of 2 percent annual inflation, so this is far below that target.

Despite an economy that may have entered a soft patch, Americans are still beating a path to their health clubs, acupuncturists and spas.

There’s a little more evidence this morning that the economic expansion is in a soft patch, as the Consumer Price Index fell 7/10ths of a point in data released this morning by the Department of Labor. But to really understand what’s going on, you need to look below the headline.

Writing in the Huffington Post, AIER President Stephen Adams applauds Intel’s efforts to increase the number of women and minorities in its workforce.

Federal Reserve Chairwoman Janet Yellen was in front of the Senate Banking Committee this morning, as she continued to show patience about raising interest rates. She noted the recent economic growth, and said there was still plenty of room for improvement.

The strengthening U.S. dollar is a double-edged sword for the economy and investors, and in our new report released today, you can see how it affects everything from prices at the store – and the pump — to jobs and inflation.

AIER Research Fellow Luke Delorme was featured on Friday in a CNBC.com article on retirement planning. Luke had also received favorable press coverage for his January report on rethinking retirement guidelines, including mentions by The Aspen Institute, Forbes and Bloomberg.

The strong dollar has been taking its toll on U.S. corporate profits, especially those companies who sell their products abroad, as The Associated Press reports today. Coca-Cola and Pepsi both reported falling sales directly linked to the exchange rate, and companies like Avon and Yum brands have also said the dollar has hurt their bottom…

The supercold weather has made economists’ job a little harder this winter, as they try to paint a picture of consumer and business behavior beyond that of people simply wanting to stay inside for fear of freezing.