Fed Rate Cut Likely as Spending Drops, Hiring Slows

Consumer spending and hiring slowed in November, according to the Federal Reserves Beige Book report, increasing the likelihood of a December interest rate cut. Employers are implementing hiring freezes, reducing hours, and turning to AI for entry-level jobs. Rising health insurance costs and tariffs are straining businesses, with some seeing profit margins squeezed or facing financial strain. While some Fed officials support a rate cut, others prefer to keep rates steady, and investors now expect an over eighty-five percent chance of a cut in December.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.