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The U.S. is the top country for millionaires and billionaires

A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.The U.S. has rapidly overwhelmed China as the world's top spot for millionaires and billionaires, according a new report.  There are now more than 5.5 million Americans with liquid investible assets of more than $1 million, up 62% over the past decade and well above the global growth rate of 38%, according to…

Mortgage rates back over 7%, as stronger economic data rolls in

This photo taken on Aug. 22, 2023 shows an advertisement in front of a real estate for sales in Millbrae, California, the United States. The sales of previously owned homes in the United States dropped 2.2 percent in July from June to a seasonally adjusted, annualized rate of 4.07 million units, the National Association of Realtors reported Tuesday. Sales were 16.6 percent lower compared with July of last year, while homes were sold at the slowest July pace since 2010. (Photo by Li Jianguo/Xinhua via Getty Images)Xinhua…

China poses growing threat to U.S. auto industry

A BYD Seagull small electric car is on display during the 20th Shanghai International Automobile Industry Exhibition at the National Exhibition and Convention Center (Shanghai)Vcg | Visual China Group | Getty ImagesDETROIT – Chinese automakers pose a growing threat to their American counterparts — even without selling directly to consumers in the U.S. market.Sales of China-made vehicles are rising at notable rates in Asia, Europe and other countries. China recently reported exports of more than 5 million vehicles in 2023,…

January homebuilder sentiment improves, following mortgage rate drop

A home is constructed at a housing development on June 21, 2023 in Lemont, Illinois.Scott Olson | Getty ImagesHomebuilder sentiment improved in January, jumping 7 points to 44 on the National Association of Home Builders monthly index. Anything below 50 is still considered negative, but the index has now moved 10 points higher in the last two months.Sentiment is now at the highest level since September.The increase coincides with a big drop in mortgage interest rates from around 8% in mid-October to the 6% range in…

Used car prices high but expected to be stable in 2024

Used cars for sale at Lee Auto Mall on Wednesday, August 16, 2023. (Staff photo by Brianna Soukup/Portland Press Herald via Getty Images)Brianna Soukup | Portland Press Herald | Getty ImagesDETROIT – Used vehicle prices are expected to stabilize this year, after buyers of pre-owned cars and trucks got more relief in 2023 following a stretch of record prices.Automotive data firm Cox Automotive expects wholesale prices on its Manheim Used Vehicle Value Index, which tracks prices of used vehicles sold at its U.S. wholesale…

The 2023 U.S. economy, in charts

A pedestrian holds an umbrella as they walk along a street in the rain in Times Square, New York, on Sept. 26, 2023.Ed Jones | AFP | Getty ImagesThe state of the U.S. economy may be a chief concern among Americans, but 2023 wound up as a pretty good year for the macroenvironment.Spending remained high, markets posted big gains and the Federal Reserve's battle against inflation showed signs of cooling — without freezing. Then there's the almost logic-defying resilience of the job market.The U.S. labor market ended the year…

Don’t read too much into market losses so far

Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on January 3, 2024, in New York City. Angela Weiss | AFP | Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.What you need to know todayLabor market remains tightU.S. private sector jobs increased by 164,000 in December, according to payroll…

Companies losing pricing power after years of unbridled spending

Pedestrians carrying Nike and Allbirds shopping bags in the SoHo neighborhood of New York on Oct. 24, 2021.Nina Westervelt | Bloomberg | Getty ImagesAfter years of unbridled consumer spending on everything from home improvement to dream vacations, some companies are now finding the limits of their pricing power.Shipping giant FedEx last week said customers have shied away from speedier, pricier shipping options. Airlines including Southwest discounted off-peak fares in the fall. The likes of Target and Cheerios maker…

Will the S&P end 2023 on a record high?

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 1, 2023.Brendan Mcdermid | ReutersThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.What you need to know todayJust a bit more to goU.S. markets were near flat Thursday, with the S&P 500 on the cusp of a record close. Asia-Pacific markets…

New car sales expected to rise next year

New Kia cars are displayed on the sales lot at San Leandro Kia on May 30, 2023 in San Leandro, California.Justin Sullivan | Getty ImagesDETROIT – Sales of new vehicles in the U.S. are expected to increase slightly next year, as the automotive industry continues to normalize from the coronavirus pandemic and other supply chain problems since 2020.Forecasts from leading automotive data firms are calling for a year-over-year increase of between 1% and 4% to roughly 15.6 million to 16.1 million vehicles sold. Such sales would…