Wholesale prices drop across the country
Wholesale prices fell 0.5% year over year in April, the largest drop in five years. The U.S. Bureau of Labor Statistics publishes a monthly report tracking inflation on a variety of products, including cars, food and electricity.
Federal commission warns against Chinese-made faucets
A federal agency issued a warning Wednesday against using nine brands of bathroom and kitchen faucets produced in China. The U.S. Consumer Product Safety Commission said the faucets, sold on Amazon, leave lead in drinking water. "Lead ingestion can cause harmful neurological effects on infants, young children, and pregnant women, including attention-related behavioral problems, decreased cognitive performance and lower IQ," the commission said. All of the products sell for $30 to $70. For the list of brand names, go to cpsc.gov.
Automated mortgage underwriting may save hundreds
A federal housing agency has turned to artificial intelligence to reduce costs. Freddie Mac announced Thursday that it plans to adopt the technology, Loan Product Advisor, to underwrite contracts.
“It is important that we lower costs any way we can, and we encourage lenders to use this technology to pass savings onto customers, effective immediately,” said Bill Pulte, chairman of Freddie Mac and director of the Federal Housing Finance Agency.
Freddie Mac said the underwriting platform can save consumers $1,500 and quicken the underwriting process by a week.
Pope selects new home
After 12 years of sitting empty, Pope Leo XIV requested the doors to the Apostolic Palace be unlocked, according to multiple news reports. The move indicates the new pope's desire to live in the official papal residence. It also differs from Pope Francis' decision to live at the Vatican guesthouse, the Casa Santa Marta.
Shoppers spend a little more
Shoppers increased their spending by a meager 0.1% month-to-month in April in retail and food, according to the latest U.S. Census Bureau data and the American Bankers Association. It's a 5.2% increase from last April.