Tag Archives: economy

Labor Dept: Consumer Prices Up 0.4% In February

CNBC reports: Inflation rose again in February, keeping the Federal Reserve on course to wait at least until the summer before starting to lower interest rates. The consumer price index, a broad measure of goods and services costs, increased 0.4% for the month and 3.2% from a year ago, the Labor Department’s Bureau of Labor Statistics reported Tuesday. The monthly …

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Biden Submits $7.3 Trillion Budget Proposal For FY25

The Washington Post reports: President Biden called for major new spending initiatives Monday to lower costs for health care, child care and housing, and enough new taxes on the wealthy and major corporations to pay for those proposals and also shave $3 trillion off the national debt over the next decade. With Republicans in control of the House, the proposals …

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Labor Dept Reports 275,000 New Jobs In February

CNBC reports: Job creation topped expectations in February and pointed to a still-vibrant U.S. labor market, even though the unemployment rate moved higher Nonfarm payrolls increased by 275,000 for the month while the jobless rate moved higher to 3.9%. Economists surveyed by Dow Jones had been looking for payroll growth of 198,000, a step slower from the downwardly revised gain …

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Biden To Hit Economy Under Trump In Tonight’s SOTU

Axios reports: President Biden will use tonight’s State of the Union address to admit that prices are still too high in some areas — but argue things were worse under former President Trump, White House chief of staff Jeff Zients tells Axios. Biden, in what could well be the most important speech of his presidency, aims to project fighting optimism …

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Fox Host To Conservatives: Stop Trying To “Drill Holes” In Today’s Very Strong Economic Report, It Is What It Is

“We had a blowout jobs report – more than twice the consensus expectation. Now, I know many of my conservative friends are trying to drill holes in this report. But you know what, folks? It is what it is. It’s a very strong report. “Not every economic stat should be viewed through a political lens. I’ve been in this business …

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“Stunning” Report: 353,000 New US Jobs In January

USA Today reports: Hiring picked up sharply in January as employers added a booming 353,000 jobs, highlighting a labor market that continues to defy high interest rates and household financial strains. The unemployment rate held steady at 3.7%, the Labor Department said Friday. Economists surveyed by Bloomberg had estimated that 185,000 jobs were added last month. The January totals were …

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New Analysis: US Economy Boomed By 3.1% In 2023

The Washington Post reports: The U.S. economy grew by a bustling 3.1 percent in 2023, shaking off recession fears and offering an upbeat picture of consumers and businesses ahead of a pivotal election year. Growth slowed slightly in the last three months of 2023 — to an annual rate of 3.3 percent, down from a sweltering 4.9 percent in the …

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CNN: Gas Prices Projected To Fall Again In 2024

CNN Business reports: Gas prices will fall in 2024 for the second year in a row, according to GasBuddy projections shared exclusively with CNN. GasBuddy, which had a forecast for 2023 that proved to be eerily accurate, expects US gas prices will average $3.38 a gallon in the key election year of 2024. That would represent a significant improvement from …

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Commerce Dept: Prices Down Slightly In November

CNN Business reports: After three-plus years of prices steadily — and sometimes sharply — increasing month after month after month, they fell in November. Last month, for the first time since April 2020, prices fell on a monthly basis, according to a closely watched report released Friday by the Commerce Department. November’s Personal Consumption Expenditures price index, a comprehensive measure …

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November Saw 199K New Jobs, Unemployment Down

Yahoo Finance reports: The unemployment rate unexpectedly fell in November, reflecting signs that the labor market may not be cooling as quickly as many had initially thought. Data from the Bureau of Labor Statistics showed Friday the unemployment rate was 3.7% down from 3.9% in October, while US economy added 199,000 jobs. The largest jobs increases in Friday’s report were …

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ABC News: US Economy Grew At “Blistering Pace” In Q3

ABC News reports: The U.S. economy grew at a blistering pace over three months ending in September, more than doubling growth in the previous quarter and rebuking worries about a possible recession. The robust performance, however, complicates the fight to dial back inflation. Fresh GDP data released on Thursday, which exceeded economist expectations, reinforces other recent indicators of a strong …

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September Jobs Report Shatters Expectations

CNBC reports: Job growth was stronger than expected in September, a sign that the U.S. economy is hanging tough despite higher interest rates, labor strife and dysfunction in Washington. Nonfarm payrolls increased by 336,000 for the month, better than the Dow Jones consensus estimate for 170,000, the Labor Department said Friday in a much-anticipated report. The unemployment rate was 3.8%, …

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Gasoline Prices Fuel Uptick In US Inflation Rate

Reuters reports: U.S. consumer prices increased by the most in more than a year in August amid a surge in the cost of gasoline, but a moderate rise in underlying inflation could encourage the Federal Reserve to keep interest rates on hold next Wednesday. The consumer price index increased by 0.6% last month, the largest gain since June 2022, the …

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Biden Roasts Trump On Jobs In Labor Day Remarks

The Hill reports: President Biden on Monday bashed former President Trump to mark Labor Day, criticizing jobs and benefits under the previous administration. “The guy who held this job before me was just one of two presidents in history … left office with fewer jobs in America than when he got elected office,” Biden said at the annual Tri-State Labor …

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August Report: 187K New Jobs, Unemployment 3.8%

CNBC reports: The U.S. added more jobs than expected in August, a sign of resilience for a labor market under pressure from Federal Reserve interest rate hikes. Nonfarm payrolls grew by a seasonally adjusted 187,000 for the month, above the Dow Jones estimate for 170,000, the U.S. Bureau of Labor Statistics reported Friday. However, the unemployment rate was 3.8%, up …

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Labor Department Reports 187K Jobs Added In July

Yahoo Finance reports: The US economy created 187,000 new jobs in July while the unemployment rate fell to 3.5%, the Bureau of Labor Statistics said Friday. Economists had expected job gains to total 200,000 with the unemployment remaining unchanged at 3.6%. Wages, a closely watched indicator of how much leverage workers are exerting in the labor market, rose more than …

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Feds: Inflation Declined In June Compared To Last Year

The Washington Post reports: A year after inflation soared to the highest level in four decades, prices are returning closer to normal levels, with families and businesses feeling the difference as policymakers debate how much more to slow the economy. Government data released Wednesday showed a notable drop in inflation: Prices rose 3 percent in June compared with the year …

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Housing Costs Make FL Nation’s “Inflation Hotspot”

CNN reports: Florida is America’s inflation hotspot because of a persistent problem with sky-high housing costs. The Miami-Fort Lauderdale-West Palm Beach area has the highest inflation rate of metro areas with more than 2.5 million residents, with a 9% inflation rate for the 12 months ended in April. That’s more than double the national average of 4%, according to data …

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US Census: Record 29% Of Americans Are Living Alone

The Hill reports: Nearly 30 percent of American households comprise a single person, a record high. The U.S. Census shows that “solitaries” made up 8 percent of all households in 1940. The share of solo households doubled to 18 percent in 1970 and more than tripled, to an estimated 29 percent, by 2022. The solo-living movement intersects with several other …

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Feds: 209K New Jobs In June, 30th Month Of Gains

CNBC reports: Employment growth eased in June, taking some steam out of what had been a stunningly strong labor market. But the gain was the 30th consecutive month of jobs gains. Nonfarm payrolls increased 209,000 in June and the unemployment rate was 3.6%, the Labor Department reported Friday. That compared to the Dow Jones consensus estimates for growth of 240,000 …

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