Economy

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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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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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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Beyoncé Blamed For Sweden’s Surprise Inflation Rise

The BBC reports: Thought the war in Ukraine or supply chain snarls were to blame for rising prices? You must not know ’bout Beyoncé. The start of the singer’s world tour in Sweden last month sparked such a frenzy of demand for hotels and restaurant meals that it has shown up in the country’s economic statistics. Sweden reported higher-than-expected inflation …

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Robust Monthly Jobs Report “Smashes Expectations”

Yahoo Finance reports: The May jobs report released Friday showed the US economy remains strong with more than 300,000 jobs created last month, while the unemployment rate rose to 3.7%. The US economy added 339,000 nonfarm payroll jobs last month, data from the Bureau of Labor Statistics showed Friday. This marks the 14th-straight month that job creation came in above …

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Labor Department Issues Robust April Jobs Report

CNBC reports: Job growth fared better than expected in April despite bank turmoil and a decelerating economy, the Labor Department reported Friday. Nonfarm payrolls increased 253,000 for the month, beating Wall Street estimates for growth of 180,000, according to the Bureau of Labor Statistics. The unemployment rate was 3.4% against an estimate for 3.6% and tied for the lowest level …

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Labor Department Issues Strong Jobs Report For March

Axios reports: The U.S. labor market continues to add jobs at a strong pace: Payrolls rose by 236,000 in March, while the unemployment rate ticked down to 3.5%, the lowest level in over a half-century, the Labor Department said on Friday. Employers still have plenty of demand for workers, despite aggressive efforts from the Federal Reserve to cool off the …

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Major Swiss Banks To Merge In Bid To Stem Fallout

CNN Business reports: Switzerland’s biggest bank, UBS, has agreed to buy its ailing rival Credit Suisse in an emergency rescue deal aimed at stemming financial market panic unleashed by the failure of two American banks earlier this month. It said the rescue would “secure financial stability and protect the Swiss economy.” UBS is paying 3 billion Swiss francs ($3.25 billion) …

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Feds Report Inflation Eased Slightly In February

Yahoo Finance reports: Inflation showed continued signs of cooling off in February but remained stubbornly high and well above the Federal Reserve’s 2% target in the year’s second month, according to the latest data from the Bureau of Labor Statistics released Tuesday morning. The Consumer Price Index (CPI) revealed headline inflation rose 0.4% over last month and 6% over the …

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Labor Department Issues Strong February Jobs Report

The New York Times reports: Employers added 311,000 jobs in February, the Labor Department reported Friday, continuing a hotter-than-anticipated streak that has created abundant opportunities for job seekers while frustrating the Federal Reserve in its drive to contain stubborn inflation. The unemployment rate ticked up to 3.6 percent, still an exceptionally low level brought about both by robust job creation …

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CA Population Down 500K Since Start Of Pandemic

The Los Angeles Times reports: The California exodus has shown no sign of slowing down as the state’s population dropped by more than 500,000 people between April 2020 and July 2022, with the number of residents leaving surpassing those moving in by nearly 700,000. The population decrease was second only to New York, which lost about 15,000 more people than …

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Fox Hosts “Gobsmacked” By “Blockbuster” Jobs Report

Mediate reports: Fox Business anchor Maria Bartiromo let out a “Wow!” as Fox Business Network correspondent Cheryl Casone ticked through a January jobs report that had the entire panel gushing and saying they were “Gobsmacked!” Friday morning saw the release of a new jobs report from the Bureau of Labor Statistics that showed 517,000 jobs added, nearly tripling expectations. Including …

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517,000 New Jobs In Stunning January Labor Report

The Washington Post reports: The labor market shattered expectations in January, as the economy added 517,000 jobs, despite tens of thousands of layoffs in the tech sector. The unemployment rate dropped to 3.4 percent, according to data released Friday from the Bureau of Labor Statistics, reaching a new longtime low. The uptick in high-profile layoffs has not been reflected in …

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Commerce Dept: Economy Saw Solid Growth In Q4

The New York Times reports: Economic growth remained solid at the end of last year as the strong job market and cooling inflation allowed Americans to keep spending despite fears of a recession. U.S. gross domestic product, adjusted for inflation, increased at an annual rate of 2.9 percent in the fourth quarter of 2022, the Commerce Department said Thursday. That …

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Big Oil Sees Record 2022 Profits After Gas Prices Surge

Reuters reports: The West’s top energy firms are expected to rake in a combined record profit of $200 billion from a turbulent 2022 marked by huge volatility in oil and gas prices after Russia’s invasion of Ukraine with buoyant earnings likely to roll through 2023. Flush with cash, BP Chevron, Exxon Mobil, Shell and TotalEnergies also delivered shareholders unprecedented returns …

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China’s Population Declines For First Time In Decades

The New York Times reports: The world’s most populous country has reached a pivotal moment: China’s population has begun to shrink, after a steady, yearslong decline in its birthrate that experts say is irreversible.  The government said on Tuesday that 9.56 million people were born in China last year, while 10.41 million people died. It was the first time deaths …

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India About To Become World’s Most Populous Nation

Axios reports: India is set to surpass China as the world’s most populous country sometime this year, the UN projects. The milestone could have major economic and societal implications for both countries — and may eventually influence trade flows and upend the global balance of power. India was home to 1.417 billion people as of last year, compared to China’s …

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