Tag Archives: economy

CNBC: July Jobs Report Is “Far Better Than Expected”

CNBC reports: Hiring in July was far better than expected, defying signs that the economic recovery is losing steam, the Bureau of Labor Statistics reported Friday. Nonfarm payrolls rose 528,000 for the month and the unemployment rate was 3.5%, easily topping the Dow Jones estimates of 258,000 and 3.6%, respectively. Wage growth also surged higher, as average hourly earnings jumped …

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Commerce Dept: Economy Shrank For Second Quarter

Bloomberg News reports: The US economy shrank for a second straight quarter, raising chances of a recession, as decades-high inflation undercut consumer spending and Federal Reserve interest-rate hikes stymied business investment and housing demand. Gross domestic product fell at a 0.9% annualized rate after a 1.6% decline in the first three months of the year, the Commerce Department’s preliminary estimate …

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Federal Reserve Hikes Interest Rates To Cool Inflation

The New York Times reports: The Federal Reserve raised interest rates by three-quarters of a percentage point on Wednesday, continuing its aggressive campaign to cool rapid inflation even as the economy begins to slow. Central bankers voted unanimously to make the unusually large interest rate move, and the policy-setting Federal Open Market Committee signaled in its post-meeting statement that more …

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Biden Celebrates As Gas Prices Decline For 8th Week

Bloomberg News reports: US retail gasoline prices fell below $4.50 a gallon for the first time since mid-May, starting to ease pressure at the pump for millions of Americans. The nationwide average was at $4.495 a gallon, according to data released on Tuesday by the American Automobile Association. Prices have fallen more than 10% since hitting a record last month …

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Inflation Report: June Prices Up 9.1% Over Last Year

CNBC reports: Shoppers paid sharply higher prices for a variety of goods in June as inflation kept its hold on a slowing U.S. economy, the Bureau of Labor Statistics reported Wednesday. The consumer price index, a broad measure of everyday goods and services, soared 9.1% from a year ago, above the 8.8% Dow Jones estimate. That marked another month of …

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Biden Considering Federal Gasoline Tax Holiday

NPR reports: President Joe Biden said Monday that he’s considering a federal holiday on the gasoline tax, possibly saving Americans as much as 18.4 cents a gallon. “Yes, I’m considering it,” Biden told reporters. “I hope to have a decision based on the data — I’m looking for by the end of the week.” Gas prices nationwide are averaging just …

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KS Town Leaders Ban “Adult Co-Living” Arrangements

The Kansas City Star reports: On Monday, a Johnson County city unanimously voted to ban a living arrangement aimed at helping tenants decrease the amount of rent they pay. The Shawnee City Council voted 8-0 to ban co-living, which has gained popularity in recent years as rent and home prices have soared. The new ordinance defines a co-living group as …

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Labor Dept: March Prices Rose 8.5% Over Last Year

The Washington Post reports: Prices rose 8.5 percent in March compared with a year ago, the largest annual increase in four decades, as Russia’s war in Ukraine drove up energy prices even higher and policymakers launched a major effort to get soaring inflation under control. The inflation data, released Tuesday by the Bureau of Labor Statistics, showed prices rose 1.2 …

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Trudeau Proposes Ban On Foreigners Buying Homes

The BBC reports: Canadian Prime Minister Justin Trudeau has proposed a two-year ban on some foreigners buying homes. The measure comes as the country grapples with some of the worst housing affordability issues in the world. Prices have jumped more than 20%, pushing the average home in Canada to nearly C$817,000 ($650,000; £495,000) – more than nine times household income. …

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New Jobless Claims Fall To Lowest Level In 53 Years

CNBC reports: The labor market tightened further last week, with initial jobless claims falling to their lowest level in more than 53 years, the Labor Department reported Thursday. Initial filings for unemployment dropped to 166,000, well below the Dow Jones estimate of 200,000 and 5,000 under the previous week’s total, which was revised sharply lower. The total of those receiving …

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Rising Prices Upend NYC’s “Pizza-Subway Principle”

Bloomberg News reports: The “pizza principle,” a mainstay of New York economics for more than four decades, states that a slice of cheese pizza will always be the same price as a subway ride. The rule has largely held true since first conjectured in the New York Times in 1980, with any increase in pizza prices tending to predict a …

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Labor Dept: Unemployment Claims Fall To 52-Year Low

Reuters reports: The number of Americans filing new claims for unemployment benefits fell last week as demand for labor remained strong, positioning the economy for another month of solid job gains. Unemployment benefit rolls were the smallest in 52 years in early March, the Labor Department’s weekly jobless claims report on Thursday also showed. Signs of the economy’s underlying strength …

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Labor Dept: February Prices Up 7.9% Over Last Year

The Washington Post reports: Prices rose 7.9 percent in February compared with a year ago, the largest annual increase in 40 years, even as fears grow that Russia’s war on Ukraine will push energy prices even higher in the months to come. The inflation data, released Thursday by the Bureau of Labor Statistics, showed prices rose 0.8 percent in February …

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Labor Dept Reports 678,000 New Jobs For February

CNBC reports: Job growth accelerated in February, posting its biggest monthly gain since July as the employment picture got closer to its pre-pandemic self. Nonfarm payrolls for the month grew by 678,000 and the unemployment rate was 3.8%, the Labor Department’s Bureau of Labor Statistics reported Friday. In a sign that inflation could be cooling, wages barely rose for the …

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January Jobs Report Defies Dismal Expectations

Bloomberg News reports: U.S. employers added more jobs than forecast last month, despite a surge in Covid-19 infections and related business closures. Nonfarm payrolls increased 467,000 in January after an upwardly revised 510,000 gain in December, a Labor Department report showed Friday. The unemployment rate ticked up to 4%, and average hourly earnings jumped. In a surprise display of strength, …

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2021 US Economy Grew At Fastest Rate Since 1984

The Washington Post reports: The U.S. economy grew 5.7 percent in 2021, the fastest full-year clip since 1984, roaring back in the pandemic’s second year despite two new virus variants that rocked the United States. The economy grew 6.9 percent from October to December, the Bureau of Economic Analysis said Thursday, a sharp acceleration from the 2.3 percent it grew …

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Labor Dept: 199K New Jobs In December, 3.9% Jobless

ABC News reports: Employers added a lackluster 199,000 jobs last month — significantly lower than economists’ expectations — and the unemployment rate fell to 3.9%, the Department of Labor said Friday. Hiring in December was even less than the revised figure for the previous month, when 249,000 jobs were added to the economy in November. The stalled job growth comes …

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AP: Holiday Sales Rose At Fastest Pace In 17 Years

The Associated Press reports: Holiday sales rose at the fastest pace in 17 years, even as shoppers grappled with higher prices, product shortages and a raging new Covid-19 variant in the last few weeks of the season, according to one spending measure. Mastercard Spending Pulse, which tracks all kinds of payments including cash and debit cards, reported Sunday that holiday …

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Goldman Sachs Cuts US Forecast Because Joe Manchin

CNN reports: Senator Joe Manchin’s opposition to the Build Back Better Act prompted Goldman Sachs to swiftly dim its US economic outlook. The Wall Street firm told clients Sunday it no longer assumes President Joe Biden’s signature legislation will get through the narrowly divided Congress, citing the West Virginia Democrat’s announcement that he’s a “no” on the $1.75 trillion bill. …

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Labor Dept: Slight Rise In Jobless Claims This Week

The Associated Press reports: The number of Americans applying for unemployment benefits rose last week despite signs that the U.S. labor market is rebounding from last year’s coronavirus recession. Jobless claims rose by 18,000 to a 206,000, still low by historical standards. The four-week average, which smooths out week-to-week volatility, fell by 16,000 to less than 204,000, the lowest level …

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