Tag Archives: economy

Axios reports: A record $9.12 billion was spent online for Black Friday, with electronics driving much of the growth compared to last year, according to new Adobe Analytics data. These record-breaking sales happened amid rising concerns about inflation and the cost of living. Purchases on electronics led the way, soaring by 221% compared to an average day in October. Smart …

Business Insider reports: October was another strong month for the US labor market even as recession fears for next year continue. The country added 261,000 payrolls in October according to data released Friday by the Bureau of Labor Statistics. Economists surveyed by Bloomberg forecasted payrolls to rise by 200,000. The unemployment rate was 3.7% in October, up from September’s 3.5% …

CNBC reports: The U.S. economy posted its first period of positive growth for 2022 in the third quarter, at least temporarily easing inflation fears, the Bureau of Economic Analysis reported Thursday. GDP, a sum of all the goods and services produced from July through September, increased at a 2.6% annualized pace for the period, against the Dow Jones estimate for …

Bloomberg News reports: California’s economy has proven relatively resilient, first through the pandemic and now through the current period of elevated inflation. So much so, that the Golden State’s gross domestic product is poised to overtake Germany’s as the fourth largest in the world after the US, China and Japan. It had already leapfrogged Brazil (No. 7) and France (No. …

From the Social Security Administration: Approximately 70 million Americans will see a 8.7% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2023. On average, Social Security benefits will increase by more than $140 per month starting in January. Federal benefit rates increase when the cost-of-living rises, as measured by the Department of Labor’s Consumer Price …

CNBC reports: Job growth fell just short of expectations in September and the unemployment rate declined despite efforts by the Federal Reserve to slow the economy, the Labor Department reported Friday. Nonfarm payrolls increased 263,000 for the month, compared to the Dow Jones estimate of 275,000. The unemployment rate was 3.5% vs the forecast of 3.7%. A drop of 25,000 …

Courthouse News reports: Inflation in the 19-nation eurozone rose to 9.1% in August, up 7.1% from just a year earlier, according to data released Friday by Eurostat, the EU’s statistics agency. It remains 1% lower than the 10.1% inflation rate across the broader 27-member EU, which recorded a rate of just 3.2% in August 2021. The latest EU rate broke …

The Wall Street Journal reports: The British pound slid to its lowest level against the U.S. dollar since 1985, a reflection of the U.K.’s dire economic situation. Investors are braced for sterling to weaken even further to a nadir not seen in more than two centuries of trading across the Atlantic. The pound fell 0.3% in early Monday trading in …

USA Today reports: Hiring slowed sharply in August but remained sturdy as employers added 315,000 jobs despite softer consumer spending gains, rising interest rates and a sputtering economy. The unemployment rate rose from 3.5% to 3.7%, the Labor Department said Friday. Economists surveyed by Bloomberg had estimated that 300,000 jobs were added last month. Many experts reckoned August finally would …

Reuters reports: Bed Bath & Beyond Inc on Wednesday said it inked deals for more than $500 million in new financing and that it would close 150 stores, cut jobs and overhaul its merchandising strategy in an attempt to turn around its money-losing business. Investors, however, remain concerned that the retailer’s plan, announced in a strategic update, will do little …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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. …

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 …