Tag Archives: economy

Commerce Dept: Household Income Up 21% In March

The Wall Street Journal reports: Household income rose at a record pace of 21.1% in March as federal-stimulus checks helped fuel an economic revival that is poised to endure with an easing pandemic. The surge in income last month was the largest monthly increase for government records tracing back to 1959, reflecting $1,400 stimulus checks and other government aid included …

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Commerce Dept: Economy Grew 6.4% In First Quarter

The Wall Street Journal reports: The U.S. economy expanded rapidly in the first quarter, growing at a 6.4% annual rate and extending what economists project will be a robust, consumer-led recovery from the pandemic this year. The jump in U.S. gross domestic product in the first three months of the year, reported by the Commerce Department on Thursday, put the …

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US Added 916K Jobs In March, Unemployment At 6%

NBC News reports: The U.S. economy added 916,000 jobs last month and the unemployment rate fell to 6 percent, in the strongest indication yet that the labor market is finally working its way back to pre-pandemic norms as the number of vaccinations continues to rise. The hiring and employment data, released Friday by the Bureau of Labor Statistics, firmly beat …

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Goldman Sachs Forecasts Jobless Rate Falling To 4.1%

The Hill reports: The unemployment rate could drop to 4.1 percent or even lower this year, according to a Goldman Sachs forecast released late Sunday night. Ultimately, the bank forecasts that unemployment will drop to 3.2 percent by 2024. If that were to happen, it would surpass the 50-year record set in the Trump administration, notching a significant win for …

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House Passes $1.9T COVID Relief Bill In Party Line Vote

CNBC reports: The House passed its $1.9 trillion coronavirus relief bill early Saturday, sending the massive proposal to the Senate as Democrats rush to approve more aid before unemployment programs expire. It is the first major legislative initiative for President Joe Biden. The House approved it in a 219-212 mostly party line vote, as two Democrats joined all Republicans in …

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Trump Judge Rules Against Moratorium On Evictions

CNN reports: A federal judge in Texas on Thursday ruled that the federal moratorium on evictions is unconstitutional, according to court documents. US District Judge John Barker, who was appointed by then-President Donald Trump to the court in the Eastern District of Texas, stopped short of issuing a preliminary injunction, but said he expected the US Centers for Disease Control …

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LIVE VIDEO: Biden Unveils COVID Recovery Package

The New York Times reports: President-elect Joseph R. Biden Jr. will propose a $1.9 trillion rescue package to combat the economic downturn and the Covid-19 crisis, outlining on Thursday evening the type of sweeping aid that Democrats have demanded for months. The sprawling package includes more than $400 billion to combat the pandemic directly, including accelerating vaccine deployment and safely …

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New Jobless Claims Surge To 885,000 For Week

Bloomberg News reports: Applications for U.S. unemployment benefits unexpectedly jumped to the highest level in three months, suggesting the labor market’s recovery is faltering amid the surge in Covid-19 cases and widening business closures. Initial jobless claims in regular state programs rose by 23,000 to 885,000 in the week ended Dec. 12, Labor Department data showed Thursday. On an unadjusted …

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Labor Dept Reports Surge In Jobless Claims For Week

Bloomberg News reports: Applications for U.S. unemployment benefits surged last week and exceeded most estimates, suggesting that widening business shutdowns to curb the pandemic are spurring fresh job losses. Initial jobless claims in regular state programs rose by 137,000 to 853,000 in the week ended Dec. 5, Labor Department data showed Thursday. On an unadjusted basis, the figure increased by …

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LIVE VIDEO: Biden Addresses COVID’s Economic Impact

The Associated Press reports: President-elect Joe Biden is scheduled to deliver remarks Friday after the release of a November jobs report that showed the slowest month of growth by far since the recovery began. He then plans to meet virtually with a group of county leaders, whose agenda includes federal relief to help recover from the economic fallout of the …

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Labor Dept Reports 712K New Jobless Claims For Week

MarketWatch reports: New applications for U.S. unemployment benefits fell in late November for the first time in three weeks, probably due in part to the Thanksgiving holiday. The number of people applying for benefits, however, is still quite high and the latest decline is unlikely to dispel fresh worries about rising layoffs and a slowdown in hiring after a record …

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Biden Transition Start Fuels Market To Record High

CNN Business reports: Investors have a lot to be thankful for this holiday-shortened week — including the Dow passing the 30,000 milestone for the first time as stocks posted solid gains Tuesday to extend Monday’s rally. The Dow was up more than 400 points, or 1.4%, in late morning trading. The blue chip index hit a new all-time high in …

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LIVE VIDEO: Biden Speaks On Economy And Vaccines

CBS News reports: President-elect Joe Biden and Vice President-elect Kamala Harris are meeting Monday with the heads of major companies and labor unions to discuss the incoming administration’s economic agenda, the Biden transition office said. The president-elect will deliver remarks on the economy following a remote briefing in Wilmington, Delaware, which comes as the stock market is surging on news …

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Labor Dept Reports 751K New Jobless Claims For Week

CNBC reports: The number of first-time unemployment-benefits filers fell to the lowest level in the pandemic, declining for a second straight week, the Labor Department reported Thursday. Initial weekly U.S. jobless claims came in at 751,000 for the week ending Oct. 24, down 40,000 from the previous week. Economists polled by Dow Jones expected initial jobless claims to come in …

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FY Federal Budget Deficit Hits Record $3.1 Trillion

The Washington Post reports: The U.S. budget deficit eclipsed $3.1 trillion in the fiscal year that ended Sept. 30, according to government data released Friday, by far the biggest one-year gap in U.S. history. The deficit — which is the gap between government spending and tax revenue — shows the dramatic surge in spending the U.S. government approved in order …

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McConnell Won’t Put Trump’s Stimulus Deal To Vote

Axios reports: Senate Majority Leader Mitch McConnell (R-Ky.) said Thursday that he would not put a potential $1.8 trillion+ deal struck by Democrats and the Trump administration on the Senate floor. “My members think half a trillion dollars, highly targeted is the best way to go,” he said. Why it matters: The economy and American workers need help. Democrats say …

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Labor Dept Reports 898K Jobless Claims Last Week

CNBC reports: American workers continued to hit the unemployment line in large numbers last week, with 898,000 new claims filed for jobless benefits. Economists surveyed by Dow Jones had been looking for 830,000. The total for the week ended Oct. 10 was the highest number since Aug. 22 and another sign that the labor market continues to struggle to get …

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Jobs Slowed In September, Last Report Before Election

The New York Post reports: The US economy added 661,000 jobs in September as the American labor market’s rebound from the coronavirus pandemic hit yet another snag, new data show. Last month’s growth in non-farm payrolls helped push the unemployment rate down to 7.9 percent but marked a continued slowdown in hiring from August’s addition of about 1.5 million jobs, …

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Global Coronavirus Death Toll Surpasses One Million

The Associated Press reports: The worldwide death toll from the coronavirus eclipsed 1 million on Tuesday, nine months into a crisis that has devastated the global economy, tested world leaders’ resolve, pitted science against politics and forced multitudes to change the way they live, learn and work. The bleak milestone, recorded by Johns Hopkins University, is greater than the population …

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Federal Debt To Exceed Size Of Economy In Next Year

The Wall Street Journal reports: U.S. debt has reached its highest level compared to the size of the economy since World War II and is projected to exceed it next year, the result of a giant fiscal response to the coronavirus pandemic. The Congressional Budget Office said Wednesday that federal debt held by the public is projected to reach or …

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