Tag Archives: economy

Bloomberg News reports: U.S. job growth accelerated in May and the unemployment rate fell, signaling firms are making progress filling a record number of openings as the economy powers up. Payrolls increased by 559,000 last month after a revised 278,000 gain in April, according to a Labor Department report Friday. The median estimate in a Bloomberg survey of economists was …

Bloomberg News reports: Applications for U.S. state unemployment insurance fell to a fresh pandemic low last week as business confidence strengthens and employers seek to fill more positions left open by restrictions. Initial claims in regular state programs declined by 34,000 to 473,000 in the week ended May 8, Labor Department data showed Thursday. The labor market continues to improve …

The Wall Street Journal reports: Consumers are splurging on cars and furniture—and facing extended waits for delivery. Restaurants and gyms are reopening—and struggling to find workers. Factories and home builders are trying to ramp up—but are short on semiconductors or raw materials. The Covid-19 outbreak paralyzed both supply and demand last spring. This spring, vaccinations and government stimulus have created …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …