Employers added 339,000 jobs in May, strong growth that defied headwinds
The May jobs report reveals the 29th straight month of strong job growth that has come to define the pandemic recovery economy.
Economy
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‘Excuseflation’ helping prices—and corporate profits—remain high
A growing body of analysts and researchers see a pattern of companies using unusual disruptions as an excuse to raise prices for their goods and services, thereby allowing them to expand profit margins.
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U.S. economy grew 2.1% in 2022, but recession fears linger
The latest figures point to a strong but slowing economy that has been tempered by the Federal Reserve’s aggressive efforts to control inflation.
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OPEC+ makes big oil cut to boost prices; pump costs may rise
The alliance of oil-exporting countries on Wednesday decided to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of elections.
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College Football Playoff title game generated $156M in spending
Commissioned by the local organizing committee, the study generally covered a four day period from Jan. 7 to 10. It found about 56,000 people visited Indianapolis for the game, spending an average of $281 per day.
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Articles
Macy’s cuts full-year outlook in latest sign of retail slowdown
Macy’s is being swept up in a broader pullback in retail spending as consumers feel squeezed by rising prices and higher interest rates.
House OKs debt ceiling bill, sends Biden-McCarthy deal to Senate
The hard-fought deal to avoid a default crisis pleased few, but lawmakers assessed it was better than the alternative—a major economic upheaval if Congress failed to act.
Fed likely to skip interest-rate hike in June, officials signal
Leading Federal Reserve officials are sending out stronger signals that they will forego an increase at the central bank’s next meeting, though they indicate hikes could resume later this year.
U.S. job openings rise unexpectedly to highest mark since January
The resilience of the American labor market continues to complicate the Federal Reserve’s efforts to fight inflation.
U.S. consumer confidence declines for 4th time in 5 months
Consumer confidence fell in May as Americans became more pessimistic about the labor market, on top of elevated anxiety over inflation.
McCarthy, Biden race to woo lawmakers to pass debt ceiling package
The bill faces a tricky path to final passage, which must happen by June 5, when the federal government will exhaust funding to pay its bills.
Inflation measure closely tracked by Federal Reserve increased in April
Friday’s report from the government showed that despite rising prices, consumers remain willing to spend.
U.S. economy headed for downturn in second half of 2023, forecasters say
Economists now see a sharper decline in private investment in the second half of the year than previously projected.
Fewer Americans apply for jobless benefits as labor market still showing strength
Since the pandemic purge of millions of jobs three years ago, the U.S. economy has added jobs at a breakneck pace and Americans have enjoyed unusual job security.
Walmart shines in rough retail environment, ratchets up outlook
Walmart reported strong first-quarter sales results as the nation’s largest retailer’s pledge of lower prices continues to draw budget-conscious consumers.
Federal Reserve officials split over what to do next to fight inflation
The stubbornness of high inflation is dividing the Federal Reserve over how to manage interest rates, leaving the outlook for the Fed’s policies cloudier than at any time since it unleashed a streak of 10 straight rate hikes.
Retail sales up modest 0.4%, buoyed by online, dining spending
Consumers are facing plenty of challenges heading into the second half of the year from tightening credit to a weaker job market.
Economy shows signs of cooling, with easing inflation, higher jobless claims
Applications for unemployment benefits climbed to a more than one-year high and wholesale inflation continued to moderate, adding to signs of softening in the economy.
U.S. prices remain high, showing inflation pressures persist
The nation’s inflation rate has steadily cooled since peaking at 9.1% last June but remains far above the Federal Reserve’s 2% target rate.
Yellen: ‘No good options’ if Congress fails to act on debt
Treasury Secretary Janet Yellen’s comments added even more urgency to a high-stakes meeting Tuesday between President Joe Biden and congressional leaders from both parties.
U.S. adds a solid 253,000 jobs despite Fed’s rate hikes
April’s hiring gain compares with 165,000 in March and 248,000 in February and is still at a level considered vigorous by historical standards.
U.S. productivity declines more than forecast, labor costs climb
Quarterly productivity figures are extremely volatile, but if the latest decline is sustained, it risks keeping inflationary pressures elevated.
Debt ceiling breach could wipe out 8 million jobs, White House says
The White House Council of Economic Advisers compared the potential economic impact of a debt ceiling breach to the 2008 Great Recession, in which economic growth contracts sharply and unemployment surges.
Fed raises key rate, but hints it might pause amid bank turmoil
The Federal Reserve said it will consider a range of factors in “determining the extent” to which future hikes might be needed.