U.S. employers added just 266K jobs in April as hiring slowed
Most economists expect job growth to strengthen as more vaccinations are administered and trillions in government aid spreads through the economy.
Economy
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IBJ Podcast: Pete The Planner says stimulus ahead ‘is going to blow people’s minds’
The U.S. economy is on the verge of potentially the greatest boom time of all time, according to Peter “Pete the Planner” Dunn. It will be fueled at least in part by the enhanced child tax credit, which is part of the American Rescue Plan stimulus package.
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U.S. employers add 916,000 jobs in March as hiring accelerated
Last month, hiring strengthened across the economy. Restaurants, hotels and bars—the sector that was most damaged by the virus—added 216,000 jobs. Construction companies, aided by better weather after severe storms in February, gained 110,000.
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IBJ Podcast: Three women explain how the pandemic impacted their jobs and their lives
Kelly Tingle kept her job in internal communications at Cummins Inc. but had to adjust to working at home. Lisette Woloszyk lost her job at the JW Marriott but has since found a new one. Andrea Haydon started her own design firm after being laid off from Ratio Design. They talk with host Mason King about their anxieties, fears and hopes about the future.
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Entrepreneurship activity in Indiana is sluggish, Brookings report finds
As a result, the report argues, the state is not as well-positioned as it might be to rebound from economic downturns.
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Articles
Powell sees need to help most vulnerable in uneven recovery
Federal Reserve Chairman Jerome Powell said that labor force participation had declined 4 percentage points for Black and Hispanic women compared to 1 percentage point for white women and about 2 percentage points for all men.
Bohanon & Curott: Inflation higher than 4% is likely in next five years
Inflation is certain to rise unless the Fed removes some of the newly created money from circulation as velocity rises.
March U.S. incomes surge as relief rolls out, spending jumps
U.S. consumer spending rose at the fastest pace in nine months while incomes soared by a record amount in March, reflecting billions of dollars in government support payments.
U.S. wages, benefits jump as economy reopens
The figures suggest that as the economy rapidly reopens, businesses are already providing higher pay and benefits to pull workers back into the job market.
Major companies sound alarm over commodity price hikes
Plastic, paper, sugar, grain and other commodities are all getting more expensive as demand outpaces supply. Companies are also paying more for shipping as fuel costs rise and ports experience longer delays because of congestion.
U.S. economy accelerated at a robust 6.4% rate in first quarter
Growth in the current April-June period is expected to be faster still: Some economists say it could reach a 10% annual pace or more, driven by a surge in people traveling, shopping, dining out and otherwise resuming their spending habits.
U.S. jobless claims fall to pandemic-low 547,000
Weekly jobless claims are down sharply from a peak of 900,000 in early January, the Labor Department said Thursday.
Poll: Only 15% of Americans worse off a year into pandemic
While most Americans have weathered the pandemic financially, about 38 million say they are worse off now than before the outbreak began in the United States.
U.S. budget deficit jumps to record $1.7 trillion
The deficit has been driven higher by trillions of dollars in support Congress has passed in successive economic rescue packages since the pandemic struck in early March 2020.
Fed’s Powell sees U.S. boom ahead, with COVID still a risk
Federal Reserve Chairman Jerome Powell said that he doesn’t expect to raise the Fed’s benchmark interest rate, currently pegged at nearly zero, this year.
Fed’s Powell: U.S. nearing full reopening to ‘different economy’
Federal Reserve Chair Jerome Powell said many Americans who are out of work will struggle to find new jobs because some industries will likely be smaller than they were before the pandemic. In other cases, employers are seeking to use technology instead of workers.
U.S. jobless claims rise to 744K as layoffs continue
If you include supplemental federal programs that were established last year to help the unemployed endure the health crisis, a total of 18.2 million were receiving some form of jobless aid the week of March 20.
IMF upgrades forecast for 2021 global growth to record 6%
The rollout of COVID-19 vaccines and vast sums of government aid will accelerate global economic growth to a record high this year in a powerful rebound from the pandemic recession, the International Monetary Fund says in its latest forecast.
Survey: U.S. services surged to record high in March
The Institute for Supply Management, an association of purchasing managers, reported Monday that its non-manufacturing index rose to an all-time high 63.7 last month from 55.3 in February. The old record of 60.9 was set in October 2018.
Anticipation building for boom in U.S. hiring this year
After a year of epic job losses, waves of coronavirus infections, and small business closures, numerous trends are brightening the outlook.
Orders for manufactured goods tumbled 1.1% in February
The size of the drop surprised economists, although it is likely that there was significant disruption from severe winter storms that hit much of the country last month, on top of ongoing supply-chain problems.
Fed expects to keep its key rate near zero through 2023
The Federal Reserve foresees the economy accelerating quickly this year yet still expects to keep its benchmark interest rate pinned near zero through 2023, despite concerns in financial markets about potentially higher inflation.
February retail sales fall 3% after soaring the month before
The decline from the previous month came after retail sales jumped 7.6% in January as people spent $600 stimulus checks sent at the end of last year.
Spiking energy leads wholesale prices up 0.5% in February
Over the past year, wholesale prices are up 2.8%, the largest 12-month gain at the wholesale level in more than two years.