U.S. jobless claims rise to 419,000 from pandemic low
Economists characterized last week’s increase as most likely a blip caused by some one-time factors and partly a result of the inevitable bumpiness in the week-to-week data.
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
Used-car prices slip from dizzying heights but remain high
Inventories of used cars remain tight, but a decline in customer traffic in recent weeks has prompted some dealers to trim prices.
Gain in U.S. retail sales underscores solid, steady consumer demand
Nine of 13 retail categories posted increases in June sales, including solid gains at electronics and appliance outlets, clothing stores and restaurants.
U.S. unemployment claims fall to 360,000, a new pandemic low
Last month, employers added a hefty 850,000 jobs, and hourly pay rose a solid 3.6% compared with a year ago—faster than the pre-pandemic annual pace and evidence that companies are being compelled to pay more to attract and keep workers.
Fed survey: U.S. economy strong but hindered by bottlenecks
The Federal Reserve said Wednesday that seven of its 12 regional bank districts reported strong price increases with some businesses expressing concerns that the supply chain disruptions would push prices even higher.
Fed chairman says inflation, though elevated, will likely moderate
Federal Reserve Chairman Powell reiterated his long-held view that high inflation readings over the past several months have been driven largely by temporary factors.
Wholesale inflation over past year jumps by record amount
Nearly 60% of the gain in wholesale prices in June reflected a jump in the cost of services, led by higher margins received by wholesalers and retailers.
U.S. consumer prices surged in June by the most since 2008
The pickup in inflation, which has coincided with the economy’s rapid recovery from the pandemic recession, has heightened concerns that the Federal Reserve might feel compelled to begin withdrawing its low-interest rate policies earlier than expected.
Consumer borrowing sees record one-month surge
Federal Reserve officials said the $35.3 billion seasonally adjusted increase in May was the largest one-month gain on records that go back to 1943.
Fed officials discuss timing of reducing bond purchases
The discussions, revealed in the minutes of the Fed’s June meeting released Wednesday, indicate that the Fed is moving closer to tapering those purchases, even though most analysts don’t expect a reduction until late this year.
As companies scramble to hire, workers enjoy upper hand
There are signs that people are re-evaluating their work and personal lives and aren’t necessarily interested in returning to their old jobs, particularly those that offer modest wages.
Worried about inflation? Check paystubs, not just pump price
In terms of inflation, which is the bogeyman for investors right now, a big and sustained gain in wages would be even more dangerous than the price spikes already seen for oil and other commodities.
U.S. manufacturing activity grew, but at slightly slower rate in June
June was the 13th consecutive month manufacturing has grown after contracting in April 2020, when coronavirus fears triggered business shutdowns across the country.
U.S. jobless claims fall to 364,000, a new pandemic low
Last week’s drop in jobless claims nationally was steeper than economists had expected. Applications for unemployment benefits have now fallen in 10 of the past 12 weeks.
Consumer confidence up in June to highest level since pandemic
The proportions of consumers planning to purchase homes, automobiles and major appliances all rose in June, as did intentions to take vacations.
U.S. jobless claims tick down to 411,000 as pandemic fades
The Labor Department said Thursday that jobless claims declined by 7,000 from the previous week, to 411,000. The number of weekly applications for unemployment aid has fallen steadily this year, from about 900,000 in January.
Retail workers quitting at record rates for higher-paying work
Retail workers, drained from the pandemic and empowered by a strengthening job market, are leaving jobs like never before.
The 7 industries most desperate for workers
Sawmills, veterinary clinics and psychologists’ offices are among the businesses gripped by escalating worker shortages, as employers in a few pockets of the economy step up competition for workers and sharply increase wages.
U.S. sees record rise in wholesale prices over past year past year
The monthly gain in the producer price index, which measures inflation pressure before it reaches consumers, followed a 0.6% increase in April and a 1% jump in March, the Labor Department reported Tuesday.
May retail sales fell 1.3% as Americans spent less on goods
Retail sales fell in May, dragged down by a decline in auto sales and a shift by Americans to spend more on vacations and other services instead of goods.