Rising costs add to pandemic pain for small businesses
The unpredictability of shipping, labor and the coronavirus itself have created an environment where owners are often left guessing about when products might arrive and how much they’ll cost.
Economy
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U.S. jobless claims rise to highest level since mid-November
The weekly applications, a proxy for layoffs, have risen in four of the last five weeks, a period that runs in tandem with the spread of the omicron variant.
Fed survey finds economy growing modestly despite COVID
The Federal Reserve said its 12 regional banks found that the economy was continuing to grow, but many regions reported a sudden pullback in spending on leisure travel, hotels and restaurants because of the rapid spread of the omicron variant of the coronavirus.
U.S. inflation soared 7% over past year in biggest jump since 1982
Rising prices have wiped out the healthy pay increases that many Americans have been receiving, making it harder for households, especially lower-income families, to afford basic expenses.
Fed’s Powell: Inflation poses major threat to job market
Fed officials now expect to raise short-term interest rates three times this year, a sharp shift from September, when they were divided over doing it even once. Economists increasingly expect them to raise rates at least four times in 2022.
Question for Fed: Has it waited too long to fight inflation?
On Wednesday, the government is expected to report that consumer prices jumped 7.1% over the past 12 months, which would be the steepest such increase in decades.
U.S. jobless rate sinks to 3.9% as many more people find jobs
Wages also rose sharply, a sign that companies are competing fiercely to fill their open jobs. A record-high wave of quitting, as many workers seek better jobs, is also fueling pay raises.
U.S. hiring likely rebounded last month before omicron surge
Economists estimated that employers added 400,000 jobs last month, according to a survey by data provider FactSet. That would mark an increase from 210,000 in November.
Record 4.5 million Americans quit their jobs in November
Employers hired 6.7 million people in November, up from 6.5 million in October, the Labor Department reported Tuesday in its monthly Jobs Openings and Labor Turnover Survey.
Average price for used car climbs past $29K, leaving would-be buyers aghast
When the government reported that consumer inflation rocketed 6.8% in the 12 months that ended in November—the sharpest jump in nearly 40 years—the biggest factor, apart from energy, was used vehicles.
U.S. unemployment claims drop to 198,000
The four-week average of unemployment claims, which smooths out week-to-week volatility, fell to just above 199,000, the lowest level since October 1969.
Two forces collide to create most unusual job market in modern American history
The economy has seldom seen such a mismatch between so much demand for workers and so few people willing to work.
Despite supply issues and omicron, holiday sales rise 8.5%
The results, which covered Nov. 1 through Dec. 24, were fueled by purchases of clothing and jewelry.
Consumer prices up 5.7% over past year, fastest in 39 years
Personal incomes, which provide the fuel for future spending increases, rose 0.4% in November, slightly lower than the 0.5% increase in October.
U.S. consumer confidence rises despite omicron, higher prices
The consumer confidence index—which takes into account consumers’ assessment of current conditions and the their outlook for the future—rose to 115.8 in December, the highest reading since July.
U.S. economy grew at 2.3% in third quarter, up from earlier estimate
But prospects for a solid rebound going forward are being clouded by the rapid spread of the latest variant of the coronavirus.
Omicron casts new shadow over economy’s pandemic recovery
A heightened sense of anxiety has begun to erode the willingness of some people and some businesses to carry on as usual in the face of the extraordinarily contagious omicron variant.
Inflation squeezes holiday budgets for low-income shoppers
The government’s report last week that consumer prices jumped 6.8% over the past year showed that some of the largest cost spikes have been for such necessities as food, energy, housing, autos and clothing.
Lawmakers, business leaders begin to raise alarms about dwindling federal aid, as omicron cases rise across U.S.
Over nearly two years, Congress has committed nearly $6 trillion toward combating the virus and boosting the economy, but some of the most significant programs to keep businesses afloat and help households pay bills have expired or run out of funds.
Child tax credit ending just as inflation hits new highs
The last of six monthly payments, up to $300 per child, is scheduled to hit bank accounts on Wednesday.