U.S. unemployment claims fall to lowest level since pandemic
Applications for jobless aid, which generally track the pace of layoffs, have fallen steadily since last spring as many businesses, struggling to fill jobs, have held onto their workers.
Economy
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Fed officials: Bond purchases could end by middle of 2022
Such a move would mark the Fed’s first step back from the extraordinary efforts it has made to stimulate the economy in the wake of the pandemic.
Inflation rises 5.4% from year ago, matching 13-year high
The unexpected burst of inflation this year reflects sharply higher prices for food and energy, but also for furniture, cars, televisions, and other largely imported goods.
Americans quit their jobs at a record pace in August
The Labor Department said that quits jumped to 4.3 million in August, the highest on records dating back to December 2000, and up from 4 million in July.
U.S. employers add fewest jobs since December
U.S. employers added just 194,000 jobs in September, a second straight tepid gain and evidence that the pandemic still has a grip on the economy with many companies struggling to fill millions of open jobs.
US jobless claims fall to 326,000 in first drop in four weeks
After hitting a pandemic low of 312,000 in early September, claims had risen three straight weeks, suggesting that the highly contagious delta variant was at least temporarily disrupting a recovery in jobs.
Service sector expands for 16th straight month
Of the 18 service sectors surveyed, 17 reported growth in September, led by retail trade. The only one that contracted was the agriculture, forestry, hunting and fishing sector.
IMF trimming global growth forecast due to rising risks
International Monetary Fund Managing Director Kristalina Georgieva on Tuesday cited rising risks from inflation, debt and a divergence in growth prospects between nations with access to coronavirus vaccines and those in need of shots.
Stocks fall on tech slide, as oil hits highest level since 2014
Investors are increasingly worried about inflation as oil prices rise and companies continue facing supply problems that increase their costs and force them to raise prices.
Consumer spending rebounded in August despite COVID
Americans bought more furniture, clothes, and groceries during the month, while the delta variant caused them to pull back on traveling and eating out.
Powell defends Fed policies, says inflation may persist
Federal Reserve Chair Jerome Powell on Wednesday stood behind the ultra-low interest rate policies he has pursued since the pandemic decimated the economy more than 18 months ago. But he acknowledged inflation has stayed higher for longer than he expected.
Powell says spike in inflation lasting longer than expected
Federal Reserve Chairman Jerome Powell said that the unprecedented process of reopening the economy after the COVID shutdowns has resulted in a number of problems that could continue in coming months.
Business economists lower growth forecasts due to virus
The coronavirus remains the dominant variable around how the U.S. economy will do for the rest of the year and into 2022, according to National Association of Business Economists.
Child-care workers are quitting rapidly, a red flag for economy
The numbers are staggering: The child-care services industry is still down 126,700 workers—more than a 10 percent decline from pre-pandemic levels, Labor Department data shows.
Poverty fell overall in 2020 on massive stimulus checks, unemployment aid
After accounting for all the federal relief payments, the so-called supplemental poverty measure declined to 9.1% in 2020—the lowest on record and a significant decline from 11.8% in 2019.
U.S. consumer prices see lowest increase in 7 months
While the upward march of prices appears to have eased last month, economists caution that the same underlying causes remain. Supply chains are still snarled, especially for critical components like computer chips, and consumer demand is easily outpacing supply.
Amazon eyes 125K more hires at $18-plus per hour
Amazon’s starting pay is still $15 per hour, but with labor markets growing so tight in regions of the country, the company said new hires could make as much as $22.50 an hour. It’s also paying sign-on bonuses of $3,000 in some places.
Gates, Rockefeller warn leaders about pandemic’s impact
Leaders of the Gates and Rockefeller Foundations are warning that the pandemic could set back global progress on education, public health and gender equality for years.
U.S. producer prices jump unprecedented 8.3%
Inflation at the wholesale level saw its biggest annual gain since the Labor Department started calculating the 12-month number in 2010.
U.S. jobless claims reach a pandemic low despite delta-caused slowdown
The ongoing drop in applications for unemployment aid—six declines in the past seven weeks—indicates that most companies are holding onto their workers despite the slowdown.