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.
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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.
U.S. job openings dip to 9.6 million, lowest since 2021
The Labor Department’s Job Openings and Labor Turnover Summary, out Tuesday, showed that layoffs rose to 1.8 million, the highest level since December 2020.
Fed set to raise rates yet again. What comes next is unclear.
Another quarter-point rate increase on Wednesday would leave the Fed’s key rate at 5.1%—a 16-year high and a full 5 percentage points higher than in March 2022.
Inflation pressures remain persistent as consumers pull back
Key measures of prices and wages remained high in March, keeping the Federal Reserve on track to raise interest rates next week for the 10th time since March of last year in its drive to defeat high inflation.
U.S. economy grew at weak 1.1% rate in first quarter
Thursday’s GDP report was the first of three estimates the Commerce Department will make of growth in the January-March quarter. Economists expect growth to further weaken in the current April-June quarter.