Americans collecting unemployment benefits hit 53-year low
American workers are enjoying historically strong job security two years after the coronavirus pandemic plunged the economy into a short but devastating recession.
Economy
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Retail sales rise 0.9% as consumers show resilience
Consumers are providing critical support to the economy even after a year of seeing prices spiral higher for gas, food, rent, and other necessities.
Bezos spars with Biden White House over inflation
The White House responded by pointing out that Jeff Bezos’ attacks emerged days after Biden met in the Oval Office with the labor leaders behind Amazon’s unionization drive, which the company has vehemently opposed.
U.S. inflation hit 8.3% last month, down slightly from 40-year high
Still, Wednesday’s report contained some cautionary signs that inflation may be becoming more entrenched. Excluding the volatile food and energy categories, so-called core prices jumped 0.6% from March to April—twice the 0.3% rise from February to March.
High inflation leaves food banks struggling to meet needs
Food banks across America say negative economic conditions are intensifying demand for their support at a time when their labor and distribution costs are climbing and donations are slowing.
Fed: Inflation, Ukraine biggest threats to financial system
The observations came in the Federal Reserve’s semiannual Financial Stability Report that looks at trends in trading and investing as well as broad economic issues.
Dollar surges to 2-decade high as investors seek refuge
Rising inflation that has caused the biggest jump in prices in 40 years has spurred the Federal Reserve to aggressively raise interest rates, which increases demand for U.S. dollars.
Here’s how higher Fed rates stand to affect Americans’ finances
Economists and investors foresee the fastest pace of Federal Reserve rate increases since 1989. The result could be much higher borrowing costs for households well into the future.
Economic outlook for agricultural economy mixed
Sentiment of the agricultural economy among farmers ticked higher in April, but they are still showing less confidence than they did a year ago, according to the monthly Purdue University/CME Group Ag Economy Barometer.
U.S. employers post record employment openings, job quits
Employers posted 11.5 million job openings in March, more evidence of a tight labor market that has emboldened millions of American workers to seek better paying jobs and contributed to the biggest surge in inflation in four decades.
Key inflation gauge jumped 6.6% in March, most since 1982
Yet, there were signs in Friday’s report from the Commerce Department that inflation might be slowing from its galloping pace and perhaps nearing a peak, at least for now.
Yellen says more shocks likely to ‘challenge the economy’
Treasury Secretary Janet Yellen said Thursday in an address at the Brookings Institution that countries need to build in “recession remedies” to protect people in the U.S. and globally going forward.
U.S. economy shrank by 1.4% in first quarter, but consumers kept spending
The economy’s overall decline in the January-March quarter does not mean a recession is likely in the coming months. Most economists expect a rebound this quarter as solid hiring and wage gains sustain growth.
U.S. consumers still confident, but slightly less so
U.S. consumer confidence dampened slightly in April but remains high even as inflation continues to cloud optimism about the rest of the year.
Why the Fed worries about strongest U.S. job market in decades
As the Federal Reserve sees it, the surge in job postings forces employers to boost wages to attract and keep workers. Those higher labor costs are then passed to customers in the form of higher prices, thereby helping fuel inflation.
Retail sales rose 0.5% in March amid soaring inflation
Soaring prices on everything, particularly at the gas pump, are now making shoppers choosier about how they spend their money.
U.S. inflation jumped 8.5% over past year, highest since 1981
Even excluding volatile food and energy prices, which have driven overall inflation, so-called core inflation jumped 6.5% over the past 12 months, the biggest such increase since 1982.
U.S. inflation might peak in March, but it’s a slow go to Fed’s 2% goal
The Fed last month kicked off what’s expected to be a series of interest rate hikes to tame inflation, but the efforts to temper demand will take time to materialize.
Inflation hitting not-for-profits’ services, ability to fundraise
Not-for-profits of all kinds are getting hurt by inflation, experts say. Price and wage increases are stressing them in multiple ways, making it harder to keep up with their own basic operational expenses while also forcing them to curtail the services they provide.
Biden administration bets strong job market will shield economy from slump
The next few months will test whether President Joe Biden built a durable recovery full of jobs with last year’s $1.9 trillion relief package, or an economy overfed by government aid that could tip into a downturn.