Key inflation gauge rose 5.8% in 2021, most in 39 years
The report Friday from the Commerce Department also said that consumer spending fell 0.6% in December, with purchases of cars, electronics, and clothes declining.
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U.S. economy grew 5.7% in 2021 in rebound from 2020 recession
The economy ended the year by growing at an unexpectedly brisk 6.9% annual pace from October through December as businesses replenished their inventories, the Commerce Department reported Thursday.
Amid omicron and inflation, IMF cuts world growth forecasts
The International Monetary Fund slashed the growth forecast for the United States—world’s largest economy—to 4%, down from the 5.2% it predicted in October.
U.S. jobless claims rise to 286,000, highest since October
Jobless claims rose for the third straight week—by 55,000, to 286,000, the Labor Department reported Thursday. The jump in claims marked the biggest one-week increase since mid-July.
Target CEO expects fewer store trips as shoppers confront inflation
Target’s top executive said U.S. consumers will drive less and consolidate their shopping into fewer trips as they adjust to pricier gasoline and the highest inflation rate in almost four decades.
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.
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.