U.S. jobless claims rise by 28,000, but still low at 222,000
The four-week average of claims, which smooths out week-to-week ups and downs, fell below 239,000, a pandemic low.
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GM cites improved chip supply in raising financial guidance
General Motors raised its outlook Wednesday and said it expects to return to a normal production rate by the end of next year.
Fed survey finds supply chain shortages boosting inflation
In a survey of business conditions, the Fed’s 12 regional banks found that the economy continued to grow at a modest-to-moderate pace. But because of supply chain problems, price increases were reported to be widespread across the economy.
November delivers another hit to sinking consumer confidence
Even before the omicron variant appeared, consumer optimism was being tested by price spikes across the board, particularly for gasoline and food.
U.S. commerce secretary urges boost in semiconductor output
Gina Raimondo will press Congress to pass legislation that would put about $52 billion toward U.S. chip manufacturing in a speech to the Economic Club of Detroit during a visit to the city that’s the capital of American auto manufacturing.
Consumer spending rebounds despite rising October inflation
U.S. consumer spending rebounded in October, rising by a a solid 1.3% despite rising inflation that over the past year has reached the fastest pace in more than three decades.
U.S. GDP slowed sharply in Q3, but big rebound expected in Q4
The expectation is that the economy in the current October-December quarter could grow at the strongest pace this year, with some economists forecast GDP could surge to an 8% rate in the fourth quarter.
Bohanon & Curott: Dual-family income to single income is not ‘bad’ outcome
The economic principle of revealed preference comes into play: what people do reveals their preferences. In the family’s own estimation, they are better off!
Here’s why inflation is so high, and when it might ease
As any American who has bought a carton of milk, a gallon of gas or a used car could tell you, inflation has settled in. And economists are now voicing a more discouraging message.
Economist: Pandemic recession has ended, but disruptions linger
Fifth Third Bank’s Chief Investment Strategist Jeff Korzenik told an Indianapolis audience Wednesday that the workforce crunch and sudden glut in downtown office space remain vexing problems, but Indiana is in solid position to take advantage of the return of manufacturing from overseas.
U.S. jobless claims drop to pandemic low of 267,000
Applications for unemployment aid have been falling mostly steadily since topping 900,000 in early January and are gradually nearing prepandemic levels of around 220,000 a week.
U.S. consumer prices soared 6.2% in past year, most since 1990
Inflation is eroding the strong gains in wages and salaries that have flowed to America’s workers in recent months, creating political headaches for the Biden administration and congressional Democrats and intensifying pressure on the Federal Reserve.
Producer prices rise 8.6%, matching September record high
The Labor Department reported Tuesday that its producer price index—which measures inflation before it hits consumers—rose 0.6% last month from September, pushed higher by surging gasoline prices.
U.S. hiring rebounded in October, with 531,000 jobs added
Friday’s report from the Labor Department also showed that the unemployment rate fell to 4.6% last month, from 4.8% in September.
October jobs report expected to show pickup in hiring
After two disappointing months of hiring, a key question overhanging Friday’s U.S. jobs report for October will be whether companies found more success this time in filling millions of open positions.
Unemployment claims drop to 269,000, another pandemic low
Overall, 2.1 million Americans were collecting unemployment checks the week of Oct. 23—down from 7.1 million a year earlier when the economy was still reeling from the coronavirus outbreak.
Fed pulls back economic aid in face of rising uncertainties
Federal Reserve Chair Jerome Powell said the Fed was sticking by its bedrock economic forecast. Yet, the nation’s leading economic figure acknowledged that it isn’t at all clear when or even whether things will play out the way he and other Fed officials hope.
Fed to start reining in economic aid as inflation risk rises
The Fed’s likely decision this week to taper its bond purchases comes as high inflation is bedeviling the U.S. economy for much longer than Federal Reserve Chair Powell and many other officials initially expected.
Survey: Americans sour on economy amid inflation woes
Just 35% of Americans now call the national economy good, while 65% call it poor, according to a poll by The Associated Press-NORC Center for Public Affairs Research.
U.S. consumer spending up modest 0.6% amid high inflation
American consumers slowed their spending in September, a cautionary sign for an economy that remains in the grip of a pandemic and a prolonged bout of high inflation.