February retail sales fall 3% after soaring the month before
The decline from the previous month came after retail sales jumped 7.6% in January as people spent $600 stimulus checks sent at the end of last year.
Economy
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Spiking energy leads wholesale prices up 0.5% in February
Over the past year, wholesale prices are up 2.8%, the largest 12-month gain at the wholesale level in more than two years.
Consumer prices increase 0.4%, but core prices moderate
Consumer prices are up 1.7% over the past year, a still moderate performance for inflation, which is running below the Federal Reserve’s 2% target for price increases.
Survey: Many Americans still feeling financial impact of pandemic
A new poll finds COVID-19 has been devastating for some Americans, while leaving others virtually unscathed or even in better shape, at least when it comes to their finances.
Yellen says women face obstacles when pursuing economics careers
Janet Yellen, the first woman to head the Federal Reserve and the U.S. Treasury Department, said “there is a cultural problem in the profession, and we need to change the culture.”
IBJ Podcast: Three women explain how the pandemic impacted their jobs and their lives
Kelly Tingle kept her job in internal communications at Cummins Inc. but had to adjust to working at home. Lisette Woloszyk lost her job at the JW Marriott but has since found a new one. Andrea Haydon started her own design firm after being laid off from Ratio Design. They talk with host Mason King about their anxieties, fears and hopes about the future.
U.S. consumers eased off credit card borrowing in January
Consumer borrowing is closely watched for indications about Americans’ willingness to take on more debt to finance their spending, which accounts for two-thirds of U.S. economic activity.
U.S. adds strong 379,000 jobs in hopeful sign for economy
The pickup in hiring lowered the unemployment rate from 6.3% to 6.2%, the Labor Department said Friday in its monthly jobs report. That is down dramatically from the 14.8% jobless rate of April of last year, just after the virus erupted in the United States.
U.S. job growth likely rose in February in rebound from slump
Economists have forecast that job growth reached 175,000 last month, according to data provider FactSet. That would mark a sharp improvement over an average of just 29,000 jobs a month from November through January.
Powell says higher inflation temporary, Fed will be ‘patient’
Federal Reserve Chair Jerome Powell suggested Thursday that inflation will pick up in the coming months but the rise would likely prove temporary and not enough for the Fed to alter its record-low interest rate policies.
Productivity see largest decline in 40 years, but beats earlier estimates
The revised figure released by the Labor Department on Thursday was slightly smaller than the 4.7% decline estimated a month ago. But it was still the biggest drop since the second quarter of 1981.
Fed survey finds modest gains in the U.S. economy in February
Reports on consumer spending and auto sales were mixed, while overall manufacturing showed moderate gains despite supply-side constraints, according to the Fed survey.
U.S. consumers boost spending 2.4% as income jumps
Friday’s report from the Commerce Department also showed that personal incomes, which provide the fuel for spending, jumped 10% last month, boosted by cash payments most Americans received from the government.
Fourth quarter economy better than originally thought, revised up to 4.1%
The 4.1% gain in the gross domestic product—the broadest measure of economic health—is a slight upward revision from 4% growth in the first estimate released a month ago, the Commerce Department reported Thursday.
U.S. jobless claims fall to three-month low of 730K
Last week’s decline in applications was broad-based, with 36 states (including Indiana) and the District of Columbia reporting fewer people seeking unemployment benefits. That suggests that employers might be cutting fewer jobs.
Fed’s Powell: Recovery incomplete, high inflation unlikely
Federal Reserve Chair Jerome Powell’s comments were in contrast to the increasing optimism among many analysts that the economy will grow rapidly later this year. That outlook has also raised concerns, though, about a potential surge in inflation.
Federal Reserve sees modest pickup in hiring this month
The Federal Reserve says there’s evidence that hiring has picked up in recent weeks, although the job market remains badly damaged by the pandemic.
Bohanon & Curott: Congress should update immigration rules while securing border
Congress could refine, update and modify current immigration rules to allow for clearer paths to legal immigration while simultaneously securing our borders.
Entrepreneurship activity in Indiana is sluggish, Brookings report finds
As a result, the report argues, the state is not as well-positioned as it might be to rebound from economic downturns.
One of 10 in United States might have to switch occupations after pandemic
Women, minorities, the young and the less educated will probably be the hardest hit by what consultant firm McKinsey & Co. foresees in a new report as an unprecedented hollowing out of low-wage work in retail, hospitality and other industries.