Companies cut jobs in January for the first time in more than a year as the spread of the Covid omicron variant appeared to hit hiring, payroll processing firm ADP reported Wednesday. Private payrolls...
Tag: Breaking News: Economy
After a huge year for growth, the U.S. economy is about to slam into a wall
Free food is handed out by the Brooklyn community organization PASWO during a weekly food distribution on December 08, 2021 in New York City. Spencer Platt | Getty Images Spurred by a massive inventor...
There were 4.6 million more job openings than unemployed workers in December
A woman walks past a “Now Hiring” sign in front of a store on January 13, 2022 in Arlington, Virginia. Olivier Douliery | AFP | Getty Images Job openings totaled nearly 11 million in Decem...
Key Fed inflation gauge rises 4.9% from a year ago, fastest gain since 1983
A gauge the Federal Reserve prefers to measure inflation rose 4.9% from a year ago, the biggest gain going back to September 1983, the Commerce Department reported Friday. The core personal consumptio...
GDP grew at a 6.9% pace to close out 2021, stronger than expected despite omicron spread
The U.S. economy grew at a much better than expected pace to end 2021 though the acceleration likely tailed off as the omicron spread put a damper on hiring and further hindered the global supply chai...
Federal Reserve points to interest rate hike coming in March
Facing both turbulent financial markets and raging inflation, the Federal Reserve on Wednesday indicated it could soon raise interest rates for the first time in more than three years. In a move that ...
IMF cuts global growth outlook for 2022, US and China recovery wanes
The seal for the International Monetary Fund is seen near the World Bank headquarters (R) in Washington, DC on January 10, 2022. Stefani Reynolds | AFP | Getty Images The International Monetary Fund h...
Inflation surge could push the Fed into more than four rate hikes this year, Goldman Sachs says
U.S. Federal Reserve Board Chairman Jerome Powell attends his re-nominations hearing of the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill, in Washington, U.S., January 11, 2022. ...
Fed releases long-awaited study on a digital dollar, but doesn’t take a position yet on creating one
Federal Reserve Board Chairman Jerome Powell speaking at a re-nomination hearing of the Senate Banking, Housing and Urban Affairs Committee, on January 11, 2022, in Washington, DC. Pool / Getty The Fe...
The Fed is about to see a lot of new faces. What it means for banks, the economy and markets
Sarah Bloom Raskin Andrew Harrer | Bloomberg | Getty Images In what likely will be just a few months’ time, the Federal Reserve will look a lot different: Three new governors, a new vice chairma...
Retail sales December 2021:
Retail sales fell much more than expected in December as surging prices took a big bite out of spending, the Commerce Department reported Friday. The advance monthly sales report to close out the year...
Fed’s Harker calls for ‘action on inflation,’ sees 3 or 4 rate hikes
Philadelphia Fed President Patrick Harker said Thursday he foresees three or four interest rate hikes this year as likely to fight inflation. His thinking, outlined in a live interview on CNBC’s...
Inflation rises 7% over the past year, highest since 1982
Inflation plowed ahead at its fastest 12-month pace in nearly 40 years during December, according to a closely watched gauge the Labor Department released Wednesday. The consumer price index, a gauge ...
Fed Vice Chair Clarida to step down early following scrutiny over his trades during pandemic
Federal Reserve Vice Chairman Richard Clarida said Monday he will be leaving his post with just a few weeks left on his term and amid revelations regarding his trading of stock funds. In an announceme...
Fed Chair Powell says rate hikes, tighter policy will be needed to control inflation
U.S. Federal Reserve Board Chairman Jerome Powell speaks during his re-nominations hearing of the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill, in Washington, U.S., January 11, ...
Goldman predicts the Fed will hike rates four times this year, more than previously expected
Federal Reserve Chairman Jerome Powell testifies during the House Financial Services Committee hearing titled Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response...
Hiring falters as payrolls rise only 199,000
The U.S. economy added far fewer jobs than expected in December just as the nation was grappling with a massive surge in Covid cases, the Labor Department said Friday. Nonfarm payrolls grew by 199,000...
The Fed is scaring markets with the triple threat of policy tightening
A child passes by the Marriner S. Eccles Federal Reserve Board Building on Constitution Avenue, NW, on Monday, April 26, 2021. Tom Williams | CQ-Roll Call, Inc. | Getty Images Investors have been prep...
Record 4.5 million workers quit their jobs
Workers quit their jobs in record numbers in November while the total employment openings pulled back a bit, the Labor Department reported Tuesday. The so-called quits level surged to 4.53 million for...