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The U.S. economy grew faster than previously thought during the second quarter, but that was not enough to exceed economists’ expectations. Gross domestic product, the broadest measure of economic performance, increased 6.6% in the three months through June, according to a second estimate released Thursday by the Commerce Department. Economists surveyed by Refinitiv had expected
READ MOREProducer prices accelerated at the fastest annual pace on record in July as supply chain disruptions and materials shortages continued to put upward pressure on costs.
READ MOREThe Labor Department said Wednesday that the consumer prices rose 0.5% last month, slowing from June’s 0.9% increase.
READ MOREThe bipartisan $1 trillion infrastructure bill that recently passed in the Senate will boost GDP just marginally because it includes only $550 billion in new spending to be disbursed over five to eight years, much of which will be paid for with higher taxes. Through 2029 this spending should boost GDP by, at most, 0.30%/year.
READ MORENonfarm payrolls increased by 943,000 workers in July as the unemployment rate fell to 5.4%, the Labor Department said Friday. Analysts were expecting 870,000 jobs gained and the unemployment rate to fall to 5.7%.
READ MOREThe U.S. economy added 330,000 private-sector jobs last month, a decline from the downwardly revised 680,000 jobs gained in June, according to the ADP National Employment Report released Wednesday. U.S. stocks slipped across the board as investors weighed a slowdown in hiring as reported by ADP. The data is often viewed a precursor to the
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READ MOREThe U.S. economy added 1.4 million jobs in August, indicating the pace of rehiring has eased amid growing fears the nation faces a slow recovery from the coronavirus pandemic. The unemployment rate dropped to 8.4%, according to the Labor Department.
READ MOREThe Federal Reserve will provide up to $2.3 trillion of loans to further support the economy, the central bank said Thursday. The so-called Main Street Lending Program will provide support to households and businesses of all sizes and help governments deliver critical services to combat disruptions caused by the COVID-19 pandemic.
READ MOREThe number of Americans filing for unemployment surged to 3.28 million last week, shattering a decades-old record in jobless claims as the coronavirus pandemic forced businesses around the country to shutter their doors. The number eclipsed the previous record of 695,000 set in 1982 and is well above the levels seen in the midst of the 2008 financial crisis, the
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