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The Federal Reserve has kept its benchmark interest rate target unchanged amid what it calls a “strong” period for economic growth and job creation. On Wednesday, the Fed kept its benchmark target range at 1.75%-2% in its latest policy statement, in-line with expectations from investors ahead of the announcement. “Information received since the Federal Open Market
READ MOREU.S. consumer spending increased solidly in June as households spent more on restaurants and accommodation, building a strong base for the economy heading into the third quarter, while inflation rose moderately. The Commerce Department said on Tuesday consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.4 percent last month. Data
READ MOREThe U.S. created 213,000 new jobs in June, another hearty gain that shows companies are finding ways to fill open jobs despite a dwindling pool of skilled workers. The gain in hiring topped the 200,000 forecast of economists polled. In a surprise, the unemployment rate rose to 4% from 3.8%, the Labor Department said Friday.
READ MOREThe European Central Bank on Thursday laid out plans to taper its program of monthly bond purchases later this year, aiming to bring them to a halt by the end of 2018. At the same time, the ECB pledged to keep interest rates at present, ultra-low levels at least through next summer. “The ECB’s announcement
READ MORESales at retail stores surged in May, but the increase was a double-edged sword. Americans are spending more because of a strong economy, but rising inflation also means they have to pay more for gas and other staples. Retail sales nationwide jumped by 0.8% last month, twice as high as the forecast. Sales growth in
READ MOREThe Fed is teeing up another interest rate hike as the two-day meeting wraps up on Wednesday. The benchmark federal-funds rate would rise to a range between 1.75% and 2%. That would be at a level similar or above where it was from late 2001 to 2004. Investors will be paying attention to the Fed
READ MOREThe U.S. economy continued to add jobs at a solid clip in May, with nonfarm payrolls up 223,000 while the unemployment rate was 3.8 percent, the Bureau of Labor Statistics reported Friday. Economists surveyed by Reuters had been expecting a gain of 3.9 percent and the jobless level to hold at 3.9 percent. The May
READ MOREThank you for always being available to answer my questions and for all your efforts to make this happen. -Robert, Van Nuys, CA
READ MOREThe unemployment rate fell to 3.9 percent in April, an 18-year low, even as nonfarm payrolls rose by just 164,000, according to a report Friday from the Bureau of Labor Statistics. Economists had expected payroll growth of 192,000 and the jobless rate to drop by one-tenth of a percent to 4.0 percent. The official jobs
READ MOREThe productivity of American businesses rose 0.7% in the first quarter, but there’s little sign of long-term improvement in what’s been a weak link for the U.S. economy. Output — or goods and services produced — increased 2.8%. Hours worked rose 2.1%. Productivity is determined by the difference between the two. The cost of labor,
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