US consumer prices soared 7% in past year, most since 1982

WASHINGTON (AP) — Inflation jumped at its fastest pace in nearly 40 years last month, a 7 percent spike from a year earlier that is pushing up household expenses, eating into wage gains and heaping pressure on President Joe Biden and the Federal Reserve to address a growing threat to the U.S. economy.Prices have risen…

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US unemployment claims drop to 198,000

WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell below 200,000, more evidence that the job market remains strong in the aftermath of last year’s coronavirus recession.Jobless claims dropped by 8,000 to 198,000, the Labor Department reported Thursday. The four-week average, which smooths out week-to-week volatility, fell to just above 199,000, the…

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Consumer prices rose by 6.8 percent in November, as inflation hits highest pace since 1982

Consumer prices rose by 6.8 percent in November over the previous year, the highest annual inflation rate since June 1982, according to the latest Consumer Price Index data from the Bureau of Labor Statistics, released Friday.The figure exceeds the 6.2 percent year-over-year figure from October.Volatile energy prices, supply chain snarls, high consumer demand, and loose…

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Jobless Claims Hit New Pandemic Low As Number Of Americans Receiving Unemployment Benefits Falls To 2.6 Million

Topline New jobless claims fell to their lowest level during the pandemic last week, adding to a slew of promising developments for the long-struggling labor market, which is staging an encouraging comeback as the recent wave of Covid-19 infections eases. Economists were expecting about 260,000 new jobless claims last week. Getty Images Key Facts About…

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U.S. economy added 531,000 jobs last month

The economy added 531,000 jobs in October, blowing past economists’ predictions of 450,000, and the unemployment rate fell to 4.6 percent from 4.8 percent. Friday’s release from the Bureau of Labor Statistics followed a disappointing September report in which a mere 194,000 jobs were added, compared to the half million expected by economists.“Although the past month…

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Consumers turn to ‘buy now, pay later,’ stoking worry about repayment ability

Well-established companies such as The Goldman Sachs Group Inc. and Mastercard Inc. are diving headlong into a financial technology product that some critics fear poses risks to consumers.The service, known as “buy now, pay later,” or BNPL for short, is a twist on the old-fashioned layaway plans once offered by retailers. The difference is that consumers get their goods right away, and…

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Economic growth helps cut fiscal 2021 deficit to $2.8 trillion

Surging tax revenues as the U.S. economy rebounded from the coronavirus-driven downturn helped reduce the budget deficit for the fiscal year that ended Sept. 30, the Treasury Department and White House budget office announced Friday.The fiscal 2021 deficit clocked in at a still-massive $2.8 trillion, although that’s down $360 billion from the previous year’s shortfall and…

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Retail sales unexpectedly gain in September as consumers keep spending

Consumers spent at a much faster pace than expected in September, defying expectations for a pullback amid pervasive supply chain problems, the Census Bureau reported Friday.Retail sales for the month increased by 0.7%, against the Dow Jones estimate for a decline of 0.2%. Excluding auto-related sales, the number rose 0.8%, better than the 0.5% forecast.Compared…

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Social Security cost-of-living adjustment will be 5.9% in 2022, biggest annual hike in 40 years

The Social Security cost-of-living adjustment will be 5.9% in 2022, the Social Security Administration announced Wednesday.The 5.9% COLA will be the biggest boost to Social Security beneficiaries’ checks in about 40 years.In 2021, the Social Security COLA was 1.3%. The last time the annual adjustment came close to the 2022 figure was in 2009, when…

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