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…
A record 4.5 million Americans quit their jobs in November
WASHINGTON (AP) — A record 4.5 million American workers quit their jobs in November, a sign of confidence and more evidence that the U.S. job market is bouncing back strongly from last year’s coronavirus recession.The Labor Department also reported Tuesday that employers posted 10.6 million job openings in November, down from 11.1 million in October…
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…
Pelosi defends lawmaker stock trades, citing ‘free market’
WASHINGTON (AP) — House Speaker Nancy Pelosi on Wednesday said lawmakers should not be barred from trading stock, a practice that has come under scrutiny because it gives members of Congress the opportunity to profit off insider information gained through their official duties. “We are a free market economy. They should be able to participate…
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…
US jobless claims drop 52-year low amid seasonal volatility
By Paul Wiseman Associated Press | Dec 09, 2021 at 8:38 AM A bold sign announcing hiring is set up outside of rue21 at Gurnee Mills on Friday, Sept. 17, 2021, in Gurnee. (Stacey Wescott / Chicago Tribune) WASHINGTON — The number of Americans applying for unemployment benefits plunged last week to the lowest level…
Jobless claims plunge to 199K, lowest level since 1969
New weekly claims for jobless aid plunged to the lowest level in more than 50 years last week, according to data released Wednesday by the Labor Department.In the week ending Nov. 20, there were 199,000 initial applications for unemployment insurance, according to the seasonally adjusted figures, a decline of 71,000 from the previous week. Claims…
U.S. manufacturing output races to 2-1/2-year high
Workers marry the body structure with the battery pack and the front and rear sub frames as they assemble electric vehicles at the Lucid Motors plant in Casa Grande, Arizona, U.S. September 28, 2021. REUTERS/Caitlin O’HaraWASHINGTON, Nov 16 (Reuters) – Production at U.S. factories rebounded more than expected in October as the drag from Hurricane…
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…
Consumer prices rise 0.9 percent in October, 6.2 percent in past year
Consumer prices grew far faster than expected in October, according to data released Wednesday by the Labor Department. The consumer price index (CPI), which tracks...
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…
Starbucks to hike U.S. employee pay to attract workers during labor crunch
The Starbucks sign is seen outside one of its stores in New York July 3, 2008. REUTERS/Chip EastNEW YORK, Oct 27 (Reuters) – With U.S. restaurants nationwide struggling to find enough waiters and cashiers to serve customers, Starbucks Corp (SBUX.O) on Wednesday said it will give pay raises to workers in the United States with…
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…
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…
U.S. weekly jobless claims drop to 19-month low
Author of the article: WASHINGTON — The number of Americans filing new claims for unemployment benefits dropped to a 19-month low last week, pointing to a tightening labor market, though a shortage of workers could keep the pace of hiring moderate in October. Initial claims for state unemployment benefits fell 6,000 to a seasonally adjusted…
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…
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…
Record 60 cargo ships wait to unload at busiest U.S. port complex
LOS ANGELES, Sept 15 (Reuters) – A record 60 container vessels are at anchor or adrift in the San Pedro Bay, waiting to be unloaded at the Port of Los Angeles/Long Beach seaports and another 20 are due to arrive in coming days, a port executive said on Wednesday.With the pandemic still raging around the…
US jobless claims rise by 4,000 to 353,000
The number of Americans applying for unemployment benefits rose for the first time in five weeks even though the economy and job market have been recovering briskly from the coronavirus pandemicBy PAUL WISEMAN AP Economics WriterAugust 26, 2021, 12:53 PM• 3 min readWASHINGTON — The number of Americans applying for unemployment benefits rose for the…
The U.S. now has more job openings than any time in history
In another drastic reminder of just how fundamentally the pandemic has distorted the labor market, the number of open jobs soared to a record 10.1 million in June, according to the latest monthly data from the Bureau of Labor Statistics’ Job Openings and Labor Turnover Summary. As the economy rebounds — even while the delta…