Economy

Weekly jobless claims unexpected moved higher last week despite hopes that the U.S. labor market is poised for a strong recovery heading into the fall. Initial filings for unemployment insurance totaled 419,000 for the week ended July 17, well above the 350,000 Dow Jones estimate and more than the upwardly revised 368,000 from the previous

U.S. Treasury Secretary Janet Yellen answers questions during the Senate Appropriations Subcommittee hearing to examine the FY22 budget request for the Treasury Department on Capitol Hill in Washington, DC, June 23, 2021. Greg Nash | Pool | Reuters Treasury Secretary Janet Yellen on Friday warned Congress that her department will need to embark on “extraordinary

A National Park Service worker replaces a flag at the Washington Monument which reopened today following a six month closure due to COVID-19 safety measures, in Washington U.S., July 14, 2021. Kevin Lemarque | Reuter The U.S. economy is expected to post another roaring growth spurt in the second quarter, before a slow and steady

San Francisco Federal Reserve Bank President Mary Daly poses at the bank’s headquarters in San Francisco, California, U.S., July 16, 2019. Ann Saphir | Reuters San Francisco Federal Reserve President Mary Daly told CNBC on Tuesday that a strong economic recovery will allow the central bank to slow its asset purchases, possibly near the end

Wholesale prices for June rose more than expected in another sign that inflation is moving at a faster pace than markets had anticipated. The producer price index, which measures what companies get for the goods they produce, increased 1% from May and jumped 7.3% on a year-over-year basis. That marked the second month in a

Initial claims for unemployment insurance fell to a new pandemic-era low last week, the Labor Department reported Thursday. First-time filings for benefits totaled 360,000, in line with Dow Jones estimates and the best number since March 14, 2020. The total represented a substantial decrease from the previous week’s upwardly revised 386,000. Continuing claims, which run

[The stream is slated to start at 9:30 am ET. Please refresh the page if you do not see a player above at that time.] Federal Reserve Chairman Jerome Powell appears Thursday before the Senate Committee on Banking, Housing and Urban Affairs to conclude his two-day appearance on Capitol Hill to discuss the economy and

Treasury Secretary Janet Yellen cautioned Thursday that prices could continue to rise for several more months, though she expects the recent startling inflation run to ease over time,. In a CNBC interview, the Cabinet official added that she worries about the problems inflation could pose for lower-income families looking to buy homes at a time

Residential single family homes construction by KB Home are shown under construction in the community of Valley Center, California, U.S. June 3, 2021. Mike Blake | Reuters There are several signs in the market for newly built homes that point to a potential slowdown for the nation’s homebuilders. Data released Tuesday added to the evidence

Residential single family homes construction by KB Home are shown under construction in the community of Valley Center, California, U.S. June 3, 2021. Mike Blake | Reuters The Covid-19 recession is in the books as one of the deepest — but also the shortest — in U.S. history, the official documenter of economic cycles said

Federal Reserve Chair Jerome Powell testifies during a U.S. House Oversight and Reform Select Subcommittee hearing on coronavirus crisis, on Capitol Hill in Washington, June 22, 2021. Graeme Jennings | Pool | Reuters Federal Reserve Chairman Jerome Powell is tasked this week with convincing Congress that the ultra-easy policies the central bank has followed during

Federal Reserve Chairman Jerome Powell said Wednesday that the economy needs to improve more before the central bank will change its ultra-easy monetary policy. In remarks prepared for the House Financial Services Committee, the central bank chief noted improvements but said the labor market in particular is still well below where it was before the

A used car dealership is seen in Annapolis, Maryland on May 27, 2021, as many car dealerships across the country are running low on new vehicles as a computer chip shortage has caused production at many vehicle manufactures to nearly stop. Jim Watson | AFP | Getty Images Consumer prices just posted their largest one-month

Inflation continued its rapid surge in June, rising at its fastest pace in nearly 13 years amid an ongoing burst in used vehicle costs and increases in both food and energy, the Labor Department reported Tuesday. The consumer price index increased 5.4% from a year ago, the largest jump since August 2008, just before the

Customers shop for produce at a supermarket on June 10, 2021 in Chicago, Illinois. Scott Olson | Getty Images Despite the Federal Reserve’s assurance that current inflation pressures won’t last, consumers see things differently, according to a survey Monday from the central bank’s New York district. The June Survey of Consumer Expectations showed that median

U.S. President Joe Biden delivers remarks highlighting the benefits of Bipartisan Infrastructure Framework, at La Crosse Municipal Transit Utility, in La Crosse, Wisconsin, U.S., June 29, 2021. Kevin Lamarque | Reuters Halfway through 2021, and about six months into the Biden administration, the U.S. economy has by many metrics made a full recovery from the

Initial filings for unemployment insurance fell sharply last week, indicating continued improvement in the U.S. jobs market, the Labor Department reported Thursday. First-time jobless claims totaled 364,000 for the week ended June 26, compared with the 390,000 Dow Jones estimate. That marked a new pandemic-era low and a decline of 51,000 from the previous week.

A for sale sign is seen near a house for sale in South Pasadena, California. Frederic J. Brown | AFP | Getty Images The epic housing shortage that began before the pandemic and then was exacerbated by it may finally be starting to ease up. More supply is suddenly coming on the market, which will