Economy

Workers prepare the ground for construction at the Duette solar site which is being developed on previously agricultural land in Bowling Green, Florida, March 24, 2021. Dane Rhys | Reuters June jobs growth is expected to outpace May and more Americans rejoined the workforce, even as companies continued to struggle to find employees to hire.

Job growth leaped higher in June as businesses looked to keep up with a rapidly recovering U.S. economy, the Labor Department reported Friday. Nonfarm payrolls increased 850,000 for the month, compared to the Dow Jones estimate of 706,000 and better than the upwardly revised 583,000 in May. The unemployment rate, however, rose to 5.9% against

US President Joe Biden speaks on the June jobs report in the South Court Auditorium of the Eisenhower Executive Office Building, next to the White House, in Washington, DC on July 2, 2021. Mandel Ngan | AFP | Getty Images WASHINGTON — President Joe Biden responded to the June jobs numbers on Friday, saying the

The federal government will be swimming in $3 trillion of red ink by the end of fiscal 2021, according to a Congressional Budget Office estimate released Thursday that swelled 33% from the last forecast. As a result of multiple stimulus measures aimed at combating the pandemic’s economic impact, Congress will run a budgetary shortfall this

U.S. Treasury Secretary Janet Yellen speaks during a news conference, after attending the G7 finance ministers meeting, at Winfield House in London, Britain June 5, 2021. Justin Tallis | Reuters WASHINGTON – Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations. If widely

A “For Sale” sign is seen in front of a home in Miami, Florida. Joe Raedle | Getty Images Record high home price appreciation is sidelining ever more buyers and finally taking the bang out of the pandemic-induced housing boom. Weekly mortgage demand is falling along with it, down 6.9% for the week according to

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 Lemarque | Reuters A bipartisan infrastructure deal reached by President Joe Biden and a group of senators would not only add to economic growth, but also lower

Federal Reserve officials are underestimating inflation and risking that the U.S. could fall into another recession, Mohamed El-Erian, chief economic advisor at Allianz, told CNBC on Monday. Central bank leaders insist that the recent round of price pressures will subside once short-term supply chain bottlenecks clear and the 2020 economic shutdown period is no longer

A home for sale on Wednesday, June 9, 2021 in Susanville, CA. Gary Coronado | Los Angeles Times | Getty Images Home prices in April saw an annual gain of 14.6% in April, up from a 13.3% increase in March, according to the S&P CoreLogic Case-Shiller National Home Price Index. Among larger cities covered by

Customers shop for produce at a supermarket on June 10, 2021 in Chicago, Illinois. Scott Olson | Getty Images Under normal circumstances, the recent spate of high inflation numbers would be cause for high alarm. But in the present Covid-era context, they were confirmation in some quarters that the inflation picture is doing little more

A key inflation indicator that the Federal Reserve uses to set policy rose 3.4% in May, the fastest increase since the early 1990s, the Commerce Department reported Friday. Though the gain was the biggest since April 1992, it met the Dow Jones estimate and markets reacted little to the news. Stock market futures indicated a

Kristen Deptula, center, with her husband and two children, says that paying a $15 per hour wage has helped them grow their Rehoboth Beach, Delaware, business. When Kristen Deptula and her husband bought the Canalside Inn in Rehoboth Beach, Delaware, in October 2019, they had no idea the coming summer season at the shore town

Initial claims for unemployment insurance remained elevated last week as employers struggled to fill a record amount of job openings. First-time filings totaled 411,000 for the week ended June 19, a slight decrease from the previous total of 418,000 and worse than the 380,000 Dow Jones estimate, the Labor Department reported Thursday. A separate report

Federal Reserve Chairman Jerome Powell acknowledged Tuesday that some inflation pressures are stronger and more persistent than he had anticipated, though still not on par with some of the worst episodes the U.S. has seen historically. Under questioning from a special House panel, the central bank leader continued to attribute most of the recent inflation

Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a House Select Subcommittee on the Coronavirus Crisis hearing in Washington, D.C., U.S., September 23, 2020. Stefani Reynolds | Reuters Federal Reserve Chairman Jerome Powell said in testimony prepared for delivery to Congress this week that the economy is growing but faces continued threats from

Sales of existing homes dropped for the fourth straight month due to a very low supply of homes on the market. Existing home sales fell 0.9% in May from the previous month to a seasonally adjusted annualized rate of 5.8 million units, according to the National Association of Realtors. That is the fourth straight month

The Federal Reserve on Wednesday considerably raised its expectations for inflation this year and brought forward the time frame on when it will next raise interest rates. However, the central bank gave no indication as to when it will begin cutting back on its aggressive bond-buying program, though Fed Chairman Jerome Powell acknowledged that officials

A child passes by the Marriner S. Eccles Federal Reserve Board Building on Constitution Avenue, NW, on Monday, April 26, 2021. Tom Williams | CQ-Roll Call, Inc. | Getty Images Members of the Federal Reserve now see two interest rate hikes in 2023, according to the central bank’s so-called dot-plot projections. Wednesday’s forecast showed 13