Friday’s government report added to the picture of a resilient labor market, with low unemployment, relatively few layoffs and many job openings even as most economists foresee a recession nearing.
Falling prices for gas, airline tickets and clothes gave Americans a slight break from the pain of high inflation last month, though overall price increases slowed only modestly from a four-decade high that was reached in June.
Hurricane Ida is sure to take a toll on the energy, chemical and shipping industries that have major hubs along the Gulf Coast.
With 6.6 million people seeking unemployment benefits last week, more than one in 10 U.S. workers have lost their jobs in just the past three weeks due to the coronavirus outbreak. The numbers show that this is the largest and fastest string of job losses in records dating to 1948. By contrast, during the Great Recession it took about 10…
President Donald Trump says the United States “may be” headed toward a recession as the economy continues to be battered amid the coronavirus outbreak. Trump spoke to reporters Monday at a White House briefing as cases in the U.S. continue to spike. The Dow Jones Industrial Average closed down by almost 3,000 points today. The president says his administration’s focus…
The number of people seeking U.S. unemployment benefits fell to the lowest level since 1973 last week, evidence that businesses are confident enough in the economy to hold onto their workers. The Labor Department says that applications for unemployment aid dropped 19,000 to a seasonally adjusted 235,000 last week. The four-week average, a less volatile measure, fell to 253,500. Applications…
The White House is predicting the government’s budget deficit for the soon-to-close fiscal year will hit $600 billion. That’s an increase of $162 billion over last year’s tally and a reversal of a steady trend of large but improving deficits on President Barack Obama’s watch. The disappointing figures, while expected, come after the deficit has steadily declined since the huge…
