Fed’s Bullard says ‘biggest growth quarter of all time’ will lift inflation

James Bullard Olivia Michael | CNBC St. Louis Federal Reserve President James Bullard offered an optimistic look on the U.S. economy, with “off the charts” growth that will help lift inflation. Bullard also said he sees the unemployment rate falling to 6.5% by the end of the year, an estimate well below the median projection […]

Michael Farr: The problem with the U.S. economy is there are too many poor people

A Kelly Center for Hunger Relief volunteer sorts through food for distribution as residents in vehicles wait in line at a church in El Paso, Texas, on July 17. Joel Angel Juarez/Bloomberg via Getty Images Are you in the top 1%, 5% or 10% of the U.S. income and wealth scale? If you are, congratulations […]

Jobless claims were lower than expected but employment growth is still sluggish

First-time claims for unemployment insurance beat Wall Street estimates last week as the U.S. economy enters a critical new stage. Filings totaled 860,000 for the week ended Sept. 12, the Labor Department reported Thursday. Economists surveyed by Dow Jones had expected 875,000, against the previous week’s upwardly revised 893,000. The number represents a modest downshift […]

U.S. housing starts fall more than expected in August as multi-family home construction slumps

U.S. homebuilding fell in August after strong gains in the prior three months, but the housing market remains supported by record-low interest rates and demand for properties in the suburbs and low-density areas as many people work from home. Housing starts dropped 5.1% to a seasonally adjusted annual rate of 1.416 million units last month, […]

Climate change is fueling wildfires in the West, ravaging local economies

Bobcat fire approaches Sierra Madre and Arcadia communities in California, U.S., September 13, 2020 in this picture obtained from social media. Photo taken September 13, 2020. John Mirabella | Reuters Despite official resistance to the idea in the Trump administration, the wildfires raging across California, Oregon and Washington — swallowing millions of acres and leaving […]

Fed leaves rates unchanged – Three experts on what that means

The Fed left rates unchanged in its last meeting before the 2020 presidential election in November. It also indicated rates were unlikely to rise until at least 2023. Three experts weigh in on what the Fed decision means. David Kelly, chief global strategist at JPMorgan Asset Management, said this is unprecedented stimulus.  “I don’t think […]

Fed holds rates steady near zero and indicates it will stay there for years

The Federal Reserve kept its pledge to keep interest rates anchored near zero and promised to keep rates there until inflation rises consistently. As the central bank concluded its two-day policy meeting Wednesday, it said short-term rates would remain targeted at 0%-0.25%. Officials also changed their economic forecasts to reflect a smaller decline in GDP […]

U.S. consumer spending appears to slow in August

U.S. consumer spending appeared to slow in August as extended unemployment benefits were cut for millions of Americans, offering more evidence that the economic recovery from the Covid-19 recession was faltering. Core retail sales, which correspond most closely with the consumer spending component of gross domestic product, fell 0.1% last month after a downwardly revised […]

Yelp data shows 60% of business closures due to the coronavirus pandemic are now permanent

Pedestrians wearing protective masks walk by a sign displayed outside a retail store in Harlem, New York City, saying it’s going out of business. Noam Galai | Getty Images Yelp on Wednesday released its latest Economic Average Report, revealing business closures across the U.S. are increasing as a result of the coronavirus pandemic’s economic toll.  […]

Mortgage demand fell last week as interest rates stalled

Contractors work on a new home under construction at Taylor Morrison Home Corp.’s La Solara Community in Dublin, California. David Paul Morris | Bloomberg | Getty Images With no major move in mortgage rates, there was no sudden incentive to refinance a home loan last week, so fewer people did. That drove overall mortgage application […]