Economy

Jobs report shows stalling economy, Trump and Congress must act

President-elect Joe Biden said Friday’s underwhelming jobs report foreshadows a “dark winter” that demands “urgent action” from President Donald Trump and Congress, as Covid spreads out of control across the U.S. and Americans face benefit cuts if Congress does not pass stimulus legislation. Biden, in a statement issued by his office, said the latest report […]

Economy

Jobs report shows weakening trend heading into holidays, increasing the case for stimulus

Food Bank for New York City distributes turkeys and Thanksgiving fixings with support from Stop & Shop and WBLS’ The Steve Harvey Morning Show on November 16, 2020 in New York City. Michael Loccisano | Getty Images Entertainment | Getty Images Job growth slowed significantly in November and looks set to decline even more, as […]

Economy

Jobs report November 2020:

Nonfarm payrolls increased by just 245,000 in November, well below Wall Street estimates as rising coronavirus cases coincided with a considerable slowdown in hiring. Economists surveyed by Dow Jones had been looking for 440,000 and the jobless rate to decrease to 6.7% from 6.9% in October. The unemployment rate met expectations. The numbers come amid […]

Economy

Christmas tree sales are telling a holly, jolly economic story

John Williams, left, and his dad Terry, right, both of Salem, carry a large Christmas Tree out of the field together at Tucker Tree Farm in Salem, Oregon, November 29, 2020. Alisha Jucevic | Reuters Tree retailers are having a spirited season this year, as Americans staying closer to home due to the coronavirus pandemic […]

Economy

The pace of job gains likely slowed in November due to the impact of virus shutdowns

Job gains in November are expected to be weaker than in October, reflecting the impact of virus-related shutdowns by states and local governments due to the record spread of Covid-19. Economists expect a consensus of 440,000 nonfarm payrolls were added in November, and the unemployment rate fell to 6.7% from 6.9%, according to Dow Jones. […]

Economy

Jobless claims hit pandemic-era low even as Covid surges

New jobless-claim filings last week reached their lowest level of the pandemic crisis, providing a sign that hiring is continuing if at a slower pace. First-time claims for unemployment benefits totaled 712,000 last week, compared with 787,000 a week earlier and the Dow Jones estimate of 780,000, the Labor Department reported Thursday. That marked a […]

Economy

Kaplan says he’s not in favor of Fed increasing bond purchases

Dallas Federal Reserve President Robert Kaplan said he wouldn’t be in favor of changing the central bank’s bond-purchasing program even though he sees some rocky times ahead for the U.S. economy. Speaking Wednesday to CNBC, Kaplan said financial conditions are such that the Fed probably doesn’t need to do more than its current pace of […]

Economy

Company hiring continues slowdown, hitting lowest rate since the summer

Private payrolls grew at their slowest pace since July amid a deceleration in large business hiring for November, according to a report Wednesday from ADP. Companies hired 307,000 workers for the month, well below the 475,000 estimate from a Dow Jones survey of economists. The total represented a decline from the upwardly revised 404,000 in […]

Economy

Mortgage demand from homebuyers spikes 28%

A house for sale in Sarasota, Florida Scott Mlyn | CNBC  Thanksgiving week isn’t usually a popular time for homebuying, but most economic numbers this year are incomparable, especially in the pandemic-spiked housing market.  Mortgage applications to purchase a home jumped 9% last week from the previous week, according to the Mortgage Bankers Association’s seasonally […]

Economy

China continuing to outpace the U.S. economy, CFO survey reveals

China’s economic outlook is improving faster than in other regions around the world, including the U.S. according to the latest CNBC Global CFO Council survey for the fourth quarter 2020. Emmanuel Wong | Getty Images For the second straight quarter, the world’s leading chief financial officers have a more positive outlook on the Chinese economy […]