#economy

US Jobs Report - A Surprising 467,000 Jobs Added in January

D. Brit

Feb 4, 2022
1 min

US Jobs Report - A Surprising 467,000 Jobs Added in January

What Happened: Despite the wave of omicron infections, the US economy added 467,000 jobs in January, an unexpected strong hiring gain for the month. Unemployment increased slightly to 4.0%, up from 3.9% last month Overall, economists say the US economy looks to be heading in the right direction despite the highest inflation rate in four decades. The FED announced earlier this month that it would raise interest rates starting in March to combat inflation. Photo Credit: Gerd Al

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Biden Approval Rate Hits Low at One-Year Mark

D. Brit

Jan 20, 2022
1 min

Biden Approval Rate Hits Low at One-Year Mark

What Happened: President Biden completed his first year in office with his lowest approval rating thus far. The latest from AP-NORC show that 56% of Americans disapprove of how Biden is handling his job and only 43% approve. In addition, only 28% of Americans say they want Biden to run for reelection in 2024. When asked about the low approval numbers, Biden said "I don't believe the polls." Many things factor into the low approval rating, including Biden's handling of the pan

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US Jobless Claims Rise to 230,000 - Highest Since Mid-November

D. Brit

Jan 13, 2022
1 min

US Jobless Claims Rise to 230,000 - Highest Since Mid-November

What Happened: According to a report released by the Labor Department on Thursday, 230,000 Americans claimed first-time jobless benefits over the last week, a 23,000 increase from the previous week and the highest number since mid-November, 2021. The weekly applications have risen over four of the last five weeks. Many economists believe that this increase is coinciding with the spread of the omicron variant of Covid-19. In total, 1.6 million collected unemployment aid for th

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US Inflation Increased 7% Last Year - The Highest Since 1982

D. Brit

Jan 12, 2022
1 min

US Inflation Increased 7% Last Year - The Highest Since 1982

What Happened: According to the US Labor Department, US inflation increased at its highest rate in nearly 40 years last month, with a 7% jump from a year earlier. Prices have risen for food, furniture, gas and other household expenses. If food and gas prices are excluded, the "core prices" increased 0.6% from November to December and 5.5% year-to-year. Surging prices have eliminated wage increases that many workers have received making it more difficult for some families to a

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US Jobs Report - 199,000 Jobs Added in December

D. Brit

Jan 10, 2022
1 min

US Jobs Report - 199,000 Jobs Added in December

What Happened: According to the Labor Department, the US economy added a modest 199,000 jobs in December, demonstrating that employers are still having difficulty filling positions as many Americans continue to be reluctant to return to the workforce. Concerns over inflation, a labor shortage and yet another surge in Covid cases may have contributed to the sluggish growth. Despite some of these concerns, unemployment dropped down to 3.9%, the lowest it has been since the star

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FED Will Double Pace of Tapering and Expects 3 Rate Hikes in 2022

D. Brit

Dec 15, 2021
1 min

FED Will Double Pace of Tapering and Expects 3 Rate Hikes in 2022

What Happened: On Wednesday, the Federal Reserve announced that it will double the pace of its tapering of monthly bond purchases with a projected end date for all purchases by March, 2022. The new forecast also projects that the FED will raise its short-term rate three times next year, instead of just one time in September, as originally projected. FED Chair Jerome Powell indicated that these policy changes were likely to occur when he spoke before Congress. According to Pow

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US Jobs Report - 210,000 Jobs Added in November

D. Brit

Dec 3, 2021
1 min

US Jobs Report - 210,000 Jobs Added in November

What Happened: According to the Labor Department, the US economy added 210,000 jobs in November, one of the weakest monthly gains over the last year and a steep drop-off after around 546,000 jobs were added in October. Concerns over inflation, a labor shortage and a still present pandemic may have contributed to the sluggish growth. Despite some of these concerns, unemployment dropped down to 4.2%, the lowest it has been since the start of the pandemic and 0.4% lower than las

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Biden Keeps Powell in Position as FED Chair

D. Brit

Nov 22, 2021
1 min

Biden Keeps Powell in Position as FED Chair

What Happened: On Monday, President Biden announced that he is nominating Jerome Powell for a second four-year term as the Federal Reserve Chair. Biden also nominated Lael Brainard, a Democrat, as Vice Chair. The nomination demonstrates Biden's support for Powell, who has been guiding the economy through the pandemic recession and through surging inflation. Powell, a Republican, was first appointed to his post by former President Donald Trump. Photo Source: Federal Reserve #

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Wages Increase by the Highest Rate in 20 Years

D. Brit

Oct 29, 2021
1 min

Wages Increase by the Highest Rate in 20 Years

What Happened: According to the Labor Department, wages and salaries increased 1.5% in the third quarter, the highest one quarter jump in the last 20 years. Benefits also increased by 0.9% in the quarter. The increase comes as companies are being forced to offer higher pay to fill a near-record number of open job positions. Millions of Americans have been quitting their jobs in search of better paying positions with more benefits and better perks. In August, nearly 3% of Amer

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Inflation Rises 5.4% Versus Last Year - Matches 13-Year High

D. Brit

Oct 13, 2021
1 min

Inflation Rises 5.4% Versus Last Year - Matches 13-Year High

What Happened: On Wednesday, the Labor Department announced that the Consumer Price Index rose 5.4% in September compared with the previous year. The number exceeded analyst projections as price increases in rent and food as well as a shortage of goods due to supply chain troubles continue to fuel rapid inflation. The numbers raise concerns for the FED as the period of rapid inflation is lasting longer than initially expected. Many believe they will soon come under additional

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House Approves Short-Term Increase to Debt Ceiling

D. Brit

Oct 12, 2021
1 min

House Approves Short-Term Increase to Debt Ceiling

What Happened: On Tuesday, the House of Representatives approved a short-term increase to the nation's debt limit, thereby averting an unprecedented debt default which could have thrown the US economy into a depression. The vote passed along party lines, 219-206. The $480 billion bill, which passed in the Senate last week, will now go to President Biden so he can sign it into law. Treasury Secretary Janet Yellen warned that if the US had defaulted on its debts, it would have

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US Jobs Report - 194,000 Jobs Added in September - Well Short of Expectations

D. Brit

Oct 8, 2021
1 min

US Jobs Report - 194,000 Jobs Added in September - Well Short of Expectations

What Happened: According to the Labor Department, the US economy added 194,000 jobs in September, well short of the 490,000 that were projected. Unemployment dropped down from 5.2% to 4.8% in September. Despite this positive trend, one of the reasons the rate fell was because 180,000 fewer people looked for work in September and therefore weren't counted as unemployed. Although the economy is showing some signs of recovering from the spread of the Delta variant, many employer

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Congress Agrees to Short-Term Debt Ceiling Fix

D. Brit

Oct 7, 2021
1 min

Congress Agrees to Short-Term Debt Ceiling Fix

What Happened: On Thursday, Senate Majority Leader Chuck Schumer (D) announced that an agreement had been reached with Republicans to extend the government's ability to borrow until December, thereby temporarily averting an imminent debt crisis. The agreement comes after several weeks of a standoff between Democratic and Republican leaders about raising the nation's debt ceiling. Senate GOP Leader Mitch McConnell made the offer of the short-term fix on Wednesday as many warne

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Biden Signs Bill to Avoid Government Shutdown

D. Brit

Sep 30, 2021
1 min

Biden Signs Bill to Avoid Government Shutdown

What Happened: On Thursday evening, President Biden signed legislation to keep the government funded through December 3 and avoid a federal shutdown on Friday. The short-term funding bill was approved by Congress earlier in the day. Democrats had tried to pass a bill earlier in the week that would approve funding as well as raise the debt ceiling, but met firm opposition from Republicans. The new bill removed the portion dedicated to raising the debt ceiling and focused purel

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US Jobless Claims Rise From Last Week's Pandemic Low

D. Brit

Sep 16, 2021
1 min

US Jobless Claims Rise From Last Week's Pandemic Low

What Happened: According to a report released by the Labor Department on Thursday, 332,000 Americans claimed first-time jobless benefits over the last week, a 20,000 increase from the previous week. Despite the increase, the four-week average of jobless claims dropped for the fifth straight week to 336,000, a pandemic low. Last week, two federal unemployment aid programs expired ending unemployment benefits for over 8 million people. One of the programs provided aid to people

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US Jobs Report - 235,000 Jobs Added in August

D. Brit

Sep 3, 2021
1 min

US Jobs Report - 235,000 Jobs Added in August

What Happened: According to the Labor Department, the US economy added 235,000 jobs in August, a steep drop-off after around 1 million jobs were added in June and July. Unemployment dropped down to 5.2% in August, giving another positive sign that the economy is in recovery despite this month's tepid jobs report. Although the spread of the Delta variant may have contributed to slowing job growth last month, the US economy still looks healthy and consumer spending is still tre

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New Jobless Claims Drop to Pandemic Low - Financial Aid to Cease for Millions Next Week

D. Brit

Sep 2, 2021
1 min

New Jobless Claims Drop to Pandemic Low - Financial Aid to Cease for Millions Next Week

What Happened: According to a report released by the Labor Department on Thursday, 340,000 Americans claimed first-time jobless benefits over the last week, a 14,000 drop from the previous week and the lowest number since the start of the pandemic last year. The seasonally adjusted insured unemployment rate was 2.0 percent for the week ending Aug. 21, a decrease of 0.1 percent from the previous week and the lowest level for insured unemployment since March 14, 2020. Two feder

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US Jobs Report - 943,000 Jobs Added in July Beating Expectations

D. Brit

Aug 6, 2021
1 min

US Jobs Report - 943,000 Jobs Added in July Beating Expectations

What Happened: According to the Labor Department, the US economy added 943,000 jobs in July, higher than the 860,000 jobs economists projected. Unemployment dropped down to 5.4% in July, giving another positive sign that the economy is in recovery. Despite the positive trends, economists are concerned with the threat of the highly contagious Delta variant of the Coronavirus and how that may affect the economy. Photo Credit: Gerd Altmann #newspura #justfactsnoopinions #jobsrep

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US Economy Grows 6.5% in Q2; Surpasses Pre-Pandemic Size

D. Brit

Jul 29, 2021
1 min

US Economy Grows 6.5% in Q2; Surpasses Pre-Pandemic Size

What Happened: On Thursday, the Commerce Department released a report showing that the US economy grew a robust 6.5% in the second quarter, another sign that the economy is in a recovery. With the acceleration in the nation's GDP (gross domestic product), the total size of the economy has actually surpassed the pre-pandemic level. The quarterly numbers, although positive, were lower than what analysts had expected, mostly due to supply chain bottlenecks. Consumer spending als

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US Jobs Report - 850,000 Jobs Added in June Beating Expectations

D. Brit

Jul 2, 2021
1 min

US Jobs Report - 850,000 Jobs Added in June Beating Expectations

What Happened: According to the Labor Department, the US economy added 850,000 jobs in June, higher than the 700,000 jobs economists projected. Unemployment remained about the same at 5.9% in June. Notable job gains occurred in leisure and hospitality, public and private education, professional and business services, retail trade, and other services. Economists are optimistic that the economy is strengthening and headed in the right direction. Despite some of the positive tre

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