Economy

Federal Reserve Chairman Jerome Powell testifies during the House Financial Services Committee hearing titled Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response, in Rayburn Building on Wednesday, December 1, 2021. Tom Williams | CQ-Roll Call, Inc. | Getty Images Persistently high inflation combined with a labor market near full employment will push the
Inflation plowed ahead at its fastest 12-month pace in nearly 40 years during December, according to a closely watched gauge the Labor Department released Wednesday. The consumer price index, a gauge that measures costs across dozens of items, increased 7%, according to the department’s Bureau of Labor Statistics. On a monthly basis, CPI increased 0.5%.
U.S. Federal Reserve Board Chairman Jerome Powell speaks during his re-nominations hearing of the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill, in Washington, U.S., January 11, 2022. Graeme Jennings | Reuters Federal Reserve Chairman Jerome Powell, with a seemingly clear path to a second term heading the central bank, declared Tuesday that
The leisure and hospitality sector led hiring in December as restaurant and bar managers added wait staff, cooks and bartenders to payrolls ahead of the holidays. That sector saw net job growth of 53,000 workers, with eateries accounting for 42,600 of that gain and hotels, motels and other accommodation businesses adding 10,000. Amusement parks, casinos
In this article GSBD U.S. Senator Joe Manchin (D-WV) delivers remarks to reporters at the U.S. Capitol in Washington, D.C., November 1, 2021. Jonathan Ernst | Reuters The apparent failure of President Joe Biden’s “Build Back Better” plan means that economic growth could be weaker than expected next year, according to Goldman Sachs. The plan
Jobless claims were higher than expected last week after previously hitting their lowest level since 1969, the Labor Department reported Thursday. Initial filings for unemployment insurance for the week ended Dec. 11 totaled 206,000, above the 195,000 Dow Jones estimate and a gain of 18,000 from the previous week’s upwardly revised 188,000. Though the weekly