Unemployment is falling. Long-term unemployment is ballooning
Volunteers hand out potatoes in Auburn, Washington on May 7, 2020. JASON REDMOND | AFP | Getty Images That’s a big jump from the prior month, when 19% of the unemployed were out of work for at least six months....
Jobs report shows labor market stronger than expected, as economy faces new surge in Covid cases
The labor market was stronger than expected in October, showing good momentum ahead of the latest wave of coronavirus cases. The economy added 638,000 nonfarm payrolls and the unemployment rate fell by a full percentage point to 6.9%. The government...
Job growth stronger than expected in October, unemployment rate slides to 6.9%
Employment growth was better than expected in October and the unemployment rate fell sharply even as the U.S. faces the challenge of surging coronavirus cases and the impact they could have on the nascent economic recovery. The Labor Department reported...
There are ‘pretty high’ risks of the U.S. economy backtracking, Moody’s economist warns
The U.S. economy, which has shown signs of recovering, could see its prospects turn given the intensifying spread of Covid-19 in the country and a lack of additional support measures, said Mark Zandi, chief economist of Moody’s Analytics. The International...
All-star investor Rich Bernstein sees ‘a very bearish sign for the economy and corporate profits’
Institutional Investor Hall of Famer Richard Bernstein sees troublesome activity within the market surge. His problem: Big Tech is the main driver. “Narrow leadership is an end-of-cycle event,” the Richard Bernstein Advisors CEO and CIO told CNBC’s “Trading Nation” on Thursday....
Job growth expected to have slowed in October, as rehirings drop off, layoffs increase
A construction worker wearing a mask carries a steel beam as the city continues Phase 4 of re-opening following restrictions imposed to slow the spread of coronavirus on September 11, 2020 in New York City. Alexi Rosenfeld | Getty Images...
Fed holds interest rates steady near zero, says economy is still well below pre-pandemic levels
The Federal Reserve held short-term borrowing rates near zero in a decision Thursday that characterized the economy as growing but not near where it was before the coronavirus pandemic hit. As markets widely expected, the Fed kept its benchmark interest...
Jobless claims edge lower but are still well above pre-pandemic levels
First-time claims for unemployment insurance continued a modest trend down last week, though the total remains well above what was considered normal prior to the coronavirus pandemic and was a touch higher than Wall Street estimates. The Labor Department reported...
As hopes fade for a major stimulus, here’s what it means for the fragile economy
The U.S. Capitol is seen in the morning on November 4, 2020 in Washington, DC. The nation awaits the results of a historic presidential election between President Donald Trump and his Democratic challenger, former Vice President Joe Biden with swing...
A Biden presidency could ‘soothe the markets’ nerves,’ says Asian bank CEO
SINGAPORE — A Biden administration will likely maintain a tough stance on China, but the U.S. rhetoric could soften — and that may help soothe market jitters, chief executive of a major Asian bank said on Thursday. The race to...
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