Weekly jobless claims drop to nearly their lowest level since the pandemic started in March
New filings for jobless claims in the U.S. totaled 787,000 last week, nearly the lowest total since the early days of the coronavirus pandemic. Economists surveyed by Dow Jones had been expecting 875,000 for the week ended Oct. 17. It...
Unemployment claims are down. It’s not all for good reasons
An employee stands on a social distancing marker in an elevator at an office in Dallas, Texas. Dylan Hollingsworth/Bloomberg via Getty Images The number of workers receiving and applying for unemployment benefits declined significantly last week, according to Labor Department...
September existing home sales jump 9.4%, but ‘prices are rising too fast’ as supply remains tight
Pedestrians walk past a home with a “Sold” sign in San Francisco. David Paul Morris | Bloomberg | Getty Images Sales of existing homes rose a higher-than-expected 9.4% in September to a seasonally adjusted annualized rate of 6.54 million units,...
Economic recovery could slow in Q4 after ‘steroid of fiscal stimulus’ fades, JPMorgan Asset Management says
Events and entertainment workers protest unemployment on Aug. 19 in Las Vegas. BRIDGET BENNETT/AFP via Getty Images) While it appears that the economy has sharply bounced back from the pandemic’s blow, this is actually a “steroid kind of recovery,” JPMorgan...
Ant Group gets final approvals for its massive dual IPO and reveals share structure
GUANGZHOU, China — Ant Group has cleared the final regulatory hurdle for its massive initial public offering (IPO) with the pricing of its shares slated to be released within the next week. On Wednesday, the China Securities Regulatory Commission gave...
A Fed official who could be Biden’s Treasury secretary says Congress needs to pass stimulus to save the recovery
Federal Reserve Governor Lael Brainard issued a call Wednesday for more fiscal support from Congress, saying more stimulus is needed to address a recovery that has left out large parts of the economy. “The recovery remains highly uncertain and highly...
Fed’s Brainard calls for more stimulus from Congress amid ‘highly uneven’ recovery
Federal Reserve Governor Lael Brainard issued a call Wednesday for more fiscal support from Congress, saying more stimulus is needed to address a recovery that has left out large parts of the economy. “The recovery remains highly uncertain and highly...
PayPal gets into crypto with new features for trading and shopping
The PayPal application on an Apple iPhone. Andrew Harrer | Bloomberg | Getty Images LONDON — PayPal on Wednesday announced a new feature that will allow users to buy, hold and sell cryptocurrencies, becoming the latest large financial services provider...
Mortgage demand from homebuyers falls for the fourth straight week
Homebuyer demand is incredibly strong compared with last year, but there appears to be a slight pullback this month. A drop in buyer demand caused total mortgage application volume to fall 0.6% last week compared with the previous week, according...
The GDP report next week will likely show record-breaking economic growth, but it may not help Trump
U.S. President Donald Trump gestures as he attends a campaign rally at Prescott Regional Airport, in Arizona, October 19, 2020. Carlos Barria | Reuters Next week, the U.S. will get economic news like it has never seen before, reflecting growth...
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