Fed’s Mester lauds jobs report but says it’s not enough to change policy
May’s job gains were “solid” but not enough to change the direction of monetary policy, Cleveland Fed President Loretta Mester told CNBC. “Bottom line, I would like to see further progress than where we are right now,” Mester told CNBC’s...
Job creation accelerated in May but is still below lofty expectations
Job creation disappointed again in May, with nonfarm payrolls up what normally would be considered a solid 559,000 but still short of lofty expectations, the Labor Department reported Friday. Payrolls were expected to increase by 671,000, according to economists surveyed...
Powell says climate change is not a main factor in the Fed’s policy decisions
Federal Reserve Chairman Jerome Powell Kevin Lamarque | Reuters Federal Reserve Chairman Jerome Powell said Friday that climate change is not a main consideration for the central bank when formulating monetary policy. Speaking on a panel of his global colleagues,...
Wall Street should brace for ‘larger than normal price swings,’ PNC’s chief investment officer warns
A top investor expects volatility to dominate Wall Street for months. Amanda Agati, PNC Financial’s chief investment officer, lists stretched market valuations, Federal Reserve taper chatter and the end of stimulus checks as troubling forces in the market. “You have...
Jobless claims fall below 400,000 for the first time since the early days of the pandemic
Initial jobless claims fell below 400,000 for the first time since the early days of the Covid-19 pandemic, the Labor Department reported Thursday. First-time filings for unemployment benefits totaled 385,000 for the week ended May 29, a decline from the...
Companies hired nearly a million new workers in May, ADP says
Private job growth for May accelerated at its fastest pace in nearly a year as companies hired 970,000 workers, according to a report Thursday from payroll processing firm ADP. It was a big jump from April’s 654,000 and the largest...
Tesla recalls hundreds of Model 3 cars that were shipped to China
Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. Aly Song | Reuters BEIJING — Tesla is recalling more than 700 units of its Model 3 electric car that...
3.7 million Americans set to lose unemployment benefits early as 25 states exit federal programs
Maryland Gov. Larry Hogan Chip Somodevilla | Getty Images News | Getty Images Around 3.7 million Americans will be affected by states’ early withdrawal from federal unemployment programs, according to a CNBC analysis of Labor Department data. In the past...
U.S. inflation is transitory but could become more persistent, says ex-Fed official Dudley
The recent spike in U.S. inflation is likely transitory for now — but it could become more persistent in the coming years as more people return to work, said former New York Fed President William Dudley. “I think that the...
U.S. Treasury Secretary Yellen and China’s vice premier talk about cooperation and economic recovery
The flags of China, U.S. and the Chinese Communist Party are displayed in a flag stall at the Yiwu Wholesale Market in Yiwu, Zhejiang province, China, May 10, 2019. Aly Song | Reuters BEIJING — China’s Vice Premier Liu He...
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