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Amid Rising COVID Cases, a Bad Stat for the Economy

Consumers cut back on spending more than expected in July

(Newser) - Americans cut back on their spending last month as a surge in COVID-19 cases kept people away from stores, per the AP . Retail sales fell a seasonal adjusted 1.1% in July from the month before, the Commerce Department said Tuesday. It was a much larger drop than the 0....

Job Numbers Are Strong, but There's an Asterisk

Numbers may not reflect fast-moving impact of delta variant

(Newser) - The new monthly jobs report is out, and the numbers are stronger than expected for July. But the delta variant is throwing a wrench into assessments. Details:
  • Employers added 943,000 jobs for the month, ahead of consensus estimates of 845,000, reports CNBC .
  • The unemployment rate dropped more than

Prices Rising at Fastest Clip in 13 Years

Consumer prices in June up 5.4% over previous year

(Newser) - Prices for US consumers jumped in June by the most in 13 years, extending a run of higher inflation and fueling concerns that the rapidly rebounding economy is making goods and services increasingly expensive, per the AP . Tuesday's report from the Labor Department showed that consumer prices in June...

New Jobs Numbers Better Than Expected

Employers added 850K jobs, while the unemployment rate ticked up to 5.9%

(Newser) - The new monthly jobs numbers are in, and they are stronger than expected. "Robust" is the word used by the AP . Highlights:
  • Jobs: Employers added 850,000 jobs in June, up from 583,000 in May. Most analysts had expected a gain of about 700,000 jobs, reports CNBC

In This Market, Prepare to Pay Over List Price for That Car

New cars are harder to find and selling for sticker price or more

(Newser) - Workers are turning back into commuters, and many of those workers are going out to buy a new car. But there aren’t a lot of new cars out there, which means the wheels on the lot aren’t cheap. There are shortages related to pandemic shutdowns—a global chip...

Inflation Is Rising, and the Stakes Are High
Inflation Is Rising,
and the Stakes Are High
the rundown

Inflation Is Rising, and the Stakes Are High

The big question is whether it's a temporary blip related to the pandemic

(Newser) - A new government report confirms what many Americans probably already noticed: Prices are rising for all kinds of things. The Labor Department said Thursday that inflation rose 5% in May when compared to the previous year, which is higher than expected and the biggest spike since the summer of 2008—...

Hiring Rebounds in May but Falls Short of Expectations

Employers added 559K jobs, double the figure from April

(Newser) - Last month's unemployment report was a bust . The new one for May is twice as strong, though still shy of expectations. The Labor Department reported Friday that employers added 559,000 jobs last month, below expectations of about 670,000, reports CNBC . The unemployment rate, meanwhile, fell to 5....

It's a Banner Day for Economy So Far

Retails sales surge, jobless claims reach pandemic low, and stocks reach record highs

(Newser) - Thursday is starting out as a strong day for the economy:
  • Consumers: Retail spending surged almost 10% in March thanks to factors including stimulus checks to households, warmer weather, and an increased reopening of businesses, reports the Wall Street Journal . The spike, detailed in a new Commerce Department report, follows

Famed Investor Lists Concerns but Puts Money on America

Buffett: Progress in creating a more perfect nation often has been discouraging

(Newser) - Warren Buffett has been unusually quiet during the pandemic, but he's kept his annual appointment with his shareholders. The chairman and chief executive of Berkshire Hathaway released his closely watched assessment Saturday, Axios reports. On many fronts, Buffett expressed frustration in the letter . The nation still holds onto its...

Hiring Rights Itself After a One-Month Dip

Employers added 49K jobs in January

(Newser) - The new jobs report is out, and the big number is back in positive territory. Employers added a modest 49,000 jobs in January, though that was in line with expectations of 50,000, reports CNBC . The increase may be "tepid," as the AP describes it, but it...

2020 Economy Worst Since World War II

GDP fell by 3.5%, though final quarter showed growth

(Newser) - The final report on the 2020 economy is in, resulting in bleak historical comparisons but also hope for a better 2021. In terms of the specific numbers, the economy grew by 4% in the final quarter of the year, below estimates of 4.3%, reports CNBC . For the full year,...

Chocolate Maker Is Closing All Stores in US

Godiva scraps cafes, cites the pandemic

(Newser) - The pandemic has just slammed another business: Chocolate maker Godiva will close all 128 of its stores in North America by the end of March, reports CNN Business . All but 11 are in the US, though the company did not disclose how many jobs would be lost. As USA Today ...

Jobs Number Comes In Much Worse Than Expected

Employers added 245K jobs, a big dropoff

(Newser) - The new unemployment report is out, and it has a figure that in normal times would be strong: Employers added 245,000 new jobs in November. Meanwhile, the unemployment rate dropped from 6.9% to 6.7%. But in the context of the surging pandemic, the stat about new jobs...

Consumer Confidence Takes Worrisome Tumble

Index is at its lowest point since August

(Newser) - US consumer confidence fell to a reading of 96.1 in November as rising coronavirus cases pushed American optimism down to the lowest level since August. The November reading released Tuesday by the Conference Board represents a drop from a revised 101.4 in October, the AP reports. Economists were...

US Economy Grows at Record Pace, With an Asterisk

GDP expands at 33% annual rate after previous quarter's plunge

(Newser) - The last major report card on the economy before the election is out, and expect to hear President Trump making a big deal out of it. The Commerce Department reported Thursday that the economy grew at a record annual rate of 33% in the third quarter, per the AP . As...

Here Are the US Cities Hardest Hit Financially by COVID

Half of America's top 10 are located in one state

(Newser) - With more than 225,000 dead and 8.6 million cases of COVID-19 in the US, the health consequences of the virus are obvious. But the financial repercussions have also been devastating, and some areas are suffering more than others. WalletHub looked at the biggest US cities across nine metrics...

China's Economy May Do What No Other's Can

New numbers put it on track to be only major economy to expand in 2020

(Newser) - A nation reporting its quarterly GDP numbers isn't typically scintillating news. But China's new data is generating big headlines because observers see COVID lessons at play. Beijing reported Monday that GDP grew at 4.9% in the third quarter when compared to the previous year, reports CNBC . That...

In These US Cities, the Economy Has Thrived

Fort Myers, Fla., leads the list

(Newser) - Although the country's economy as a whole has suffered greatly during the pandemic, some areas manage to do OK. Better than OK, actually, per WalletHub's ranking of the fastest-growing cities in America, which it gauged by looking at more than 515 small, midsized, and large cities across the...

Final GDP Number Is One for the Record Books: 31.4%

That's the Q2 contraction

(Newser) - The US economy plunged at a record rate in the spring but is poised to swing to a record increase in the quarter that just ended. The Commerce Department reported Wednesday in its final estimate for the April-June quarter that the gross domestic product, the economy’s total output of...

Bernie Issues Warning to Biden
Bernie Issues
Warning to Biden

Bernie Issues Warning to Biden

The Vermont senator sees trouble on the horizon

(Newser) - Bernie Sanders is warning that if onetime rival Joe Biden doesn't do more to promote his own policies and reach out to Latino voters, the Democratic presidential nominee is at risk of falling short to President Trump this November, the AP reports. Sanders, a self-described democratic socialist who left...

Stories 21 - 40 | << Prev   Next >>
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