economy

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Holiday Shoppers May Not Like Goldman Sachs' Forecast

Inflation expected to get worse through the winter before settling down next year

(Newser) - Goldman Sachs is out with its economic forecast for the coming year, and it may not please people hoping for a quick end to surging prices before the holiday shopping season. Highlights:
  • Inflation: "The current inflation surge will get worse this winter before it gets better," says the
...

Got Milk Controversy? CNN Does
Got Milk Controversy?
CNN Does
THE RUNDOWN
Nov 5, 2021 12:09 PM CDT

Got Milk Controversy? CNN Does

A Texas family's milk consumption was featured in a news segment on inflation; backlash followed

(Newser) - The US economy continues to be a hot topic, especially as we head toward another winter still wrangling with COVID, and a CNN report this week tried to get to the heart of "how badly inflation is hitting the middle class." The five-minute segment intro'd by commentator...

A Swing and a Miss for September's Jobs Report

Just 194K jobs were added last month

(Newser) - US employers added just 194,000 jobs in September, a second straight tepid gain and evidence that the pandemic still has a grip on the economy, with many companies struggling to fill millions of open jobs. Friday's report from the Labor Department also showed that the unemployment rate fell...

During Pandemic, This Nation's Economy Takes Top Billing

Switzerland is No. 1 on WIPO's Global Innovation Index for 132 economies around the world

(Newser) - To get through something like a pandemic, countries have had to innovate—especially when it comes to keeping their economies humming. And there are "reasons to be optimistic" on that front, according to one of the editors of the World Intellectual Property Organization's annual Global Innovation Index , which...

2 Words on Jobs Report: 'Huge Disappointment'

August numbers come in far below expectations

(Newser) - The new jobs report is in for August, and lackluster might be one word to describe it. "Huge disappointment" ( CNBC ) and "surprisingly weak" (the AP ) are others. The key numbers:
  • New jobs: Employers added 235,000 jobs for the month, but that is far below
...

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
Jun 10, 2021 10:40 AM CDT

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...

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