Economy

Personal income and spending June 2020

U.S. consumer spending increased for second straight month in June, setting up consumption for a rebound in the third quarter, though the recovery could be limited by a resurgence in COVID-19 cases and the end of expanded unemployment benefits. The Commerce Department said on Friday that consumer spending, which accounts for more than two-thirds of […]

Economy

U.S. weekly jobless claims rise again, total 1.434 million

The number of Americans who filed new claims for unemployment benefits last week totaled 1.434 million, the Labor Department reported Thursday, roughly in line with expectations, as the coronavirus pandemic continues to ravage the U.S. economy.  It was the 19th straight week in which initial claims totaled at least 1 million and the second consecutive week […]

Economy

Interest rates held steady, economic growth is ‘well below’ pre-pandemic level

The Federal Reserve held interest rates steady in a decision announced Wednesday that came along with a tepid outlook on the coronavirus-plagued economy. In a move widely expected, the central bank kept its benchmark overnight lending rate anchored near zero, where it has been since March 15 in the early days of the pandemic. Along […]

Economy

Here’s what changed in the July Fed statement

This is a comparison of Wednesday’s Federal Open Market Committee statement with the one issued after the Fed’s previous policymaking meeting on June 10. Text removed from the June statement is in red with a horizontal line through the middle. Text appearing for the first time in the new statement is in red and underlined. […]

Economy

U.S. goods trade deficit narrows amid signs the global flow of goods is improving

Shipping containers are stacked on a ship docked at Yusen Terminals on Terminal Island at the Port of Los Angeles in Los Angeles, January 30, 2019. Mike Blake | Reuters The United States’ trade deficit in goods fell sharply in June as exports rebounded following several months of decline, suggesting a recovery in global trade […]

Economy

Pending home sales surge for the second consecutive month

A sale pending sign is posted in front of a home for sale in San Anselmo, California. Justin Sullivan | Getty Images Pending home sales continued to climb in June, rising 16.6% monthly since May, and rising 6.3% since June 2019, according to the National Association of Realtors. This beats the expectation for the monthly […]

Economy

Powell is expected to say the Fed will keep doing whatever it can

Federal Reserve Chairman Jerome Powell speaks at his news conference following the two-day meeting of the Federal Open Market Committee (FOMC) meeting on interest rate policy in Washington, January 29, 2020. Yuri Gripas | Reuters The Federal Reserve is expected to again promise to do whatever it takes to fix the economy as it works […]

Economy

Voters support enhanced unemployment, CNBC/Change poll finds

Reading Police Officer Bucklin helps to hand out boxes of MREs. At City Light Ministries on Spruce Street in Reading Saturday afternoon May 2, 2020 where a large group came out for the food distribution by One Luv during the coronavirus / COVID-19 outbreak. Ben Hasty | MediaNews Group | Reading Eagle via Getty Images […]

Economy

The Fed is extending its lending programs until the end of the year

The Federal Reserve said Tuesday it is extending its menu of lending programs to businesses, governments and individuals to the end of 2020. Originally set to expire Sept. 30, the myriad facilities, stretching from credit to small businesses up to the purchase of junk bonds now will stretch to Dec. 31. The Fed began rolling […]

Economy

Home prices rose at slower rate in May, according to S&P Case-Shiller

Real estate agents leave a home for sale during a broker open house in San Francisco, California. Justin Sullivan | Getty Images Home prices continued to rise in May, albeit at a slightly slower pace than they did in April — likely due to the brief but sharp slowdown in home sales as the coronavirus […]