53.15 F
New York
April 15, 2021

Breaking News: Economy

Retail sales explode in March as consumers use stimulus checks to spend heavily

CNBC
CNBC – For more and to sign up click here A fresh batch of stimulus checks sent consumer purchases surging in March as the U.S. economy continued to get juice from aggressive congressional spending. Retail sales rose 9.8% for the month, the Commerce Department reported Thursday. That compared to the......

Pfizer CEO says company can deliver 10% more doses to the U.S. by the end of May than previously agreed

CNBC
CNBC – For more and to sign up click here Bottles for the Pfizer BioNTech COVID-19 vaccine are ready to be prepared before the opening of a mass vaccination site in the Queens borough of New York, February 24, 2021. Seth Wenig | Pool | Reuters Pfizer CEO Albert Bourla......

Consumer prices rise more than expected on jump in gas prices and as recovery heats up

CNBC
CNBC – For more and to sign up click here Consumer prices shot higher in March, given a boost both by a strong economic recovery and year-over-year comparisons to a time when the Covid-19 pandemic was about to throttle the U.S. economy, the Labor Department reported Tuesday. The consumer price......

Powell says it’s ‘highly unlikely’ the Fed will raise rates this year, despite stronger economy

CNBC
CNBC – For more and to sign up click here Federal Reserve Chairman Jerome Powell Kevin Lamarque | Reuters Despite what he sees as a rapidly recovering economy, Federal Reserve Chairman Jerome Powell on Sunday reaffirmed the central bank’s commitment to keep loose monetary policy on place. That includes a......

Britain’s Prince Philip dies at age 99

CNBC
CNBC – For more and to sign up click here Prince Philip, Duke of Edinburgh, in 2015. Matt Dunham | WPA Pool | Getty Images LONDON — Prince Philip, the Greece-born royal who as the husband of Queen Elizabeth II was the longest-serving consort to a British sovereign, died Friday.......

Weekly jobless claims higher than expected

CNBC
CNBC – For more and to sign up click here First-time claims for unemployment insurance rose more than expected last week despite other signs of healing in the jobs market, the Labor Department reported Thursday. First-time claims for the week ended April 3 totaled 744,000, well above the expectation for......

Fed’s Brainard says the economy is improving but is still ‘far from’ where it needs to be

CNBC
CNBC – For more and to sign up click here Federal Reserve Governor Lael Brainard said Wednesday that while the U.S. economic outlook has “brightened considerably,” it remains well away from the central bank’s goals. “Brighter outlook, but of course our monetary policy forward guidance is premised on outcomes not......

Fed officials expect it will be ‘some time’ before it starts tightening policy, minutes show

CNBC
CNBC – For more and to sign up click here Federal Reserve officials indicated at their last meeting that the pace of asset purchases is unlikely to change anytime soon while the central bank pursues its economic goals. The Federal Open Market Committee on Wednesday released minutes from the March......

Mortgage refinance demand drops 20% as rates rise to 10-month high

CNBC Real Estate
Mortgage rates moved higher again last week, causing homeowners and potential homebuyers to pull back on borrowing. Overall mortgage application volume decreased 5.1% from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250......

Fed’s Mester lauds jobs report, but says loose policy is staying put

CNBC
CNBC – For more and to sign up click here Loretta Mester, president and chief executive officer of the Federal Reserve Bank of Cleveland. David Paul Morris | Bloomberg | Getty Images March’s strong job gains weren’t enough to convince Cleveland Federal Reserve President Loretta Mester that it’s time to......

Yellen to push for global minimum tax on corporations

CNBC
CNBC – For more and to sign up click here Treasury Secretary Janet Yellen on Monday will call for a minimum tax levy on corporations around the world in an effort to keep companies from relocating to find lower rates. “We are working with G-20 nations to agree to a......

Jobs report blows past expectations as payrolls boom by 916,000 in March

CNBC
CNBC – For more and to sign up click here Job growth boomed in March at the fastest pace since last summer as stronger economic growth and an aggressive vaccination effort contributed to a surge in hospitality and construction jobs, the Labor Department reported Friday. Nonfarm payrolls increased by 916,000......

Manufacturing boom brings more signs that inflation is building rapidly

CNBC
CNBC – For more and to sign up click here An operator stacks heavy gauge steel brace used for industrial workbench leg at Tennsco’s factory in Dickson, Tennessee, U.S. February 17, 2021. Tennsco | via Reuters March brought the strongest manufacturing growth in more than 37 years, and with it......

Weekly jobless claims higher than expected despite signs of labor market improvement

CNBC
CNBC – For more and to sign up click here First-time claims for jobless benefits were higher than expected last week, with 719,000 more workers heading to the unemployment line, the Labor Department reported Thursday. The total compared with the 675,000 estimate from Dow Jones and was above last week’s......

Treasury Secy Yellen to restart hedge fund oversight panel as part of financial reform goals

CNBC
CNBC – For more and to sign up click here Treasury Secretary Janet Yellen laid out a three-pronged agenda on Wednesday to address what she described as ongoing threats to the nation’s financial system. Presiding over the Financial Stability Oversight Council, which she now leads but was once a member,......

IRS refunds will start in May for $10,200 unemployment tax break

CNBC
CNBC – For more and to sign up click here Samuel Corum/Bloomberg via Getty Images The IRS will start issuing tax refunds in May to Americans who filed their returns without claiming a new break on unemployment benefits, the federal agency said Wednesday. The American Rescue Plan waived federal tax......

Pending home sales fell over 10% in February, as record low supply stifles the housing market

CNBC Real Estate
A sale pending sign is posted in front of a home for sale on July 17, 2014 in San Francisco, California. Justin Sullivan | Getty Images The U.S. housing market is suffering from its lowest supply in history, and that is taking an increasingly hard toll on sales. Pending home......

Private payrolls hiring bursts at fastest pace since September on rise in hospitality hiring

CNBC
CNBC – For more and to sign up click here Waiter Boris Macquin serves customers behind plexiglass outside at Figaro Bistro on the first day Los Angeles County allows indoor seating since the coronavirus pandemic on March 15, 2021 in Los Angeles, California. Gina Ferazzi | Los Angeles Times |......

Sen. Toomey accuses the Fed of overstepping on climate change and other social issues

CNBC
CNBC – For more and to sign up click here U.S. Senator Pat Toomey (R-PA) questions Treasury Secretary Steven Mnuchin during a hearing on “Examination of Loans to Businesses Critical to Maintaining National Security” before the Congressional Oversight Commission at Dirksen Senate Office Building, in Washington, December 10, 2020. Sarah......

Fed’s Waller says the central bank isn’t keeping rates low to finance government debt

CNBC
CNBC – For more and to sign up click here Christopher Waller, U.S. President Donald Trump’s nominee for governor of the Federal Reserve, listens during a Senate Banking Committee confirmation hearing in Washington, D.C., on Thursday, Feb. 13, 2020. Andrew Harrer | Bloomberg | Getty Images The Federal Reserve is......

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Click whichever is suitable. Accept Read More