The number of Americans filing first-time applications for unemployment benefits surged last week, confirming a weakening in labor market conditions as a worsening COVID-19 pandemic disrupts operations at restaurants and other businesses. Fred Katayama reports.
Inflation may be rearing its ugly head in the US economy sooner than predicted. According to Business Insider, a recovery of the US's hardest-hit businesses could drive a faster-than-expected rebound for inflation. The US Federal Reserve aims to reach inflation of at least 2% before considering lifting its benchmark interest rate. However, price growth has trended below that level for years and fell further at the start of the pandemic.
As JPMorgan Chase, Citigroup and Wells Fargo kick off earnings season Friday with better-than-expected profits, Mercadien Asset Management president Ken Kamen tells Reuters' Fred Katayama why investors should consider buying bank stocks even after their recent rally.