Only 187,000 Americans filed for unemployment benefits the week prior, which was less than economists' expectations of 210,000.
Only 187,000 Americans filed for unemployment benefits the week prior, which was less than economists' expectations of 210,000.
According to CNN, the last time jobless
claims dipped this low was September 1969.
Continued jobless claims also
dropped by 67,000 to 1.35 million
for the week ending March 12.
Continued jobless claims also
dropped by 67,000 to 1.35 million
for the week ending March 12.
Which is the lowest recorded
level since January 3, 1970.
As the labor market continues to
rebound, many believe the U.S.
Federal Reserve will ramp up interest
rates to combat rising inflation.
There isn't much more to say about the labor market.
, Thomas Simons and Aneta Markowska, Jefferies economists, via statement.
There isn't much more to say about the labor market.
, Thomas Simons and Aneta Markowska, Jefferies economists, via statement.
It is extremely strong and this
data is exactly the sort of evidence that has given the Fed confidence that they can raise rates more quickly to battle inflation.
, Thomas Simons and Aneta Markowska, Jefferies economists, via statement.
It is extremely strong and this
data is exactly the sort of evidence that has given the Fed confidence that they can raise rates more quickly to battle inflation.
, Thomas Simons and Aneta Markowska, Jefferies economists, via statement.
Experts say they believe the current
labor market could provide opportunities
for many workers to land better jobs.
It's an excellent time to be looking for work, since the labor market is tight, , Ted Rossman, senior analyst Bankrate.com, via CNN.
... wages are rising and workers have negotiating power in many industries.
, Ted Rossman, senior analyst Bankrate.com, via CNN
Quit Wasting Your Money , on These Things.
As inflation continues to send the
prices of everyday items soaring,
it's imperative to budget your finances.
Over time, even the most conscious consumers might find themselves
the victims of money traps.
Here are some common money
traps and how to avoid them:.
Bank Fees.
Charges for withdrawals, out-of-
network ATMs and monthly service
fees from your bank add up.
Charges for withdrawals, out-of-
network ATMs and monthly service
fees from your bank add up.
But they don't have to. Per Bankrate,
almost 50% of checking accounts in the
United States don't charge maintenance fees.
But they don't have to. Per Bankrate,
almost 50% of checking accounts in the
United States don't charge maintenance fees.
If you feel overcharged at your current bank, don't hesitate to find a new one.
Unused Subscriptions.
A recent study found almost
70% of US consumers throw
away money each month on
subscriptions they don't use.
The culprit? Signing up for free trials
and failing to cancel services when
the trial period ends.
That’s an easy way to chuck money out the window. , Julie Ramhold, consumer analyst with DealNews, via CNN.
Wasted Food.
According to the Natural Resources Defense Council, almost 40% of food
in the United States goes uneaten.
According to the Natural Resources Defense Council, almost 40% of food
in the United States goes uneaten.
Check your refrigerator before heading to the grocery store and plan your meals around the food you do have
Credit: Wibbitz Top Stories Duration: 01:30Published
March Retail Sales , Exceeded Expectations.
New Commerce Department data surprised
some analysts on April 15, 'The Hill' reports. .
The agency's latest estimates indicate
that March retail sales increased by 0.7%.
They were only expected
to rise 0.3% last month.
While sales exceeded estimates for March, the jump
was still below the 0.9% increase in February.
Compared to the same time last year, total sales
for the first three months of 2024 were up 2.1%.
On April 10, the Labor Department released data showing that inflation rose last month. .
The consumer price index (CPI)
increased 0.4% in March and 3.5% annually.
In February, consumer prices
increased 3.2% year-over-year. .
Still, the newest Commerce Department data suggests that Americans continue to spend despite prolonged inflation, 'The Hill' reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
Stock Markets Rally , Amid Investor Hopes for , Interest Rate Cuts in 2024.
On the morning of May 15, both the S&P and the
Nasdaq hit all-time highs after new data suggested
inflation may be easing in line with expectations.
Quartz reports that the Dow Jones Industrial Average
is also inching toward the record-breaking
40,000 mark, which it almost hit in March. .
According to the latest Bureau of Labor
Statistics data, April saw the Consumer Price
Index, a key gauge of inflation, rise by 3.4%.
At the same time, consumer prices
increased by 0.3%, slowing slightly
from March's 0.4% increase.
The latest data also shows that core prices,
which don't include food and energy, saw the lowest
increase since April of 2021, rising just 3.6%. .
As a result, investors have a sense of
renewed hope that the Federal Reserve will
begin to cut interest rates at some point in 2024.
The latest inflation data was released one day
after the Producer Price Index, which
measures wholesale inflation, increased 0.5%. .
Over the past year, the
index has increased 2.2%.
Shortly after markets opened, the Dow
jumped up 147 points, hitting 39,705, while the
S&P 500 and the Nasdaq saw 0.5% increases.
Shares in GameStop were down 30% after
experiencing a boost earlier this week by
the online return of investor "Roaring Kitten."
Credit: Wibbitz Top Stories Duration: 01:30Published
Consumer Outlook , Plunges Amid Fears of , More Price Hikes Ahead.
CNN reports that sentiment about the economy among
consumers in the United States has plummeted
to the lowest level in the past six months.
According to the latest consumer survey by the
University of Michigan, consumers are also bracing
for more price increases in the year ahead. .
The consumer expectations gauge,
which is closely monitored by the White House,
dropped 13%, representing the most significant
single month decline since mid-2021.
The latest news is still better than
last May when inflation was at 4%
compared to the current 3.5% reading.
However, CNN points out that despite inflation
being lower than the same time last year, the numbers
have been moving in the wrong direction.
The trajectory has shifted
economist expectations for
the Federal Reserve to cut rates. .
The latest Fed report saw expectations
for year-ahead inflation increase
to 3.5% from the 3.2% forecast in April. .
At the same time, long-run
expectations for inflation also
increased to 3.1% from April's 3.0%. .
According to Chicago Federal Reserve
President Austan Goolsbee, the latest data , "bodes awful for progress on inflation.".
There isn’t, at this time,
much evidence in my view that
inflation is stalling out at 3%, Austan Goolsbee, Chicago Federal Reserve President, via CNN
Credit: Wibbitz Top Stories Duration: 01:31Published
Key Federal Reserve Inflation Gauge , Rose 2.8% in March.
According to Commerce Department
data released on April 26.
the personal consumption expenditures
(PCE) price index, not including food or energy, rose 2.8% year-over-year in March. .
That exceeded Dow Jones
estimates of 2.7%, CNBC reports. .
When also accounting for food and energy, the all-items PCE measure rose 2.7%,
which was above the 2.6% estimate.
Inflation reports released this morning
were not as a hot as feared, , George Mateyo, chief investment officer at Key Wealth, via CNBC.
... but investors should not get
overly anchored to the idea that
inflation has been completely
cured and the Fed will be cutting
interest rates in the near-term, George Mateyo, chief investment officer at Key Wealth, via CNBC.
The prospects of rate cuts remain,
but they are not assured, and the
Fed will likely need weakness in
the labor market before they
have the confidence to cut, George Mateyo, chief investment officer at Key Wealth, via CNBC.
Consumers continue to spend despite
higher prices, CNBC reports.
Personal spending increased 0.8% in March, while personal income rose 0.5%.
The personal saving rate dropped to 3.2% as more people are having to dip into their savings to cover the cost of living.
The Fed continues to target 2% inflation, which the core PCE has exceeded for
the last three years, CNBC reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
Fears of Potential Iranian Attack , Drive US Stocks Down , Nearly 500 Points.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
By mid-afternoon, the Dow had fallen
1.4%, the S&P 500 went down 1.6%,
and the Nasdaq dropped 1.8%.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The warning comes after Iran
accused Israel of a deadly airstrike
on a consulate in Damascus, Syria. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
Brent crude futures jumped up to $90.42
a barrel, and West Texas Intermediate crude
futures increased to $86.65 a barrel.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
CNN reports that Americans' opinions of
the economy have dipped in the past few
months amid persistently high inflation.
The geopolitical fears come as investors are already
contending with concerns that the Federal Reserve could
wait to bring interest rates down from a 23-year high.
Officials at the Fed have signaled that further rate
hikes could still be on the way if the central
bank's efforts to fight inflation stall.
Credit: Wibbitz Top Stories Duration: 01:31Published
Federal Reserve Posts Massive, $114 Billion , Loss in 2023.
On March 26, the Federal Reserve
announced a record-breaking net
negative income of $114.3 billion in 2023.
Reuters reports that the loss follows
$58.8 billion in net income in 2022. .
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
As a result of low rates and large
levels of bond holdings, the Fed has
earned significant profits in recent years.
Last year, the Fed's audited interest expenses for
banks' reserve balances reached $176.8 billion,
an increase of over $116 billion from 2022.
In 2023, the Fed's interest payouts from
its reverse repo facility were $104.33 billion,
increased from $41.9 billion the year before.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
At the close of 2023, the deferred
asset stood at $133.3 billion.
As of March 20 of this year, that number
had risen to $157.8 billion with no
indication of how much larger it could get.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset
Credit: Wibbitz Top Stories Duration: 01:30Published
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