shapecharge | E+ | Getty Images Racial inequality is bad for the U.S. in innumerable ways, of course, many of which are hard to calculate directly. But now Citi has put a number to at least one aspect of social injustice, finding in a new study that $16 trillion has been erased from U.S. GDP […]
Economy
New home sales crush projections, but supply is dwindling
People wait to visit a house for sale in Floral Park, Nassau County, New York, the United States, on Sept. 6, 2020. Wany Ying | Xinhua News Agency | Getty Images Exceptional demand for new and existing homes, brought on by the stay-at-home culture of the coronavirus pandemic, has the housing market severely depleted. Sales […]
Weekly jobless claims rise unexpectedly, total 870,000
The number of first-time filers for unemployment benefits were slightly higher than expected last week as the labor market continues its sluggish recovery from the coronavirus pandemic. The Labor Department reported Thursday that initial jobless claims for the week ending Sept. 19 came in at 870,000. Economists polled by Dow Jones expected first-time claims at […]
Existing home sales jump to 14-year high, as prices set another record
A home for sale is seen in Santa Monica, California. Lucy Nicholson | Reuters After a record-setting July, the housing market still shows no sign of cooling off. Sales of existing homes rose 2.4% to a seasonally adjusted annualized rate of 6 million units, according to the National Association of Realtors. Sales were 10.5% higher […]
Powell pledges the Fed’s economic aid ‘for as long as it takes’
Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a House Financial Services Committee hearing in Washington, D.C., on Tuesday, Feb. 11, 2020. Andrew Harrer | Bloomberg | Getty Images Federal Reserve Chairman Jerome Powell pledged continued support for an economy that he said has shown substantial improvement but still needs more work. In […]
Fed’s Bullard says ‘biggest growth quarter of all time’ will lift inflation
James Bullard Olivia Michael | CNBC St. Louis Federal Reserve President James Bullard offered an optimistic look on the U.S. economy, with “off the charts” growth that will help lift inflation. Bullard also said he sees the unemployment rate falling to 6.5% by the end of the year, an estimate well below the median projection […]
The problem with the U.S. economy is there are too many poor people
A Kelly Center for Hunger Relief volunteer sorts through food for distribution as residents in vehicles wait in line at a church in El Paso, Texas, on July 17. Joel Angel Juarez/Bloomberg via Getty Images Are you in the top 1%, 5% or 10% of the U.S. income and wealth scale? If you are, congratulations […]
Housing starts August 2020
U.S. homebuilding fell in August after strong gains in the prior three months, but the housing market remains supported by record-low interest rates and demand for properties in the suburbs and low-density areas as many people work from home. Housing starts dropped 5.1% to a seasonally adjusted annual rate of 1.416 million units last month, […]
U.S. weekly jobless claims total 860,000, vs 875,000 expected
First-time claims for unemployment insurance beat Wall Street estimates last week as the U.S. economy enters a critical new stage. Filings totaled 860,000 for the week ended Sept. 12, the Labor Department reported Thursday. Economists surveyed by Dow Jones had expected 875,000, against the previous week’s upwardly revised 893,000. The number represents a modest downshift […]