The number of Americans filing for unemployment benefits declined by 214,000 last week, reported the Labor Department on March 17, a sign that the demand for workers remains elevated amid an ongoing labor shortage. Meanwhile, the February jobs report exceeded past expectations with 678,000 additional hires. The figures for the week ending March 12 fell…
Labor Department Reports 214,000 Fewer Americans Filed for Unemployment Benefits Last Week
Snack and Drink Portions Being Reduced Due to Rising Inflation
Food prices been on the rise across the United States, forcing many food and beverage companies to reduce the content size for their products, as part of a concept called “shrinkflation.” The United States is currently facing its worst inflation rates since 1982, with confirmed cases of product shrinkage at grocery stores becoming common nationwide. Last…
US Unemployment Claims Rose to 227,000 in March
First-time claims for unemployment benefits in the United States were up higher than expected in the week ending March 5, according to the jobless claims report (pdf) released March 10 by the U.S. Department of Labor. The latest weekly data shows the impact of the Omicron variant, which hit the United States earlier this winter, briefly…
US Fuel Prices Hit an All-Time High as Russian Sanctions Disrupt Energy Supply
March 9, 2022
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American motorists are paying a record price at the gas pump this week, as the sanctions on Russia for its invasion of Ukraine disrupt global energy shipments and jack up the cost of energy. The national average price of a gallon of gas was $4.25 as of the morning of March 9, according to the…
US Mortgage Rates Fall as Home Prices Rise to Another Record High
The average rate for a 30-year fixed mortgage rose close to a full percentage point from the start of this year up until the week ending Feb. 25, when it hit 4.18 percent, according to Mortgage News Daily. The 30-year rate fell below 4 percent to 3.90 percent on March 1, but recovered to 4.08…
Energy Crisis From Ukraine Invasion Might Weigh on US Inflation, Economy
March 1, 2022
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Business & Economycommoditieseconomic policieseconomyEuropeinflationMarketsRussia-Ukraine WarUkraineUSUS economyWorld
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The Ukraine-Russia military conflict and the Federal Reserve could be the main factors impacting the U.S. economy in the coming months, market strategists say. Russia’s invasion of its western neighbor has had many energy analysts and governments worldwide monitoring crude oil and natural gas prices. So far, the benchmark West Texas Intermediate (WTI) and Brent…
Americans Are Collecting Unemployment Aid at Their Lowest Rate Since 1970
The number of Americans collecting unemployment benefits declined to a 52-year low for the week ending Feb. 19, after another decline in jobless applications, according to a report (pdf) by the U.S. Labor Department on Feb. 24. Jobless claims last week fell by 17,000, from 249,000 to 232,000, but remain above the pandemic low of 188,000 reported…
US Consumers Views on Long-Term Inflation Eased in January, According to NY Fed Survey
February 16, 2022
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Business & EconomyBusinesses in COVID-19CCP Viruseconomyinflationinflation rateU.S. consumersUSUS economy
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The New York Federal Reserve said on Feb. 14 that American consumer fears of rapidly rising inflation rates in the long term seem to have eased, according to its monthly survey of consumer expectations. Those surveyed hold short-term and medium-term expectations for inflation above pre-pandemic levels. Consumers said they expect the cost of food, rent,…
US Consumer Sentiment In February Falls To Its Lowest Level In More Than A Decade
February 12, 2022
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Business & EconomyBusinesses in COVID-19consumer confidenceeconomyinflationinflation ratespersonal financeUSUS economy
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U.S. consumer sentiment in early February unexpectedly declined to its lowest level in more than a decade, due to fears that rising levels of inflation would persist in the near term, according to a survey from the University of Michigan. The university report, which was released on Feb. 11, saw the consumer sentiment index tumble…
The Economic Data Is Contradictory
Commentary A few months ago, all economic indicators seemed to line up well. They painted a positive picture. Despite Omicron and supply chain problems, it was clear that the economy was rebounding strongly from pandemic-induced strictures. Consumers were buying, and businesses were ordering new equipment and systems. Families were purchasing new homes and builders were…
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