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Unemployment fell to 3.5 percent and the U.S. economy added 236,000 jobs in March as the labor market continued to show signs of strength, the Labor Department reported Friday. Wage growth appears to be cooling along with corporate profits, which are still way above their pre-pandemic levels, as inflation has been declining since the middle…
Senators on Wednesday grilled former Starbucks CEO Howard Schultz over widespread allegations of illegal union-busting tactics at the coffee chain under his leadership. Democrats on the Senate Health, Education, Labor and Pensions Committee questioned Schultz over his role in the company’s decision to fire pro-union baristas and close stores that unionized, among other efforts that…
Consumer prices rose 6 percent annually in February as inflation eased The consumer price index (CPI) rose by 0.4 percent in February for an annual increase of 6 percent, right in line with what economists had been expecting, according to data released Tuesday by the Labor Department. The 6 percent annual inflation rate was the…
What recession? Americans are still powering the economy despite high inflation Key economic indicators, such as huge retail sales and historic job gains, are painting the picture of a robust economy that shows few signs of slowing down. But a smaller-than-expected drop in January inflation has some economists worried that the Federal Reserve is going…
Five ways a federal debt default could hurt Americans Americans are getting a crash course on the country’s borrowing limit, as a high-stakes standoff on Capitol Hill dominates national attention. Last month, the Treasury Department announced it’s implementing “extraordinary measures” to keep the nation from defaulting on its debt, after it hit the roughly $31.4…
Five takeaways on a surprisingly strong January jobs report The U.S. economy added 517,000 jobs in January, more than doubling Wall Street expectations and turning up its nose at prognosticators of an imminent recession. The unemployment rate dropped to 3.4 percent, the lowest level since 1969. Analysts were expecting it to move in the opposite…
Why the Fed faces new risks in its inflation fight amid recession fears The Federal Reserve is expected to raise interest rates by a quarter-percentage point at its meeting on Wednesday, entering a high-stakes chapter in its battle against high inflation. The central bank is on track to issue its smallest rate hike since March…
The Hill’s Morning Report — Debt-limit jockeying to intensify this week Editor’s note: The Hill’s Morning Report is our daily newsletter that dives deep into Washington’s agenda. To subscribe, click here or fill out the box below. Close Thank you for signing up! Subscribe to more newsletters here The latest in politics and policy. Direct…
“Real message? Escape from New York” Early in her State of the State address Tuesday, Gov. Hochul cited widespread fears of crime and the sky-high cost of living as threats to New York’s future. She said predictions of a recession mean “we will not be raising income taxes this year.” So far, so good, and…
“GOP clowns are aiding the Democrats’ biz agenda” After the midterms produced a new, GOP-led House of Representatives, chances were pretty high that President Biden’s economic agenda — a Bernie Sanders wish list of high taxes and radicalized choices for key regulatory posts — would be moderated by the force of a unified Republican majority…