Economy

The unemployment rate rose sharply in August, as the summer of 2023 neared a close with a job market in slowdown mode. Nonfarm payrolls grew by a seasonally adjusted 187,000 for the month, above the Dow Jones estimate for 170,000, the U.S. Bureau of Labor Statistics reported Friday. However, the unemployment rate was 3.8%, up

Taylor Swift, Beyonce, Barbie, Oppenheimer Getty Images Consumer spending may not be out of the woods. Real spending is expected to come in 1.9% higher in the third quarter, helped in part by stadium tours from music superstars Taylor Swift and Beyoncé, as well as summer movie blockbusters “Barbie” and “Oppenheimer,” according to Morgan Stanley.

A ‘help wanted’ sign is displayed in a window of a store in Manhattan on December 02, 2022 in New York City.  Spencer Platt | Getty Images Job creation in the United States slowed more than expected in August, according to ADP, a sign that the surprisingly resilient U.S. economy might be starting to ease

A woman waits on customers at the Same Day Cafe in the Logan Square neighborhood on August 18, 2023 in Chicago, Illinois. Scott Olson | Getty Images The amount of money most workers want now to accept a job reached a record high this year, a sign that inflation is alive and well at least

Traders work on the floor of the New York Stock Exchange (NYSE), August 15, 2023. Brendan McDermid | Reuters China’s economic model is “washed up on the beach” and “not going to take off again,” which will have a big impact on global markets, says veteran investor David Roche. Despite a remarkable rally in stock

Shoppers at Brickell City Centre in Miami, Florida, US, on Wednesday, June 14, 2023.  Eva Marie Uzcategui | Bloomberg | Getty Images Consumer spending held up well in July as inflation slowed, with retail sales turning in a stronger than expected showing for the month, the Commerce Department reported Tuesday. The advanced retail sales report

This pool image distributed by Sputnik agency shows Russian President Vladimir Putin meeting with the Tver region governor at the Kremlin in Moscow on August 9, 2023. Mikhail Klimentyev | AFP | Getty Images The U.S. dollar surged above 100 to the ruble on Monday, with the Russian currency nearing a 17-month low as President Vladimir Putin’s

Grocery items are offered for sale at a supermarket on August 09, 2023 in Chicago, Illinois.  Scott Olson | Getty Images A measure of wholesale prices rose more than expected in July, countering recent trends showing that inflation pressures are easing. The producer price index, which gauges the costs that goods and services producers receive

Jim O’Neill, former chief economist Goldman Sachs Group, in Italy in 2019. Alessia Pierdomenico | Bloomberg via Getty Images Veteran economist Jim O’Neill says central banks will need to keep interest rates up around 5% across major economies for longer than the market expects, even as inflation subsides. The U.S. Federal Reserve is broadly expected

The consumer price index rose 3.2% from a year ago in July, a sign that inflation has lost at least some of its grip on the U.S. economy. Prices accelerated 0.2% for the month, in line with the Dow Jones estimate, the Bureau of Labor Statistics reported Thursday. However, the annual rate was slightly below

Gas station signboards display prices in Bethesda, Maryland on August 6, 2023. Mandel Ngan | AFP | Getty Images Thursday’s consumer price index report likely will show that the pace of price increases is easing, but not enough to get the Federal Reserve to retreat on its inflation fight. If the Wall Street consensus as

Jose Luis Pelaez Inc | Digitalvision | Getty Images Americans increasingly turned to their credit cards to make ends meet heading into the summer, sending aggregate balances over $1 trillion for the first time ever, the New York Federal Reserve reported Tuesday. Total credit card indebtedness increased by $45 billion in the April-through-June period, an

Traders work on the floor of the New York Stock Exchange, June 29, 2023. Brendan McDermid | Reuters Global stock markets tumbled on Wednesday after ratings agency Fitch downgraded the United States’ long-term credit rating — but top economists say there is nothing to worry about. Fitch announced late on Tuesday that it had cut

Job growth in July was less than expected, pointing to slower growth in the U.S. economy, the Labor Department reported Friday. Nonfarm payrolls expanded by 187,000 for the month, slightly below the Dow Jones estimate for 200,000. Though the headline number was a miss, it actually represented a modest gain from the downwardly revised 185,000

The labor market added a smaller-than-expected 187,000 jobs in July, but one sector delivered roughly half of that total. The health care and social assistance category grew by 87,100 jobs last month, according to the Labor Department. That total jumped to 100,000 when including education jobs, as some economists do. related investing news Humana calms

Workers install solar panels during the completion phase of a 4-acre solar rooftop atop AltaSea’s research and development facility at the Port of Los Angeles, in the San Pedro neighborhood, on April 21, 2023 in Los Angeles, California. Mario Tama | Getty Images The unemployment rate for Black workers fell slightly in July as the

In this article JPM Follow your favorite stocksCREATE FREE ACCOUNT JPMorgan Chase economists on Friday bailed on their recession call, joining a growing Wall Street chorus that now thinks a contraction is no longer inevitable. While noting that risks are still high and growth ahead is likely to be slow, the bank’s forecasters think the

Jamie Grill | Getty Images Back-to-school shopping hasn’t been easy this year for Lauren Cyr. The mother of three has searched for deals and spread out her shopping across multiple paychecks. Still, the 31-year-old sees higher price tags on everything from backpacks to paper — and the summer ritual is squeezing her family budget more