Economy

A sale pending sign is posted in front of a home for sale in San Anselmo, California. Justin Sullivan | Getty Images Pending home sales continued to climb in June, rising 16.6% monthly since May, and rising 6.3% since June 2019, according to the National Association of Realtors. This beats the expectation for the monthly

Federal Reserve Chairman Jerome Powell speaks at his news conference following the two-day meeting of the Federal Open Market Committee (FOMC) meeting on interest rate policy in Washington, January 29, 2020. Yuri Gripas | Reuters The Federal Reserve is expected to again promise to do whatever it takes to fix the economy at the same

The Federal Reserve said Tuesday it is extending its menu of lending programs to businesses, governments and individuals to the end of 2020. Originally set to expire Sept. 30, the myriad facilities, stretching from credit to small businesses up to the purchase of junk bonds now will stretch to Dec. 31. The Fed began rolling

Household appliances are offered for sale at Home Depot in Chicago, Illinois. Getty Images New orders for key U.S.-made capital goods increased by the most in nearly two years in June and shipments accelerated, but the gains were likely insufficient to avert the deepest plunge in business investment and economic activity since the Great Depression

Daniel Acker | Bloomberg | Getty Images As temperatures soar this summer, homebuyer demand is heating up with it. Add that to an already strong refinance market, and total mortgage application volume rose 4.1% last week from the previous week, according to the Mortgage Bankers Association. Helping to fan demand were mortgage rates hovering near

A realtor, at right, shows prospective buyers a property in Newport Beach, California. Jamie Rector | Bloomberg | Getty Images Sales of existing homes jumped nearly 21% in June compared with May, according to the National Association of Realtors. It was the largest monthly gain since the Realtors began tracking the data in 1968 and

Economist Stephen Roach warns V-shaped recovery mania on Wall Street is leading investors astray.  According to Roach, the U.S. is on a collision course with a second dramatic downturn. “The odds of a relapse, not just the virus but in the economy itself — the so-called dreaded double-dip, is very real,” the former Morgan Stanley Asia

House Speaker Nancy Pelosi told CNBC on Wednesday that additional financial aid to Americans is needed to support the U.S. economy’s recovery from the coronavirus-induced recession.  “You can help people stay open, pay the rent, pay the utilities … even pay employees, but if you don’t have people coming in the doors, you’re still having

The Republican coronavirus relief plan will extend enhanced unemployment insurance “based on approximately 70% wage replacement,” Treasury Secretary Steven Mnuchin said Thursday.  He spoke to CNBC about the state of negotiations hours after Senate Republicans and the Trump administration said they reached a tentative deal on legislation they say will serve as a starting point in

Nearly half of Americans whose families experienced a layoff during the coronavirus pandemic now believe those jobs are lost forever, a new poll shows, as temporary cutbacks give way to shuttered businesses, bankruptcies and lasting payroll cuts. It’s a sharp change after initial optimism the jobs would return. In April, 78% of those in households

The number of Americans who filed for unemployment benefits rose more than expected last week as the coronavirus pandemic continues to batter the U.S. economy.  The Labor Department said Thursday initial jobless claims increased by 1.416 million for the week ending July 18. Economists polled by Dow Jones expected initial claims to rise by 1.3

Hundreds of unemployed Kentucky residents wait in long lines outside the Kentucky Career Center for help with their unemployment claims on June 19, 2020 in Frankfort, Kentucky. John Sommers II Persistently high unemployment claims show the impact of the spreading virus on the workforce, and economists are already warning that July’s employment report could show

U.S. Treasury Secretary Steven Mnuchin prepares to testify before the House Small Business Committee at the U.S. Capitol on July 17, 2020 in Washington, DC. Kevin Dietsch | Getty Images Senate Republicans announced Wednesday evening that they have “reached a fundamental agreement” with White House negotiators on how to move forward with a coronavirus relief

Alan Blinder, former Federal Reserve vice chairman. Brendan Smialowski | Getty Images Former Federal Reserve Vice Chairman Alan Blinder said Wednesday it is imperative that Congress continues to aid ailing Americans who were laid off during the Covid-19 pandemic.  “Cutting the dollar flow in this emergency would be a catastrophic mistake,” Blinder said on CNBC’s

U.S. retail sales increased more than expected in June, but the budding economic recovery is being threatened by a resurgence in new Covid-19 infections and high unemployment. The Commerce Department said on Thursday retail sales rose 7.5% last month. That was on top of the 18.2% jump in May, which was the biggest gain since

Construction of U.S. homes jumped 17.3% in June as some states reopened, but the pace still lags last year after this spring’s massive slowdown in building activity due to the coronavirus outbreak. The Commerce Department reported Friday that new homes were started at a seasonally adjusted annual rate of 1,186,000 in June after a modest

The number of Americans who filed for unemployment benefits rose more than expected last week as the country continues to grapple with the economic impacts of the coronavirus pandemic.  Initial weekly jobless claims came in at 1.3 million for the week ending July 11, the Labor Department said Thursday. Economists polled by Dow Jones expected

An aerial view of a construction worker roofing an apartment home on May 27, 2020 in Uniondale, New York. Al Bello | Getty Images To find a V-shaped recovery from the economic wreckage of the coronavirus pandemic, look to the nation’s single-family homebuilders. Homebuilder sentiment jumped 14 points to 72 in July, according to the