Economy

Sales of existing homes in October soared well past expectations, rising 4.3% compared with September and 26.6% annually to a seasonally adjusted annualized rate of 6.85 million units, according to the National Association of Realtors. The NAR’s chief economist, Lawrence Yun, called the annual increase “a spectacular gain.” The annualized sales rate is the highest

Volunteers from women’s organization Nuevo Amanecer Mujer Integral help with the distribution of frozen turkeys and food boxes ahead of Thanksgiving to families affected by the Covid-19 pandemic on November 18, 2020 in Los Angeles, California. Frederic J. Brown | AFP | Getty Images JP Morgan economists now see an economic contraction in the first

The pace of workers filing for unemployment claims picked up last week and was a bit higher than Wall Street had been expecting. Jobless claims totaled 742,000 for the week, ahead of the 710,000 estimate from economists surveyed by Dow Jones, according to the Labor Department. That total also represented an acceleration from the previous

Atlanta Federal Reserve President Raphael Bostic said the central bank is prepared to step in with more policy help if needed to help businesses and people get through what could be some tough months ahead. Even with the prospects of at least two vaccines becoming available in the coming months, Bostic said there are multiple

First-time claims for unemployment insurance continued their decline last week, hitting another pandemic-era low in a sign that the labor market is gradually improving. The Labor Department reported Thursday that jobless claims hit 709,000 for the week ended Nov. 7, down from 757,000 the week before. Economists surveyed by Dow Jones had been looking for

Federal Reserve Chairman Jerome Powell said Thursday he worries about women, children and business owners who face long-term consequences from the coronavirus pandemic. Asked to name his chief concerns as the world tries to recover from the Covid-19 crisis, Powell said it’s “the risk that there is some longer-run damage to the productive capacity of

A pedestrian wearing a protective face mask walks by a going out of business sign displayed outside a retail store in New York City. Noam Galai | Getty Images A Covid-19 vaccine will not result in an “instant stimulus” to the U.S. economy, which still needs greater fiscal support as its recovery loses momentum, an

A United States Postal Service (USPS) worker works in the rain in Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York, April 13, 2020. Andrew Kelly | Reuters LONDON — The next six months will remain turbulent as the global economy keeps grappling with the effects of the coronavirus pandemic, Eric Rosengren,

The Federal Reserve held short-term borrowing rates near zero in a decision Thursday that characterized the economy as growing but not near where it was before the coronavirus pandemic hit. As markets widely expected, the Fed kept its benchmark interest rate anchored in a range between 0%-0.25%, where it has been since an emergency cut

Economists mostly expect job growth slowed in October, as the pace of rehirings dropped off and layoffs increased. Job growth was expected to total 530,000 in October, and the unemployment rate is expected to fall to 7.7%, according to Dow Jones. That number includes about a 150,000 decline in public sector jobs from the end

A worker wearing a protective mask and gloves assembles face shields at the Cartamundi-owned Hasbro manufacturing facility in East Longmeadow, Massachusetts on Wednesday, April 29, 2020. Adam Glanzman | Bloomberg | Getty Images The U.S. economy, which has shown signs of recovering, could see its prospects turn given the intensifying spread of Covid-19 in the

Employment growth was better than expected in October and the unemployment rate feel sharply even as the U.S. faces the challenge of surging coronavirus cases and the impact they could have on the nascent economic recovery. The Labor Department reported Friday that nonfarm payrolls increased by 638,000 and the unemployment rate was at 6.9%. Economists

The labor market was stronger than expected in October, showing good momentum ahead of the latest wave of coronavirus cases. The economy added 638,000 nonfarm payrolls and the unemployment rate fell by a full percentage point to 6.9%. The government compiled the data for the report in the middle of October. Stock futures temporarily erased

Volunteers hand out potatoes in Auburn, Washington on May 7, 2020. JASON REDMOND | AFP | Getty Images That’s a big jump from the prior month, when 19% of the unemployed were out of work for at least six months. The number of long-term unemployed swelled by 1.2 million people in a month, to 3.6

Nobel Prize-winning economist Paul Krugman. Panayiotis Tzamaros | ullstein bild via Getty Images The U.S. may need several hundred billion dollars a month in “disaster relief” to keep the economy afloat as a raging coronavirus outbreak continues to suppress prospects for workers and businesses, Nobel prize-winning economist Paul Krugman said on Thursday. “We really are

First-time claims for unemployment insurance continued a modest trend down last week, though the total remains well above what was considered normal prior to the coronavirus pandemic and was a touch higher than Wall Street estimates. The Labor Department reported Thursday that 751,000 U.S. workers filed for benefits, compared with 758,000 the previous week. Economists

U.S. Federal Reserve Chairman Jerome Powell speaks to reporters after the Federal Reserve cut interest rates in an emergency move designed to shield the world’s largest economy from the impact of the coronavirus, during a news conference in Washington, U.S., March 3, 2020. Kevin Lamarque | Reuters The Fed’s two-day meeting is expected to end

A worker wearing a protective mask and gloves assembles face shields at the Cartamundi-owned Hasbro manufacturing facility in East Longmeadow, Massachusetts, on Wednesday, April 29, 2020. Adam Glanzman | Bloomberg via Getty Images Private job creation showed a sharp deceleration in October as the U.S. economy struggled against a resurgence in the coronavirus pandemic, according