Economy

The U.S. economy added a greater number of jobs than expected during July as food service workers returned in droves and helped the broader leisure and hospitality sector add more than half a million positions. The Labor Department reported Friday that payrolls increased by 1.763 million in July, above the 1.48 million estimate that economists polled

A woman counts U.S. dollar bills. Marcos Brindicci | Reuters With the Federal Reserve and Congress pushing stimulus efforts to new heights, some investors are keeping a close eye on a surge in the U.S. money supply for signs of inflation’s long-awaited return. With a litany of metrics showing rapid growth in the value of

Federal Reserve Vice Chairman Richard Clarida said he expects the economy to continue to recover through the year and likely return to its pre-pandemic level by the end of the 2021. In an interview with Steve Liesman on CNBC’s “Squawk Box,” the central bank’s director of bank supervision said he hasn’t changed his forecast despite

The move to get displaced workers back to their jobs slowed sharply in July, with private payrolls increasing by just 167,000, ADP reported Wednesday. That total was well below the 1 million expected from economists surveyed by Dow Jones and represented a tumble from the 4.314 million created in June, according to the report, which

The first read on home prices in June is proving just how resilient the housing market has been in the face of an ongoing economic disaster. Strong demand for housing, much of it pushed by the coronavirus pandemic itself, is driving prices higher faster, but forecasters say that may not last. Nationally, home prices increased

An aerial view of a construction worker roofing an apartment home on May 27, 2020 in Uniondale, New York. Al Bello | Getty Images Record-breaking job creation in May and June appear to be giving way to a more subdued pace, with a possibility that some of those gains even will be reversed. Current consensus

The economy faces a bumpy ride as it tries to heal from the shock of the coronavirus recession, according to Michelle Meyer, head of U.S. economics at Bank of America. In a CNBC interview, Meyer said the U.S. economy has entered the third stage of the coronavirus pandemic called the “healing phase,” after the lockdown

Reading Police Officer Bucklin helps to hand out boxes of MREs. At City Light Ministries on Spruce Street in Reading Saturday afternoon May 2, 2020 where a large group came out for the food distribution by One Luv during the coronavirus / COVID-19 outbreak. Ben Hasty | MediaNews Group | Reading Eagle via Getty Images

The Federal Reserve held interest rates steady in a decision announced Wednesday that came along with a tepid outlook on the coronavirus-plagued economy. In a decision widely expected, the central bank kept its benchmark overnight lending rate anchored near zero, where it has been since March 15 in the early days of the pandemic. Along

The number of Americans who filed for unemployment benefits last week totaled 1.434 million, the Labor Department reported Thursday, roughly in line with expectations, as the coronavirus pandemic continues to ravage the U.S. economy.  It was the 19th straight week in which initial claims totaled at least 1 million and the second consecutive week in which

U.S. consumer spending increased for second straight month in June, setting up consumption for a rebound in the third quarter, though the recovery could be limited by a resurgence in COVID-19 cases and the end of expanded unemployment benefits. The Commerce Department said on Friday that consumer spending, which accounts for more than two-thirds of

The U.S. economy saw the biggest quarterly plunge in activity ever, though the plummet in the second quarter wasn’t as bad as feared. Gross domestic product from April to June plunged 32.9% on an annualized basis, according to the Commerce Department’s first reading on the data released Thursday. Economists surveyed by Dow Jones had been

Shipping containers are stacked on a ship docked at Yusen Terminals on Terminal Island at the Port of Los Angeles in Los Angeles, January 30, 2019. Mike Blake | Reuters The United States’ trade deficit in goods fell sharply in June as exports rebounded following several months of decline, suggesting a recovery in global trade

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