Economy

Private payroll growth came in well below expectations for August, according to a report Wednesday from ADP, whose job tallies have differed widely from the government’s during the coronavirus pandemic. Companies added 428,000 jobs during the month, well below the 1.17 million estimate from economists surveyed by Dow Jones though a leap above the lackluster

The co-CIO of the world’s largest hedge fund told CNBC on Tuesday that the U.S. economy continues to need significant fiscal support in order to sustain its recovery from the coronavirus-induced devastation.  Greg Jensen of Bridgewater Associates said the firm estimates that the price tag for another coronavirus relief bill is between $1.3 trillion and

Getty Images The pace of job gains over the next decade will slow considerably amid a sharp decline in the active labor force and an aging population, according to Labor Department projections released Tuesday. From the period of 2020-29, the economy is expected to add a net 6 million new jobs, an annual growth rate

St. Louis Fed President James Bullard said Friday that he believes the recession caused by the coronavirus pandemic is over but that the central bank will continue its accommodative stance toward the U.S. economy.  Bullard said on CNBC’s “Closing Bell” that he expected the third quarter to be “one of the best quarters ever for

The Federal Reserve will not raise interest rates just because the unemployment rate is falling, the central bank’s vice chairman, Richard Clarida, said Monday. In a wide-ranging speech that addressed a major policy shift in Fed thinking, Clarida also said he and his fellow officials do not see negative interest rates as a viable option

Chinese and U.S. flags flutter near The Bund, before U.S. trade delegation meet their Chinese counterparts for talks in Shanghai, China July 30, 2019. Aly Song | Reuters Today the world’s leading chief financial officers have a more positive outlook for China’s economy than they do for the economy of the United States. The Q3

Getty Images Now that Federal Reserve officials have sent a clear message on their desire for higher inflation, the tough part is convincing the world that they can pull it off. For the past decade, the Fed has struggled to get inflation up to the 2% target it sees as consistent with a growing economy

The Federal Reserve will have to keep supporting the economy as the recovery from the coronavirus pandemic “is going to be a slow one,” a top official at the central bank said Friday. “There’s more pain out there that we’re going to have to support the economy through,” Loretta Mester, president of the Cleveland Fed,

U.S. consumers increased their spending by 1.9% last month, a dose of support for an economy struggling to emerge from the grip of a pandemic that has held back a recovery and kept roughly 27 million people jobless. The July gain marked the third straight monthly increase in consumer spending, the primary driver of the

Patrick T. Harker, president of the Federal Reserve Bank of Philadelphia Charles Mostoller | Bloomberg | Getty Images Philadelphia Federal Reserve President Patrick Harker said Friday that it will take a significant amount of time before the U.S. sees unemployment figures return to their pre-coronavirus lows. Harker, a voting member of the Federal Open Market Committee, also

With three months until the 2020 U.S. presidential election, a national poll finds that more than one-third of likely voters have a dismal view of their finances — and a bleak outlook for employment, wages, job security and health care. Of the more than 2,300 likely voters in the most recent CNBC and Change Research‘s States

The Federal Reserve announced a major policy shift Thursday, saying that it is willing to allow inflation to run hotter than normal in order to support the labor market and broader economy. In a move that Chairman Jerome Powell called a “robust updating” of Fed policy, the central bank formally agreed to a policy of

Tensions over the validity of a mail-in election are growing. “This is the greatest scam in the history of politics,” President Donald Trump declared in one of his appearances at this week’s Republican National Convention. “They’re going to mail out 80 million ballots. It’s impossible, they have no idea.” The president first mentioned the issue

Kansas City Federal Reserve President Esther George said the recession that began in February could revisit the economy if the coronavirus pandemic intensifies. “An important risk to that outlook is thinking about what happens as we come into the fall, whether we see any resurgence in the virus that would cause an additional pullback in

New orders for key U.S.-made capital goods slowed in July, suggesting the rebound in business investment could become more gradual amid uncertainty about the course of the Covid-19 pandemic, even as the recovery in manufacturing appears to be gaining traction. Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans,

With or without the Federal Reserve’s involvement, Peter Boockvar of the Bleakley Advisory Group sees signs inflation is making a comeback. His call comes two days before Fed Chair Jerome Powell is scheduled to deliver a key policy speech at this week’s virtual Jackson Hole event. During his comments, Powell is expected to tackle how

Daniel Acker | Bloomberg | Getty Images Sales of newly built homes soared across the nation in July, as pent-up demand from the shutdown spring market, urban flight and a new desire for more work-at-home space fueled the growth. As measured by signed contracts, new home sales jumped 13.9% compared with June and were a

People line up outside a Kentucky Career Center hoping to find assistance with their unemployment claim in Frankfort, Kentucky, June 18, 2020. Bryan Woolston | Reuters There’s a one-in-four chance the economy could fall into a double-dip recession, according to a majority of economists surveyed by the National Association for Business Economics. Two-thirds of NABE