US credit- and debit-card spending gained in the first two weeks of January as Americans began to receive aid from the $US900 billion stimulus bill. The relief package included $US600 direct payments, expanded unemployment insurance, and education funding. Year-over-year spending increased the most among those earning less than $US50,000 and […]

The U-6 unemployment rate – a less popular reading than the commonly cited U-3 – suggests additional fiscal support could be unnecessary and pose serious risks, says James Paulsen, chief investment strategist at The Leuthold Group. The gauge – which includes those working part-time for economic reasons and workers only […]

Bank of America lifted its forecasts for US full-year and first-quarter economic growth, citing hopes for new stimulus under the Biden administration and strong consumer spending trends. The bank’s economists lifted their first-quarter GDP forecast to 4% growth from 1% and boosted their 2021 estimate to 5% from 4.6% expansion. […]

Federal Reserve Chairman Jerome Powell reiterated Thursday that the central bank is far from tapering its asset purchases or raising interest rates. “Now is not the time to be talking about an exit” from easy monetary policy, the central bank chief said in a virtual discussion. The comments come after […]

The US lost 140,000 jobs in December, the Bureau of Labour Statistics said Friday. That ran counter to economist estimates that foresaw 50,000 payroll additions. The figure also signalled a reversal from the revised 336,000 job additions seen in November. The result ends a seven-month streak of payroll additions for […]

At this point, it’s a cliché to say that 2020 has been a year like no other. Its lasting effects on the labour market – and the people who have been left behind – will have repercussions for years to come. Economists say the recovery is worryingly weak amid spiking […]

US stocks closed mixed on Tuesday after Congress passed a multitrillion-dollar spending bill that includes $US900 billion in new stimulus. The package, which also funds the government through September 30, includes $US600 direct payments, $US300 in additional federal unemployment benefits, and aid for small businesses. The fresh fiscal support locked […]

US stocks traded mixed on Tuesday after Congress passed a multitrillion-dollar spending bill that includes $US900 billion in new stimulus. The package, which also funds the government through September 30, includes $US600 direct payments, $US300 in additional federal unemployment benefits, and aid for small businesses. Investors are weighing the bill’s […]

Americans who qualify for the next set of economic relief payments could see direct deposits arrive as soon as next week, Treasury Secretary Steven Mnuchin said Monday. Congressional leaders on Sunday struck a deal on a $US900 billion stimulus bill that includes $US600 payments, bolstered unemployment benefits, and small-business aid. […]

US equities fell from record highs on Friday as Congress continued to iron out stimulus details. Congress has until midnight to agree on a deal before government funding lapses. Senate Majority Leader Mitch McConnell said Friday that a deal “is very close at hand.” Other lawmakers indicated Congress could enter […]

Congress is split over passing additional state and local government aid in a new stimulus bill. Experts fear the lack of such support will likely result in the same drags on the economy seen after the 2008 financial crisis. Bipartisan negotiations on a $US908 billion economic aid package are stalled […]

New US jobless claims for the week that ended Saturday totaled 853,000, the Labour Department said Thursday. The reading came in above the consensus economist estimate of 725,000 and also marked an increase from the previous week’s revised figure. Continuing claims, which track Americans receiving unemployment benefits, posted a surprise […]

November’s nonfarm payrolls report handily missed expectations, but the gloomy data has amplified calls for a near-term stimulus deal. Democratic and Republican lawmakers are increasingly backing a $US908 billion relief measure that provides new funds for the Paycheck Protection Program and expanded federal unemployment benefits, and fresh aid for state […]

Congressional Democratic leaders backed a $US908 billion stimulus proposal on Wednesday, but the measure lacks funds for a new wave of direct payments. House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer embraced the bipartisan measure in an attempt to restart talks with Senate Majority Leader Mitch McConnell after […]

New US jobless claims for the week that ended Saturday totaled 712,000, the Labour Department said Thursday. The reading came in below the consensus economist estimate of 775,000 and also showed a decline from the previous week’s revised figure. Continuing claims, which track Americans receiving unemployment benefits, declined to 5.5 […]

The Labour Department reported false counts of week-to-week jobless-benefits claims, and several states underpaid unemployed Americans through a key economic relief program, the Government Accountability Office said Monday. Inconsistent state data, claims backlogs, and potential fraud in the benefits system resulted in “flawed week-to-week comparisons” of jobless-claims data, the government […]

President-elect Joe Biden’s nomination of Janet Yellen to head the Treasury Department offers the clearest look yet at how his administration aims to drive an economic recovery. The former Federal Reserve chair will enter the Cabinet as the first woman to run the department and become the first person to […]