US gross domestic product grew at an annualized rate of 4% in the fourth quarter, the Commerce Department said Thursday. Economists surveyed by Bloomberg expected growth to come in at 4.2%. The gains come after economic reopening drove a record-high growth rate of 33.1% in the third quarter. While the […]

New US jobless claims for the week that ended Saturday totaled 847,000, down from the previous week’s revised total of 914,000. Economists surveyed by Bloomberg expected claims to dip to 875,000. Continuing claims, which track Americans receiving unemployment benefits, sank to 4.8 million for the week that ended January 16. […]

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 […]

New US jobless claims for the week that ended Saturday totaled 900,000, down from the previous period’s revised total of 926,000. Economists surveyed by Bloomberg expected claims to drop to 935,000. Continuing claims, which track Americans receiving unemployment benefits, fell to 5.1 million for the week that ended January 9. […]

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. […]

US retail sales declined 0.7% in December, landing below the consensus economist forecast for unchanged spending. The reading marks a third straight month of contraction following November’s 1.4% drop and a mild decline in October. The data suggests strong online sales through the holiday season failed to offset COVID-19 lockdowns […]

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 Bloomberg Consumer Comfort Index dropped 1.2 points to 43.2 in the week ended January 10 according to data released Thursday. The reading marks the lowest level since July and extends a streak of declines into its eighth week. A gauge tracking Americans’ views of their finances slid to 55.9 […]

New US jobless claims for the week that ended Saturday totaled 965,000, the Labour Department said Thursday, signalling the labour market’s rebound weakened through the end of the holiday season. Economists surveyed by Bloomberg expected a reading of 800,000 claims. The data shows a sizable increase from the previous week’s […]

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 […]

New US unemployment filings for the week that ended Saturday totaled 787,000, the Labour Department said Thursday, snapping a two-week streak of declines. Economists surveyed by Bloomberg expected a reading of 800,000 claims. The total also lands just below the previous week’s revised total of 790,000. Continuing claims, which track […]

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 […]

The Conference Board’s index of consumer confidence fell to a four-month low of 88.6 this month, from 92.9, according to a Tuesday press release. Economists surveyed by Bloomberg expected the gauge to rise to 97. The organisation’s Present Situation Index plummeted to 90.3 from 105.9, with soaring COVID-19 cases and […]

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 wavered on Friday as investors looked to Capitol Hill for the final language of a new economic relief bill. Congress has until midnight to agree on a stimulus deal before government funding lapses. Senate Majority Leader Mitch McConnell said Thursday that though a deal “appears to be close […]

New US unemployment claims for the week that ended Saturday totaled 885,000, the Labour Department said Thursday. It was the highest reading in 14 weeks. The reading came in above the consensus economist estimate, which called for a decrease to 818,000, and marked a slight increase from the previous week’s […]

US retail sales declined 1.1% in November, landing below the consensus economist estimate of a 0.3% contraction. The reading marks a slowdown from October’s 0.1% contraction, and signals holiday promotions failed to offset soaring COVID-19 cases and new economic restrictions. Spending at retailers has now shrunk for two straight months, […]

US factory output rose more than expected in November, largely buoyed by strong auto manufacturing. Manufacturing output climbed 0.8% last month, according to Federal Reserve data. Economists surveyed by Bloomberg expected a 0.4% gain. Motor vehicle and part production leaped 5.3% in November, marking the first monthly gain since July. […]

The S&P 500 and Dow Jones industrial average erased morning gains and closed lower on Monday as investors mulled vaccine distributions, stimulus progress, and the possibility of new economic restrictions. A bipartisan $US908 billion stimulus proposal is set to be formally unveiled after markets close. T he bill is expected […]

US stocks rallied on Monday as investors bet on the distribution of Pfizer’s COVID-19 vaccine and stimulus progress to lift the economy. A bipartisan $US908 billion stimulus proposal is set to be formally unveiled on Monday. Reuters reported the bill will be split into two packages: one including $US748 billion […]

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 […]

US stocks closed mixed on Thursday amid disappointing economic data and slowed stimulus progress. The S&P 500 and Dow Jones industrial average fell, while tech giants led the Nasdaq composite to a single-day gain. New US weekly jobless claims jumped to an unadjusted 853,000 for the week that ended on […]

US stocks edged lower on Thursday amid disappointing economic data and slowed stimulus progress. New US weekly jobless claims jumped to an unadjusted 853,000 for the week that ended Saturday, handily exceeding the 725,000 estimate. The reading also marks the highest total in 11 weeks. Democrats and Republicans remain at […]

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 […]

Job openings in the US unexpectedly increased in October, though the hiring rate failed to show a similar improvement. US job openings jumped by 158,000 to 6.7 million through the month, according to Job Openings and Labour Turnover, or JOLTS, survey data. Economists expected a month-over-month decline to 6.3 million […]

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 […]

US equities jumped on Friday after disappointing labour-market data boosted hopes for an end-of-year stimulus compromise. The S&P 500, Dow Jones industrial average, and Nasdaq composite all closed at record highs. The US added 245,000 nonfarm payrolls in November, handily missing the consensus economist estimate of 460,000 additions. The unemployment […]

AMC aims to raise up to $US844 million through the sale of 200 million shares to meet cash needs, according to a Securities and Exchange Commission filing published Thursday. The theatre chain has burned through the bulk of its cash reserves as virus restrictions and a lack of major releases […]

The US Bureau of Labour Statistics on Friday said the country added 245,000 jobs in November, far fewer than the 460,000 additions expected by economists surveyed by Bloomberg. The figure signalled a decline from the revised 610,000 job additions seen in October. The unemployment rate fell to 6.7% last month […]

US stocks closed mixed on Thursday amid falling jobless claims and new hopes for a stimulus deal. The Nasdaq composite closed at all-time highs, while the S&P 500 lost its record close in the final hour of trading. New weekly claims for unemployment insurance totaled an unadjusted 712,000 for the […]

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 […]

US stocks gained slightly on Thursday after falling jobless claims offered an encouraging sign of labour-market improvement. New weekly claims for unemployment insurance totaled an unadjusted 712,000 for the week that ended Saturday. Economists surveyed by Bloomberg expected a reading of 775,000. The mild uptick puts the S&P 500 at […]

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 […]

Investor positioning can lift both growth and value stocks in 2021, Seema Shah, chief strategist at Principal Global Investors, said Wednesday. Distribution of a coronavirus vaccine “would be a total game-changer” in continuing the November value rotation, she said. Yet investors “will continue to gravitate toward the mega-caps” as their […]

The US added 307,000 private payrolls in November, according to ADP’s monthly employment report. The reading lands below the median economist estimate of 440,000 payrolls, according to Bloomberg data. The report precedes the US Bureau of Labour Statistics’ monthly nonfarm payrolls report set for Friday release. November data is expected […]

US stocks gained on Tuesday as vaccine progress further boosted equities hit hardest by the pandemic. The S&P 500 and Nasdaq composite rose to record highs. Investors cheered Pfizer and BioNTech’s application for regulatory approval for their coronavirus vaccine in the European Union. If approved, the shot could be distributed […]

US stocks rose on Tuesday as vaccine progress further boosted equities hit hardest by the pandemic. The S&P 500 rose to a record intraday high. Investors cheered Pfizer and BioNTech’s application for regulatory approval in the EU. The filing could allow for the shot to be distributed before the new […]

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 […]

US stocks gained on Friday as hopes for a peaceful transition to the Biden administration offset concerns about soaring COVID-19 cases. The S&P 500 closed at a record high. President Donald Trump said Thursday that he’d hand over power when the Electoral College certifies President-elect Joe Biden as the winner […]

US stocks gained on Friday as hopes for a peaceful transition to the Biden administration offset concerns about rising COVID-19 cases. President Trump said Thursday that, should the Electoral College rule President-elect Joe Biden the winner of the 2020 election, he’ll hand over his power. The US reported 125,082 new […]

US stocks declined on Wednesday as a surprise jump in weekly jobless claims butted heads with vaccine hopes. The Dow Jones industrial average dipped below 30,000 after closing above the level at a record on Tuesday. New claims for unemployment benefits rose to an unadjusted 778,000 for the week that […]

US stocks fluctuated on Wednesday as a surprise jump in weekly jobless claims stifled recovery enthusiasm. New claims for unemployment benefits rose to an unadjusted 778,000 for the week that ended Saturday. Economists expected a reading of 730,000. The Dow opened just above 30,000 after breaking through the level in […]

New US jobless claims for the week that ended Saturday totaled 778,000, the Labour Department said Thursday. The reading came in above the consensus economist estimate of 730,000 and showed an increase from the previous week’s revised figure. Continuing claims, which track Americans receiving unemployment benefits, fell to 6.1 million […]

Spiking COVID-19 cases and slowing economic activity have led Goldman Sachs to cut its near-term growth forecasts. Economists led by Jan Hatzius predicted that US gross domestic product would grow by 3.5% in the fourth quarter, down from a forecast of 4.5%. The bank also lowered its first-quarter 2021 growth […]

Just as the pandemic’s economic fallout disproportionately hit low-income Americans and minorities, low-earning industries face a far more difficult return to pre-pandemic strength, said James Paulsen, chief strategist at The Leuthold Group. High-earning sectors’ unemployment rate jumped to just 12% and now sits at 5.5%. Yet low-earning industries saw their […]

US stocks fell on Friday as conflict over the use of Federal Reserve funds offset positive developments for vaccine distribution. Treasury Secretary Steven Mnuchin urged the Fed on Thursday to return funds set aside for emergency lending, setting up several relief programs for year-end expiration. The move marked a rare […]

US stocks fluctuated on Friday as soaring COVID-19 cases and disagreement on new stimulus offset positive developments for vaccine distribution. Pfizer and BioNTech both gained ahead of plans to apply for emergency-use authorization for their experimental coronavirus vaccine. The FDA’s vetting process is set to take a few weeks, teeing […]

The nation’s top two economic-policy officials locked horns on Thursday, a rare public disagreement as the coronavirus pandemic worsens and the pace of economic recovery weakens. Treasury Secretary Steven Mnuchin called for the Federal Reserve to return funds allocated to a spate of emergency lending facilities, leaving five programs to […]

Monetary policy is where it needs to be, and Congress needs to act quickly on new stimulus if it aims to avoid another economic slump, Federal Reserve Bank of Cleveland President Loretta Mester said Thursday. The lack of new fiscal aid after months of negotiations “is concerning,” she added in […]

Several economic indicators updated in recent weeks suggest the ongoing US recovery is deteriorating as COVID-19 cases spike and new stimulus remains absent. Cities including Chicago, San Francisco, and New York City have intensified partial lockdowns to curb the virus’s spread. The restrictions threaten to further slow the nation’s bounce-back […]

New US jobless claims for the week that ended Saturday totaled 742,000, the Labour Department said Thursday. The reading came in above the consensus economist estimate of 700,000 and showed an increase from the previous week’s revised figure. Continuing claims, which track Americans receiving unemployment benefits, decreased to 6.37 million […]

US stocks fell on Wednesday as new economic restrictions erased morning optimism around coronavirus vaccine news. New York City announced Wednesday afternoon that it will shut down public schools as virus infection rates spike. The vaccine candidate being developed by Pfizer and BioNTech was 95% effective at protecting against COVID-19 […]

A gauge of Chapter 11 bankruptcies surged 12 points to 81 in the third quarter and hit its highest level since 2010, according to a report from law firm Posinelli. The reading sits 26 points higher compared to the year-ago period but remains 19 points below the benchmark set in […]

Investor bullishness surged to its highest point since January 2018 amid US election outcomes and encouraging vaccine progress, Bank of America strategists said Tuesday. Fund managers’ allocations to stocks hit a net 46% overweight in the November 6 to November 12 period, closing in on the 50% threshold that indicates […]

US retail sales increased 0.3% in October, coming in below the consensus economist estimate of 0.5%. Spending at retailers also contracted from the month prior as lead-in to the holiday season squared off with soaring COVID-19 case counts. The reading still marks a sixth straight monthly improvement, although its still […]

US equities soared on Monday after Moderna’s encouraging vaccine update lifted hopes for a complete economic recovery. The Dow Jones industrial average and S&P 500 finished the day at all-time high levels. It marks the Dow’s first record close since February. Moderna said Monday that its experimental coronavirus vaccine was […]

US equities soared on Monday after Moderna’s encouraging vaccine update lifted hopes for a complete economic recovery. Moderna announced Monday that its experimental coronavirus vaccine was 94.5% effective at preventing COVID-19 in trial patients. Moderna plans to apply for emergency use authorization later this month. Both the S&P 500 and […]

Airlines, cruises, and hotels all traded higher on Monday as encouraging results from Moderna’s vaccine trial boosted the so-called reopening trade. Moderna announced Monday morning that its experimental coronavirus vaccine was 94.5% effective at preventing COVID-19 in trial patients. United Airlines, American Airlines and Delta jumped more than 5%. Cruises […]

Just as key fiscal relief policy expired, US virus cases were rising sharply. Congress’ $US2.2 trillion CARES Act was praised as a key driver of the US economy’s initial bounce-back. But components such as expanded unemployment benefits expired in July, just as US virus cases surged and the pace of […]

The University of Michigan’s consumer sentiment index fell to 77 in a preliminary November reading from 81.8, marking its first decline in four months and hitting its lowest point since August. Economists surveyed by Bloomberg expected a reading of 82. The university’s gauge of consumer expectations plunged to 71.3 from […]

The US economy won’t return to the exact same state it was in before the pandemic, Federal Reserve Chair Jerome Powell said Thursday. The health crisis is accelerating digitization throughout the economy, and Americans already slammed by the virus’s fallout are at the highest risk of losing their jobs, he […]

New US jobless claims for the week that ended Saturday totaled 709,000, the Labour Department said Thursday. The reading came in below the consensus economist estimate of 731,000 and showed a decrease from the previous week’s revised figure. Continuing claims, which track Americans receiving unemployment benefits, dropped to 6.8 million […]

Distribution of a viable coronavirus vaccine and a Biden presidency will create a promising market backdrop in 2021, Goldman Sachs strategists said Wednesday. The bank lifted its year-end S&P 500 target to 3,700, implying a 4% rally to record highs into 2021. The index will keep climbing another 11% to […]

Soaring coronavirus cases in the US threaten to derail the nation’s economic rebound for the next two quarters, Federal Reserve Bank of Dallas President Robert Kaplan said Tuesday. “If the resurgence gets bad enough where it overwhelms health care systems in various cities, they may not have a choice but […]

Asset prices remain prone to sudden shocks should the US fail to contain the coronavirus, the Federal Reserve said Monday. While quick policy responses from the Fed and Congress helped revitalize risk markets and stabilise market functioning, virus cases are once again skyrocketing. In its biannual Financial Stability Report, the […]

Gold prices sank as much as 5.2% on Monday as Pfizer’s vaccine update hinted the coronavirus pandemic may be contained earlier than anticipated. The pharmaceutical giant said Monday it’s experimental coronavirus vaccine was more than 90% effective at preventing COVID-19 in trial patients. The news drove stock indexes to record […]

Goldman Sachs updated its US gross domestic product outlook on Saturday, factoring in rising COVID-19 cases, a Biden presidency, and coronavirus vaccine updates. US GDP will grow 3.5% in the first quarter of 2021, the team led by Jan Hatzius said, citing fallout from record-high case counts. That’s half of […]

Travel stocks surged on Monday as Pfizer’s rosy vaccine announcement renewed bullishness toward the slammed industry. Royal Caribbean, Carnival, and Norwegian Cruise Line Holdings all gained more than 30% in the rally. United Airlines surged as much as 27%, while Delta Air Lines and American Airlines climbed 23% and 26%, […]

US stocks slid on Friday as the market’s post-election rally faded and investors mulled Joe Biden’s victory. Still, t he S&P 500 posted its largest weekly gain since April. Biden is projected to be the country’s next president after taking the lead in Pennsylvania and Georgia on Friday morning, according […]

US stocks edged lower on Friday as investors mulled former Vice President Joe Biden’s election victory, better-than-expected economic data, and the market’s dwindling momentum. Biden is projected to be the country’s next president after taking the lead in Pennsylvania and Georgia Friday morning, according to Decision Desk HQ. On the […]

The US Bureau of Labour Statistics on Friday said the country added 638,000 jobs in October, more than the 580,000 additions expected by economists surveyed by Bloomberg. The figure signalled a decline from the revised 672,000 job additions seen in September. The unemployment rate fell to 6.9% last month from […]

US stocks extended their torrid multiday rally on Thursday as investors turned increasingly bullish toward the prospect of a divided government. Healthcare and tech stocks fuelled indexes’ gains. A split government would be unlikely to further regulate and tax the industries as Democrats had hoped. New US weekly jobless claims […]

Stocks are rallying the most in months despite the US presidential race still being up in the air. T hat’s because the most important election outcome has already emerged. A Republican-controlled Senate, which seems likely to emerge, can also block tax hikes and regulations sought by Democrats. Senate Majority Leader […]

New US jobless claims for the week that ended Saturday totaled 751,000, the Labour Department said Thursday. The reading came in above the consensus economist estimate of 735,000, but it showed a decline from the previous week’s revised figure. Continuing claims, which track Americans receiving unemployment benefits, fell to 7.3 […]

The US added 365,000 private payrolls in October, according to ADP’s monthly employment report. The reading falls well below the median economist estimate of 643,000 payrolls, according to Bloomberg data. The report precedes the US Bureau of Labour Statistics’ monthly nonfarm payrolls report set for Friday release. Visit Business Insider’s […]

The stock market’s recent downtrend is largely played out and the S&P 500 will still rebound before the end of 2020, according to market strategist Ed Yardeni. Major indexes posted their worst week since March to close October, as rising COVID-19 cases slammed investor sentiment. The slide is merely a […]

Economists concerned that skyrocketing COVID-19 case counts in the US will curb the economic recovery are ignoring the pandemic’s remarkably low lethality rate, James Paulsen, chief investment strategist at The Leuthold Group, said Friday. The US Economic Surprise Index, which tracks economic momentum, has been more closely correlated with virus […]

Soaring COVID-19 case counts throughout the US dragged consumer confidence to an eight-week low. Bloomberg’s index of consumer comfort fell to 46.3 last week from 46.6, its lowest level since August. The decline follows steady gains in September and comes as rising coronavirus cases revive concerns of another economic shutdown. […]

US equities slid on Thursday, even as economic data pointed to a stronger-than-expected pace of recovery. The US economy grew at a record 33.1% annualized rate in the third quarter, the Commerce Department said Thursday. The reading exceeded the 32% estimate from economists surveyed by Bloomberg. Weekly jobless claims fell […]

New US jobless claims for the week that ended Saturday totaled 751,000, the Labour Department said Thursday. The reading came in below the consensus economist estimate of 770,000, and it also shows a decline from the previous week’s revised figure. Continuing claims, which track Americans receiving unemployment benefits, fell to […]

US gross domestic product grew at a record 33.1% annualized rate in the second quarter, the Commerce Department said on Thursday. The jump followed the second quarter’s 31.4% annualized slump and roughly doubled the next-biggest increase on record. Economists surveyed by Bloomberg had expected a 32% increase. The GDP reading […]

The Federal Reserve has all but exhausted its policy ammo, and it’s up to Congress to pick up some slack, Bill Dudley, a former president of the New York Fed, said Wednesday. The central bank was praised for its creative and rapid response to the coronavirus outbreak’s economic fallout. But […]

US stocks closed mixed on Tuesday as investors weighed optimism in the tech sector against continued sell-offs in other corners of the market. Xilinx traded higher after Advanced Micro Devices announced it will buy the latter in a $US35 billion all-stock deal. The acquisition and anticipation for Microsoft’s afternoon earnings […]

The Conference Board’s Consumer Confidence Index weakened in October to 100.9 from 101.3 as labour-market damage dragged on sentiments. Economists surveyed by Bloomberg expected the gauge to improve to 102. While the organisation’s Present Situation Index climbed 5.7 points to 104.6, a 4.5-point drop in its gauge of economic expectations […]

US stocks traded mixed on Tuesday as investors weighed strong earnings reports and deal news against the latest delay in economic stimulus. Merck,HSBC,Corning, and others beat third-quarter estimates when they reported figures Tuesday morning. The healthy readings suggest the bulk of the coronavirus’s economic fallout landed earlier in the year. […]

IHS Markit’s gauge of US business activity rose to 55.5 in October from 54.3, signalling the fastest pace of growth since February 2019. Service-industry activity gained to 56 from 54.6, while manufacturing activity improved slightly to 53.3 from 53.2. Readings above 50 indicate industry growth, while those below the threshold […]

Sales of previously owned homes leaped 9.4% in September to a seasonally adjusted annual rate of 6.54 million, the National Association of Realtors announced Thursday. The reading marks the fourth-straight month of accelerating sales, and the latest rate is the fastest since 2006. Economists surveyed by Bloomberg expected the sales […]

New US jobless claims for the week that ended Saturday totaled 787,000, the Labour Department said Thursday. The reading came in below the consensus economist estimate of 870,000, and also shows an decline from the previous week’s revised figure. Continuing claims, which track Americans currently receiving unemployment benefits, decreased to […]

While Democrats and the White House push forward with stimulus talks, Goldman Sachs still doesn’t expect a near-term breakthrough. Odds of a pre-election bill “continue to look very low” as the biggest issues between both parties loom large, the team led by Jan Hatzius wrote in a Tuesday note. Still, […]

Democratic presidential nominee Joe Biden’s shrinking lead in betting markets suggests a contested election is becoming more likely, JPMorgan strategists said Tuesday. A higher chance of a contested or close election outcome would slam the bank’s expectations for fresh stimulus and “likely put some downward pressure on risk markets for […]

The US economic recovery can continue without fresh stimulus, but the lack of a near-term deal could rankle markets, Seema Shah, chief strategist at Principal Global Investors, said Tuesday. Passing another aid package would be a “bonus” to the economy, but its rebound “is less dependent on fiscal stimulus than […]

The US economic recovery is becoming “extremely anemic” and risks falling into a double-dip recession, famed economist Nouriel Roubini said Monday. The Federal Reserve has done nearly all it can, and Congress now needs to step up with sweeping stimulus support, the economist nicknamed “Dr. Doom” added. “We know we […]

The scale of corporate restructuring could surpass financial-crisis highs on a swelling pile of junk-rated debt,BlackRock said Monday. Sub-investment grade debt outstanding ballooned to $US5.3 trillion since 2007. The coronavirus pandemic only exacerbated the growth, as the Federal Reserve’s bond purchases revived the credit market and companies rushed to raise […]

US stocks extended losses into Monday’s close as a lack of stimulus progress cut into hopes for a pre-election deal. House Speaker Nancy Pelosi expedited talks on Sunday, setting a 48-hour deadline for the White House and Democrats to ink a deal. She later told Democrats that significant obstacles in […]

Additional fiscal stimulus is needed to keep the economic recovery on track, former Federal Reserve Chair Janet Yellen said Monday. The central bank “has already done a huge amount,” and now Congress needs to pick up the slack, she said on Bloomberg TV. “While the pandemic is still seriously affecting […]

Investors are increasingly prepping for a Democratic sweep in November, as well as front-loaded stimulus to boost the economic recovery, JPMorgan said following a recent call with clients. Vice President Joe Biden maintains a hefty polling lead in what’s shaping up to be “the most stable election in modern history,” […]