UK Economy Avoids Recession as GDP Growth Returns in January
The UK economy narrowly avoided sliding into recession at the end of last year, according to figures released by the Office for National Statistics (ONS).[0] GDP grew by 0.3% in January, bringing it back to growth following several rocky months that led to a contraction of 0.5% in December.[1] The government is likely to count […]
Continue reading US Job Market Remains Tight, February Jobs Report to Offer Clues on Inflation
The US job market remained tight in January, according to the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS).[0] Job openings decreased to 10.8 million in January from an upwardly revised 11.2 million in December, while the construction industry reported a decrease of almost 50%, with just 248,000 job openings in January.[1] […]
Continue reading US Job Openings Fall in January, Construction Sees Largest Decline Ahead of February Jobs Report
The number of job openings in the United States fell to 10.8 million in January, down from an upwardly revised 11.2 million in December, according to the U.S. Bureau of Labor Statistics.[0] This release provides estimates of the quantity and rate of job openings, hires, and separations for the entire nonfarm sector, by industry, and […]
Continue reading Mortgage Rates Reach Highest Level Since November 2022 – What This Means for Homeowners
In light of the robust economic figures, mortgage rates have been on the rise in recent weeks. Until the Federal Reserve can rein in inflation, it is probable that interest rates will stay high.[0] Mortgage rates climbed again last week, while a key measure of housing sentiment dropped back close to the record lows recorded […]
Continue reading Biden’s Budget Proposal: A Preview of 2024 Platform and Extension of Medicare’s Life
On Thursday, President Joe Biden unveiled his budget proposal for the upcoming year, a sprawling plan that reflects his commitment to creating a fairer economy while challenging Republicans who are demanding steep cuts to federal spending programs.[0] The budget seeks to reduce the deficit by $3 trillion over 10 years, in part by increasing taxes […]
Continue reading Unemployment Claims Unexpectedly Rise to 211,000, Continuing Claims Match 14-Month High
US Initial Jobless Claims Rise Unexpectedly as Continuing Claims Match 14-Month High The US Labor Department reported on Thursday that initial jobless claims increased by 21,000 to 211,000 in the week ended March 4, shattering expectations of a small uptick to 195,000.[0] This marks the first time in 8 weeks that more than 200,000 claims […]
Continue reading Millennials in 30s Facing Highest Levels of Debt in History
Millennials in their 30s are now facing the highest levels of debt in history.[0] The Wall Street Journal reported that the debt held by 30-somethings is $140 billion higher than it was in the third quarter of 2022, and the last time that debt rose this quickly was between 2005 and 2008.[1] Credit card debt […]
Continue reading Jerome Powell Warns of Possible Aggressive Rate Hikes and a Recession Risk
Federal Reserve Chairman Jerome Powell warned Congress on Tuesday that the central bank may have to raise interest rates higher than previously expected in order to curb stubborn inflation. This sent markets into a tailspin, as investors began to price in a 69.4% probability that the Fed will raise interest rates by another 25 basis […]
Continue reading U.S. Jobless Claims Increase to 1.718 Million, Unemployment Rate Predicted to Reach Recessionary Levels
The U.S. Labor Department said initial jobless claims increased to 211,000 last week, up from 190,000 the week before.[0] This figure was significantly higher than the expected 195,000, and the increase of 21,000 was the most in five months. The four-week moving average, which flattens week-to-week volatility, rose to 197,000, a six-week high.[1] Continuing jobless […]
Continue reading Jobless Claims Rise to 211,000, Highest Since November 2021
On Thursday, the US Labor Department released its weekly jobless claims report, which showed that initial unemployment claims rose to 211,000 last week, from 190,000 the week before.[0] This was higher than the expected uptick to 195,000, and is the highest number since November 2021. The advance seasonally adjusted insured unemployment rate was 1.2% for […]
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