Economy

Wholesale prices rose 8.6% from a year ago in October, their highest annual pace in records going back nearly 11 years, the Labor Department said Tuesday. The government’s producer price index, which serves as a gauge of final demand prices from goods producers, rose 0.6% for the month, in line with Dow Jones estimates and

US President Joe Biden delivers remarks on the October jobs report from the State Dining Room of the White House in Washington, DC on November 5, 2021. Brendan Smialowski | AFP | Getty Images WASHINGTON – President Joe Biden lauded the October jobs report on Friday, saying the strong gains in employment and the falling

Workers at Stellantis’ Detroit Assembly plant which produces the new 2021 Grand Cherokee L, a new three-row SUV. Michael Wayland | CNBC Broad-based strength in hiring in October signals the economy is shaking off the Covid-related slump of the third quarter and could grow faster than expected in the fourth quarter. Employment increased by 531,000

Lael Brainard, governor of the U.S. Federal Reserve with Fed Governors, Jerome Powell and Stanley Fischer. Andrew Harrer | Bloomberg | Getty Images President Joe Biden met with Federal Reserve Chairman Jerome Powell and Governor Lael Brainard on this week as the administration decides whom to nominate to lead the central bank for the next

My Secret Stash in Traverse City, Mich., is thinly-staffed ahead of the holiday rush. Owner Karen Hilt is gearing up for a strong shopping season. Courtesy: My Secret Stach Karen Hilt owns My Secret Stash in Traverse City, Michigan, retailing products from local artists and sellers— and business has been booming. Hilt’s feeling optimistic about

The U.S. job market snapped back in October, with nonfarm payrolls rising more than expected while the unemployment rate fell to 4.6%, the Labor Department reported Friday. Nonfarm payrolls increased by 531,000 for the month, compared with the Dow Jones estimate of 450,000. The jobless rate had been expected to edge down to 4.7%. Private

In this article COLM CLBK Even though the Federal Reserve didn’t raise its benchmark rate Wednesday, the days of low rates are clearly numbered. Reports of hotter-than-anticipated inflation have paved the way for the central bank to unwind last year’s bond buying. While the Fed said that interest rates will stay near zero for now,

This is a comparison of Wednesday’s Federal Open Market Committee statement with the one issued after the Fed’s previous policymaking meeting on Sept. 22. Text removed from the September statement is in red with a horizontal line through the middle. Text appearing for the first time in the new statement is in red and underlined. Black text appears in both

The Federal Reserve announced Wednesday it soon will begin reducing the pace of its monthly bond purchases, the first step towards pulling back on the massive amount of help it had been providing markets and the economy. Tapering of bond purchases will start “later this month,” the policymaking Federal Open Market Committee said in its

A company advertises a help wanted sign on April 09, 2021 in Pawtucket, Rhode Island. Spencer Platt | Getty Images Private sector job creation popped higher in October thanks to a burst in hiring in the hospitality sector, payroll processing firm ADP reported Wednesday. Companies added 571,000 for the month, beating the 395,000 Dow Jones

Federal Reserve Chairman Jerome Powell testifies during a Senate Banking, Housing and Urban Affairs Committee hearing on the CARES Act, at the Hart Senate Office Building in Washington, DC, U.S., September 28, 2021. Kevin Dietsch | Reuters This week, the Federal Reserve is widely expected to announce the unwinding of its monthly bond-buying program –

Amid heightened concerns about inflation, respondents to the CNBC Fed Survey believe the Federal Reserve will announce a decision to taper Wednesday and begin hiking interest rates considerably sooner than previously forecast. Respondents to the survey overwhelmingly forecast that the Fed will announce a decision to reduce its monthly asset purchases in the statement Wednesday

President Joe Biden delivers remarks on his Build Back Better agenda from the East Room of the White House after meeting with members of the House Democratic Caucus at the U.S. Capitol earlier in the day on Thursday, Oct. 28, 2021 in Washington, DC. Kent Nishimura | Los Angeles Times | Getty Images The latest

People walk past the Federal Reserve building on March 19, 2021 in Washington, DC. Olivier Douliery | AFP | Getty Images As inflation escalates, traders are expecting a more aggressive response from the Federal Reserve than policymakers are currently indicating. The market Thursday morning briefly priced in a slightly better-than-even chance that the Fed hikes

Treasury Secretary Janet Yellen asserted Friday that the administration’s infrastructure spending proposal will lower inflation by reducing costs vital to households. Speaking to CNBC from Rome where she is attending the G-20 conference of global leaders, Yellen renewed her push for White House spending plans that are unpopular with several factions of Congress and have

A cargo ship moves under the Bayonne Bridge as it heads into port on October 13, 2021 in Bayonne, New Jersey. Spencer Platt | Getty Images WASHINGTON – President Joe Biden is expected to spotlight disruptions in the global supply chain and surging energy prices when he meets this weekend with fellow leaders of the

Customers shop for produce at a supermarket on June 10, 2021 in Chicago, Illinois. Inflation rose 5% in the 12-month period ending in May, the biggest jump since August 2008. Food prices rose 2.2 percent for the same period. Scott Olson | Getty Images Annual inflation rose at its fastest pace in more than 30

Bill Ackman, founder and CEO of Pershing Square Capital Management. Adam Jeffery | CNBC Billionaire hedge fund manager Bill Ackman called Friday for the Federal Reserve to begin reining in the support it has provided for the U.S. economy during the coronavirus pandemic. In separate tweets, the head of Pershing Square Holdings, with $13.1 billion