Economy

May’s job gains were “solid” but not enough to change the direction of monetary policy, Cleveland Fed President Loretta Mester told CNBC. “Bottom line, I would like to see further progress than where we are right now,” Mester told CNBC’s Steve Liesman during a live “Squawk on the Street” interview Friday. The Labor Department reported

Initial jobless claims fell below 400,000 for the first time since the early days of the Covid-19 pandemic, the Labor Department reported Thursday. First-time filings for unemployment benefits totaled 385,000 for the week ended May 29, a decline from the previous week’s 405,000 and below the Dow Jones estimate of 393,000. Zoom In IconArrows pointing

A Wingets restaurant displays a “Now Hiring” sign in Tampa, Florida, U.S., June 1, 2021. Octavio Jones | Reuters Private job growth for May accelerated at its fastest pace in nearly a year as companies hired nearly a million workers, according to a report Thursday from payroll processing firm ADP. Total hires came to 978,000

The recent spike in U.S. inflation is likely transitory for now — but it could become more persistent in the coming years as more people return to work, said former New York Fed President William Dudley. “I think that the scare right now is probably going to abate a bit as we go through the

The flags of China, U.S. and the Chinese Communist Party are displayed in a flag stall at the Yiwu Wholesale Market in Yiwu, Zhejiang province, China, May 10, 2019. Aly Song | Reuters BEIJING — China’s Vice Premier Liu He and U.S. Treasury Secretary Janet Yellen spoke Wednesday for the first time since President Joe

WASHINGTON — After weeks of defending his economic policies against critics who blame them for overheating the economy, President Joe Biden went on the offensive Thursday, arguing that rising wages are a sign his agenda is boosting the fortunes of working Americans. “The bottom line is this: The Biden economic plan is working,” said the

Dallas Federal Reserve President Robert Kaplan cited potential excesses in the housing market and other inflation signs as an indication that the central bank should start slowly pulling back on its asset purchase program. With the Fed still buying at least $120 billion in bonds each month, a total that includes $40 billion in mortgage-backed

A key inflation indicator rose 3.1% in April, faster than expected, as price pressures built in the rapidly expanding U.S. economy, the Commerce Department reported Friday. The core personal consumption expenditures index was forecast to increase 2.9%. Federal Reserve officials consider the measure to be the best gauge for inflation, though they watch a number

The U.S. jobs market edged closer to its pre-pandemic self last week as initial jobless claims totaled just 406,000 for the week ended May 22, the Labor Department reported Thursday. While that level is still well above the norm before Covid-19 struck in March 2020, it is the closest to the previous trend since the

A slight increase in mortgage interest rates was enough to tank refinances and bring down overall demand. Total mortgage application volume fell 4.2% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) increased

A real estate broker, right, gives a tour for potential home buyers during an open house in Manhattan Beach, California. Patrick T. Fallon | Bloomberg | Getty Images Home prices in March were 13.2% higher in March, compared with March 2020, according to the S&P CoreLogic Case-Shiller National Home Price Index. That’s up from the

US Federal Reserve Governor Lael Brainard attends a “Fed Listens” event at the Federal Reserve headquarters in Washington, DC, on October 4, 2019. Eric Baradat | AFP | Getty Images Federal Reserve Governor Lael Brainard pressed the case for a digital dollar, saying Monday that a cryptocurrency backed by the central bank could provide a

Fresh waves of Covid-19 cases in major manufacturing hubs in Asia could hit global supply chains — and that could cause inflation to rise quicker in the U.S., a business consultant said Wednesday. Japan, South Korea, Taiwan and Vietnam are among Asian manufacturing economies that have reported a renewed Covid outbreak in the last few

The procession of Americans heading to the unemployment line fell last week, with jobless claims totaling a fresh pandemic-era low of 444,000, the Labor Department reported Thursday. Economist surveyed by Dow Jones had been expecting 452,000 new claims as the jobs picture improves thanks to an accelerated economic reopening across the country. The total represented

Daniel Acker | Bloomberg | Getty Images Sales of existing homes dropped 2.7% in April from March to a seasonally adjusted, annualized rate of 5.85 million units, according to the National Association of Realtors. It was the third straight month of declines, the group said. Sales were 33.9% higher than April of 2020, but that

Lisa Cook, associate professor at the Michigan State University, arrives for dinner during the Jackson Hole economic symposium, sponsored by the Federal Reserve Bank of Kansas City, in Moran, Wyoming, on Thursday, Aug. 23, 2018. David Paul Morris | Bloomberg | Getty Images The Democratic chairman of the Senate Banking Committee sees economist Lisa Cook,

A woman wearing a face mask rides a scooter past the U.S. Federal Reserve in Washington, D.C., the United States, on Jan. 27, 2021. Lie Jie | Xinhua News Agency | Getty Images The Federal Reserve is moving forward in its efforts to develop its own digital currency, announcing Thursday that it will release a

Federal Reserve officials at their April meeting said a strong pickup in economic activity would warrant discussions about tightening monetary policy, according to minutes from the session released Wednesday. “A number of participants suggested that if the economy continued to make rapid progress toward the Committee’s goals, it might be appropriate at some point in