Even the affluent are facing challenges in the current economic climate. According to research conducted by Bank of America, individuals in the United States earning at least $125,000 annually are experiencing layoffs at a rate three times higher than those with lower incomes. The research, which analyzed data on jobless benefits deposited in customer accounts, …
Former Federal Reserve governor Randall Kroszner believes that additional interest rate hikes may still be on the horizon. Kroszner, currently a professor of economics at the University of Chicago, predicts that interest rates will remain high well into the next year. Speaking to CNBC’s “Fast Money” on Wednesday, Kroszner stated, “I don’t see how they …
Amidst a tight labor market, the unemployment rate for Black workers saw a slight decline in July. According to the Labor Department, Black workers’ jobless rate fell to 5.8%, down from June’s 6.0% and lower than the 6.0% rate observed in the same period last year. Breaking it down further, Black men experienced a decline …
US employers added 187,000 jobs last month, which was lower than anticipated. This can be attributed to the lingering impact of higher interest rates on the economy. However, despite this, the unemployment rate decreased to 3.5%, indicating that the job market remains resilient (AP). Comparatively, hiring in July increased from 185,000 in June, although the …
The U.S. labor market experienced weaker job growth in July, suggesting a slowdown in economic growth, as reported by the Labor Department on Friday. In July, nonfarm payrolls expanded by 187,000, which fell slightly short of the Dow Jones estimate of 200,000. However, this represented a small improvement from the downwardly revised June figure of …
In the vibrant city of Miami Beach, Florida, at the iconic 7ty One Venezuelan restaurant on Normandy Isle, customers are enjoying their meals while the attentive wait staff cleans up the dining area. This scene captures the essence of a bustling economy amidst the looming possibility of a recession. The upcoming Friday’s jobs report holds …
June saw a slight decrease in job vacancies and layoffs, reflecting a stable labor market, as stated in a report released by the Labor Department on Tuesday. The report, named the Job Openings and Labor Turnover Survey, revealed that employment openings totaled 9.58 million in June, slightly down from the revised figure of 9.62 million …
Within the recently released job report, there is a concerning trend: a significant portion of the laid-off workers from the past six months belong to Generation X. Born between 1965 and 1980, Generation X now accounts for a quarter of America’s unemployed, up from less than 20% at the end of last year, according to …
As the 2024 presidential campaign gains momentum, Joe Biden has taken to the stage, delivering speeches on “Bidenomics” and highlighting the country’s economic performance under his presidency. In normal circumstances, this would be an opportune moment for him to make such a pitch. However, we are facing unprecedented times. Unemployment has dropped to 3.6 percent, …
June saw a moderation in employment growth, which has been remarkable in recent times. According to the Labor Department, nonfarm payrolls increased by 209,000, and the unemployment rate remained at a favorable 3.6%. Expectations were slightly higher, with market consensus predicting growth of 240,000 jobs and an unemployment rate of 3.6%. Although the numbers are …