Commentary The October jobs report showed that the economy added 261,000 new jobs, considerably better than the consensus estimate of 200,000 jobs. This morning’s print is 54,000 fewer jobs than were created in September 2022 and 461,000 fewer jobs than were created in the COVID recovery period of 2021. Net revisions for August and September added another 29,000 net…
October Jobs Report Breaks Hopes of a Federal Reserve Pause
November 4, 2022
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AnalysisBusiness & MarketsBusiness ColumnistseconomyFederal Reserveinflationinterest ratesjobsOpinionPolicies & ImpactsrecessionunemploymentUSUS News
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October’s Jobs Report Is a ‘Mixed Bag’
November 4, 2022
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Business & Marketseconomyinflationjobs reportlabor force participationrecessionunemploymentUSUS News
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While the newly released employment report beat forecasts in terms of sheer job creation numbers, and prompted a victory lap by President Joe Biden, some experts say it’s a “mixed bag,” with the unemployment rate rising and prime working age employment falling, and others saying the Federal Reserve is likely to find much of the…
Wall Street Opens Higher After October Jobs Report
Wall Street’s main indexes opened higher on Friday after data showed U.S. jobs grew more than expected in October but an uptick in the unemployment rate supported hopes that the Federal Reserve could deliver smaller rate hikes in the future. The Dow Jones Industrial Average rose 263.76 points, or 0.82 percent, at the open to…
Economists Foresee Worsening Recession as Federal Reserve Continues to Hike Rates
November 4, 2022
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Business & Marketseconomic policieseconomyFederal Reserveinflationinterest ratesPolicies & ImpactsrecessionUS
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With the Federal Reserve indicating that it has no intention to stop hiking interest rates until inflation cools down, experts are worried that such actions would end up plunging the country further into recession. The 12-month Consumer Price Index (CPI), which measures annual inflation, has stubbornly remained at or above 7.5 percent for every single…
Biden Took a Strong Economic Recovery and ‘Bungled It All,’ Says Rep. Brady
November 4, 2022
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2022 Midterm Electionsbiden administrationBusiness & MarketscongressDemocratseconomic policieseconomyExecutive BranchHouse RepublicansPolicies & ImpactsPoliticsrecessionRepublicansUS
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The outgoing House Republican Ways and Means Republican leader, Rep. Kevin Brady (R-Texas), and his colleagues blamed President Joe Biden for ruining a strong American economy. The Republicans currently appear to be in a strong position to take back Congress, or at least the House, in the midterm elections on Nov. 8, posing a threat to…
Dollar Softens, Euro and Pound Regained Some Ground
SINGAPORE/LONDON—The euro and pound regained some ground on Friday but were still set for their biggest weekly losses since September. The euro was last up 0.52 percent at $0.9801, while sterling was up 0.4 percent at $1.1228, also having pared gains from the Asian session. Nonetheless, the European common currency was still set for a…
Oil Climbs 3 Percent as Dollar Slips and EU Ban Looms
November 4, 2022
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Business & Marketseconomic policieseconomyenergygolablGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDONO—Oil rose by more than 3 percent on Friday as the dollar eased, with an EU ban on Russian oil looming large. Though fears of global recession capped gains, Brent crude futures were up $3.29, or 3.48 percent, at $97.96 a barrel by 1203 GMT, set for a weekly gain of more than 2 percent….
Stocks and Oil Rally Ahead of Key US Jobs Data
November 4, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON/SINGAPORE—Global stocks rose on Friday for the first time in three days ahead of key U.S. jobs data. The MSCI index of global shares rose 0.3 percent on the day, breaking two straight days of losses, but still headed for a near-3 percent weekly loss, after more big rate hikes from the Federal Reserve and…
The GDP Offers No Comfort
Commentary After two quarters of decline earlier this year, the nation’s real gross domestic product (GDP) ticked up in the summer quarter. Political needs will point to the news in predictable ways, but practically speaking the modest 2.6 percent annualized growth changes nothing in the underlying economic picture. Things remain weak and on the verge…
Major Hedge Fund Warns of Something Worse Than Inflation or Stagflation as Central Bankers Have Been ‘Dishonest’
Florida-based hedge fund Elliott Management recently warned clients in a letter obtained by media outlets that the world is “on the path to hyperinflation” and a financial crisis so severe that it could even lead to societal collapse. The letter, as reported by the Financial Times and Business Insider, urged clients to remain vigilant as the…
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