Job Report July 2022: 528,000

July hirings were much better than expected, defying signs that the economic recovery is losing momentum, the Bureau of Labor Statistics reported Friday. Nonfarm payrolls rose 528,000 this month and the unemployment rate stood at 3.5%, well ahead of Dow Jones estimates of 258,000 and 3.6%, respectively. Wage growth also rose higher, as average hourly … Read more

Weekly U.S. unemployment claims rise to 260,000 ahead of Nonfarm Payroll Report

Initial unemployment insurance claims reached 260,000 last week, nearly the highest level since November amid a shift in the US job market. The total for the week ended July 30 was in line with the Dow Jones estimate, but up 6,000 from the previous week’s downwardly revised level, the Labor Department reported Thursday. In other … Read more

Fed’s Bullard sees more rate hikes ahead and no US recession

James Bullard, president of the St. Louis Federal Reserve, said on Wednesday that the central bank will continue to raise interest rates until it sees compelling evidence that inflation is falling. The central bank official said he expects an additional 1.5 percentage points in rate hikes this year as the Fed continues to battle its … Read more

Fed’s James Bullard expresses confidence that economy can make ‘soft landing’

James Bullard Olivia Michael | CNBC James Bullard, president of the St. Louis Federal Reserve, said Tuesday he still believes the economy can avoid a recession, even as he expects the central bank to continue raising interest rates to keep inflation in check. “I think inflation has come in higher than I expected in the … Read more

Fed’s Mary Daly says ‘our work is far from done’ on raising interest rates

Mary Daly, president of the Federal Reserve Bank of San Francisco, poses after a talk on the US economic outlook, in Idaho Falls, Idaho, US, November 12, 2018. Ann Sapphire | Reuters The Federal Reserve still has a lot of work to do before it gets inflation under control, and that means higher interest rates, … Read more

Hong Kong shares fall 2%, South Korea CPI rises

SINGAPORE – Asia-Pacific stocks fell Tuesday as inflation in South Korea rose and investors look ahead to the Reserve Bank of Australia’s interest rate decision. Hong Kong’s Hang Seng Index fell 2.13% in early trading and the Hang Seng Tech Index fell 3.1%. The city’s gross domestic product shrank by 1.4% in the second quarter … Read more

Most investors and economists see Fed rate hikes triggering a recession within a year, CNBC research shows

According to respondents to the CNBC Fed Survey, the Federal Reserve’s efforts to cool inflation by raising interest rates will most likely lead to a recession. While some continue to hope for a soft landing, the majority believe the economy will begin to contract later this year. When asked whether the Fed’s attempt to bring … Read more

Chinese debt positions in the US have fallen below $1 trillion for the first time in 12 years

The US Treasury Building in Washington, DC Bloomberg | Bloomberg | Getty Images China’s holdings of US debt have fallen below $1 trillion for the first time in 12 years, amid rising interest rates that have made Treasuries potentially less attractive. In line with a trend that started in early 2021, China’s portfolio of US … Read more

Goldman Sachs considers reversing year-end job losses as economic outlook weakens

People walk past the New York Stock Exchange in New York City on May 12, 2022. Spencer Platt | Getty Images News | Getty Images Goldman Sachs has delayed its hiring and wants to cut the fees it pays to suppliers as the investment bank prepares for more difficult times ahead. But New York-based Goldman … Read more

Fed likely to raise interest rates by three-quarters on new economic signals

Faced with a slowing economy and inflation showing signs of at least peaking, if not retreating, the Federal Reserve is likely to raise interest rates by three-quarters of a percentage point next week. Last week, markets had briefly flirted with the idea that the central bank would decide on a full percentage point. But economists … Read more