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    New York (CNN Business)Americans are feeling worse about the state of the economy again and it's all because of rampant inflation.Even as the pace of consumer price hikes moderated some in April, inflation remains near a 40-year high and is putting many US household budgets in a vice.Consumer sentiment dropped by 9.4% between April and May, according to preliminary survey data released by the University of Michigan on Friday. That reversed the short-lived gain seen in April when sentiment was helped by a moderation in gas prices, which had been rising in response to the war in Ukraine.At 59.1, the consumer sentiment index fell to its lowest level since 2011. US inflation slowed last month for the first time since August Other data points tracked by the same survey, including current economic conditions and consumer expectations, also fell.Read More"Consumers' assessment of their current financial situation relative to a year ago is at its lowest reading since 2013, with 36% of consumers attributing their negative assessment to inflation," said Joanne Hsu, director of the Surveys of Consumers.Worse still, Americans consider conditions for buying durable...
    U.S. employers added just 199,000 jobs in December - far below predictions - as the economy struggles with inflation and supply shortages. The number was a major miss from the 422,000 that was forecast and was the fewest jobs added in any month of 2021. It comes as businesses are struggling to fill jobs with many Americans remaining reluctant to return to the workforce. The unemployment rate fell to 3.9% from 4.2% in November, marking a new pandemic-era low.  The below-expectations job gains in December likely reflect labor shortages as well as anomalies with the so-called seasonal adjustment, used by the government to strip out seasonal fluctuations from the data.  President Joe Biden's approval numbers have fallen with much of that coming from voters' disapproval of his handling of the economy. In a November Washington Post-ABC News poll, 70% of voters rated the economy negatively and about half of voters blamed Biden for inflation. Omicron did not likely play a huge role in the low December numbers but its affect will likely be felt in January. December's numbers come after a record 4.5 million...
    A new dire poll shows that President Joe Biden's approval rating stands at 27 per cent among Americans under 30, which is the lowest level of support among any age group in the survey.   It represents a startling 50-point drop from when the Economist and YouGov surveyed Gen Z and millennial Americans in January, as questions swirl about whether Biden will seek a second term.   The numbers are surprising because younger voters have trended heavily Democratic in recent elections, with millennials and Gen Z voters favoring Biden over former President Donald Trump in the 2020 election by 24 points.   A new dire poll shows that President Joe Biden's approval rating stands at 27 per cent among Americans under 30, which is the lowest level of support among any age group in the survey Americans under 30 gave President Joe Biden a 27 per cent approval rating - with 7 per cent saying they strongly approved and 20 per cent saying they somewhat approved. Meanwhile, seniors both approved and disapproved of Biden the most  Biden's 50 point drop from January among...
    Vice President Kamala Harris ignored a shouted question Jerome Powell after she gave a speech Monday, though her past opposition to the newly-reappointed Federal Reserve chair puts her at odds with the president.  During the Monday event, Harris was highlighting the administration's plan to invest $1.5 billion to address a healthcare worker shortage in underserved communities.  'We remain determined to build a better future. We have an opportunity now to advance health equity,' she said, before turning to leave the room.  As she walked away, a reporter asked the vice president: 'Why is Jerome Powell the right fit to lead the Fed?'  Harris did not turn back, nor answer the question.   'We remain determined to build a better future. We have an opportunity now to advance health equity,' she said, before turning to leave the room. As she walked away, a reporter asked the vice president: 'Why is Jerome Powell the right fit to lead the Fed?' Harris was one of only 13 senators to vote against Powell when his confirmation came up for a vote in 2018. Eighty-four voted...
    President Joe Biden said America is on the move again Friday after the latest jobs report showed employers added 559,000 jobs in May, closer to what economists anticipated after April's disappointing jobs report. While the president said he was "extremely optimistic," he warned there will be bumps along the way and urged Americans to get vaccinated. He also said now is the time to seize on the upward momentum. This comes as the president is working to get a bipartisan agreement on infrastructure proponents say will boost employment, but talks have been slow as Republicans balk at the price and proposed measures to pay for it.  The unemployment rate fell to 5.8% in May down from 6.1% in April, the Labor Department said. But employment last month was still down about 7.6 million jobs from pre-pandemic levels, in February 2020. And 9.3 million people remain unemployed, potentially able to work. Mr. Biden said the U.S. is the only major country where projections of economic growth are better now than they were before the pandemic.  "No other major economy...
    A top Republican Senate negotiator will meet with President Joe Biden Wednesday to discuss a bipartisan infrastructure deal that has so far eluded the two parties despite weeks of talks. Biden plans to sit down with Sen. Shelley Moore Capito of West Virginia to talk in more detail about the GOP’s latest offer on an infrastructure compromise. Republicans last week unveiled a $928 billion proposal that would pay for roads, bridges, waterways, and expanded broadband, among other provisions. It’s still far short of the $1.7 trillion “Build Back Better” plan pitched by the White House, but both Biden and Republicans remain eager to find a path to a compromise that can win GOP support in the Senate. Biden’s meeting follows a new memo issued by Speaker Nancy Pelosi urging Democrats to promote the parts of the Biden package that are unrelated to infrastructure, which Republicans oppose. Congress is not in session this week, and lawmakers are back in home districts meeting with constituents. The California Democrat called on lawmakers to hold events in their...
    New York (CNN Business)For years, the media industry has been forced to compete with tech platforms for advertising revenue and consumers' time. Now, in addition to those same pressures, publishers will see increased competition for attention as the economy opens back up. Last March, media owners reacted to the economic fallout of the pandemic with furloughs, layoffs and other cost-cutting measures. This March, as the world enters the next phase of the pandemic, four notable brands made major announcements that signified more instability in the industry. First it was HuffPost, a 15-year-old publication that made deep cuts shortly after a major merger with BuzzFeed. Then Medium, a publishing platform known for frequent changes in its business strategy, pivoted once again and offered buyouts to all of its editorial staff. And then a lesser known but beloved men's lifestyle digital outlet, MEL Magazine, was shut down by its owner, Unilever's (UL) Dollar Shave Club. Vice Media also cut a handful of top jobs this week, positioning it as a restructuring rather than a cost-cutting move.About 130 million people in the US...
    (CNN)Eight weeks in, President Joe Biden has overseen a huge Covid relief win, surging vaccinations and declining case counts. As Wall Street sets new records, forecasters predict an economic boom.And yet, from his sixth day in office to his sixtieth, Biden's approval rating barely budged. In one popular polling average, it has actually dropped by a hair.That says less about the new President than about the hardened lines of division that America's political polarization has produced. Biden's ability to sustain early success will turn significantly on whether, with strong economic tailwinds, he can soften them.Biden enjoys solid popularity so far, with slightly more than half of Americans approving of his job performance. That puts him around the levels of recent predecessors except Donald Trump, the only modern president never to reach 50%.As usual in the polarization era, assessments break sharply along partisan lines. Near-unanimous support among rank-and-file Democrats allowed him to push the $1.9 trillion Covid relief bill through a Congress narrowly controlled by his party.Read MoreBut his upside-down standing among rank-and-file Republicans meant Biden couldn't command the vote of...
    Miami : The number of Americans filing for unemployment benefits rose to 770,000 in the week ending March 13, a figure that experts interpreted as an indication that layoffs remained high despite a partial reopening of the economy. The weekly report of the Department of Labor that reflected the increase of 45,000 new applications compared to the previous week somewhat surprised economists, who expected around 700,000. Other indicators suggest that the US economy is slowly recovering amid a decline in new COVID-19 cases and a vaccination campaign in overdrive. Last month, payrolls added a robust 379,000 jobs, the most since October, and more consumer spending, as some states and cities began to lift their restrictions on businesses. In that sense, economists are closely watching the applications for unemployment benefits in Texas and Mississippi, two states that totally eliminated the measures taken to contain the pandemic. The economy is expected to recover at a faster rate as money flows to families and businesses from the new tax relief package signed by President Joe Biden last week. The economy improved after...
    New York (CNN Business)The repo market, a murky yet crucial corner of Wall Street, is acting weird again. And the turmoil suggests the Federal Reserve may need to come to the rescue once more.The Dow, GameStop and bitcoin steal a lot of headlines, but the repo market is vital to the functioning of modern finance. Trillions of dollars of short-term loans, known as "repos," are traded each day.The greatest risk to everything the Fed is trying to achieve in terms of stimulating growth and reaching full employment is too high of US interest rates. That would tip the apple cart." Mark Cabana, head of rates strategy at Bank of AmericaNormally, these trades happen in the background, with little fanfare. But every once in a while, the system breaks down, as it did in late 2019 and again a year ago. This is another one of those moments.The rate to borrow 10-year Treasuries in the repo market plunged to minus-4% this week, a very rare occurrence. That means investors are essentially paying to borrow 10-year bonds, when normally it's the other...
    People shop in Fiesta supermarket on February 16, 2021 in Houston, Texas. Winter storm Uri has brought historic cold weather, power outages and traffic accidents to Texas as storms have swept across 26 states with a mix of freezing temperatures and precipitation.Go Nakamura | Getty Images Energy prices continued to climb as an arctic blast kept the South in a deep freeze Wednesday and left up to 3 million people in the state without power. West Texas Intermediate oil prices rose 2% in morning trade, while gasoline futures were up nearly 3% though natural gas edged lower as the crisis in Texas and multiple other states continued. Heating oil futures were also higher. With "oil wells and refineries offline, we could be facing a significant shortfall for a number of days, further tightening supply at a time when it has already been restricted and demand is expected to return," wrote Craig Erlam senior market analyst at OANDA. "This is only a short-term glitch though which is why we're not seeing a more significant impact on oil prices, which are starting...
    Related news The caution was imposed after the acceleration of the previous week. The Ibex 35 dismissed the second week of February with losses of 1.94% up to 8,055 points. Although it could have been worse judging by the intraday lows it reached on Friday, the punishment was enough to back into negative territory as soon as 2021 goes. This week, investors preferred to sell and lock in their latest earnings. At best, they adopted a wait-and-see strategy before the difficult balance between the irregular progress of vaccination campaigns against Covid-19 and warnings about a more fragile economic recovery than previously discounted. A speech that in recent days the US Federal Reserve (Fed) and the European Commission re-subscribed. The last price of the Spanish index this Friday translated into a cumulative decline of 0.23% since the beginning of the year. The 5.89% gains that it achieved at the end of last week completely vanished while China welcomed the New Year of the Ox. A fact far beyond the folkloric, since that means high season for consumption in the second...
    FAMILIES and the economy would both enjoy a much-needed boost if the VAT reduction for struggling industries is extended for another year. The danger is that, just as we come into spring and people want to get out, leisure, tourism and hospitality firms are forced to put prices up. ???? Read our coronavirus live blog for the latest news & updates 5Extending the VAT reduction is about fun days out again for people who need itCredit: Getty - Contributor It is about fun days out again for people who need it. We need to make people happier, quicker. If you take the reduction away — VAT was slashed from 20 per cent to five per cent last year as support for sectors until March 31 — it is going to take a lot longer to get the economy going. We can bounce back quicker under the right conditions. Raising VAT would be the wrong thing to do at the wrong time. 5Tourism is incredibly important to the UK while hospitality is our third biggest industryCredit: EPA 5The UK...
    Biden could get the economy on track again by the end of the year
    NEW YORK -- GameStop's stock is back to the races Friday, and the overall U.S. market is down again, as the saga that's captivated and confused Wall Street ramps up the drama.GameStop shot up more than 70% in afternoon trading, clawing back most of its steep loss from the day before, after Robinhood said it will allow customers to start buying some of the stock again. GameStop has been on a stupefying 1,900% run over the last three weeks and has become the battleground where swarms of smaller investors see themselves making an epic stand against the 1%.The moves are reverberating across Wall Street, as concerns rise about how much damage the frenzy could do as its effects spill out into the broader market. The big professional investors who had been banking on a drop for GameStop's stock are taking sharp losses. Investors say that's pushing them to sell other stocks they own to raise cash, and that is helping to pull down parts of the market completely unrelated to the revolt by Main Street investors.The assault is directed squarely...
    WASHINGTON (AP) — Ten months into America’s viral outbreak, low-income workers are still bearing the brunt of job losses — an unusual and harsh feature of the pandemic recession that flattened the economy last spring. In December, the nation shed jobs for the first time since April. Once again, the layoffs were heavily concentrated in the industries that have suffered most because they involve the kind of face-to-face contact that is now nearly impossible: Restaurants, bars and hotels, theaters, sports arenas and concert halls. With the virus transforming consumer spending habits, economists believe some portion of these service jobs won’t return even after the economy has regained its footing. That trend will likely further widen the economic inequalities that have left millions of families unable to buy food or pay rent. Typically in a recession, layoffs strike a broad array of industries — both those that employ higher- and middle-income workers and those with lower-paid staff — as anxious consumers slash spending. Economists had worried that the same trend would emerge this time. Instead, much of the...
    New York (CNN Business)The job market recovery is at risk of stalling out as the pandemic intensifies. The rapid loss of momentum in the economy raises the pressure on Washington to do what should be a no-brainer: provide more fiscal relief.The United States added just 245,000 jobs in November, the weakest pace of hiring during the pandemic. It marks a sharp slowdown from the 610,000 jobs added in October.Friday's gloomy jobs report raises fears that the United States will begin to shed jobs on a monthly basis before vaccines are widely available. That hasn't happened since April. The US added just 245,000 jobs in November as labor market stalls"The economy is going to get worse before it gets better," Jason Furman, former Obama economic adviser, told CNN Business. "The number of people with jobs could easily fall in December and January."Although economists don't expect mass layoffs like those in the spring, any disruption to the labor market recovery would be a cause for concern because the United States is still down nearly 10 million jobs since February. Read More"The vaccine...
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