Economic News
- Market
Dow, S&P 500, Nasdaq close lower in weekly slump on ‘quad witching’ and weak consumer sentiment
U.S. stock indexes closed lower Friday, slumping for the week, as bearish momentum gathered steam after a reading on consumer…
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Rents across the country were up 11.5% in August from a year earlier, and in one Florida city they soared nearly 31%
Think the rent is too damn high? Well, it’s getting even worse across much of the country. Rents nationwide are…
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U.S. consumer sentiment mired at near decade lows, University of Michigan Survey finds
The numbers: The University of Michigan’s gauge of consumer sentiment rebounded slightly to a preliminary September reading of 71 from…
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Retail sales surge in August despite spread of delta and signal economy is still strong
The numbers: Sales at U.S. retail stores rose sharply in August in sign that Americans continued to spends gobs of…
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Tom Hayes appeal decision delayed until October
The Criminal Cases Review Commission has confirmed it is aiming to issue a decision in October on whether to refer convicted Libor…
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U.S. import prices fall for the first time in 10 months as inflationary pressures ease
The cost of imported goods fell in August for the first time in 10 months, perhaps another sign that inflation…
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New York manufacturing activity soars in September, Empire State factory index shows
The numbers: The New York Fed’s Empire State business conditions index surged 16 points to 34.3 in September, the regional…
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Morgan Stanley says the latest rally that has caught the eye of Wall Street Bets won’t last. Here’s why.
Do it again? Investors will be eager to see if the S&P 500 and Dow industrials can repeat Monday’s wins…
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House Democrats want tax hikes that are ‘a little less aggressive’ than those proposed by President Biden
Democrats want wealthy Americans and corporations to pay higher taxes in order to help finance a $3.5 trillion budget that…
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Dow futures get lift after cooler-than-expected inflation reading
U.S. stock index futures erased losses, rising to a session high Tuesday, after the August consumer-price index rose less than…
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House Democrats set to propose increase in corporate tax rate to 26.5%
House Democrats expect to propose raising the corporate tax rate to 26.5% from 21% and imposing a 3-percentage-point surtax on…
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Dow slips as stock market beset by end-of-week turbulence
U.S. stock indexes were lower for a fifth straight day Friday afternoon, after opening higher, as investors worried that the…
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Convicted Libor rigger Tom Hayes battles SFO for return of his passport
Tom Hayes’ legal team are locked in a spat with the Serious Fraud Office over the return of the convicted Libor rigger’s passport, as the UK…
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Blanchflower: Five middle-aged white guys? So much for diversity at the Bank of England
David Blanchflower, also known as Danny, is the Bruce V. Rauner Professor of Economics at Dartmouth College and part-time professor…
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U.S. jobless claims fall sharply to 310,000, a new low since COVID-19 pandemic began
The numbers: Initial jobless claims fell by 35,000 to 310,000 in the week ending Sept. 4, the Labor Department said…
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‘The lady isn’t tapering,’ says Lagarde as ECB slows asset purchases
European Central Bank President Christine Lagarde argued Thursday that a decision to slow the pace of asset buying under the…
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Job openings hit another record high in July
The numbers: The amount of job openings rose to a record 10.9 million in July from a revised 10.2 million…
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U.S. stocks trim losses despite Fed’s Beige Book showing moderate economic growth
U.S. equity indexes traded lower Wednesday afternoon, but were off the session’s worst levels, weighed down by selling in the…
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Dow inches higher but S&P 500, Nasdaq under pressure as Fed’s Bullard says ‘taper will get going this year’
U.S. equity benchmarks traded mixed Wednesday morning, with information technology and communication services sectors coming under selling pressure, as investors…
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City reacts as dividend tax hike to cost investors and self-employed £600m
Boris Johnson’s raid on dividends is set to cost investors and the self-employed £600m in extra tax. Analysis from investment…
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Taper your pessimism — Fed’s actions won’t derail U.S. stocks, Barclays strategists say
When the Federal Reserve finally starts reducing bond purchases, U.S. stocks will still be able to maintain the momentum that…
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Why financial wellbeing must be the City’s focus after the pandemic
The coronavirus pandemic continues to have an impact on the UK economy and on people’s personal finances. According to the…
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Lower taxes for banks to keep UK competitive, TheCityUK says
The UK government should reduce the overall tax burden on its banks, as well as bolster fintech and future growth…
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German Manufacturing Orders Reached Historic High in July
By Maria Martinez German manufacturing orders rose in July, reaching the highest level since the beginning of the series in…
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Here’s the chart that shows what’s about to happen in the jobs market
The payrolls report released Friday came in far below estimates, and now shows total employment 5.3 million positions short of…
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Biden promises more steps on delta as he blames variant for disappointing jobs report
President Joe Biden on Friday laid blame for the weaker-than-expected August jobs report squarely on the delta variant of the…
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Dow sinks 140 points as data shows economy produced weaker-than-expected 235,000 jobs in August
U.S. stock indexes retreated Friday, after a report on monthly employment from the Labor Department came in far weaker than…
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Eurozone Services Sector Kept Momentum in August Despite Delta Variant Concerns
By Xavier Fontdegloria Eurozone’s services sector continued to expand at a strong pace in August, signaling little economic impact from…
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S&P 500, Nasdaq extend record climb Thursday after weekly jobless claims report
U.S. stock benchmarks opened higher Thursday, with the S&P 500 index and the Nasdaq in record territory, as jobless benefit…
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Ex-Goldman Sachs banker Huw Pill takes up chief economist role at Bank of England
The Bank of England has appointed ex-Goldman Sachs banker Huw Pill as its new chief economist and executive director for…
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Manufacturers grow faster in August, ISM finds, despite delta and labor shortages
The numbers: The coronavirus delta variant has added fresh stress on the U.S. economy, but companies face an even bigger…
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U.S. businesses created lackluster 374,000 private jobs in August, ADP says
The numbers: Businesses in the U.S. created a lackluster 374,000 new jobs in August, a new ADP survey found, suggesting the…
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Consumer confidence in the U.S. sinks to 6-month low on delta anxiety
The numbers: Confidence in the U.S. economy sank in August to a six-month low owing to the rapid spread of…
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Eurozone Inflation Accelerates Further in August
By Maria Martinez The annual rate of inflation in the eurozone accelerated in August, rising at the fastest pace in…
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Pending home sales slide for second month in a row — even though economists predicted an increase
The numbers: Fewer Americans signed on the dotted line in July to purchase a home — but it’s likely too…
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Fed chair Powell says he supports starting to taper bond purchases this year
Federal Reserve Chairman Jerome Powell revealed on Friday that he was one of the majority of Fed officials who believe…
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U.S. stocks drift lower after records as investors assess jobless claims, GDP revision
U.S. stocks drifted slightly lower Thursday, as investors weighed data on second quarter economic growth and weekly jobless benefit claims,…
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‘Death cross’ in 10-year Treasury yields signals that bond yields may plumb new depths and prices rally
A death cross in the benchmark 10-year Treasury note yield was taking shape Wednesday, forming a pattern in charts that…
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New home sales rebound despite prices hitting record high
The numbers: Sales of new homes in the U.S. rebounded in July after three consecutive months of declines. New-home sales…
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Sir Ed Davey: The Tories cost the City post-Brexit equivalence
Ed Davey says he is as an economist by background. And that he has been in the business world. Both…
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JPMorgan extends juniors’ pay rise to incoming MBA associates
JPMorgan has extended its pay bump for junior bankers for some on the next rung of the career ladder. The…
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Weekend reads: What to do if a company you trust has failed to protect your personal data
There’s never a shortage of trouble in the world, but if a data breach causes your personal information to be…
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Biden White House tells states they can keep paying extra unemployment benefits with stimulus funds
The Biden White House on Thursday said states that want to provide extra jobless benefits to the unemployed beyond a…
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Norway’s Central Bank Expects to Raise Policy Rate in September
By Maria Martinez Norway’s central bank kept its key interest rate at zero at Thursday’s monetary policy meeting, as expected,…
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U.S. stock futures point to consolidation ahead of Fed minutes
U.S. stock-index futures pointed Wednesday to a flat start for U.S. equities as investors await minutes of the Federal Reserve’s…
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Afghanistan bank governor fears economic collapse
Afghanistan’s central bank governor Ajmal Ahmady has raised fears over runaway inflation and a currency collapse as conflict continues to ravage…
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Are central banks to blame for rising inequality?
Judging by the number of times phrases such as “equitable growth” and “the distributional footprint of monetary policy” appear in…
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Opinion: American consumers’ gray mood could put the S&P 500 in the green over the next 6 months
Last week’s unexpected plunge in the University of Michigan Consumer Sentiment Index is actually good news for U.S. stock investors.…
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Banks ponder Libor alternatives as firms seek to manage interest rate risk
Some big banks are evaluating if the reference rate that is backed by regulators as the best replacement for the…
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U.S. unemployment claims fall to 375,000 and return near pandemic low as economy fends off delta variant
The numbers: New applications for U.S. unemployment benefits fell in early August to close to a pandemic low, signaling that…
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