Economic and jobs news thread

[wjfox]

Labor market grew 353,000 in January, a surprisingly strong pickup

The U.S. economy added 353,000 jobs in January, a shockingly strong pick up, even as higher interest rates continue to ripple through the economy.

No Paywall https://wapo.st/3SGcj6g

[weatheriscool]

[weatheriscool]

Powell: Federal Reserve on track to cut rates this year with inflation slowing and economy healthy

Source: Associated Press

WASHINGTON (AP) — Chair Jerome Powell said in an interview broadcast Sunday night that the Federal Reserve remains on track to cut interest rates three times this year, a move that’s expected to begin as early as May.

Powell, in an interview recorded Thursday for the CBS news program “60 Minutes,” also said the nation’s job market and economy are strong, with no sign of a recession on the horizon.

“I do think the economy is in a good place,” he said, “and there’s every reason to think it can get better.”

Powell’s comments largely echoed remarks he gave at a news conference Wednesday, after the Fed decided to keep its key interest rate steady at about 5.4%, a 22-year high. To fight inflation, the Fed raised its benchmark rate 11 times beginning in March 2022, causing loans for consumers and businesses to become much more expensive.

Read more: https://apnews.com/article/federal-rese ... 759fa512b4

[weatheriscool]

[firestar464]

More on that by PBS:

https://www.pbs.org/newshour/economy/me ... ted-to-u-s

[Tadasuke]

Labor market grew 353,000 in January, a surprisingly strong pickup

The U.S. economy added 353,000 jobs in January, a shockingly strong pick up, even as higher interest rates continue to ripple through the economy.

No Paywall https://wapo.st/3SGcj6g

With 3.53% YoY growth, World GDP will get twice as big as today in 20 years. With 4.8% YoY growth (more probable), it will get 2x big in just 15 years. This won't be a revolution, but a gradual change in overall development.

Unemployment in most countries will stay below 5% for a long, long, long time (certainly for the next 100 years). I am 99.5% sure about that. People just will work 5-6 hours or 4 days or something like that. And they will be more productive. More work will get done!

[weatheriscool]

Key Fed inflation measure rose 0.4% in January as expected, up 2.8% from a year ago

Source: CNBC

Published Thu, Feb 29 2024 8:32 AM EST Updated 2 Min Ago

Inflation rose in line with expectations in January, according to an important gauge the Federal Reserve uses as it deliberates cutting interest rates.

The personal consumption expenditures price index excluding food and energy costs increased 0.4% for the month and 2.8% from a year ago, as expected according to the Dow Jones consensus estimate.

Headline PCE, including the volatile food and energy categories, increased 0.3% monthly and 2.4% on a 12-month basis, compared to respective estimates for 0.3% and 2.4%.

The moves came amid an unexpected jump in personal income, which rose 1%, well above the forecast for 0.3%. Spending decreased 0.1% vs. the estimate for a 0.2% gain.

This is breaking news. Please check back here for updates.

Read more: https://www.cnbc.com/2024/02/29/pce-inf ... 2023-.html

[weatheriscool]

It is fucking hard to believe that Biden isn't going to be reelected by a fucking landslide. He is doing what Trump promised in 2016 for fucks sakes.

[weatheriscool]

[weatheriscool]