CNBC - Economy

Unemployment claims are down. It’s not all for good reasons

Thu, 22 Oct 2020 17:54:25 GMT

About 1 million fewer workers were collecting state unemployment benefits the week of Oct. 10 relative to the week prior, the Labor Department said Thursday. Much of that reduction likely isn't attributable to people returning to work.

September existing home sales jump 9.4%, but 'prices are rising too fast' as supply remains tight

Thu, 22 Oct 2020 14:38:00 GMT

The inventory of homes for sale fell 19.2% annually to just 1.47 million homes for sale at the end of September.

Weekly jobless claims drop to the lowest level since the pandemic started in March

Thu, 22 Oct 2020 13:35:14 GMT

New filings for jobless claims in the U.S. totaled 787,000 last week, the lowest total since the early days of the coronavirus pandemic.

Economic recovery could slow in Q4 after 'steroid of fiscal stimulus' fades, JPMorgan Asset ...

Thu, 22 Oct 2020 03:45:42 GMT

JPMorgan Asset Management's David Kelly told CNBC the U.S. will get a stimulus package after the November presidential elections are over.

Fed's Brainard calls for more stimulus from Congress amid 'highly uneven' recovery

Wed, 21 Oct 2020 12:59:22 GMT

The central bank official cited several areas of concern, including: slowing gains in the jobs market from the 21 million positions lost in the early days of the coronavirus pandemic.

Mortgage demand from homebuyers falls for the fourth straight week

Wed, 21 Oct 2020 11:00:01 GMT

Homebuyer demand is incredibly strong compared with last year, but there appears to be a slight pullback this month.

A 'blue wave' in U.S. elections could bring forward Fed rate hikes, says Morgan Stanley

Wed, 21 Oct 2020 05:33:01 GMT

The first rate hike by the Federal Reserve could be brought forward from around 2024-2025 to 2023-2024, said Jim Caron, a fixed income portfolio manager at Morgan Stanley Investment Management.

The GDP report next week will likely show record-breaking economic growth, but it may not help Trump

Tue, 20 Oct 2020 22:45:56 GMT

Next week, the U.S. will get economic news like it has never seen before, reflecting growth that had seemed impossible, as it is likely that GDP will have risen by more than 30%.

Homebuilder sentiment sets another record high in October

Mon, 19 Oct 2020 14:00:01 GMT

The nation's homebuilders are seeing no fall chill in demand from buyers, and that has the industry more confident than ever.

Years of low interest rates made the current economic crisis worse, Fed's Rosengren says

Thu, 08 Oct 2020 17:40:11 GMT

The central bank official said he expects defaults and bankruptcies to hit that will make the unemployment problem worse.

Jobless claims were worse than expected amid slowdown in hiring

Thu, 08 Oct 2020 13:02:32 GMT

First-time claims for state unemployment benefits were expected to total 825,000 last week, according to economists surveyed by Dow Jones.

Consumers''savings buffer' accumulated during pandemic could help aid the economy without stimulus

Thu, 08 Oct 2020 11:41:57 GMT

Morgan Stanley estimates that U.S. households have saved an extra $1.1 trillion as of August, compared to pre-pandemic levels.

As stimulus talks falter, the U.S. economy faces growth coming to a halt

Thu, 08 Oct 2020 00:50:19 GMT

A recovery that has lived by stimulus could die by stimulus, or the lack thereof, as the impasse among Washington leaders hits a new phase.

Fed officials worried that lack of help from Congress will threaten recovery, minutes show

Wed, 07 Oct 2020 18:21:38 GMT

The Federal Open Market Committee on Wednesday released minutes from its Sept. 15-16 meeting.

Stanford professor on the new remote work economy: A 'productivity disaster' and 'ticking time ...

Wed, 07 Oct 2020 17:01:34 GMT

The work-from-home economy is likely to continue long past the coronavirus pandemic — and it doesn't come without challenges. "If I were a company planning the future of my office," says Stanford economist Nicholas Bloom, "I’d be looking to the suburbs."

Fed's Kashkari warns delaying stimulus will have 'enormous consequences'

Wed, 07 Oct 2020 13:50:26 GMT

As the impasse in Washington intensifies, Kashkari told CNBC that workers, businesses and governments need more cash from Congress.

Mortgage rates set another record low, sparking new strength in refinances

Wed, 07 Oct 2020 12:11:17 GMT

Mortgage rates moved even lower last week, after setting multiple record lows over the last several months. That caused more borrowers to call their lenders and apply for a refinance, but it did not motivate homebuyers quite as much.

Trump's ending of stimulus talks will mean a 'much slower' recovery, Fed's Mester says

Tue, 06 Oct 2020 21:29:04 GMT

"It's going to be a much slower recovery and it's disappointing that we didn't get a package done," Mester told CNBC.

Fed Chair Powell calls for more help from Congress, says there's a low risk of 'overdoing it'

Tue, 06 Oct 2020 15:17:03 GMT

Powell called Tuesday for continued aggressive fiscal and monetary stimulus for an economic recovery that he said still has "a long way to go."

Watch Fed Chair Jerome Powell talk rates, the economy and pandemic stimulus live

Tue, 06 Oct 2020 14:31:15 GMT

Federal Reserve Chairman Jerome Powell delivers his latest views on the economy Tuesday morning to a virtual gathering of the National Association for Business Economics.