US Job Market Stayed Strong In September Despite Fed's Rate Hikes
Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
US Job Market Stayed Strong In September Despite Fed's Rate Hikes
US Job Market , Stayed Strong In September , Despite Fed's Rate Hikes.
In September, employers posted 9.6 million
job openings, an indicator that America's
job market remains strong.
.
ABC reports that layoffs fell
from 1.7 million in August to
1.5 million in September.
.
At the same time, unemployment
for the month had dropped to
3.8%, nearly a half-century low.
.
Consumer prices remained 3.7% higher
than the same time in 2022, but were down
from a 9.1% peak reached in June of 2022.
.
ABC reports that while job openings for September
were down from a record 12 million reached in
June, they remain high by historical standards.
.
The strong performance of the job market comes
despite the Federal Reserve's efforts to fight
inflation, which aim to cool the job market.
.
Since March of 2022, the Fed
has increased its benchmark
interest rate eleven times.
.
ABC reports that the U.S. central bank is expected to
announce another pause in rate hikes for its second straight
meeting while it monitors the impact of previous increases.
ABC reports that the U.S. central bank is expected to
announce another pause in rate hikes for its second straight
meeting while it monitors the impact of previous increases.
The Fed is looking to accomplish a
"soft landing," raising rates enough to reign
in prices without triggering a recession.
.
Analysts predict that U.S. employers added
another 189,000 jobs in October, which will be revealed in
the Labor Department's upcoming jobs report for the month.
Analysts predict that U.S. employers added
another 189,000 jobs in October, which will be revealed in
the Labor Department's upcoming jobs report for the month
Target Is Lowering Prices , of 5,000 Items.
On May 20, the retailer said it's
cutting prices on common goods to
help people save money, NPR reports. .
Items like "milk, meat, bread, soda, fresh fruit and vegetables, snacks, yogurt, peanut butter, coffee, diapers, paper towels, pet food and more" will see price reductions, Target said.
We know consumers are feeling
pressured to make the most of
their budget, and Target is here
to help them save more. , Executive Vice President Rick Gomez, via statement.
1,500 items have already seen price cuts,
and more cuts will be made over the summer.
Examples of lower prices in some areas include Thomas' Plain Bagels dropping from $4.19 to $3.79.
Clorox Scented Wipes dropping from $5.79 to $4.99 .
and Good & Gather Unsalted Butter
dropping from $3.99 to $3.79.
In March, the personal consumption expenditures (PCE) price index was
up 2.7% year-over-year, NPR reports.
The Federal Reserve uses the
PCE to help measure inflation.
Typically, the agency likes the PCE to be at 2%
Credit: Wibbitz Top Stories Duration: 01:30Published
Stock Markets Rally , Amid Investor Hopes for , Interest Rate Cuts in 2024.
On the morning of May 15, both the S&P and the
Nasdaq hit all-time highs after new data suggested
inflation may be easing in line with expectations.
Quartz reports that the Dow Jones Industrial Average
is also inching toward the record-breaking
40,000 mark, which it almost hit in March. .
According to the latest Bureau of Labor
Statistics data, April saw the Consumer Price
Index, a key gauge of inflation, rise by 3.4%.
At the same time, consumer prices
increased by 0.3%, slowing slightly
from March's 0.4% increase.
The latest data also shows that core prices,
which don't include food and energy, saw the lowest
increase since April of 2021, rising just 3.6%. .
As a result, investors have a sense of
renewed hope that the Federal Reserve will
begin to cut interest rates at some point in 2024.
The latest inflation data was released one day
after the Producer Price Index, which
measures wholesale inflation, increased 0.5%. .
Over the past year, the
index has increased 2.2%.
Shortly after markets opened, the Dow
jumped up 147 points, hitting 39,705, while the
S&P 500 and the Nasdaq saw 0.5% increases.
Shares in GameStop were down 30% after
experiencing a boost earlier this week by
the online return of investor "Roaring Kitten."
Credit: Wibbitz Top Stories Duration: 01:30Published
Consumer Outlook , Plunges Amid Fears of , More Price Hikes Ahead.
CNN reports that sentiment about the economy among
consumers in the United States has plummeted
to the lowest level in the past six months.
According to the latest consumer survey by the
University of Michigan, consumers are also bracing
for more price increases in the year ahead. .
The consumer expectations gauge,
which is closely monitored by the White House,
dropped 13%, representing the most significant
single month decline since mid-2021.
The latest news is still better than
last May when inflation was at 4%
compared to the current 3.5% reading.
However, CNN points out that despite inflation
being lower than the same time last year, the numbers
have been moving in the wrong direction.
The trajectory has shifted
economist expectations for
the Federal Reserve to cut rates. .
The latest Fed report saw expectations
for year-ahead inflation increase
to 3.5% from the 3.2% forecast in April. .
At the same time, long-run
expectations for inflation also
increased to 3.1% from April's 3.0%. .
According to Chicago Federal Reserve
President Austan Goolsbee, the latest data , "bodes awful for progress on inflation.".
There isnβt, at this time,
much evidence in my view that
inflation is stalling out at 3%, Austan Goolsbee, Chicago Federal Reserve President, via CNN
Credit: Wibbitz Top Stories Duration: 01:31Published
Key Federal Reserve Inflation Gauge , Rose 2.8% in March.
According to Commerce Department
data released on April 26.
the personal consumption expenditures
(PCE) price index, not including food or energy, rose 2.8% year-over-year in March. .
That exceeded Dow Jones
estimates of 2.7%, CNBC reports. .
When also accounting for food and energy, the all-items PCE measure rose 2.7%,
which was above the 2.6% estimate.
Inflation reports released this morning
were not as a hot as feared, , George Mateyo, chief investment officer at Key Wealth, via CNBC.
... but investors should not get
overly anchored to the idea that
inflation has been completely
cured and the Fed will be cutting
interest rates in the near-term, George Mateyo, chief investment officer at Key Wealth, via CNBC.
The prospects of rate cuts remain,
but they are not assured, and the
Fed will likely need weakness in
the labor market before they
have the confidence to cut, George Mateyo, chief investment officer at Key Wealth, via CNBC.
Consumers continue to spend despite
higher prices, CNBC reports.
Personal spending increased 0.8% in March, while personal income rose 0.5%.
The personal saving rate dropped to 3.2% as more people are having to dip into their savings to cover the cost of living.
The Fed continues to target 2% inflation, which the core PCE has exceeded for
the last three years, CNBC reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
Fears of Potential Iranian Attack , Drive US Stocks Down , Nearly 500 Points.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
By mid-afternoon, the Dow had fallen
1.4%, the S&P 500 went down 1.6%,
and the Nasdaq dropped 1.8%.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The warning comes after Iran
accused Israel of a deadly airstrike
on a consulate in Damascus, Syria. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
Brent crude futures jumped up to $90.42
a barrel, and West Texas Intermediate crude
futures increased to $86.65 a barrel.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
CNN reports that Americans' opinions of
the economy have dipped in the past few
months amid persistently high inflation.
The geopolitical fears come as investors are already
contending with concerns that the Federal Reserve could
wait to bring interest rates down from a 23-year high.
Officials at the Fed have signaled that further rate
hikes could still be on the way if the central
bank's efforts to fight inflation stall.
Credit: Wibbitz Top Stories Duration: 01:31Published
T-Mobile Announces Deal , to Acquire Most of , U.S. Cellular .
T-Mobile Announces Deal , to Acquire Most of , U.S. Cellular .
On May 28, T-Mobile announced that
it will acquire most of competitor
U.S. Cellular in a massive $4.4 billion deal.
ABC reports that the deal would give T-Mobile,
already one of the largest wireless providers in
the United States, an additional 4 million customers.
ABC reports that the deal would give T-Mobile,
already one of the largest wireless providers in
the United States, an additional 4 million customers.
The deal will also see T-Mobile acquire
hundreds of brick-and-mortar stores
and a wider presence in rural areas.
The deal will also see T-Mobile acquire
hundreds of brick-and-mortar stores
and a wider presence in rural areas.
The acquisition will also expand T-Mobile's
spectrum rights, a federal license permitting
the transmission of mobile signals.
According to T-Mobile, the deal
is expected to close sometime
in the middle of 2025.
As customers from both
companies will get more
coverage and more capacity
from our combined footprint,
our competitors will be forced
to keep up -- and even more
consumers will benefit, Mike Sievert, CEO of T-Mobile, via ABC.
As customers from both
companies will get more
coverage and more capacity
from our combined footprint,
our competitors will be forced
to keep up -- and even more
consumers will benefit, Mike Sievert, CEO of T-Mobile, via ABC.
T-Mobile added that U.S. Cellular
will retain control of a portion of the
company's spectrum rights and cellular towers. .
According to T-Mobile, the deal will provide
customers with more competitive options to the
two largest U.S. wireless carriers: Verizon and AT&T.
According to T-Mobile, the deal will provide
customers with more competitive options to the
two largest U.S. wireless carriers: Verizon and AT&T.
By tapping into the additional
capacity and coverage created
through the combined spectrum
and wireless assets, T-Mobile
will spur competition, T-Mobile statement, via ABC.
The news comes after a series of
acquisitions for T-Mobile aimed at
accelerating the wireless provider's growth
Credit: Wibbitz Top Stories Duration: 01:31Published
Season three of 'Abbott Elementary' sees Janine Teagues have a job glow up, going from teacher to school district employee, as well as a serious style glow up! But there's more to her transformation than meets the eye. Creator and star Quinta Brunson, as well as the show's costume designer, head hair stylist and head makeup artist spoke to The Hollywood Reporter all about the story the ABC series is telling through Janine's on-screen evolution.
Credit: The Hollywood Reporter Duration: 05:24Published
2024 Rock & Roll Hall of Fame Inductees , Are Announced.
2024 Rock & Roll Hall of Fame Inductees , Are Announced.
This year's honorees are
Mary J. Blige, Cher, Dave Matthews Band.
This year's honorees are
Mary J. Blige, Cher, Dave Matthews Band.
This year's honorees are
Mary J. Blige, Cher, Dave Matthews Band.
Foreigner, Peter Frampton, Kool & The Gang.
Foreigner, Peter Frampton, Kool & The Gang.
Foreigner, Peter Frampton, Kool & The Gang.
Ozzy Osbourne and
A Tribe Called Quest, NPR reports. .
Ozzy Osbourne and
A Tribe Called Quest, NPR reports. .
John Sykes, chairman of the Rock & Roll
Hall of Fame Foundation, issued a
statement about this year's inductees.
Rock & Roll is an ever-evolving
amalgam of sounds that impacts
culture and moves generations, John Sykes, chairman of the Rock & Roll Hall of Fame Foundation, via NPR.
This diverse group of inductees
each broke down musical barriers
and influenced countless artists
that followed in their footsteps, John Sykes, chairman of the Rock & Roll Hall of Fame Foundation, via NPR.
Additionally, the Musical Influence Award will go to Alexis Korner, John Mayall and Big Mama Thornton.
Additionally, the Musical Influence Award will go to Alexis Korner, John Mayall and Big Mama Thornton.
Additionally, the Musical Influence Award will go to Alexis Korner, John Mayall and Big Mama Thornton.
The Musical Excellence Award will be given to
Jimmy Buffett, MC5, Dionne Warwick
and Norman Whitfield.
The Musical Excellence Award will be given to
Jimmy Buffett, MC5, Dionne Warwick
and Norman Whitfield.
The Musical Excellence Award will be given to
Jimmy Buffett, MC5, Dionne Warwick
and Norman Whitfield.
The Musical Excellence Award will be given to
Jimmy Buffett, MC5, Dionne Warwick
and Norman Whitfield.
The Ahmet Ertegun Award, which honors those
who don't perform music but have made an impact
in the industry, will go to Suzanne de Passe.
The induction ceremony will take place on Oct. 19 and will stream live on Disney+.
It will be available to view on Hulu the following
day and will also air on ABC at a later date.
It will be available to view on Hulu the following
day and will also air on ABC at a later date
Credit: Wibbitz Top Stories Duration: 01:30Published
Beloved 'Golden Bachelor' couple Gerry Turner and Teresa Nist are sadly calling it quits. Just three months after tying the knot in an ABC special in January, the couple, whose engagement was revealed in Nov, announced they are getting a divorce. They sat down with 'Good Morning America' to reveal their decision but offered little to an audience that will want to know what happened after witnessing their inspiring later-in-life love story unfold.
Credit: The Hollywood Reporter Duration: 02:04Published
Ford Orders Recall , Over Potential SUV Gas Leak.
ABC reports that Ford has ordered
a recall for almost 43,000 small SUVs
due to a potential risk of fire. .
The recall impacts some Bronco
Sport SUVs from 2022 and 2023,
as well as 2022's Escape SUVs. .
According to Ford, gasoline can leak from
fuel injectors near or onto hot engine surfaces,
which increases the risk of starting fires.
The recall does not reportedly include repairing
any potential fuel leak, which the company
claims only impacts about 1% of their SUVs.
ABC reports that Michael Brooks, executive director
of the nonprofit Center for Auto Safety,
has called Ford's decision a "Band-aid type recall.".
Brooks claims that even a 1% failure
rate is high and places drivers
at potential risk for a crash.
The NHTSA said that it lacks legal
authority to pre-approve recall fixes. .
The agency added that it would, "closely track their performance using field data.".
However, Brooks suggests that Congress
needs to change laws so that the NHTSA can , "require something more than the rubber
stamp that NHTSA is currently deploying.β.
That is a post-remedy inquiry
that won't make the fixes better,
and further stretches out the process
and leaves consumers in limbo. , Michael Brooks, executive director of the
nonprofit Center for Auto Safety, via ABC
Credit: Wibbitz Top Stories Duration: 01:30Published
March Retail Sales , Exceeded Expectations.
New Commerce Department data surprised
some analysts on April 15, 'The Hill' reports. .
The agency's latest estimates indicate
that March retail sales increased by 0.7%.
They were only expected
to rise 0.3% last month.
While sales exceeded estimates for March, the jump
was still below the 0.9% increase in February.
Compared to the same time last year, total sales
for the first three months of 2024 were up 2.1%.
On April 10, the Labor Department released data showing that inflation rose last month. .
The consumer price index (CPI)
increased 0.4% in March and 3.5% annually.
In February, consumer prices
increased 3.2% year-over-year. .
Still, the newest Commerce Department data suggests that Americans continue to spend despite prolonged inflation, 'The Hill' reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
Labor Market Remains Strong as, Unemployment Claims , Continue to Fall.
ABC reports that the number of applications for
unemployment in the United States fell sharply
last week, signaling a..
Credit: Wibbitz Top Stories Duration: 01:31Published
US Job Market , Stays Strong as Applications for , Jobless Benefits Inch Lower.
ABC reports that slightly fewer people in the United States
applied for jobless claims last week, indicating that..
Credit: Wibbitz Top Stories Duration: 01:31Published
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