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Like a baby’s temper tantrum, the meltdown in the infant formula market has been building for some time. The Food and Drug Administration announced emergency measures this week to get more baby formula on the market, and soothe the nerves of anxious parents who’ve been facing shortages. President Biden invoked the Defense Production Act Wednesday… Read More
Updated May 11, 2022 at 8:37 AM ET WASHINGTON, D.C. (NPR) — Four-dollar gasoline and five-dollar hamburger are putting a squeeze on Tanya Byron’s pocketbook. But it’s the rent that really stings. “It’s pretty depressing,” says the Jacksonville, Fla., travel agent, sitting in the tiny dining room that doubles as her home office. “I make… Read More
WASHINGTON, D.C. (NPR) — The Federal Reserve ordered the largest interest hike in more than two decades Wednesday as part of its escalating campaign to battle stubbornly high inflation. The central bank raised its benchmark rate by half-a-percentage point, following a quarter-point increase in March. The moves mark a sharp U-turn from the easy-money policies… Read More
WASHINGTON, D.C. (NPR) — Warning lights are flashing for the U.S. economy. A growing number of forecasters now believe a recession is on the horizon as the Federal Reserve gears up to raise interest rates sharply to combat the highest inflation in more than 40 years. It’s an unusual outlook at a time when the… Read More
Updated April 12, 2022 at 8:36 AM ET WASHINGTON, D.C. (NPR) — From rising rent to higher heating bills, surging inflation impacts everybody, but it poses a particular hardship for people with little extra money to spare. On Tuesday, the Labor Department reported that consumer prices in March were 8.5% higher than a year ago… Read More
WASHINGTON, D.C. (NPR) — With gasoline prices topping $4 a gallon, many drivers are looking for a car that will go farther on a gallon of gas, or maybe one that doesn’t use gasoline at all. Finding such a car, though, is not easy. Electric cars and gas-electric hybrids are in short supply, and prices… Read More
Updated March 4, 2022 at 9:08 AM ET WASHINGTON, D.C. (NPR) — Hiring accelerated sharply last month as U.S. employers added 678,000 jobs, the largest gain since last July, and a resilient economy continues its recovery from the stubborn coronavirus pandemic. The unemployment rate fell to 3.8% last month, from 4% in January. Job gains… Read More
WASHINGTON, D.C. (NPR) — Last year saw the fastest economic growth since Ronald Reagan was president. But for many people, 2021 felt less like “Morning in America” and more like a restless night, dogged by fitful dreams about the ongoing pandemic. The Commerce Department reported Thursday that the nation’s gross domestic product grew 5.7% last… Read More
Updated December 10, 2021 at 9:09 AM ET WASHINGTON, D.C. (NPR) — If you think your grocery bill has gone through the roof this year, you can appreciate what’s happened to Cameron Mitchell. Mitchell’s shopping for about 60 restaurants he runs in cities across the country — from high-end steakhouses to Molly Woo’s Asian Bistro… Read More
WASHINGTON, D.C. (NPR) — A new fight is brewing over taxes. The Biden administration wants to require banks to provide the Internal Revenue Service with information about how much money flows in and out of individual accounts each year. It’s part of a plan to catch people who might be cheating on their taxes and… Read More
U.S. employers added 266,000 jobs last month, far fewer than analysts had expected. The unemployment rate rose to 6.1%.
Hiring by U.S. employers accelerated sharply amid an improving public health outlook and a new round of $1,400 relief payments.
Meanwhile, the unemployment rate dipped to 6.2% last month as the winter wave of coronavirus infections eased.
Powell warned it will take time to put millions of jobless Americans back to work, while also downplaying inflation threats.
The Commerce Department says the U.S. economy grew just 1% in the last three months of the year, as a surge in coronavirus infections weighed on in-person businesses like restaurants.
As drug overdose deaths rise during the pandemic, a former White House economist says social isolation could be partly to blame.
Pent-up demand from households that have been cooped up over the last eight months could drive a spending boom in the spring, providing a big boost to the economy.
Many unemployed Americans have been tapping into their savings to pay bills. But those savings are going fast, and hopes for a new round of pandemic relief before the election are fading.
Fewer jobs were added to the economy last month even as the unemployment rate fell to 8.4%. Job growth has slowed since June in a sign of what could be a long and painful recovery from the recession.
The Federal Reserve is adjusting its long-range policy on inflation and employment. The central bank said it’s now more concerned with prices that are too low than with runaway inflation.
With lights out in many offices and millions of people plugging in at home, residential power bills are soaring, even as overall electricity consumption slumps during the recession.
Initial unemployment claims had been above 1 million for 20 straight weeks. The total receiving unemployment also dipped, to 28.3 million, as of July 25.
President Trump has directed the Treasury Department to stop collecting payroll taxes this fall in an effort to boost workers’ paychecks. But the move is temporary, and could spark headaches in 2021.
Millions of Americans who lost jobs during the pandemic are in danger of having their incomes cut for a second time. The sudden halt in payments would be felt in households and throughout the economy.
The federal deficit balloons as the government tries to cushion the blow from the coronavirus pandemic. June’s shortfall totals $864 billion — more than in an entire typical year.