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CNBC Economic News

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Updated: 1 hour 42 min ago

Fed's Mester says economic growth 'leveling off,' sees more help needed

Tue, 07/07/2020 - 14:53
"Over the past week or so, there's been some leveling off, and I think it's probably due to the increase in cases not only in Ohio but across the country," Mester said.

Fed's Bostic reportedly says U.S. recovery may be 'leveling off'

Tue, 07/07/2020 - 03:39
Atlanta Federal Reserve Bank President Raphael Bostic said the U.S. economic recovery is in danger of stalling due to the recent spike in coronavirus cases across many American states.

Raphael Bostic, the Fed's first Black branch president, says racism has economic impacts

Mon, 07/06/2020 - 10:58
The Federal Reserve has a role to play in ending systemic racism, in the view of the central bank's first Black regional president

Goldman lowers economic outlook as U.S. copes with rising coronavirus cases

Mon, 07/06/2020 - 08:25
The bank's economists now see third-quarter gross domestic product rising by 25% on an annualized basis.

Dow rises 200 points to close out big winning week after strong June jobs report

Thu, 07/02/2020 - 10:16
Stocks rose as investors cheered a bigger-than-expected jobs increase as the economy tries to claws back from the coronavirus shutdown.

Record jobs gain of 4.8 million in June smashes expectations; unemployment rate falls to 11.1%

Thu, 07/02/2020 - 08:32
Another big contributor to the decline of the jobless rate was a plunge in those on temporary layoff. That total fell by 4.8 million in June to 10.6 million after a decrease of 2.7 million in May.

Fed's Bullard warns of financial crisis risks as virus cases spike, FT reports

Thu, 07/02/2020 - 03:14
St. Louis Federal Reserve Bank president James Bullard has warned that a growing number of bankruptcies due to the coronavirus outbreak could lead to a financial crisis, the Financial Times reported.

17.6 million unemployed Americans probably won't return to their pre-pandemic jobs

Wed, 07/01/2020 - 09:37
The share of the workforce currently out of work with no reasonable chance of returning to their jobs is about 11%, or about 17.6 million people, according to new reserach from the Economic Policy Institute.

Coronavirus is expected to tank U.S. auto sales in the second quarter

Wed, 07/01/2020 - 07:14
Fiat Chrysler's U.S. vehicle sales in the second quarter declined 38.6% as the coronavirus caused consumers to stay at home and dealerships and factories to shutter.

June private payrolls rose 2.37 million and there was a big positive revision for May, ADP says

Wed, 07/01/2020 - 05:57
Private payrolls grew by 2.369 million for the month, a bit lower than the 2.5 million expectation from economists surveyed by Dow Jones, according to a report Wednesday from ADP and Moody's Analytics.

Economy's second-half comeback is now threatened by coronavirus resurgence

Wed, 07/01/2020 - 05:18
Economists expect to see a bounceback in the second half of 2020, but the resurging virus threatens the strength of the rebound.

Mortgage demand falls for the second straight week, signaling a potential slowdown in the housing recovery

Wed, 07/01/2020 - 04:00
The surge in mortgage demand from homebuyers over the past two months appears to be waning, even as mortgage rates continue to drop.

U.S. consumer confidence for June jumps more than expected

Tue, 06/30/2020 - 09:46
Consumer confidence rose more than expected in June as the U.S. loosened stay-at-home and quarantine restrictions, according to data released Tuesday.

Goldman Sachs says a national mask mandate could slash infections and save economy from a 5% hit

Tue, 06/30/2020 - 06:51
A face mask mandate would not only cut the daily growth rate of new cases of Covid-19, but could also save the U.S. economy up to 5% in GDP.

Home prices heated up in April, despite brief sales drop from coronavirus, S&P Case-Shiller says

Tue, 06/30/2020 - 06:49
Home prices strengthened in April, despite a national economic shutdown and a sharp drop in home sales due to the coronavirus.

Nearly half the U.S. population is without a job, showing how far the labor recovery has to go

Mon, 06/29/2020 - 13:53
"To get the employment-to-population ratio back to where it was at its peak in 2000 we need to create 30 million jobs," said Torsten Slok, Deutsche Bank's chief economist.

Pending home sales spike a record 44.3% in May, as homebuyers rush back into the market

Mon, 06/29/2020 - 07:03
Pending home sales spiked a stunning 44.3% in May compared with April, according to the National Association of Realtors. That beat expectations of a 15% rise. Sales were still 5.1% lower compared with May 2019.

Fragile economic recovery faces first big test with June jobs report in the week ahead

Fri, 06/26/2020 - 13:44
The second half of 2020 is here, and now it's up to the economy to prove that the stock market was right about a sharp comeback in growth.

Employment recovery may be slowing as virus cases climb

Fri, 06/26/2020 - 06:57
Data from staffing firms that track hourly employees show job growth may have stagnated or even declined in recent weeks.