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CNBC Economic News
Private companies added 330,000 jobs in July, according to ADP, far short of the 653,000 estimate
The 330,000 new positions is also a sharp deceleration from June.
Yellen says enacting Biden's agenda is key to keeping U.S. the 'world’s pre-eminent economic power'
Yellen is trying to rally the public behind the bipartisan infrastructure bill and Democrats' even bigger $3.5 trillion spending plan.
Biden approval ratings on Covid and economy fall in new CNBC All-America survey
CNBC's All-America Economic survey showed 48% of American adults approved of the job Biden is doing as president, up a point from the first quarter.
Household debt jumps by the most in 14 years to nearly $15 trillion in the second quarter
Household debt rose by its highest dollar amount in 14 years during the second quarter, thanks mostly to a surge in the housing market.
Fed Governor Waller sees reduction in bond purchases possibly starting in October
The Fed could begin tapering as early as October under a scenario central bank Governor Christopher Waller set out to CNBC.
Key inflation indicator up 3.5% year over year in June for fastest gain since 1991
An inflation indicator that the Fed uses as its key guide rose 3.5% in June, a sharp acceleration that was nonetheless right around expectations.
Pending home sales drop in June — more evidence of a housing turnaround
After rising in May, signed contracts on existing homes fell in June due to sky-high prices.
U.S. GDP rose 6.5% last quarter, well below expectations
While the GDP gain would have been strong prior to the pandemic, it was considerably less than the 8.4% Dow Jones estimate.
Fed holds rates near zero, says economy has gotten better even with pandemic worries
The Federal Reserve on Wednesday held its benchmark interest rate near zero and said the economy continues to progress despite concerns over the pandemic spread.
Mortgage rates just dropped to a six-month low, and refinances shoot higher
Applications to refinance a home loan jumped 9% last week from the previous week, according to the Mortgage Bankers Association.
The Fed could sound more worried about the virus and less ready to tighten policy
When the Fed emerges from its July meeting on Wednesday, it may sound a bit more dovish than expected just a few weeks ago.
IMF warns that inflation could prove to be persistent and central banks may need to act
For the most part, the Washington-based institution sees these price pressures as transitory. However, it warned that "uncertainty remains high."
Home prices broke records in May, according to S&P Case-Shiller
Home prices continue to break records, as strong demand slams up against weak supply.
Housing boom is over as new home sales fall to pandemic low
After a year of frenzied buying and price gains in the double digits, newly built homes are now out of reach for much of the demand that remains in the market.
The rapid growth the U.S. economy has seen is about to hit a wall
The U.S. economy is expected to post another roaring growth spurt in the second quarter, before a slow and steady dose of reality starts to sink in.
Yellen urges Congress to raise or suspend the debt limit by Aug. 2
Treasury Secretary Yellen warned her department will start "extraordinary measures" on Aug. 2 if lawmakers don't raise the debt ceiling.
Sales of existing homes rise slightly as more listings finally hit the market
After four straight months of declines, sales of previously owned homes rose 1.4% in June month to month.
U.S. jobless claims show surprise gain, well above expectations
Weekly jobless claims totaled 419,000 for the week ended July 17, above the 350,000 estimate.
The bond market is torn over the potential for higher inflation and lower growth
A volatile environment for government bonds is reflecting a highly uncertain future for the U.S. economy.
Builders pull back as more homebuyers are priced out of the market
Building permits, an indicator of future construction, fell more than expected to the lowest since August.