Updated: 13 min 49 sec ago
The hiring blitz at bars, restaurants and hotels continued in July and led the U.S. to yet another robust month of employment gains.
Initial jobless claims totaled 385,000 for the week ended July 31, meeting estimates.
Fed Vice Chairman Richard Clarida said the central bank is likely to hit its targets by the end of next year and start raising rates again in 2023.
The 330,000 new positions is also a sharp deceleration from June.
Yellen is trying to rally the public behind the bipartisan infrastructure bill and Democrats' even bigger $3.5 trillion spending plan.
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 rose by its highest dollar amount in 14 years during the second quarter, thanks mostly to a surge in the housing market.
The Fed could begin tapering as early as October under a scenario central bank Governor Christopher Waller set out to CNBC.
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.
After rising in May, signed contracts on existing homes fell in June due to sky-high prices.
While the GDP gain would have been strong prior to the pandemic, it was considerably less than the 8.4% Dow Jones estimate.
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.
Applications to refinance a home loan jumped 9% last week from the previous week, according to the Mortgage Bankers Association.
When the Fed emerges from its July meeting on Wednesday, it may sound a bit more dovish than expected just a few weeks ago.
For the most part, the Washington-based institution sees these price pressures as transitory. However, it warned that "uncertainty remains high."
Home prices continue to break records, as strong demand slams up against weak supply.
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 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.
Treasury Secretary Yellen warned her department will start "extraordinary measures" on Aug. 2 if lawmakers don't raise the debt ceiling.
After four straight months of declines, sales of previously owned homes rose 1.4% in June month to month.