Another Obama Economist Joins Public Chorus of Voices Disparaging Biden’s Handling of Inflation

Former Obama administration Treasury Secretary Steven Rattner is the latest high-profile Democrat to hit at the Biden administration’s handling of the U.S. economy.

In a “guest essay” for the New York Times on Thursday, Rattner criticized the president for the “talking points on inflation” he provided during a recent interview with NBC’s Lester Holt.

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Biden’s Average Approval Rating Drops Below 40 Percent

President Joe Biden’s nationwide average job approval rating fell below 40% for the first time Thursday, multiple sources reported.

Biden’s mean approval rating sunk to 39.8% as of early Thursday, according to the Real Clear Politics average of major nationwide job performance polls. The figure is just 2.7 points above former President Donald Trump’s all-time low approval rating of 37.1% in December 2017, according to the Real Clear Politics average.

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Majority of Americans Say Their Finances Are Not Better Off Since Biden Took Office

A majority of Americans say they are not better off financially than they were a year ago, according to a new poll.

Gallup released the polling data Thursday showing that only 41% of Americans say they are financially better off than they were a year ago, when President Joe Biden took office.

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U.S. Economy Grew Faster Than Expected at the End of 2021

The U.S. economy grew at a faster rate than was anticipated pace in the fourth quarter of 2021, benefiting from solid consumer demand before the slowdown caused by the Omicron coronavirus variant and supply chain disruptions.

U.S. Gross Domestic Product (GDP) grew 6.9% on a year-over-year basis in the fourth quarter of 2021, a 2.3% increase from the third quarter figure, the Commerce Department announced Thursday. Economists surveyed by The Wall Street Journal estimated that U.S. GDP would grow at a just 5.5% annual rate.

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U.S. Retail Sales Fell by 1.9 Percent in December

As the Omicron variant surged across the U.S., retail sales dipped 1.9% during the final month of 2021, according to information released by the Commerce Department on Friday.

Data shows that holiday shoppers took warnings about shipping delays seriously and shifted their holiday shopping schedule up last year. On the whole, consumer demand led sales to grow by 16.9% in 2021.

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Biden’s Approval Rating Hits New Low, Least Popular Among Hispanics

President Joe Biden’s approval rating continues to drop as voters grow increasingly dissatisfied with his handling of key issues, according to the results of a new poll.

Biden’s approval rating dropped to a new low of 33%, according to a Quinnipiac University poll released Wednesday, with 53% of Americans saying they disapprove of the president’s performance. The rating is down 3% since November 2021, when Biden held a 36% approval rating.

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Another Key Inflation Indicator Surges to Record High in 2021

The Producer Price Index (PPI), which measures inflation at the wholesale level, surged to 9.7% on a year-over-year basis as of December 2021, marking the highest rate in history, the U.S. Bureau of Labor Statistics (BLS) announced Thursday.

The BLS reported that the PPI grew 0.2% in December as prices continued to soar amid growing supply chain disruptions and COVID-19 concerns. As of November, the measure grew 9.6% on a year-over basis and 0.8% in that month alone.

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Trade Deficit Hits Record as Demand for Imports Soars

The U.S. trade deficit soared to a record high in November as consumer demand for goods and the easing of supply chain bottlenecks caused imports to surge, according to the Commerce Department.

The goods deficit increased in November to $99 billion as consumers shopped for holiday gifts earlier than in previous years, the Commerce Department announced Thursday. Imports outweighed exports, bringing the U.S. trade deficit in goods and services in November to $80.2 billion.

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Zillow to Shut Down House-Flipping Business, Lay Off 2,000 Workers After Disastrous Earnings

Zillow is closing down its home buying and selling business and laying off 25% of its workforce after the online real estate company missed its third-quarter earnings estimate.

The company announced in a statement attached to its earnings report Tuesday that it would be shutting down its Offers program, which buys and sells houses, after the company reported a net loss, partly due to failures in its Offers division. Zillow attributed the change to its inability to accurately forecast the housing market.

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Coronavirus Is Fading as the Top Issue on Americans’ Minds, Polls Show

COVID-19 is taking a back seat when it comes to the economy, education and more, recent polls show.

In a new Reuters/Ipsos poll, only about 12% of American adults surveyed said they would list public health issues, which include COVID-19, as a top priority, below economic issues like the job market and inflation. The poll also showed 73% of respondents saying political leaders should focus on growing jobs and the economy and two-thirds of voters, including a majority of both Republicans and Democrats, agreeing that “inflation is a very big concern for me.”

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Trade Chief Katherine Tai Says U.S. Will ‘Build On’ Trump’s Tariffs to Fight China

Trade Representative Katherine Tai said the U.S. will “build on” existing tariffs targeting billions of dollars in Chinese imports issued during the Trump administration as President Joe Biden seeks to define his relationship with China, Politico reported.

Tai told Politico the Section 301 tariffs former President Donald Trump issued have “had the effect of getting a lot of people’s attention,” including U.S. companies, their workers, trading partners and China itself.

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Jobless Claims Jump to 362,000, Unexpectedly Increase Again

The number of Americans filing new unemployment claims increased to 362,000 last week as the economy continues to slowly recover from the coronavirus pandemic.

The Bureau of Labor Statistics figure released Thursday represents an increase in the number of new jobless claims compared to the week ending Sept. 18, when 351,000 new jobless claims were reported. Jobless claims were expected to decline to 335,000, The Wall Street Journal reported.

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Retail Sales Dipped in July Amid Spiking Coronavirus Cases

Woman shopping

Retail sales in the U.S. declined in July as the number of coronavirus cases spiked, localities renewed some restrictions and businesses delayed their return to in-person work.

Sales dropped 1.1% in July compared to June and totaled $617.7 billion, according to the Census Bureau report released Tuesday. The decrease was driven mainly by declining used and new car sales, clothing purchases, building materials sales, sports goods sales and furniture purchases.

Economists expected retail sales to fall 0.3%, a relatively modest drop compared to the actual decline, CNBC reported. All major stock market indices declined between 0.5% and 0.8% on Tuesday morning following the worse-than-expected report.

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U.S. Added 49,000 Jobs in January, Unemployment Rate Fell to 6.3 Percent

The U.S. economy reported an increase of 49,000 jobs in January while the unemployment rate fell to 6.3%, according to Department of Labor data released Friday.

Total non-farm payroll employment increased by 49,000 in January, according to the Bureau of Labor Statistics report, and the number of unemployed persons fell to 10.1 million. Economists projected 50,000 Americans to be added to payrolls and the unemployment rate to increase to come in at 6.7% prior to Friday’s report, according to the WSJ.

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New Jobless Claims Decrease to 779,000, Economists Expected 830,000

The number of Americans filing new unemployment claims decreased to 779,000 last week as the economy continued to suffer the effects of the ongoing coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics (BLS) figure released Thursday represented a decrease in the number of new jobless claims compared to the week ending Jan. 23, in which there were 847,000 new jobless claims reported. Roughly 17.8 million Americans continue to collect unemployment benefits, according to the BLS report Thursday.

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New Jobless Claims Decrease to 847,000, Economists Expected 875,000

The number of Americans filing new unemployment claims decreased to 847,000 last week as the economy continued to suffer the effects of the ongoing coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics (BLS) figure released Thursday represented a decrease in the number of new jobless claims compared to the week ending Jan. 16, in which there were 900,000 new jobless claims reported. Roughly 18.3 million Americans continue to collect unemployment benefits, according to the BLS report Thursday.

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Economy Shrank More in 2020 Than Any Year Since the End of WWII Despite Fourth Quarter Growth

The U.S. economy contracted 3.5% in 2020 due to the coronavirus pandemic, marking the nation’s worst economic performance since the end of World War II.

The U.S. gross domestic product (GDP), which measures net services and goods produced by a country, fell 3.5% in 2020 compared to the 2.2% increase in 2019, according to a Bureau of Economic Analysis (BEA) report released Thursday. The overall decline came despite 4% growth in the fourth quarter, the period from October to December, and 38.3% growth in the third quarter, the period from July to September.

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New Jobless Claims Spike to 965,000, Economists Expected 800,000

The number of Americans filing new unemployment claims increased to 965,000 last week as the economy continued to suffer the effects of the ongoing coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics (BLS) figure released Thursday represented a increase in the number of new jobless claims compared to the week ending Jan. 9, in which there were 787,000 new jobless claims reported. Roughly 18.4 million Americans continue to collect unemployment benefits, according to the BLS report Thursday.

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New Jobless Claims Come in at 787,000, Economists Expected 815,000

The number of Americans filing new unemployment claims stayed at 787,000 last week as the economy continued to suffer the effects of the ongoing coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics (BLS) figure released Thursday represented no change in the number of new jobless claims compared to the week ending Jan. 2, in which there were also 787,000 new jobless claims reported. Roughly 19.2 million Americans continue to collect unemployment benefits, according to the BLS report Thursday.

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New Jobless Claims Decrease to 787,000, Economists Expected 828,000

The number of Americans filing new unemployment claims decreased to 787,000 last week as the economy continued to suffer the effects of the ongoing coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics (BLS) figure released Thursday represented a decrease of new jobless claims compared to the week ending Dec. 26, in which there were 803,000 new jobless claims reported. Roughly 19.6 million Americans continue to collect unemployment benefits, according to the BLS report Thursday.

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New Jobless Claims Decrease to 803,000, Economists Expected 888,000

The number of Americans filing new unemployment claims decreased to 803,000 last week as the economy continued to suffer the effects of the ongoing coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics (BLS) figure released Thursday represented a decrease of new jobless claims compared to the week ending Dec. 12, in which there were 885,000 new jobless claims reported. Roughly 20.4 million Americans continue to collect unemployment benefits, according to the BLS report Thursday.

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New Jobless Claims Increase to 885,000, Economists Expected 808,000

The number of Americans filing new unemployment claims increased to 885,000 last week as the economy continued to suffer the effects of the ongoing coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics (BLS) figure released Thursday represented an increase of new jobless claims compared to the week ending Dec. 5, in which there were 853,000 new jobless claims reported. Roughly 20.6 million Americans continue to collect unemployment benefits, according to the BLS report Thursday.

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New Jobless Claims Climb to 853,000, Economists Expected 730,000

The number of Americans filing new unemployment claims increased to 853,000 last week as the economy continued to suffer the effects of the ongoing coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics (BLS) figure released Thursday represented a large increase of new jobless claims compared to the week ending Nov. 28, in which there were 712,000 new jobless claims reported. New jobless claims had stayed below 800,000 for more than a month prior to the report.

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Economic Recovery Slows, U.S. Adds Just 245,000 Jobs in November

The U.S. economy added 245,000 jobs in November, far below economists’ expectations, while unemployment fell to 6.7%, according to Department of Labor data released Friday.

Total non-farm payroll employment rose by 245,000 in November, according to the Bureau of Labor Statistics report, and the number of unemployed persons fell by 400,000 to 10.7 million. The U.S. added 638,000 jobs in October while the unemployment rate dropped to 6.9%.

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New Unemployment Claims Decrease to 712,000, Beating Expectations

The number of Americans filing new unemployment claims decreased to 712,000 last week as the economy continued to suffer the effects of the ongoing coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics (BLS) figure released Thursday represented a decrease of new jobless claims compared to the week ending Nov. 21, in which there were 778,000 new jobless claims reported. New jobless claims have stayed below 800,000 for more than a month.

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Disney to Lay Off 32,000 Workers as Coronavirus Devastates Theme Parks

Disney is preparing to lay off 32,000 employees as the coronavirus pandemic continues to keep visitors away from theme parks.

Most of those layoffs would come from Disney’s parks, experiences and products division, according to a report Disney filed with the Securities and Exchange Commission Wednesday. The company announced in September that it would lay off 28,000 layoffs, but those pertained largely to part-time employees.

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New Unemployment Claims Increase to 778,000, Missing Expectations

The number of Americans filing new unemployment claims increased to 778,000 last week as the economy continued to suffer the effects of the ongoing coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics (BLS) figure released Wednesday represented an increase of new jobless claims compared to the week ending Nov. 14, in which there were 742,000 new jobless claims reported. New jobless claims have stayed below 800,000 for more than a month.

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As Jobless Claims Increase, Some States Employment Rates Are Bouncing Back

The number of individuals who filed for unemployment benefits last week increased to 742,000, the first increase in five weeks, according to new data published by the U.S. Department of Labor.

The number of people who filed for state unemployment benefits in the week ending Nov. 13 grew by 31,000 from the previous week’s revised level of 711,000, according to the Nov. 19 report.

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New Unemployment Claims Increase to 742,000, Missing Expectations

The number of Americans filing new unemployment claims increased to 742,000 last week as the economy continued to suffer the effects of the ongoing coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics (BLS) figure released Thursday represented an increase of new jobless claims compared to the week ending Nov. 7, in which there were 709,000 new jobless claims reported. New jobless claims have been below 800,000 for five consecutive weeks.

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U.S. Economy Added 638,000 Jobs in October, More Than Expected

The U.S. economy added 638,000 jobs in October, while unemployment fell to 6.9%, according to Department of Labor data released Friday.

Total non-farm payroll employment rose by 638,000 in October, according to the Bureau of Labor Statistics report, and the number of unemployed persons fell by 1.5 million to 11.1 million. The U.S. added 661,000 jobs in September while the unemployment rate dropped to 7.9%.

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New Unemployment Claims Miss Expectations, Stay Unchanged

The number of Americans filing new unemployment claims came in at 751,000 last week as the economy continues to suffer the effects of the ongoing coronavirus pandemic, according to the Department of Labor.

New jobless claims were unchanged compared to the week ending Oct. 24 in which there were also 751,000 new jobless claims reported, the Bureau of Labor and Statistics figure released Thursday showed. New jobless claims have been below 800,000 for three consecutive weeks, according to CNBC.

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US Economy Surges at Record Rate, GDP Grows 33.1 Percent

The U.S. economy grew by a record 33.1% in the third quarter of 2020, as employers continue to restore jobs and the country continues to feel the effects of the coronavirus pandemic.

The Department of Commerce figure released Wednesday reflects the rate of decline in U.S. gross domestic product (GDP) during the third quarter, from July to September. The economy plunged by 31.4% in the second quarter of 2020, a record drop caused by government measures to combat the spread of coronavirus, according to The Associated Press.

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New Unemployment Claims Fall to 751,000, Beat Expectations

The number of Americans filing new unemployment claims decreased to 751,000 last week as the economy continues to suffer the effects of the ongoing coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics figure released Thursday represented a decrease of new jobless claims compared to the week ending Oct. 17, in which there were 787,000 new jobless claims reported. The figure released on Oct. 22 was the lowest since March, according to CNBC.

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New Unemployment Claims Fall to 787,000, Lowest Level Since March

The number of Americans filing new unemployment claims decreased to 787,000 last week as the economy continues to suffer the effects of the ongoing coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics figure released Thursday represented a decrease of new jobless claims compared to the week ending Oct. 10, in which there were 898,000 new jobless claims reported. Thursday’s figure was the lowest since March, according to CNBC.

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Nearly 900,000 U.S. Workers File New Unemployment Claims

Nearly 900,000 American workers filed new claims for unemployment benefits last week, an increase of 53,000 new claims from the week prior and a sign that the U.S. economy has a long way to go to recovery.

According to U.S. Department of Labor satistics released Thursday, 898,000 new claims were filed in the week ending Oct. 10, when seasonally adjusted. That’s up from the previous week’s revised level of 845,000 claims.

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Approximately 840,000 U.S. Workers File New Claims for Unemployment Benefits

An additional 840,000 American workers filed initial unemployment claims in the week ending Oct. 3, down about 9,000 from the previous week’s revised number but still well above pre-pandemic levels.

According to the U.S. Department of Labor, the advance seasonally adjusted unemployment rate was 7.5 percent for the week ending Sept. 26, a decrease of 0.7 percentage points from the prior week. Unemployment rate data lags the new initial claims report by a week.

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New Unemployment Claims Decrease to 837,000, Beat Expectations

The number of Americans filing new unemployment claims decreased to 837,000 last week as the economy continues to suffer the effects of the ongoing coronavirus pandemic, according to the Department of Labor.

The Department of Labor figure released Thursday represented a decrease of new jobless claims compared to the week ending on Sept. 19, in which there were 870,000 new jobless claims reported.

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