Summary List Placement While the June jobs report exceeded expectations, adding 850,000 payrolls, it also blew up a developing narrative that teenagers were helping solve the country’s labor shortage. According to Bureau of Labor Statistics data, teen unemployment rates in April and May were at 12.3% and 9.6%, respectively, signaling that in the spring, teenagers […]
Summary List Placement As the US continues to recover from job losses in 2020, some industries are still far below pre-pandemic employment. Notably, the motion-picture and sound-recording industry in June was around 34% below employment in February 2020. Based on the new employment figures released by the Bureau of Labor Statistics, the US saw its […]
Summary List Placement The Friday jobs report exceeded expectations by adding 850,000 payrolls, more than economists had estimated. President Joe Biden cited the data as proof that his efforts to revive the economy are working. When asked if he thinks Congress will enact his infrastructure plans, Biden said, “Look, all I know — only thing […]
Summary List Placement In Indiana, federal unemployment benefits ended early — until they didn’t. Biden’s Labor Secretary told Insider that he’s on the case. After the state’s announcement that the $300 weekly benefits would end on June 19, instead of the scheduled September end date for the program nationwide, impacted Hoosiers brought a lawsuit against […]
Summary List Placement The number of people with jobs might have increased in June, but remote work decreased, suggesting a possible end to what became the norm for working during the pandemic. The June jobs report went beyond expectations, adding 850,000 payrolls accompanied by higher wages, mainly in the leisure and hospitality sectors. But beyond […]
Summary List Placement The pace of the nation’s economic is continuing to gain momentum. On Friday, the latest jobs report showed the US regained 850,000 jobs in June, a sharp increase from the previous month and significantly above economists’ expectations. But the accelerating recovery obscures a troubling sign: the stubbornly high Black unemployment rate. It […]
Summary List Placement While the number of jobs added in June trounced expectations, another measure also paradoxically ticked up: More unemployed people said their reason for being jobless was quitting than any other month of the pandemic. In June, 164,000 more unemployed people quit or voluntarily left their jobs, according to data from the Bureau […]
Summary List Placement Hiring accelerated again in June as Americans returned to the workforce and reopening further juiced demand. The US economy added 850,000 nonfarm payrolls last month, the Bureau of Labor Statistics announced Friday. The median estimate from economists surveyed by Bloomberg was for an increase of 720,000 jobs. The data suggests the labor […]
Summary List Placement The International Monetary Fund has lifted its outlook for US economic growth to 7% for this year, and believes the Federal Reserve will raise interest rates by the end of 2022, as recovery takes root. The IMF had previously anticipated an annual growth rate of 4.6% for this year. Should the US […]
Summary List Placement After months of waiting for workers to rejoin the labor force, some businesses have had it. Just 10% of job seekers are urgently looking for openings, according to a recent survey conducted by hiring giant Indeed. Whether it’s because of virus fears, childcare costs, financial cushions, or enhanced unemployment benefits, the jobless […]
Summary List Placement Today, two states and Washington, DC are scheduled to increase their minimum wages. Those hikes all come from scheduled incremental increases, a tactic used to increase wages without causing too much economic strain. Over 200,000 workers will see their paychecks grow, according to an estimate by Ben Zipperer of the left-leaning Economic […]
Summary List Placement Businesses need workers, and some firms are shelling out some extra cash to make that happen. That means that job seekers could get at least an extra $500 just for accepting a position. Julia Pollak, a labor economist at job search site ZipRecruiter, found that the number of positions offering signing bonuses […]
Summary List Placement Last week, President Joe Biden’s infrastructure deal with a bipartisan group of senators, while largely focused on roads and bridges, eliminated some climate measures from his initial $2 trillion plan. Democrats likely have another bite at the apple with a party-line reconciliation bill, and House Democrats want to ensure climate doesn’t get left […]
Summary List Placement The specter of inflation might not be as scary as many anticipated. Gauges of nationwide price growth show inflation hitting its fastest rate since 2008 as the economy reopens and businesses struggle with supply shortages. Yet underlying dynamics aren’t so clear-cut, economists at Goldman Sachs said in a Wednesday note. For one, much […]
The average 30-year fixed-rate mortgage fell four basis points from the week prior to 2.98%, according to data released Thursday by Freddie Mac‘s PMMS. Within the past almost three months, mortgage rates have only peaked above 3% one time. “Economic growth remains steady and is bolstering more segments of the economy,” said Sam Khater, Freddie Mac’s Chief Economist. […]
Summary List Placement Democrats and advocacy organizations have been calling on President Joe Biden to extend the student-loan payment pause past its September expiration to ensure borrowers are not improperly thrown into repayment. Two top Democrats just joined the fight. Patty Murray and Bobby Scott, chairs of the Senate and House Education Committees, respectively, sent […]
Summary List Placement The number of Americans filing for unemployment insurance sank last week as Republican-led states prematurely ended the federal government’s boost to benefits. Jobless claims reached an unadjusted 364,000 last week, the Labor Department announced Thursday morning. Economists surveyed by Bloomberg held a median estimate of 388,000 claims. The print marks a second […]
Summary List Placement Treasury Secretary Janet Yellen has issued an ominous warning to lawmakers about the potential fallout from not ensuring the US government’s ability to keep on borrowing. She told a Senate panel on June 23 the US may not be able to pay its bills by mid-August and could be at risk of […]
Summary List Placement The Internal Revenue Service is grappling with a massive backlog of 35 million unprocessed tax returns, according to a new report from a government watchdog. That will cause millions of individual and business taxpayers to wait to receive potentially critical federal refunds. The report from National Taxpayer Advocate Erin Collins, an independent […]
Summary List Placement Robert L. Johnson, America’s first Black billionaire and founder of Black Entertainment Television (BET), is calling on the federal government to pay out $14 trillion in reparations to Black Americans — and he wants a check too. Johnson made the charge in an interview with Vice News published Wednesday. “Reparations would require […]
Summary List Placement One question is plaguing prospective homebuyers in this red-hot housing market: when will prices start coming down? But the cure for high prices is high prices, to paraphrase a famous saying from the commodities world. There’s evidence that buyers are providing the cure, staying away from the high prices and cooling the […]
California-based mortgage lender New American Funding is increasing its national footprint to include the Northeast, Southeast, Midwest, Southwest, and Mid-Atlantic. Sam Ellsworth will lead the expansion as director of national retail sales. Along with planting locations in key cities across the country, Ellsworth said the expansion effort includes strengthening high-level company leadership, which will enable the […]
Summary List Placement Extreme heat is hitting the west coast just as wildfire season is approaching, and experts predict above-normal fire potential for much of the region, which could have devastating impacts. The record heat wave has melted power cables in Portland and hospitals in the west are seeing an influx of patients due to […]
During the Trump administration, Fannie Mae and Freddie Mac appeared to studiously avoid weighing in on the potential effects of climate change on the value of their more than $7 trillion of securitized mortgages. After all, the former president was a well known climate skeptic and the GSEs perhaps wanted to avoid his ire, especially […]
Summary List Placement House Speaker Nancy Pelosi is holding firm on her commitment to not approve a $579 billion bipartisan infrastructure agreement until a party-line package reaches the lower chamber. “The statement that I made as such is the statement I stand by,” Pelosi told reporters at a press conference, adding that House Democrats are […]
Summary List Placement President Joe Biden’s Education Department has begun the process of reforming the student-loan system. But new findings from an agency within his administration stressed the dire need to implement reforms. The Consumer Financial Protection Bureau (CFPB), which ensures consumers are treated fairly, released a report on Tuesday that found loan servicers have […]
Summary List Placement An amusement park in Northern California is finding it so hard to recruit staff that it’s getting executives to work shifts on its rides and food stands. Executives at the Santa Cruz Beach Boardwalk will be working these shifts at least once a week this summer, Karl Rice, its president, told Reuters. […]
Summary List Placement Uber and Lyft say they’ve been making strides in rebuilding their driver workforce as the economy opens up, but they’re encountering a vastly different labor market and a driver shortage. Will Coleman, the CEO of Alto, a ride-hailing competitor, told Insider he believes the driver shortage is largely due to better options […]
Summary List Placement The Federal Reserve did what it had to do. The onset of the coronavirus pandemic — and its intense economic fallout — prompted the central bank to use its most powerful tool and set its benchmark interest rate near zero. Looking to further aid financial markets, the Fed also began purchasing $120 […]
After two consecutive weeks of increases, mortgage applications decreased 6.9% in the week ending June 25, 2021, according to the latest report from the Mortgage Bankers Association. Mortgage applications had increased 2.1% and 4.2% in the previous two weeks, respectively. The 6.9% dip brought application volume to its lowest level in almost 18 months, according […]
Homepoint, the No. 3 wholesale lender in America, has reorganized its operations and sales personnel in a restructuring that will lead to the loss of potentially hundreds of jobs. On Monday, the Ann Arbor, Michigan-based lender said its new regionalized staffing model, dubbed “Homepoint Amplify,” has been rolled out to broker partners across the country […]
Summary List Placement The first advance payments of the bulked-up child tax credit are poised to go out to millions of American families in just over two weeks on July 15 — a key part of President Joe Biden’s $1.9 trillion stimulus law that took effect in March. But Democratic-led efforts to reach the poorest […]
Summary List Placement President Joe Biden reached an agreement last week with a group of bipartisan senators on a $1 trillion infrastructure plan, and they claimed it was paid for. But details of the funding proposals are murky — so much so that experts are calling it completely unrealistic. Howard Gleckman, a senior fellow at […]
With the July 4th weekend nearly upon us, it’s time to reflect all that we have been through in the past year and how, as a country, we have overcome so many daunting obstacles, including what we have been through in the housing market. The first thing that pops into my shriveled brain is how […]
Summary List Placement The Mars family sits atop a delicious empire. They’re the heirs to the candy throne that is Mars Inc., maker of Snickers, Mars Bars, Milky Way, Twix, M&M’s, and more — not to mention a wider portfolio that includes PetCare products, drinks, and gum. The century-old company has helped the Mars family […]
Summary List Placement President Joe Biden reached an agreement last week with a bipartisan group of senators on a near $1 trillion infrastructure plan, a deal that cut over half of the president’s initial proposal on “hard infrastructure” like roads and bridges, not to mention care-economy measures from his American Families Plan. Biden said at […]
Summary List Placement Another month, another acceleration in US home inflation. Home prices throughout the US surged 14.6% from year-ago levels, according to the S&P CoreLogic Case-Shiller home price index. The reading marks a pick-up from the 13.3% rate seen in March and the fastest pace of price growth since data collection began in 1987. […]
Summary List Placement Sen. Joe Manchin says he believes a Democratic-only reconciliation bill “can be done,” but has not agreed on how big it will be. “I’ve agreed that can be done. I just haven’t agreed on the amount,” Manchin said of the infrastructure plan on MSNBC on Tuesday morning. “I haven’t seen everything that […]
Summary List Placement A trio of Senate Democrats unveiled a plan on Monday to provide up to $9,000 to most American children through a savings account in just the latest Democratic effort to give cash to lower-income families. The measure — known as the Young American Savers Act — would provide federal assistance to children […]
Summary List Placement Restaurants and retailers around the US are grappling with a supply-chain crisis for some of their key ingredients. A recent Reuters report found that at least nine restaurants and fast-food chains, including Subway and Chipotle, were out of stock in some items at certain locations. A Wendy’s franchisee in the south told […]
Servicers’ forbearance portfolio volume fell two basis points last week to 3.91%, according to a survey from the Mortgage Bankers Association. The MBA estimates two million homeowners are still in some form of a forbearance plan. Broken down by investor type, the share of Fannie Mae and Freddie Mac loans in forbearance decreased 3 basis points to 2.02%. Ginnie […]
Summary List Placement As the economy is beginning to recover from the pandemic, there’s a record number of job openings, but that’s not the big story, former Obama economists wrote in a paper released Monday. The big news is that so many of the unemployed are exiting unemployment, but not for jobs. That isn’t normal. […]
Summary List Placement Utah’s economy came roaring back and then some from pandemic devastation. Meanwhile states like New York, Hawaii, Massachusetts, and Nevada continue to lag far behind their February 2020 economies. That’s according to an index from the Federal Reserve Bank of Philadelphia, which tracks improvements and declines across four major economic measures in […]
Summary List Placement Americans who do not plan to get vaccinated are more likely to participate in Fourth of July activities, a new survey from consumer insights firm Numerator found. About 65% of US adults have received at least one vaccine dose as of Friday, according to The New York Times tracker — a number […]
Summary List Placement For Americans earning the minimum wage, surging inflation is making their dollar the weakest it’s been in more than a decade. On the surface, the labor market seems to finally be benefitting low-income workers. Wage growth surged to the fastest pace since the 1980s through April and May. Businesses are increasingly using […]