Economy

Federal Reserve officials worried that a lack of further fiscal stimulus would jeopardize and economy recovery that was moving faster than expected, according to minutes released Wednesday from the central bank’s September meeting. The Federal Open Market Committee on Wednesday released minutes from its Sept. 15-16 meeting. The Fed’s policymaking arm held interest rates steady

An ‘Open House’ sign is displayed as potential home buyers arrive at a property for sale in Columbus, Ohio. Ty Wright | Bloomberg | Getty Images Mortgage rates moved even lower last week after setting multiple record lows in recent months, spurring more borrowers to call their lenders and apply for a refinance, but homebuyers

Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, D.C., Oct. 30, 2019. Al Drago | Bloomberg | Getty Images Federal Reserve Chairman Jerome Powell called Tuesday for continued aggressive fiscal and monetary stimulus for an economic recovery that he said

A “Store Closing” sign is displayed in the window of a store at the Elephant And Castle Shopping Centre in London, U.K., on Sept. 24, 2020. The shopping center is being closed to make way for a Qatari Diar Real Estate Investment’s venture to build almost 1,000 homes, a new college campus and stores. Simon

Nonfarm payrolls rose by a lower than expected 661,000 in September and the unemployment rate was 7.9%, the Labor Department said Friday in the final jobs report before the November election. Economists surveyed by Dow Jones had been expecting a payrolls gain of 800,000 and the unemployment rate to fall to 8.2% from 8.4% in

Flight attendants, airline pilots and other aviation workers hold a protest organized by the Association of Flight Attendants urging the US Congress to pass a Covid-19 relief package and extend the Paycheck Support Program to save aviation jobs during a rally outside the US Capitol in Washington, DC, on September 9, 2020. Saul Loeb |

People wearing protective masks walk by a going out of business sign displayed outside Century 21 on the Upper West Side as the city continues Phase 4 of re-opening following restrictions imposed to slow the spread of coronavirus on September 27, 2020 in New York City. Noam Galai | Getty Images Bankruptcies in the New

Despite another interest rate drop, demand for refinancing and purchasing mortgages fell last week, with total mortgage application volume down 4.8% from the previous week, according to the Mortgage Bankers Association. Record-low mortgage rates are apparently not as impressive as they used to be, likely because rates have been so low for so long. The average

Homes in the North Park neighborhood of San Diego, California, U.S., on Wednesday, Sept. 2, 2020. U.S. sales of previously owned homes surged by the most on record in July as lower mortgage rates continued to power a residential real estate market that’s proving a key source of strength for the economic recovery. Bing Guan

First-time claims for unemployment insurance totaled 837,000 last week, the Labor Department said Thursday as the jobs market continues its plodding recovery from the coronavirus pandemic. Economists surveyed by Dow Jones had been expecting 850,000. The weekly total represented a decline of 36,000 from the previous week’s upwardly revised 870,000, according to seasonally adjusted numbers.

The U.S. economy needs more help from the fiscal side to recover from the ongoing impact of the coronavirus pandemic, San Francisco Federal Reserve President Mary Daly said Wednesday. With the White House and congressional leadership still trying to work out details of an aid package, Daly likened the rescue funding so far to a

Companies added jobs at a faster-than-expected pace in September due in good part to a surge in manufacturing hires, according to a report Wednesday from ADP. The firm’s monthly private-sector jobs count showed growth of 749,000, ahead of the 600,000 expected from a Dow Jones economist survey. The report, done in conjunction with Moody’s Analytics,

A protester blocks the street leading to the Washington, D.C., home of U.S. Senate Majority Leader Mitch McConnell, R-Ky., demanding the extension of unemployment aid, on July 22, 2020. Jonathan Ernst | Reuters Stimulus checks and enhanced unemployment benefits that helped the poorest Americans weather the coronavirus pandemic are in danger of ending, throwing the

People wearing facemasks wait to buy vegetables at a market vegetable stall as essential retailers reopen from the coronavirus (Covid-19) shutdown. SOPA Images | LightRocket | Getty Images Smaller-sized businesses have been battered during the six months of the coronavirus pandemic but are feeling confident about their ability to withstand a second wave, according to

The number of first-time filers for unemployment benefits were slightly higher than expected last week as the labor market continues its sluggish recovery from the coronavirus pandemic. The Labor Department reported Thursday that initial jobless claims for the week ending Sept. 19 came in at 870,000. Economists polled by Dow Jones expected first-time claims at

shapecharge | E+ | Getty Images Racial inequality is bad for the U.S. in innumerable ways, of course, many of which are hard to calculate directly. But now Citi has put a number to at least one aspect of social injustice, finding in a new study that $16 trillion has been erased from U.S. GDP

People wait to visit a house for sale in Floral Park, Nassau County, New York, the United States, on Sept. 6, 2020. Wany Ying | Xinhua News Agency | Getty Images Exceptional demand for both new and existing homes, brought on by the stay-at-home culture of the coronavirus pandemic, has the housing market severely depleted.

Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a House Financial Services Committee hearing in Washington, D.C., on Tuesday, Feb. 11, 2020. Andrew Harrer | Bloomberg | Getty Images Federal Reserve Chairman Jerome Powell pledged continued support for an economy that he said has shown substantial improvement but still needs more work. In