Economy

With three months until the 2020 U.S. presidential election, a national poll finds that more than one-third of likely voters have a dismal view of their finances — and a bleak outlook for employment, wages, job security and health care. Of the more than 2,300 likely voters in the most recent CNBC and Change Research‘s States

The Federal Reserve announced a major policy shift Thursday, saying that it is willing to allow inflation to run hotter than normal in order to support the labor market and broader economy. In a move that Chairman Jerome Powell called a “robust updating” of Fed policy, the central bank formally agreed to a policy of

Tensions over the validity of a mail-in election are growing. “This is the greatest scam in the history of politics,” President Donald Trump declared in one of his appearances at this week’s Republican National Convention. “They’re going to mail out 80 million ballots. It’s impossible, they have no idea.” The president first mentioned the issue

Kansas City Federal Reserve President Esther George said the recession that began in February could revisit the economy if the coronavirus pandemic intensifies. “An important risk to that outlook is thinking about what happens as we come into the fall, whether we see any resurgence in the virus that would cause an additional pullback in

New orders for key U.S.-made capital goods slowed in July, suggesting the rebound in business investment could become more gradual amid uncertainty about the course of the Covid-19 pandemic, even as the recovery in manufacturing appears to be gaining traction. Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans,

With or without the Federal Reserve’s involvement, Peter Boockvar of the Bleakley Advisory Group sees signs inflation is making a comeback. His call comes two days before Fed Chair Jerome Powell is scheduled to deliver a key policy speech at this week’s virtual Jackson Hole event. During his comments, Powell is expected to tackle how

Daniel Acker | Bloomberg | Getty Images Sales of newly built homes soared across the nation in July, as pent-up demand from the shutdown spring market, urban flight and a new desire for more work-at-home space fueled the growth. As measured by signed contracts, new home sales jumped 13.9% compared with June and were a

People line up outside a Kentucky Career Center hoping to find assistance with their unemployment claim in Frankfort, Kentucky, June 18, 2020. Bryan Woolston | Reuters There’s a one-in-four chance the economy could fall into a double-dip recession, according to a majority of economists surveyed by the National Association for Business Economics. Two-thirds of NABE

The Federal Open Market Committee expressed concern at their last meeting over the future of the economy, saying that the coronavirus likely would continue to stunt growth and potentially pose dangers to the financial system. At the July 28-29 session, the Federal Reserve’s policymaking arm voted to keep short-term interest rates anchored near zero, citing

A for sale sign is seen next to a house in Arlington, Virginia on May 6, 2020. Andrew Caballero-Reynolds | AFP | Getty Images Sales of existing homes soared 24.7% in July compared with June, according to the National Association of Realtors. These numbers represent closed sales, meaning contracts signed in May and June.  That

For more than 30 years, Parker McAllister’s parents have held onto the Brooklyn, New York, brownstone they purchased in 1985 for about $91,000.  After raising two kids in the home, McAllister’s parents now have three tenants living in their Bedford-Stuyvesant multi-family property so they can keep up with mortgage payments.  To relieve his parents of

The number of people filing for unemployment benefits last week was greater than expected, raising concern about the state of the economy as lawmakers struggle to move forward on a new coronavirus stimulus package. The Labor Department said initial jobless claims for the week ending Aug. 15 came in at 1.106 million. Economists polled by Dow

Small-business devastation during the coronavirus crisis presents risks to capitalism in the United States, Mohamed El-Erian told CNBC on Thursday.  “If you want capitalism to be sustained, you need buy-in from a lot of people. You cannot get buy-in if it’s all about large corporations,” the chief economic advisor at Allianz said on “Squawk Box.”  “Remember

Keith Cunningham from South Carolina shops for Walt Disney apparel at the Bargain World gift shop located near Walt Disney World where its conducting a phased reopening from coronavirus disease (COVID-19) restrictions in Lake Buena Vista, Florida, July 11, 2020. Octavio Jones | Reuters Retail sales rose to a record level in July, recovering what

The Marriner S. Eccles Federal Reserve building stands in Washington, D.C., U.S., on Tuesday, Aug. 18, 2020. Erin Scott | Bloomberg via Getty Images The U.S. central bank will be faced with a delicate balancing act if it opts to embrace a more relaxed view on inflation, according to a former governor of the Federal

U.S. homebuilding picked up for a third straight month in July in the latest sign the housing sector is emerging as one of the few areas of strength in an economy suffering a record slowdown because of the Covid-19 pandemic. Housing starts increased by 22.6% — far more than expected — to a seasonally adjusted annual rate

Shoppers are seen wearing masks while shopping at a Walmart store in Bradford, Pennsylvania, July 20, 2020. Brendan McDermid | Reuters Walmart‘s fiscal second-quarter sales got a boost from this spring’s stimulus checks, but that tapered off in July as shoppers spent that money. Now, the retail giant is waiting to see if the government

Shoppers wearing protective masks browse clothing at a store at Westfield San Francisco Centre in San Francisco, California, U.S. Michael Short | Bloomberg | Getty Images Near-record stock market levels, a booming almost bubbling housing market and robust retail spending doesn’t sound like much of a recession. But this is no ordinary recession. The Covid-19