Tag: Biden economy

U.S. Economy Added 227,000 Jobs in November

Buck Banks

227,000

America’s job market rebounded in November, adding 227,000 workers in a solid recovery from the previous month, when the effects of strikes and hurricanes had sharply diminished employers’ payrolls, reported the Associated Press. Last month’s hiring growth was up considerably from a meager gain of 36,000 jobs in October. The government also revised up its estimate of job growth in September and October by a combined 56,000.

Consumer Price Index Falling Slowly Over three Months

Buck Banks

3.6%

New York Times: The Consumer Price Index climbed 3.4 percent in April, down from 3.5 percent in March, the Labor Department said Wednesday. The “core” index — which strips out volatile food and fuel prices in order to give a sense of the underlying trend — rose 3.6 percent last month, down from 3.8 percent a month earlier. It was the lowest annual increase in core inflation since early 2021.

Economists: Chances of U.S. Recession Are Slim to Nil

Buck Banks

39%

“In the latest quarterly survey by The Wall Street Journal, business and academic economists lowered the chances of a recession within the next year to 29% from 39% in the January survey. That was the lowest probability since April 2022, when the chances of a recession were set at 28%.”… “Economists, in fact, don’t think the economy will get even close to a recession.”

U.S. Economy Grew Faster than Expected in Q4 of 2023

Buck Banks

3.3%

“The economy grew much faster than expected in the final three months of 2023, as the U.S. easily skirted a recession that many forecasters had thought was inevitable,” CNBC reports. “Gross domestic product, a measure of all the goods and services produced, increased at a 3.3% annualized rate in the fourth quarter of 2023, according to data adjusted seasonally and for inflation.”

Consumer Confidence Surged 10+ Points in December

Buck Banks

110.7

US consumer confidence rose in December by the most since early 2021 as Americans grew more upbeat about the labor market and the inflation outlook. The Conference Board’s index increased to 110.7 in December from a revised 101 reading in November, data published Wednesday showed. The median estimate in a Bloomberg survey of forecasters called for a 104.5 reading.