America’s jobs boom rolls on, fuelling fears of sustained inflation

(FILES) In this file photo taken on June 03, 2022, people walk past a "now hiring" sign posted outside of a restaurant in Arlington, Virginia. - The US economy continued to add jobs in June at a rapid pace, while the unemployment rate held steady at 3.6 percent and wages rose, according to government data released on July 8, 2022. There were 372,000 new positions added in the month, far more than economists expected, the Labor Deparment reported. (Photo by OLIVIER DOULIERY / AFP) (Photo by OLIVIER DOULIERY/AFP via Getty Images)

It would normally be cause for unalloyed celebration. According to figures released on August 5th, America’s unemployment rate in July fell to 3.5%, matching a half-century low hit just before covid-19. Moreover, with nearly 530,000 jobs created last month—more than twice as many as expected—the economy has now recovered all of the jobs lost during … Read more

Fuel cell-powered truck maker Hyzon’s stock suffers record plunge after accounting questions raise delisting fears

Shares of Hyzon Motors Inc. were suffering a record plunge toward a record low Friday, after the maker of fuel cell-powered trucks disclosed a “myriad of issues,” including accounting regularities that will cause it to miss the filing deadline for second-quarter results. That prompted a number of analysts to back away from their bullish stances, … Read more

Dow Jones Up Despite Fed Fears After Jobs Report; Biden Bill Progress Lifts Solar Stocks; Tesla Stock Falls After This

The Dow Jones Industrial Average reversed higher and indexes were off their lows after a shockingly hot July jobs report raised Fed rate hike fears. Solar plays that include SolarEdge (SEDG) were mostly positive, reacting to progress on the Biden spending bill. Tesla (TSLA) fell even though shareholders approved a 3-for-1 stock split. Meanwhile, a … Read more

U.S. labor market defies recession fears as job growth surges in July

Nonfarm payrolls increase 528,000 in July Unemployment rate falls to 3.5% from 3.6% in June Average hourly earnings rise 0.5%; up 5.2% year-on-year Participation rate falls to 62.1% from 62.2% in June WASHINGTON, Aug 5 (Reuters) – U.S. job growth unexpectedly accelerated in July, lifting the level of employment above its pre-pandemic level and pouring … Read more

Mall owners say retailers are still opening stores in spite of recession fears

The biggest shopping mall owners in the United States say retailers are still forging ahead with plans to open new stores in spite of growing recession fears and decades-high inflation that’s squeezing shoppers’ budgets. Simon Property Group, the country’s largest mall owner, said the pipeline of businesses slated to open up at its properties remains … Read more

Top economic takeaways as US wrangles with recession fears

Back-to-back GDP slowdown, Fed doubling down, a cooling jobs market, red-hot prices and tech’s big bang, here are the main economic highlights from a busy week. It was an eventful, data-packed week for the US economy. The Federal Reserve, the country’s central bank, raised interest rates by 75 basis points on Wednesday, the second time … Read more

Europe’s economy surprisingly grew last quarter, easing recession fears (for now)

The European Union’s economy grew at a seasonally adjusted 4% last quarter when compared to the same quarter a year ago and 0.6% compared to the first quarter, according to a preliminary estimate published Friday by the EU statistics office. The 19 countries that use the euro as their currency — which account for nearly … Read more

US economy contracts again, fueling recession fears

Gross domestic product, a wide-ranging measure of economic activity, fell by 0.9% on an annualized basis from April through June. That decline marks a key symbolic threshold for the most commonly used — albeit unofficial — definition of a recession as two consecutive quarters of negative economic growth. The hotly anticipated data release has taken … Read more

US economy contracts again, fueling recession fears | CNN Business

CNN  —  The US economy shrank again in the second quarter, the Bureau of Economic Analysis said Thursday. Gross domestic product, a wide-ranging measure of economic activity, fell by 0.9% on an annualized basis from April through June. That decline marks a key symbolic threshold for the most commonly used — albeit unofficial — definition … Read more

Mortgage rates fall as fears about the US economy loom

The 30-year fixed-rate mortgage averaged 5.30% in the week ending July 28, down from 5.54% the week before, according to Freddie Mac. That is still significantly higher than this time last year when it was 2.80%. Rates rose sharply at the start of the year, hitting a high of 5.81% in mid-June. But since then, … Read more