A U.S. dockworkers’ strike impacting major ports from Maine to Texas began Tuesday, that is expected to pose a major threat to the supply chain for much of the East and Gulf Coasts of the country. MORE
The Federal Reserve cut interest rates by half of a percentage point on Wednesday, kicking off what is expected to be a steady easing of monetary policy. Consensus was split between a 25 or 50 MORE
Grocery prices have not decreased as much as other categories but Robert Reich explains why:
Global stocks fell on Monday following the jobs report that came out on Friday, highlighting fears of a U.S. recession. Late on Sunday night, the Orange Ass appeared to gloat over the news as global MORE
US Federal Reserve Chair Jerome Powell told lawmakers Tuesday that the job market has cooled considerably and is no longer “overheated,” adding that more “good data” would strengthen the case for an interest rate cut MORE
The legislation includes $61 billion for Ukraine, $14 billion for Israel in its war against Hamas and $4.83 billion to support partners in the Indo-Pacific, including Taiwan, and deter aggression by China, and $9.15 billion MORE
Filing for free is available on IRS.gov CBS reports “The IRS announced that it expects more than 128 million individual tax returns to be filed by the deadline, so they’re trying to help and have MORE
The Dow Jones Industrial Average closed above 38,000 for the first time on Monday, setting a record high after a steady rise over the last week. The S&P500 also reached a record high, closing at MORE
About 13,000 U.S. auto workers stopped making vehicles and went on strike Friday after their leaders couldn’t bridge a giant gap between union demands in contract talks and what Detroit’s three automakers are willing to MORE
After contract negotiations this summer, full-time drivers for UPS saw an uptick in salaries including benefits from $145,000 to $170,000 according to recent data from the shipping service company. The largest union in the nation, Teamsters, MORE
The Federal Reserve announced on Wednesday it would raise interest rates a quarter percentage point (or 25 basis points), to a 22-year high. Interest rates are now at a range of 5.25 to 5.5 percent, the MORE
For the month of May, payrolls in the public and private sector increased by 339,000, better than the 190,000 Dow Jones estimate and marking the 29th straight month of positive job growth. The unemployment rate rose MORE
From the state that once employed children to work in coal mines, the US Department of Labor said Tuesday that two 10-year-old children were found working at a Louisville, KY, McDonald’s restaurant — sometimes until 2 a.m. MORE
Stocks in the banking industry have fallen since the collapse of SVD and Signature Bank. Shares of the Swiss bank, Credit Suisse were down by more than 20% after its biggest backer, Saudi National Bank, chose not MORE
“The FDIC on Friday took control of SVB’s assets and over the weekend Signature’s,” Biden said. “All customers who had deposits in these banks can rest assured they will be protected and they’ll have access MORE
Although unemployment ticked up a bit to 3.6% from 3.4% in January as more than 400,000 people joined the workforce, US employers added 311,000 jobs in February. January’s job gains were only slightly weaker than MORE
Gavin Newsom is as familiar as anyone with the media narrative of earthquakes, persistent wildfires, droughts, homelessness and companies fleeing California to Texas for a tax- and regulation-free lifestyle. This is nothing new. California’s governor MORE
The July jobs report just came in and the US added 528,000 jobs beating estimates of 258,000. Unemployment remains very low at 3.5%. Wages also surged higher, as average hourly earnings jumped 0.5% for the MORE
This week, Biden announced a move that observers had long been expecting: An official visit to Saudi Arabia, effectively thawing diplomatic relations between the countries, and acknowledging that treating the powerful petrostate as a “pariah” MORE
President Biden on Wednesday warned the CEOs of seven oil companies that he is considering using emergency authorities of the federal government to increase U.S. refinery capacity and output. The letter was sent to the MORE
Lordstown Motor’s prototype burnt down to the ground in it’s first few minutes of operation, it’s now known as the good old days. The company’s financial future hangs on a deal it struck last September MORE
The national average for a gallon of gas hit an all-time record high in the U.S. on Tuesday, and for a short time on Monday the popular app GasBuddy went down as consumers searched for MORE
From the Washington Post: The U.S. economy grew 5.7 percent in 2021, the fastest full-year clip since 1984, roaring back in the pandemic’s second year despite two new virus variants that rocked the United States. MORE
CNBC: Nonfarm payrolls rose by 199,000 in December, far fewer than the 422,000 estimate. The unemployment rate dropped to 3.9%, better than the 4.1% estimate. Wages increased more than expected, rising 4.7% year over year. MORE
There is extraordinary good economic news that the Democrats are not talking about. Biden and the Democrats are presiding over the strongest two-year performance on growth, jobs, and income in decades. Federal Reserve Chair Jerome MORE