President Joe Biden said Monday he is nominating Jerome Powell for a second four-year term as Federal Reserve chair, endorsing his stewardship of the economy through a brutal pandemic recession in which the Fed’s ultra-low rate policies helped bolster confidence and revitalize the job market. Biden also said he would nominate as vice chair Lael
If you find the current economy a bit confusing, don’t worry: So does the nation’s top economic official, Federal Reserve Chair Jerome Powell. At a highly anticipated news conference Wednesday, Powell said the Fed was sticking by its bedrock economic forecast: COVID-19 will eventually fade, which, in turn, will enable supply chain bottlenecks to unsnarl.
Labor Day is a good time to reflect upon how American workers have been doing — especially the majority who have been left behind for most of the last 40 years. From 1979 to 2018, the median wage has grown by just 11.6 percent. If we compare to prior decades, e.g. 1948 to 1979 that increase was
As measured by the Consumer Price Index, annualized inflation was between 8 and 11 percent over the past four months. The last time the economy experienced four consecutive months of inflation this high was at the tail end of Jimmy Carter’s stagflation. What we’re experiencing is the latest in a sequence of dominoes that began falling
Even in a July jobs report that was nearly universally hailed as a good one, pockets of weakness and concern are still clouding the celebration. The numbers in the report were certainly strong, with employers adding 943,000 more jobs to their payrolls than they cut, a better hiring performance than economists expected. The unemployment rate
For three consecutive months, the Consumer Price Index has revealed above-average annual inflation rates not seen since 2008. Understandably, Americans are nervous. Prices are rising and the Federal Reserve was caught by surprise. Many of the same public officials who have, for years, insisted that inflation should be higher are now scrambling to assure Americans