economy Archives - Page 4 of 5

Commentary: Massive Government Spending Has Caused High Inflation Levels and a Weakening U.S. Dollar

June 12, 2021June 12, 2021 Virginia Star Staff

Inflation is up 4.92 percent the past 12 months as of May, the most since July 2008’s 5.5 percent, according to data compiled by the Bureau of Labor Statistics, amid a torrent of trillions of dollars of government spending, Federal Reserve money printing and a weakening dollar combined with the continued economic rebound led by reopening businesses from the 2020 Covid lockdowns.

The past three months alone, inflation has grown at an accelerated rate of 2 percent combined. If that trend were to hold up for the rest of the year, inflation would come closer to 8 percent.

In the month of May, price jumps in fuel oil at 2.1 percent and piped gas service at 1.7 percent offset a 0.7 percent drop in gasoline prices. In addition, new car prices grew 1.6 percent. Used cars and trucks grew at 7.3 percent again after a 10 percent jump in April. Apparel jumped 1.2 percent. And transportation services grew 1.5 percent after a 2.9 percent jump in April.

Yellen Admits Inflation Is About to Surge But Says It Will Be ‘Plus For Society’s Point of View’

June 8, 2021June 7, 2021 Virginia Star Staff

Increased inflation could ultimately be a net positive for the U.S. economy and large government spending won’t overheat the economy, Treasury Secretary Janet Yellen told Bloomberg.

Treasury Secretary Janet Yellen, who previously chaired the Federal Reserve, said the central bank has been more concerned about inflation levels that are too low, according to Bloomberg. Increasing consumer prices could signal a return to normal, she said.

“We’ve been fighting inflation that’s too low and interest rates that are too low now for a decade,” Yellen told Bloomberg in an interview Sunday.

Economy Added 559,000 Jobs in May, Below Expectations for Second Straight Month

June 5, 2021June 4, 2021 Virginia Star Staff

The U.S. economy reported an increase of 559,000 jobs in May and the unemployment rate declined to 5.8%, according to Department of Labor data released Friday.

Total non-farm payroll employment increased by 559,000 in May, according to the Bureau of Labor Statistics (BLS) report, and the number of unemployed persons dropped to 9.3 million. Economists projected 671,000 Americans would be added to payrolls prior to Friday’s report, according to The Wall Street Journal.

“We think it will take several months for frictions in the labor market to work themselves out,” Barclays chief U.S. economist Michael Gapen told the WSJ. “That just means we shouldn’t be expecting one to two million jobs every month. Instead, it will be a more gradual process.”

More Americans Lack Confidence in U.S. Economy

May 26, 2021May 25, 2021 The Center Square

As economic figures cast doubt on a post-COVID economic boom, the latest polling data show Americans lack confidence in the economy under President Joe Biden.

New polling data released by Gallup Monday shows Americans are not confident in the economy and are largely unhappy with the nation’s current trajectory.

The poll found only 36% of Americans are “satisfied with the way things are going.” Specifically on the economy, Americans also are pessimistic.

Former President Trump Releases Statement on Primary Poll, Biden, and Future Social Media Platform

May 25, 2021May 24, 2021 Cooper Moran

President Donald Trump released a statement on Monday that underscored his popularity, President Biden’s bad ratings, and his future social media platform.

The statement comes in response to President Biden’s concerning policy decisions and multiple inaccurate media reports on Trump’s actions.

Senate Republicans Expand Investigation into ‘Woke Mission Creep’ of Federal Reserve

May 25, 2021May 24, 2021 Virginia Star Staff

Senate Banking Committee Republicans have expanded an investigation into regional Federal Reserve banks over their alleged “woke mission creep.”

Republicans on the Senate Banking Committee sent letters to regional Federal Reserve banks in Minneapolis, Boston and Atlanta demanding a briefing with leaders and documents related to a recent “Racism and the Economy” initiative, GOP staffers said during a press briefing Monday morning. Engaging in political advocacy is out of the Fed’s purview, the letters said.

“Of course, racism is abhorrent and has no place in our society…. I recognize the interest in studying economic disparities along demographic lines, such as race and gender,” Banking Committee Ranking Member Pat Toomey wrote in the letters sent Sunday.

Jobless Claims Hit Fresh Pandemic Low as Americans Return to Work

May 21, 2021May 20, 2021 Virginia Star Staff

Photo “Unemployment Insurance Claims Office” by Bytemarks. CC BY 2.0.

The number of Americans filing new unemployment claims dropped to 444,000 last week as the economy continues to slowly recover from the coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics figure released Thursday represented a decrease in the number of new jobless claims compared to the week ending May 8, when 478,000 new jobless claims were reported. That number was revised up from the 473,000 jobless claims initially reported last week.

Commentary: After Wrecking The Economy, Northam Finally Lifts (Most) COVID Restrictions

May 17, 2021May 16, 2021 Virginia Star Staff

One thing proved certain.

When the nation’s only doctor cum governor was thrust into greatness, Northam had a chance to be a physician.

Instead, Northam was every bit the live-birth abortionist he advertised being long before his blackface scandal.

Commentary: The U.S. Economy and Its Lack of Sustainability

May 11, 2021May 10, 2021 Virginia Star Staff

American flag with $100 bills and stethescope

Is the economy booming or is it riding a wave of paper money with no real underlying sustainability? That is the question which policy makers in Washington, DC should be considering.

The truth is no one actually knows, but that is exactly why this discussion must be had.

Since the China virus was inflicted upon the world, it is indisputable that the federal government has authorized $5 Trillion between the Trump spending of $3.1 Trillion to meet the crisis and Biden’s recently passed additional $1.9 trillion so he could sign checks to people too. This is on top of the $1 Trillion in planned deficits during the 2020 fiscal year.

Jobless Claims Fall to 498,000, Hit New Pandemic Low Once Again

May 7, 2021May 6, 2021 Virginia Star Staff

The number of Americans filing new unemployment claims dropped sharply to 498,000 last week as the economy continues to recover from the coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics figure released Thursday represented a large decrease in the number of new jobless claims compared to the week ending April 24, when 590,000 new jobless claims were reported. That number was revised up from the 553,000 jobless claims initially reported last week.

Jobless Claims Drop to 576,000, Lowest Level Since March 2020

April 16, 2021April 15, 2021 Virginia Star Staff

The number of Americans filing new unemployment claims dropped to 576,000 last week as the economy continues to recover from the coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics figure released Thursday represented a large decrease in the number of new jobless claims compared to the week ending April 3, when 769,000 new jobless claims were reported. That number was revised up from the 744,000 jobless claims initially reported last week.

Jobless Claims Increase to 719,000 as Recovery Continues

April 2, 2021April 1, 2021 Virginia Star Staff

The number of Americans filing new unemployment claims increased to 719,000 last week, even as the economy continues to slowly recover from the coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics figure released Thursday represented an increase in the number of new jobless claims compared to the week ending March 20, when 658,000 new jobless claims were reported. That number was revised down from the 684,000 jobless claims initially reported last week.

Roughly 18.2 million Americans continue to collect unemployment benefits, according to the report.

New Jobless Claims Drop Slightly to 712,000

March 12, 2021March 11, 2021 Virginia Star Staff

The number of Americans filing new unemployment claims decreased slightly to 712,000 last week as the economy continued to suffer the effects of the ongoing coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics figure released Thursday represented a decrease in the number of new jobless claims compared to the week ending Feb. 27, in which there were 754,000 new jobless claims reported. That number was revised up from the 745,000 jobless claims initially reported last week.

Commentary: Biden’s Economy Will Be a Train Wreck

February 21, 2021February 20, 2021 RealClearWire

Warning lights should be flashing. Less than a month in, it’s becoming evident that President Joe Biden’s economic policies are likely to end in disaster. The wrong economic diagnosis and the politics of not letting any crisis go to waste is leading to the most damaging mix of economic policy in decades.

Commentary: Will Biden Kill the Trump Economic Recovery?

January 14, 2021January 13, 2021 Virginia Star Staff

The U.S. economy is poised to continue a massive recovery that began after labor markets bottomed in April with 25 million jobs lost during Covid, with 16 million of the having been recovered since then — provided that President-elect Joe Biden does not kill the rest of the recovery that began on President Donald Trump’s watch.

Really, all Biden needs to do right now is almost nothing, and allow the U.S. economy to fully reopen once the Covid vaccine has been fully administered and the number of daily new cases approaches zero.

US Economy Lost 140,000 Jobs in December, Economists Expected a Modest Gain

January 9, 2021January 8, 2021 Virginia Star Staff

The U.S. economy reported a decrease of 140,000 jobs in December while unemployment stayed unchanged at 6.7%, according to Department of Labor data released Friday.

Total non-farm payroll employment declined by 140,000 in November, according to the Bureau of Labor Statistics report, and the number of unemployed persons stayed stagnant at 10.7 million. The number marked the first time since April, the U.S. reported negative job growth.

Treasury Sending Out $600 Stimulus Checks This Week

January 3, 2021January 2, 2021 The Center Square

A second round of stimulus checks, this time in the amount of $600, is being sent out this week, the U.S. Treasury Department said Wednesday.

Referred to as economic impact payments, the $600 check individuals will receive is part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, a bill President Donald Trump signed Sunday.

Commentary: Trump Economy Grows Record 33.1 Percent in Third Quarter Amid Rapid Recovery

October 30, 2020October 30, 2020 Virginia Star Staff

The U.S. economy blew the barn doors off all other past recoveries with a record, inflation-adjusted 33.1 percent gain in the Gross Domestic Product (GDP) — more than any other quarter in economic history — in the last major economic report before the election in November.

That is great news for the American people, and it certainly bodes well for President Donald Trump in his bid for reelection against former Vice President Joe Biden as the race for 2020 comes down to the wire. It comes as more than 14 million jobs have been recovered since labor markets bottomed in April amid the Covid state-led lockdowns, according to the Bureau of Labor Statistics.

Commentary: New Study Pegs COVID-19 Crisis Costs at $16 Trillion So Far

October 18, 2020October 17, 2020 Virginia Star Staff

Estimated costs of the coronavirus pandemic are in. The results are not pretty.

A new study co-authored by Harvard economist David M. Cutler and former World Bank chief economist Lawrence H. Summers places the costs of the COVID-19 pandemic north of $16 trillion.

Recovery Continues, Economy Should be Back to Peak in Fourth Quarter

October 12, 2020October 12, 2020 Virginia Star Staff

The rapid recovery from the lockdown continues. Economic reports from September indicate the economy has rebounded to 97 percent of its peak reached this past February. The surge in new orders for both manufacturing and service companies points to further gains in the months ahead.

These gains should bring the economy’s output and spending (GDP) back to its prior peak during the fourth quarter of the year.

661,000 Jobs Added in September, Less Than Expected

October 3, 2020October 2, 2020 Virginia Star Staff

The U.S. economy added 661,000 jobs in September, while unemployment fell to 7.9%, according to Department of Labor data released Friday.

Total non-farm payroll employment rose by 661,000 in September, according to the Bureau of Labor Statistics report, and the number of unemployed persons fell by 1 million to 12.6 million.

Steve Cortes Discusses Positive Virus Trends, the Economy, and How Trump Can Win Big in November

September 22, 2020September 22, 2020 Julie Carr

Wednesday morning on The John Fredericks Show, host John Fredericks welcomed Senior Advisor to Trump-Pence 2020 who discussed positive coronavirus news and how the economy responds to that as well as Trump flipping states that he previously did not in 2016.

Census Data Boosts Trump, Showing Record Income Gains and Historic Low Poverty

September 21, 2020September 20, 2020 Virginia Star Staff

As he heads into the final stretch of the election, President Trump is getting a boost from new census data showing historic, broad-based economic gains for U.S. households in 2019.

The U.S. Census Bureau on Monday released data showing median household income surging to a record high of more than $68,700 last year. The increase of 6.8% in household income was the largest one-year increase on record.

Commentary: Another One Million Leave Unemployment in a Week as Trump’s Predicted Rapid Recovery Continues

September 19, 2020September 18, 2020 Virginia Star Staff

Another 1 million Americans left continued unemployment claims the week of Sept. 5 on an unadjusted basis, the latest data from the Department of Labor shows.

That brings the number collecting unemployment from its 13.8 million Aug. 29 level, and from its 22.8 million May 9 level, down to its current 12.3 million, an overall decrease of 10.5 million from its peak.

Survey: Families in Four Largest U.S. Cities Facing Significant Financial, Health, Education Setbacks

September 14, 2020September 13, 2020 Virginia Star Staff

More than half of the households surveyed in the four largest U.S. cities are facing serious financial problems as a result of their state and city shutdowns, a new five-part polling series conducted by NPR, The Robert Wood Johnson Foundation, and Harvard T.H. Chan School of Public Health, found.

Commentary: Economic Recovery Continues as 3.7 Million Jobs Added in August

September 5, 2020September 4, 2020 Virginia Star Staff

The U.S. economy added another 3.7 million jobs in the month of August, according to the Bureau of Labor Statistics’ household survey of Americans reporting they have jobs, bringing the total up to 13.8 million jobs that have been recovered since labor markets bottomed in April, something almost nobody but President Donald Trump was predicting.

At the worst of the coronavirus recession, as many as 25 million jobs were lost by April, and now more than half of those jobs have been regained, as a V-shaped recovery has clearly formed.

Steven K. Bannon: The Democrats Are the Party of Death and Destruction

August 19, 2020August 19, 2020 Julie Carr

Tuesday morning on the John Fredericks Show, host John Fredericks welcomed Steven K. Bannon to discuss the Democrat’s campaign of death and destruction and the road to victory for Trump.

White House Adviser Navarro: ‘No Question’ China Wants Biden to Beat Trump

August 17, 2020August 17, 2020 Virginia Star Staff

A senior White House adviser said he agreed with an assessment by the U.S. Office of the Director of National Intelligence that China prefers that President Trump lose re-election in November.

“Well, there’s no question that’s true,” Peter Navarro, White House Trade and Manufacturing Policy advisor, told Just the News in an interview. “Donald J. Trump is the toughest – only president -he’s the toughest and only president to stand up to China since Nixon and Kissinger went to China back in the 70s. I mean, every president since then, has allowed in some way, to let the Chinese Communist Party have their way with the United States economy, and also our defense sector.”

New Durable-Goods Orders Rise Again in June

July 28, 2020July 27, 2020 Virginia Star Staff

New orders for durable goods posted a second consecutive month of rebound in June, rising 7.3 percent following a gain of 15.1 percent in May. The two gains followed drops of 18.3 percent in April and 16.7 percent in March. If transportation equipment is excluded, new orders for durable goods increased 3.3 percent in June following a 3.6 percent rise in May. Durable-goods orders had been holding above the $200 billion level since May 2011 before posting sharp declines in March and April (see first chart). New orders for June are back above the $200 billion threshold, totaling $206.9 billion, but are still 21.9 percent below June 2019.

Commentary: Joe Biden’s Economic Plan and Type Two Socialism

July 11, 2020July 10, 2020 Virginia Star Staff

Joe Biden revealed on Thursday the first part of “Build Back Better,” his plan for economic recovery from the COVID crisis.

Commentary: Trump Economy Is Well Ahead of Schedule

July 4, 2020 Virginia Star Staff

The U.S. economy has added a record 7.8 million to 8.8 million jobs back in May and June, according to the Bureau of Labor Statistics’ (BLS) respective establishment and household surveys, bringing the reported unemployment rate down to 11.1 percent even as the number of Americans returning to the civilian labor force following the COVID-19 pandemic shutdowns continues to increase.

This is incredible news because it means for certain that the labor market hit its bottom in April, the same month the IHME-estimated number of new cases daily was peaking at about 250,000 on March 29, down to an estimated 70,000 new cases a day now.

Armstrong Williams Commentary: It’s Time to Talk About Recession

July 1, 2020June 30, 2020 Virginia Star Staff

Is America in a recession? It’s an unpopular question to ask, but it has now been over 3 months since COVID-19 restrictions were initiated and it is time for us to get realistic about where we are economically so that we can take the proper steps to minimize further damage to our economy. At this point, the unfortunate reality is that regardless of what we do, it is likely that it will take at least several years to see a partial recovery of economic loss and the time that it will take for a complete recovery remains unknown at this point.

As Jobless Claims Slow, New Numbers Show Damage from Virus

June 25, 2020June 25, 2020 The Associated Press

The number of laid-off workers seeking U.S. unemployment benefits dipped only slightly last week, and the economy shrank in the first three months of the year — evidence of the ongoing economic damage being inflicted by the viral pandemic.

Tech Leads the Way as US Stocks Head for a Third Month of Gains

June 23, 2020June 23, 2020 The Associated Press

Stocks closed higher on Wall Street Tuesday, extending the market’s recent winning streak after another strong showing by technology companies.

The S&P 500 rose 0.4% and is on pace for its third straight monthly gain. The Nasdaq composite, which is heavily weighted with technology stocks, climbed to an all-time high for the second day in a row. Bond yields rose, another sign of increasing confidence in the economy.

Stock Indexes Move Higher on Wall Street After a Shaky Start

June 22, 2020June 22, 2020 The Associated Press

Stock indexes are higher on Wall Street in choppy trading Monday as investors weigh the risks that rising coronavirus cases could pose to hopes for an economic recovery.

The S&P 500 rose 0.4% in midday trading after an initial slide of 0.6% following weakness in overseas markets as the global tally of infections approaches 9 million. The price of gold rose, a signs of caution in the market. Bond yields were mixed.

Stocks Rally Worldwide on Hopes for Coming Economic Recovery

June 17, 2020June 16, 2020 The Associated Press

Stocks rose again Tuesday, part of a strong and worldwide rally for markets, after a big rebound in buying at U.S. stores and online raised hopes that the economy can escape its recession relatively quickly.

The S&P 500 climbed 1.9% for its third straight gain, bringing it back within 8% of its record set in February. Gains have built in recent weeks as reports bolster investor expectations that the worst of the downturn may have already passed.

Wall Street Veers Higher on Fed Plan to Buy Corporate Bonds

June 16, 2020 The Associated Press

Stocks swung solidly higher on Wall Street in afternoon trading Monday after the Federal Reserve said it would begin buying individual corporate bonds, the central bank’s latest move to prop up volatile financial markets through the economic fallout of the coronavirus pandemic.

The S&P 500 was up 1% after being down as much as 2.5% shortly after trading began in New York. The gains followed sharp losses in Asia and more moderate ones in Europe. Worries were on the rise that new waves of coronavirus infections around the world could derail the swift economic recovery that Wall Street had seemed sure just a week ago was on the way.

Wall Street’s Rally Zooms Higher After Surprise Gain in Jobs

June 5, 2020November 9, 2020 The Associated Press

Stocks are rushing higher in morning trading Friday after a much better-than-expected report on the U.S. job market gave Wall Street’s recent rally another shot of adrenaline.

The S&P 500 was up 2.2% after the government said that U.S. employers added 2.5 million workers to their payrolls last month. Economists were expecting them instead to slash another 8 million jobs amid the recession caused by the coronavirus and the shutdowns put in place to stem it.

Commentary: The Economy or Public Health? We Are Asking the Wrong Question

May 31, 2020May 30, 2020 Virginia Star Staff

It is not necessary or beneficial to sacrifice human lives to save the economy.

Nor, is it necessary or beneficial to sacrifice the economy to save lives.

Commentary: COVID-19 Proves America Needs Economic Nationalism

May 18, 2020 Virginia Star Staff

by Spencer P. Morrison Reports of a deadly new virus began trickling out of China in December. The infection spread rapidly. By March 12, the World Health Organization deemed COVID-19 a global pandemic. The next day President Trump declared COVID-19 a “national emergency” that would require the “full power…

China’s Economy Isn’t What It’s Cracked Up to Be

October 12, 2018October 11, 2018 Admin

by Gabriella Beaumont-Smith China is a rising economic power that will threaten the United States’ place as the world’s biggest economy. At least, that’s the narrative we’ve become familiar with. But does it really hold up? Economists use gross domestic product to measure the size and growth of national…

President Trump Tells China ‘No Deal’ on Trade

October 12, 2018October 11, 2018 Admin

by Robert Romano “Now look, China wants to make a deal, and I say they’re not ready yet. I just say they’re not ready yet. And we’ve canceled a couple of meetings because I say they’re not ready to make a deal. We can’t have a one-way street. It’s…

Larry Kudlow Shed Light On What Will Likely Be A Major Priority For Trump In 2019

October 5, 2018October 4, 2018 Admin

by Michael Bastach White House economic adviser Larry Kudlow said President Donald Trump is likely to make building oil and natural gas pipelines a major priority next year to meet the needs of booming U.S. energy production. A focus on pipelines would hit two aspects of Trump’s agenda: energy…

Commentary: Republicans Learning the Hard Way a Great Economy Ain’t Enough Anymore

October 3, 2018 Admin

by Jeffery Rendall In the 2016 presidential election’s stretch run Hillary Clinton famously asked during an interview, “Why aren’t I 50 points ahead?” American voters knew the answer and shared it with the former first lady and legacy Democrat presidential candidate on Election Day. Clinton did end up a couple points…

Trump Proves Tariffs, Threat to Leave NAFTA Were Key Leverage to Negotiating USMCA, Puts Dems in Tight Spot

October 3, 2018October 2, 2018 Admin

by Robert Romano They said it couldn’t be done. Once again, President Donald Trump is racing circles around his critics and showing that his tariff policy and the threat of leaving NAFTA altogether were most effective inducements to trade concessions, having resulted in the new U.S.-Mexico-Canada Agreement, or the USMCA. The…

Analysis: President Trump Uses the Power of Tariffs to Correct Unfair Chinese Trade Imbalances

October 1, 2018October 1, 2018 Admin

President Donald Trump is levying 10 percent tariffs on $200 billion of Chinese goods shipped to the U.S., rising to 25 percent in Jan. 2019, coming atop a 25 percent tariff on $50 billion of goods from China. Trump has warned if China retaliates, another $267 billion of tariffs will follow. On…

Great Economic News Bedevils Trump Detractors

September 19, 2018September 18, 2018 Admin

by Rick Manning The incredibly positive economic data that keeps coming out from both private and public sector sources leads to one overriding question: Will the Trump economic detractors ever get tired of being wrong? Over the course of the past six months, we have heard how tariffs against the…

This Economy Belongs to President Trump, not Former President Obama

September 14, 2018 Admin

by Robert Romano You got to give former President Barack Obama credit, at least he’s consistent. When he came into office, the economy was in a deep recession that began when financial markets crashed in 2008, and, he said, he was blameless for the 8 million job losses that occurred,…

Commentary: President Trump’s Pro-American Worker Push Makes Labor Day a Time to Celebrate

September 1, 2018 Admin

by Jeffery Rendall Perhaps it’s fitting heading into Labor Day weekend that we should talk about jobs – not necessarily how many Americans have them versus those that don’t and are still searching, but how conditions are improving in the employment market and who’s reaping the benefits. First came…