JACKSON HOLE, Wyo, Aug 22- The Federal Reserve's intensive focus on a wide range of labor market data to guide policy-making is driving a wedge between its core decision-makers and others who feel the central bank is straying from traditional guideposts.» Read More
The number of job cuts continued to soar this week, reflecting the worsening US recession. The nation's unemployment rate bolted to 8.1 percent in February, the highest since late 1983, as cost-cutting employers slashed 651,000 jobs.
Even as the economy sheds jobs at an alarming rate, there are early signs consumers are getting over the shock of recession and opening their wallets again. "There's pent up demand," says one economist. "Whether it is long lasting is another story.”
If we had the courage to elect our first African-American President, surely we can embrace due diligence in the boardroom.
Despite the recession and almost daily layoff announcements from major companies, many employers across the country are actually hiring.
February's non-farm payroll of a loss of 651,000 was in line with expectations, although there were large downward revisions for January and December (161,000 in total). The rise in the unemployment rate to 8.1 percent was the highest since December 1983.
The latest overall job loss numbers showed a loss of 651,000 jobs in January and the unemployment rate climbed to 8.1%. This is the highest unemployment rate since 1983. The January and December numbers were revised to a loss of 655,000 and 681,000 respectively. 4.4 million jobs have now been lost since this recession began. Here is a breakdown of where the job losses were as well as which sectors were adding jobs.
Futures jumped after a better-than-expected payrolls number Friday, rebounding off of a major selloff in the previous session.
With the economy weakening, chief executives want Wall Street to see them as tough cost-cutters who are not afraid to lay off workers. But plenty of job cuts are not trumpeted in news releases, the New York Times reported.
Global stocks were mixed Friday, while the dollar fell, rolling back from 3-year highs as demand for euro zone government debt rose ahead of the US February jobs report. Experts tell CNBC that quantitative easing will help get the global economy back on track.
A startling look at one successful businessman who was forced to take a 'survivor job' because of the economy.
It’s no secret that this financial crisis has cut a broad swathe of job destruction through the economy. But will Friday's number move the market or is it priced in?
Investors have been searching for that vital capitulation point where stocks form a true bottom. A higher-than-expected jobless rate could set the stage for that.
The U.S. economy looks "dismal" in the short term but should return to growth by year-end as housing markets finally reach "some sort of equilibrium," said Richmond Federal Reserve Bank President Jeffrey Lacker.
It seems the growing number of job losses is taking a new toll on the economy.
Judging by the results of a new poll about lateness at work, management doesn’t own a monopoly on stupid.
Vicious cycle. Our economy is in one and yesterday I suggested we may be on the verge of making it much worse by putting an unintentional vice on spending by “wealthy” executives like you and me: higher taxes.
Global stocks were down again on Thursday on investors' disappointment China did not announce new stimulus plans. Experts interviewed by CNBC weigh in on governments' efforts to stabilize the economy.
The following is the full text of the Beige Book released by the Federal Reserve on July 23, 2008 and based on information collected on or before February 23, 2009:
For those of us with careers as executives, these are vexing times and we are painfully aware of the eerie combination of catastrophic events that are pulling down our economy: housing industry and mortgage crisis, Wall Street collapse, auto industry collapse, and spiraling health care costs – to name just a few.
The number of job cuts continued to soar this week, reflecting the worsening US recession.