The Massachusetts senator's alarm-sounding on consumer debt neglects to measure it against the growth in the economy and the ability to pay.Economyread more
Equifax will give consumers a range of options for monitoring their credit or making claims of fraud or data misuse, part of a $425 million restitution fund.Technologyread more
Secretary of Education Betsy DeVos and her family have seen their investments skyrocket since President Donald Trump started enacting pro-business policies. Meanwhile, DeVos...Politicsread more
The deal between the White House and Democrats was earlier expected to raise the debt ceiling for two years and permanently end the sequester.Politicsread more
See which stocks are posting big moves after the bell on July 22.Market Insiderread more
The construction industry is heavily dependent on Hispanic and Latino workers, a workforce that diminished during the last housing crisis and has not come close to full...Real Estateread more
The deal could be announced as soon as next week, according to the report.Technologyread more
Former NFL offensive lineman Jeff Hatch, who had previously been candid about his own struggles with opioid addiction and substance abuse, pleaded guilty Friday to a drug...Politicsread more
A group of gold miners stocks, "BAANG," are better plays than mega-cap FAANG names, according to John Roque, technical analyst at Wolfe Research.Marketsread more
T-Mobile is choosing to move ahead with a merger with Sprint even though it will prop up Dish Network as a new, possibly disruptive fourth U.S. wireless competitor.Technologyread more
Danger is lurking in the stock market: An abrupt sell-off could be around the corner if the Federal Reserve doesn't deliver the rate cut the market expects next week, the firm...Marketsread more
Experts got a pleasant surprise Friday morning as the Bureau of Labor Statistics reported the U.S. economy added 257,000 jobs in January, beating estimates by about 23,000. The BLS also revised its November and December 2014 estimates, raising them to 423,000 and 329,000, respectively.
Art Cashin, director of floor operations at UBS, said in another interview with CNBC's "Squawk on the Street " on Friday he was also surprised. "With the rig count going down, you would've thought that some of those crude-related [and] fracking-related jobs might have pulled it the other way. I think the markets were surprised, and we're getting a little upward pressure on [Fed] rates."
Nevertheless, many experts believe this jobs report does not put enough pressure on Fed rates for it to raise them. "[The Fed] wants to see much more wage growth, " Diane Swonk, chief economist at Mesirow Financial, told CNBC on Friday. "We're still well below that…. This keeps the Fed patient in terms of how they do lift off going forward."
Another economist agreed with Swonk on Friday. "I still think that, despite the improvement in the labor market, inflation is 0.7 percent below the target, headline inflation is probably going to be negative or zero," Jan Hatzius, chief economist at Goldman Sachs, told CNBC. "Wages, even with [November and December] corrections, are still growing 2 percent or lower. That's the same rate we have seen for five years. If you look at all the indicators together, we haven't made any headway in terms of the growth of wages, and it's still pretty far below the 3 to 4 percent range that [Fed Chair] Janet Yellen indicated was a normal pace of wage growth. "
Swonk also added that the wage increase in January is due in large part to the minimum wage increases of nine states. "We now have 29 states above the federal minimum, [including low-wage states] like Florida and Arizona, " she said. "That's not bad, necessarily, but it's important to understand that we did have something happen in January that also helped some of those wages grow."
Ed Lazear, former President George W. Bush's chief economic advisor, also told CNBC that the U.S. economy still has a long road ahead in order to recover fully. "We have to remember where we are relative to where we need to be," he said. "At this pace, we're still talking two to three years before we reach prerecession levels of employment relative to the population."