The U.S. and China have restarted their trade talks, but signs are showing a deal could be even harder to reach now.Marketsread more
The speech comes as market participants are strongly anticipating a rate cut at the July 30-31 Federal Open Market Committee policy meeting.The Fedread more
Dimon is making his own bet on a digital coin that could transform the global payments landscape: JPM Coin.Financeread more
Stone, 66, a notorious Republican political operative who has described himself as a "dirty trickster," had previously been dressed down by the judge for his public remarks...Politicsread more
The Dow slipped from a record high set earlier in the day after President Trump cast doubt on the trade progress between China and the U.S.US Marketsread more
Facebook's David Marcus said at a Senate hearing Tuesday that U.S. sanctions could be at risk without financial services innovation.Technologyread more
Goldman Sachs' transition from the bank of choice for millionaires to a more inclusive, consumer friendly shop isn't cheap.Financeread more
"Look, this is a court that's ruled it's constitutional twice," Biden said. "We'll see. I'm not going to go down that route and speculate what's going to happen in a negative...2020 Electionsread more
KeyCorp says in a filing the fraud involves a "business customer" and was discovered "on or about" July 9.Banksread more
These are the stocks posting the largest moves midday.Market Insiderread more
The Trump administration "will take a look" after billionaire investor Peter Thiel said the FBI and CIA should see if Chinese intelligence has infiltrated Google.Technologyread more
Contrary to growing concerns about a potentially slowing U.S. economy, job creation surged in December as measured by the latest ADP/Moody's Analytics survey released Thursday.
Companies added 271,000 new positions as 2018 came to a close, smashing estimates of 178,000 from economists surveyed by Reuters. It was the survey's best month since February 2017, which saw a gain of 280,000, and brought the average monthly gain for last year to 206,000.
December also showed a marked gain from November, when just 157,000 new jobs were added, a total revised lower from the initially reported 179,000.
"Businesses continue to add aggressively to their payrolls despite the stock market slump and the trade war. Favorable December weather also helped lift the job market," Mark Zandi, chief economist at Moody's Analytics, said in a statement. "At the current pace of job growth, low unemployment will get even lower."
Professional and business services led the way with 66,000 new positions, education and health services contributed 61,000 and leisure and hospitality added 39,000. In all, service-related industries were responsible for 224,000 of the new hires, while goods producers rose by 47,000.
On the goods side, construction grew by 37,000 and manufacturing added 12,000. Natural resources and mining lost 2,000 positions.
From a company size perspective, those with 50-499 workers led with 129,000, while small businesses added 89,000 and large firms hired another 54,000.
The results come amid growing concerns for an economy headed for above-3 percent full-year growth for the first time since the Great Recession ended in mid-2009.
In particular, manufacturing and housing numbers have been contracting, and even consumer and business confidence, which had been around record highs earlier in the year, have been waning in recent months. Earlier Thursday, the Mortgage Bankers Association reported that applications for home loans hit their lowest level in 18 years.
And even the jobs numbers are not all good: Challenger, Gray & Christmas also reported Thursday that planned layoffs in December rose 35.3 percent to 43,884. For 2018, announced layoffs rose by 538,659, a 28.6 percent increase that was the biggest rise since 2015.
A significant part of the problem has been the trade battle between the U.S. and China, which has dented the previous high expectations for growth amid uncertainty over how long the tit-for-tat tariffs will last and what the final outcome will be. The two sides are in a truce period until March.
The uncertain climate has spilled over into financial markets, where stocks have been caught in a wave of volatility. The Dow Jones Industrial Average, for instance, is off more than 13 percent from its early October peak.
Amid it all, the jobs market has held up well.
Economists expect the government's nonfarm payrolls report being released Friday to show 176,000 new jobs in December, with the unemployment rate edging lower to 3.6 percent, according to Dow Jones. That estimate could be revised higher following Thursday's report.
"We wrapped up 2018 with another month of significant growth in the labor market," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.