US economy – BOL News Staging

In August, the US economy created 315,000 new employments

September 2, 2022 by Syed Veheb Hasan

The economy added 315,000 jobs in August, just below estimates. The unemployment rate ticked up to 3.7% as more workers rejoined the labor force. Average hourly earnings rose 0.3% for the month and 5.2% from a year ago. According to data released on Friday by the Bureau of Labor Statistics, nonfarm payrolls increased significantly in … Read more

US economy shrinks again sparking recession fears

July 29, 2022 by Najaf Ali

US economy shrank at an annual rate of 0.9% in the three months leading up to July. Prices for food, gas and other necessities are going up faster than 1981. The US central bank is raising interest rates to try to slow down the economy. For the second quarter in a row, the US economy … Read more

US economy added 372,000 jobs in June amid high demand

July 8, 2022 by Muhammad Humair Qureshi

US: The Bureau of Labor Statistics said on Friday that nonfarm payrolls increased by 372,000 in June.
With these increases, the unemployment rate stabilized at a historically low 3.6%, barely below the pre-pandemic threshold.
Employers continue to compete hard over a shrinking pool of new talent.

Red-hot labor demand fueled another month of robust job growth in the US defying predictions of a harsher downturn and allaying fears of an oncoming recession.

The Bureau of Labor Statistics said on Friday that nonfarm payrolls increased by 372,000 in June, exceeding economists’ expectations of 265,000 and falling just short of the downwardly revised 384,000 jobs generated in May.

With these increases, the unemployment rate stabilized at a historically low 3.6%, barely below the pre-pandemic threshold.

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Record low proportion of US midsize companies are gloomy about economy

June 27, 2022 by Muhammad Humair Qureshi

19% of US midsize companies are positive about the national economy over the next year. This is a record low in the 12-year history of the study by JPMorgan Chase. In comparison to a year ago, economic pessimism increased from 10% to 51%. According to a study by the nation’s largest bank, a record-low percentage of … Read more

US stocks open higher

June 23, 2022 by Ali faizan rizvi

US stocks rise on Thursday as investors weigh recession fears against bargain-hunting tendencies. Dow Jones rises by around half a percent to 30,636.40 just after 20 minutes of trade. S&P 500 index reaches a new high of 3,774.64 and the Nasdaq Composite hits 11,085.21. US stocks began higher, as investors weighed recession fears against bargain-hunting … Read more

Global markets dive on heightened recession fears

June 13, 2022June 13, 2022 by Ali faizan rizvi

The dollar rose against major rivals, owing to its status as a safe-haven investment. The possibility of more Covid restrictions in China’s biggest cities also weighed on crude futures. Bitcoin tumbled to an 18-month low under $25,000 as investors shunned risky assets. Global markets, oil prices, and bitcoin all fell on Monday as recession fears … Read more

US continues to add jobs as wage gains slow

June 3, 2022 by Shehroze Aqueeque

US job gains slowed in May, and rapid wage increases slowed as well. “American employers added 390,000 jobs last month, Labor Department reported. The government data showed the participation rate edged up very slightly to 62.3 %. US job gains slowed in May, and rapid wage increases slowed as well, a welcome sign for US … Read more

Fed gears up to attack inflation as US recession fears grow

May 1, 2022 by Ali faizan rizvi

The Federal Reserve this week is about to redouble its assault towards documenting US inflation at the same time as facing an array of shocks both internal and outside that analysts worry may also sooner or later position the arena’s largest financial system into a recession. The coverage-setting Federal Open Market Committee (FOMC) will convene … Read more

US economy facing ‘modest’ bust next year, Fannie Mae stated

April 20, 2022 by Ali faizan rizvi

The U.S. Monetary outlook is dimming and a downturn could be on the horizon as the Federal Reserve moves to tame the most updated inflation in four decades, in line with Fannie Mae economists. The mortgage lender said in a brand new economic and housing forecast that the economic system faces a “modest recession” in 2023 … Read more

JPMorgan Chase says US economy is strong, but risks increasing

April 13, 2022 by Ali faizan rizvi

JPMorgan Chase stated the USA economic system stays on solid footing for the quick-term, however warned of heightened longer-term dangers due to inflation and the Ukraine conflict as its pronounced lower quarterly profits. Executives from the large financial institution said households and groups generally remained in appropriate shape, amid a tightening hard work marketplace. But higher … Read more

Ukraine war impact on US economy

March 2, 2022 by Sarfaraz Rizvi

WASHINGTON – The impact of the conflict in Ukraine on the US economy is “highly uncertain” and the central bank will need to adjust quickly to ensure the recovery continues, Federal Reserve Chair Jerome Powell said Wednesday. With prices rising at their fastest pace in four decades and oil soaring above $100 a barrel, the … Read more

Trudeau slams trucker protests as copycat convoys spread

February 10, 2022 by Sarfaraz Rizvi

OTTAWA – Canadian Prime Minister Justin Trudeau lambasted trucker-led protests that have shut down central Ottawa in anger at Covid-19 health rules, as France and New Zealand moved Thursday to stop their own copycat convoys. Police in Canada have threatened to arrest protesters who have joined the blockade of the Ambassador Bridge that links Windsor and the … Read more

US economy grew 5.7% in 2021

January 30, 2022 by Muhammad Zubair

WASHINGTON: After contracting in 2020, US economic growth saw its biggest increase since 1984 with a rebound to 5.7 per cent in 2021, the second year of the Covid-19 pandemic, the government reported. But the hit from the Omicron variant of the virus held down the recovery in the final quarter of the year, when … Read more

US ends 2021 with disappointing job growth ahead of Omicron surge

January 16, 2022 by Muhammad Zubair

WASHINGTON: The US economy ended 2021 on a sour note with a worse-than-expected employment report Friday underscoring the challenges awaiting President Joe Biden in the New Year, as the Omicron variant runs rampant and his legislative agenda stalls. The world’s largest economy gained only 199,000 jobs in the final month of the year, the Labour … Read more

Powell to target inflation at confirmation, face trading scrutiny

January 11, 2022 by Muhammad Zubair

WASHINGTON: Federal Reserve Chair Jerome Powell will highlight the central bank’s efforts to fight inflation and stabilise the US economy at his confirmation hearing, according to testimony released on Monday. However, the Republican will likely also face questions about his ethics from a Democratic senator, after a media report raised further questions over whether a Fed … Read more

US retail sales rose slightly in November

December 15, 2021 by Roman Ahmed

WASHINGTON: US retail sales rose only slightly in November as spending on cars and online merchants flattened, according to government data released Wednesday. Total sales increased just 0.3 per cent, the Commerce Department reported, which was much smaller than economists expected and followed a nearly two per cent jump the month prior. Retail sales in … Read more

US acts outside IEA; release oil from SPR to curb fuel prices

November 24, 2021 by Muhammad Zubair

LONDON: Despite warning from analysts, US President Joe Biden finally announced the release of crude oil from the country’s strategic stockpile, a unilateral move first mooted by his Energy Secretary Jennifer Granholm in October, as he seeks to curb inflationary pressure in the US economy, Arab News reported. Gasoline prices nationwide are averaging about $3.40 a gallon, … Read more

US private businesses added 571,000 jobs in October

November 4, 2021 by Gohar Ali Khan

WASHINGTON: Private businesses hired 571,000 workers last month, payroll services firm ADP reported on Wednesday, the latest sign that the US economy is bouncing back from the Delta wave of Covid-19. The employment increase was better than analysts had forecast, and saw firms of all sizes add positions, with the bulk of the growth in … Read more

Biden’s approval ratings on Covid-19, economy fall

August 4, 2021August 4, 2021 by Web Desk

WASHINGTON: US public views on President Joe Biden’s handling of Covid-19 and the US economy declined, according to the CNBC’s latest All-America Economic survey. The biggest change to Biden’s overall approval rating “came in views on his handling of the coronavirus, where approval dropped 9 points to 53 percent,” the CNBC reported Tuesday. Meanwhile, the … Read more

US economic recovery remains on track, says Fed

July 29, 2021 by Web Desk

WASHINGTON: US economy remained on recovery path and employment have continued to strengthen despite a rise in coronavirus infections, the US Federal Reserve said in a latest policy statement. In a unanimous policy statement the Federal Reserve left interest rates and bond-buying programme unchanged and said the job market needed to be made fortified. The … Read more

Bank of America jumped into the Bitcoin trend

July 17, 2021July 16, 2021 by Syed Ahad

Bitcoin futures trading is now available for a limited set of Bank of America clients, according to sources.

According to the reports, the financial institution is yet to make this service available to all of its customers.

Jerome Powell, the chairman of the Federal Reserve, spoke out about the importance of cryptocurrency and stablecoins in the US economy.

Investment banks intend to allow customers to invest in bitcoin products. After a three-year break, Goldman Sachs has confirmed the return of its crypto trading department.

The investment banking powerhouse had already offered cryptocurrency trading in partnership with the CME Group, and Bank of America is set to do so again for its clients.

Bitcoin trading began in 2017 at the CME Group. Since then, the platform has seen an improvement in investment and involvement.

Other banks and investment banks that sell crypto products to clients across the US are likely to follow Bank of America’s lead.

It’s interesting to note that in 2018, the American multinational investment bank banned its clients from trading in crypto-related goods, however, it has changed its stance since then.

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How Pandemic hammered US Economy?

January 29, 2021 by Web Desk

The Super Power America witnessed the worst year 2020 in economic terms and the main reason for this disaster is the novel coronavirus pandemic. Local media of the United States reported that the country saw its sharpest contraction in growth since the year 1946 and its economy shrunk by 3.5 per cent in 2020. The … Read more

US budget deficit increases to $3tn record

September 12, 2020 by Komal Fatima

The US budget deficit has increased to more than $3tn, a record high increase is seen. The Treasury Department said that the federal government has spent more than $6tn in the first 11 months of its financial year, including $2tn on coronavirus programmes. According to the international news agency, the deficit is more than double the previous … Read more

US Economy Shed 700,000 jobs in March

April 5, 2020April 5, 2020 by Web Desk

A new report has revealed that United States US Economy shed 701,000 jobs in the month of March, amid the Coronavirus outbreak. The new report said that this is the 133th straight month of unemployment in the country that claims to be the super power. The Labor department of the United States has closely watched … Read more

Coronavirus live updates-US Senate passes disaster aid bill

March 26, 2020March 26, 2020 by Komal Fatima

The US Senate has passed a coronavirus disaster aid bill worth $2 trillion. This is the largest economic stimulus in the history of the United States. The international news agency says that the vote was delayed by a last-minute row between Republican and Democratic senators over unemployed benefits. Direct payments of $1,200 will be made … Read more

US cuts rates to zero and introduces huge stimulus programme

March 16, 2020March 16, 2020 by Komal Fatima

The US has decreased interest rates almost zero to protect the economy from the influence of coronavirus. According to the international news agency, the US has also introduced $700 bn stimulus programme in a bid to conserve the economy. It is a part of a coordinated action declared in the UK, Japan, Eurozone, Canada and … Read more

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