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Tag Archives: US

Family Benefits in US Fall Further Behind

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The Week Ahead: Balancing Near-Term Fears with Medium-Term Optimism

A holiday-shortened week will see dwindling participation.  The lighter activity could make for either subdued price action or volatile activity. Brexit is a gift that keeps giving, and despite posturing to the contrary, neither side appears to want to be seen as the party that walked away.  After much teeth-gnashing and finger-pointing, the US still appears set to provide modest fiscal stimulus that will help overcome the cliff of expiring income support programs.  The scaled-down...

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Consumer Price Index: Rental Inflation Has Slowed Sharply Since the Pandemic

(This is a compilation of Dean Baker’s quick-take analysis over Twitter. Follow @DeanBaker13 on Twitter to get his quick-take analysis of government data immediately upon release.) Overall and core CPI both rose 0.2 percent in November. Overall CPI is up 1.2 percent year-over-year. Core CPI is up 1.6 percent year-over-year.  Store bought food prices fell by 0.3 percent, while restaurant food rose 0.1 percent. Year-over-year increases are 3.6 percent and 3.8 percent, respectively. (Store...

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Economy Adds 245,000 Jobs in November, Unemployment Falls to 6.7 Percent

Contrary to normal patterns, the workweek has actually gotten longer in the pandemic recession.  The rebound slowed sharply in November, with the economy adding just 245,000 jobs. This would ordinarily be a very respectable gain, but with the economy still down almost 10 million jobs from the pre-pandemic level, it is not a pace that gets us back to full employment any time soon. If we need 100,000 jobs a month to keep pace with the growth of the labor market, it would take us more than five...

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“A Silent Pandemic”: Racism, Negligence, and Medical Assault in ICE Detention Centers

After a whistleblower revealed that an ICE detention facility in Georgia sterilized immigrant women without consent, members of the House Judiciary Committee and Hispanic Caucus visited the facility and heard directly from the whistleblower and immigrant women who experienced forced sterilizations at the facility.    Congress members called for an investigation of the Department of Homeland Security (DHS) in mid-September, then passed a resolution demanding DHS “pause the removal of any...

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Economy Adds 638,000 Jobs in October, Unemployment Falls to 6.9 Percent

The number of multiple job holders stands at 17.8 percent below its year-ago level. The labor market continued to rebound from the spring shutdown, adding 638,000 jobs. The unemployment rate fell another percentage point to 6.9 percent. This still leaves the number of jobs 6.6 percent below the February level. The jobs gains were broadly based across sectors. Construction added 84,000 jobs, which is consistent with other data showing a boom in residential construction. Employment in...

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PREVIEW: What the October Jobs Report Will Tell Us

There have been some anomalies in the data that are worth tracking. With the period of rapid recovery from the shutdowns behind us, the labor market is likely looking at a long slog to get back to something resembling full employment. It clearly has lost considerable momentum now that the bulk of the CARES Act money has been spent. Furthermore, the economy will face serious headwinds, as the unchecked spread of the pandemic will lead to more measures curtailing business operations. It will...

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Record 33.1 Percent Surge Still Leaves GDP 3.5 Percent Below Pre-Pandemic Level

The trade deficit reached a record in the third quarter. GDP grew at a record 33.1 percent annual rate, as the economy bounced back from the pandemic-driven shutdowns in the second quarter. However, even with this record growth, the economy was still 3.5 percent below its pre-pandemic level. If we assume a modest 2.0 percent annual growth rate, the third quarter GDP would be more than 5.0 percent below the trend path from the pre-recession period. var divElement =...

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