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☆ U.S. job growth totaled 275,000 in February but unemployment rate rose to 3.9%
▼ + stars: | 2024-03-08 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

watch nowJob creation topped expectations in February, but the unemployment rate moved higher and employment growth from the previous two months wasn't nearly as hot as initially reported. Nonfarm payrolls increased by 275,000 for the month while the jobless rate moved higher to 3.9%, the Labor Department's Bureau of Labor Statistics reported Friday. The jobless level increased as the household survey, used to calculate the unemployment rate, showed a decline of 184,000 in those employed. The increase came even though the labor force participation rate held steady at 62.5%, though the "prime age" rate increased to 83.5%, up two-tenths of a percentage point. An alternative jobless measure, sometimes called the "real" unemployment rate, that includes discouraged workers and those holding part-time jobs for economic reasons rose slightly to 7.3%.

Persons: Nonfarm, Dow Jones, Stocks, It's, Liz Ann Sonders, Charles Schwab, Dan North, Jerome Powell Organizations: Labor Department's Bureau of Labor Statistics, Federal Reserve, Dow Jones, Treasury, Government, Futures, Allianz Trade, Capitol

☆ What to expect in Friday’s jobs report
▼ + stars: | 2024-03-07 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

New York CNN —Don’t be surprised if Friday’s jobs report shows that February’s employment gains were far below those reported for January. In fact, it would continue a history-making stretch of labor market expansion. Friday’s jobs report could very well provide a more reliable read on what’s actually happening in the labor market than the jobs reports of recent months’ past, Julia Pollak, chief economist at ZipRecruiter, told CNN. “And so, February might give us a better understanding of the underlying rate of job growth,” she said. What the other labor market data is showingOther economic data released this week reinforces the idea that the US labor market is cooling but remains on solid footing.

Persons: New York CNN — Don’t, Julia Pollak, autoworkers, what’s, hasn’t, Nixon, ” Ron Hetrick, Gus Faucher, stayers ”, Faucher, ”, ” Nela Richardson, outplacement, ” Andrew Challenger, Lydia Boussour, EY, “ Organizations: New, New York CNN, CNN, of Labor Statistics, PNC Financial Services, BLS, Labor, Boomers, ADP, Challenger, ”, Labor Department Locations: New York, US

☆ A bigger pool of American workers could continue to slow inflation even further
▼ + stars: | 2024-03-03 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Now, as the Federal Reserve faces the final stretch of its historic inflation battle, a bigger pool of workers could slow inflation even further. That then begs the question: How much more can better labor supply slow inflation? The US Labor Department releases January figures on job openings, quits, hires and layoffs. The US Labor Department reports the number of new applications for jobless benefits in the week ended March 2. China’s National Bureau of Statistics releases February inflation data.

Persons: Mary Daly, “, ” Sarah House, Michael Gapen, That’s, Jack Bantock, ’, ”, Richard Felton, Thomas, ’ ”, Patrick Harker, Ross, Nordstrom, Michael Barr, Campbell Soup, Foot, Jerome Powell, Loretta Mester Organizations: DC CNN, Federal Reserve, San Francisco Fed, National Association for Business Economics, Labor, CNN, Bank of America, White House’s Council, Economic Advisers, English Premier League, Chelsea, Burnley, Philadelphia Fed, Target, P Global, Institute for Supply Management, US Commerce Department, Abercrombie, Fitch, Financial Services, The Bank of Canada, US Labor Department, Broadcom, Costco, Eagle Outfitters, Potbelly, Banking, Housing, Urban Affairs, European Central Bank, Cleveland Fed, National Bureau of Statistics Locations: Washington, San, Wells, United States, London, JD.com, Kroger, Burlington, DocuSign

☆ Immigration is 'taking pressure off' the job market and U.S. economy, expert says
▼ + stars: | 2024-03-02 | by ( Greg Iacurci | ) www.cnbc.com time to read: +10 min

Mark Zandi, chief economist at Moody's Analytics, said the increase in foreign-born workers is "taking pressure off the economy." The growth in foreign-born workers comes amid a contentious immigration policy debate in the U.S. Immigrants' share of the labor force has increased since 1996, when the Bureau of Labor Statistics began collecting such data. A growing population and labor force are key components of a healthy economy and the nation's ability to pay its bills, economists said. In other words, the economy is both absorbing immigrants and generating job opportunities for U.S.-born workers, the institute said.

Persons: Mark Zandi, it's, Alejandro Mayorkas, John Moore, Muzaffar Chishti, Jack Malde, Qian Weizhong, Steven Camarota, Camarota, Paul Ratje, Eric Thayer, Malde, EPI, Zandi, There's, Luis Alvarez Organizations: U.S . Bureau of Labor Statistics, Moody's, Republicans, U.S, Department of Homeland, U.S . Border Patrol, U.S . Department of Homeland, Getty, Migration Policy Institute, CNBC, Foreign, U.S . Immigrants, Bureau of Labor Statistics, Pew Research Center, Social Security, Congressional, Office, Center, Immigration, . Border Patrol, Getty Images, Federal Reserve Bank of San, Center for Immigration Studies, Afp, Bloomberg, Economic Policy Institute, National Academies of Sciences, Engineering, Medicine, Digitalvision Locations: U.S, Mexico, Eagle Pass , Texas, San Diego , California, Federal Reserve Bank of San Francisco, Paso, Ciudad Juarez , Mexico, Los Angeles

☆ 93% of women are stressed about money. Building a cash reserve can help, experts say
▼ + stars: | 2024-03-01 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Largely as a result of the wealth gap, women tend to be more financially vulnerable than their male counterparts. Regardless of their household income, 93% of women feel stress when it comes to money, according to a new report by Fidelity Investments. In fact, financial stress levels drastically decrease with each additional month of emergency savings set aside, according to Fidelity. Roughly 81% of women with no emergency savings felt a fair amount or a lot of stress. Once women have three months' worth of emergency savings, only 26% report high stress levels, Fidelity found.

Persons: Stacy Francis, Francis, Paulette Perhach, Perhach, Lorna Kapusta Organizations: Francis Financial, Fidelity Investments, CNBC, Fidelity Locations: New York

☆ Apple may soon be feeling the heat from investors over its slow rollout of buzzy AI products
▼ + stars: | 2024-03-01 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Tim Cook has tried to reassure shareholders the company is committed to AI innovation. A shareholder told The Wall Street Journal Apple hadn't made a "big splash," in the space, however. AdvertisementApple is moving more slowly on developing generative AI products than some of its Big Tech peers, leaving investors wondering when, or if, it will go all in on the technology. AdvertisementApple's CEO Tim Cook has been eager to reassure shareholders that the company is big on AI, however. At the Wednesday meeting, Apple shareholders also voted down a request for an AI transparency report.

Persons: Tim Cook, Apple hadn't, —, Brian Mulberry, Cook, David Wagner Organizations: Apple, Wall Street, Service, Big Tech, Zacks Investment Management, Wall Street Journal, Google, Microsoft, Reuters, Aptus Capital Advisors, Business, Bloomberg

☆ Economic Dividend of Immigration Faces Legal and Logistical Hurdles
▼ + stars: | 2024-02-29 | by ( Lydia Depillis | ) www.nytimes.com time to read: +1 min

The U.S. economic recovery from the pandemic has been stronger and more durable than many experts had expected, and a rebound in immigration is a big reason. A resumption in visa processing in 2021 and 2022 jump-started employment, allowing foreign-born workers to fill some holes in the labor force that persisted across industries and locations after the pandemic shutdowns. Immigrants also address a longer-term need: replenishing the work force, a key to meeting labor demands as birthrates decline and older people retire. International instability, economic crises, war and natural disasters have brought a new surge of arrivals who could help close the still-elevated gap between labor demand and job candidates. But that potential economic dividend must contend with the incendiary politics, logistical hurdles and administrative backlogs that the surge has created.

Organizations: Office

☆ For Black workers, progress in the workplace but still a high hill to climb
▼ + stars: | 2024-02-27 | by ( Jeff Cox | ) www.cnbc.com time to read: +10 min

"We were in a situation where folks accepted that Black unemployment was going to always be high and there was nothing that they could do about it. The Black unemployment rate in January was 5.3%, up a touch from December but still near the all-time low of 4.8% hit in April 2023. For Black workers, weekly before-tax earnings as of the end of 2023 have risen 24.8% since the first quarter of 2020. "High unemployment for Black workers is a solvable problem," Fulton said. Black workers are interested in tech and believe there are opportunities.

Persons: Ali, Jamila Wright, there's, Jessica Fulton, Fulton, Cox, she's, MilSpouse, they've, Sue Harnett, Goldman Sachs, Harnett, I'm, Ali Wright Organizations: Brooklyn Tea, Joint Center, Political, Economic Studies, D.C, U.S . Bureau of Labor Statistics, McKinsey & Company, Companies, Bank of America, Black Colleges, Universities, New, Small Business Administration, Ivy League, Conference Board Locations: America, U.S, Washington, Brooklyn, New York City, Atlanta

☆ Only one developed country has a more expensive childcare system than the US
▼ + stars: | 2024-02-27 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

The United States has one of the most expensive childcare systems in the world. The average childcare cost among all 30 countries was less than 15% of a couple's wages. The US spends roughly 0.4% of its GDP on early education and childcare, compared to 0.8% for the average OECD country. In addition to boosting the number of working women, reducing childcare costs could motivate some US couples to have children. A recent study from the Beijing-based Yuwa Population Research found that high childcare costs were among the main reasons for China's low birth rate.

Persons: —, Cindy Lehnhoff Organizations: Service, United, Bank of America, OECD, Business, of America, York Times, National Child Care Association, Research Locations: United States, New Zealand, Germany, Austria, Iceland, Beijing

☆ Drugs like Ozempic and Wegovy could strengthen the US economy, Goldman Sachs predicts
▼ + stars: | 2024-02-27 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —The US economy is set to reap considerable benefits from Americans taking popular medications used for weight loss, including Ozempic and Wegovy, Goldman Sachs analysts wrote in a recent research report. Originally developed to treat type 2 diabetes, they proved to be highly effective at helping people shed weight in clinical trials. (Ozempic has not been approved for weight loss by regulators, though Wegovy, a similar drug, has.) Goldman Sachs argues that since poor health unambiguously weighs on the economy, improving health outcomes due to GLP-1s could lower costs and boost productivity, shoring up economic output. For some Americans who are obese but don’t have diabetes, obtaining those drugs has become difficult, if not impossible.

Persons: Goldman Sachs, Eli Lilly, Jody Dushay, Beth, Doug Langa, they’ve Organizations: DC CNN, Government, Novo Nordisk, Beth Israel Deaconess Medical, CNN Locations: Washington, United States, North America, Novo

☆ Premarket stocks: Why you can feel good about your job prospects for a while longer
▼ + stars: | 2024-02-26 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

A cyclical slowdown has to come unless you’re in the camp that thinks structural growth of the economy has risen dramatically. We don’t think that’s the case. Do you think that’s the case? The jobs market is a byproduct of GDP growth. I think that this should make people feel a little bit better about the prospects for the year.

Persons: Bell, Satyam Panday, It’s, we’ve, that’s, Warren Buffett, Charlie Munger, Warren Buffett’s, Buffett, Munger, ”, Charlie, Berkshire Hathaway, Brian Fung Organizations: CNN Business, Bell, New York CNN, Satyam, Federal Reserve, Berkshire Hathaway, Investors, Oracle, “, Berkshire, US, Facebook, YouTube Locations: New York, Real, Berkshire, Omaha, “ Berkshire, The Omaha , Nebraska, Texas, Florida

☆ How Benjamin O. Davis Sr. and Davis Jr. became America’s first Black generals
▼ + stars: | 2024-02-25 | by ( Nicole Chavez | ) edition.cnn.com time to read: +12 min

In 1940, Benjamin O. Davis Sr. became the first Black person to achieve the rank of brigadier general in the US Army. Twenty years after his father made history, Davis Jr. became the first Black brigadier general in the Air Force in 1960. Davis Sr. was born in Washington, DC, less than 20 years after the ratification of the 13th amendment, which abolished slavery. So, Davis Jr. moved alone to Chicago for nearly two years to secure the nomination and his spot at West Point. “So, (the Army) provided no opportunities for African Americans to lead troops, it provided no opportunities before 1940 for African Americans to fly airplanes, there were no African Americans in the Marine Corps,” Moye added.

Persons: Benjamin O, Davis, Davis Jr, “ Davis, ”, J, Todd Moye, “, White, ” Moye, Sr, West Point Davis, Oscar S, De Priest, Illinois, ” “, Doug Melville, ’, America’s, Ben Jr, ” Benjamin O, Simon, Simon & Schuster, Franklin D, Roosevelt, Moye, Army shouldn’t, Harry S, Truman, Melville, Le’Trice Donaldson, ” Donaldson, Bill Clinton, Davis , Jr, ” Clinton, ” Melville Organizations: CNN, US Army, Tuskegee Airmen, Air Force, University of North, Service’s Tuskegee, Guard, 8th US Volunteer Infantry, Army, Army’s, of, 9th Cavalry, Buffalo Soldiers, Army War, Corps, West Point, African, Blacks, Tuskegee Institute, 99th Fighter Squadron, 332nd Fighter Group, Chanute Air Museum, Simon &, Marine Corps, Alabama’s Tuskegee Army, US Air Force, Armed Services, United States Army, United States Air Force, Black, Texas, Corpus Christi, Department of Transportation, Federal Air Marshal Service, America Locations: University of North Texas, Washington ,, Spanish, Philippines, Mexico, American, France, Chicago, West, West Point, Italy, Washington, America, North Africa, Sicily, Vietnam, “

☆ The more Americans that take Ozempic, the faster the US economy will grow, Goldman Sachs says
▼ + stars: | 2024-02-23 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

The US economy will see a surge in growth as more people start to take GLP-1 weight loss drugs. "The main reason we see economic upside from healthcare innovation is that poor health imposes significant economic costs," Goldman Sachs said. The more people that take GLP-1 weight loss drugs, the faster the US economy will grow, according to estimates from Goldman Sachs. The bank said in a note on Thursday that US GDP would grow by an extra 1% if 60 million Americans took GLP-1 drugs by 2028. There are several channels through which poor health weighs on economic activity that could diminish if health outcomes improve," Hatzius said.

Persons: Goldman Sachs, —, Jan Hatzius, Hatzius, Eli Lilly, Goldman Organizations: Service, Goldman, Novo Nordisk

☆ Americans aren't having enough kids. That's bad news for the economy — and immigration may be the answer.
▼ + stars: | 2024-02-21 | by ( George Glover | ) www.businessinsider.com time to read: +5 min

China, Japan, and Italy are all battling dwindling birth rates — and their struggles are a reminder of an issue that could eventually become a problem for the US. Elon Musk, with his three-year-old son X AE A-Xii at the 2024 Super Bowl, thinks low birth rates pose a risk to civilization. Meanwhile, economists have warned for years about plunging birth rates in Italy . AdvertisementChina has also struggled to raise its birth rate. Congress has also played up the potential for immigration to boost the economy over the longer term.

Persons: —, millennials, Zeds, Zers, you’ve, Marc Ostwald, That’s, Elon Musk, Musk, X, Rob Carr, Italy party’s, ”, ADM’s, Donald Trump, Joe Biden, “, ” Ostwald, Martin Heinrich Organizations: Service, United Nations, Business, ADM Investor Services International, Congressional, Republican, Democrat, Economic Committee Locations: China, Japan, Italy, India, “ Japan

☆ AI isn't driving tech layoffs — but it does make a good scapegoat
▼ + stars: | 2024-02-21 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Layoffs have been sweeping the tech sector and some are blaming AI. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementFears about AI leading to job cuts are increasingly common, especially as everyday usage of the technology grows. The development was causing anxiety in the ad sales departments, per the report, which later faced a round of job cuts. While AI may not simply replace workers, companies' investment in AI development may be causing cutbacks in other areas.

Persons: —, Duolingo, Hugh Langley, Fortune's Jeremy Kahn Organizations: Service, Bloomberg, Google, Business

Kyiv, Ukraine CNN —The small group of women thought about canceling their protest when the sirens went off. A short distance away from where the women were standing, lawmakers debated reforms to Ukraine’s mobilization rules, inside Kyiv’s heavily protected parliament building. Antonina and her son Sasha, 3, take part in a protest in Kyiv, Ukraine, calling for soldiers' mobilization to have a time limit. “The time has come to take back what is ours,” said one highly produced video, published on the Telegram channel of then commander-in-chief of Ukraine’s Armed Forces, Valerii Zaluzhnyi. “The bureaucratic apparatus of the armed forces is a bit inflated.

Persons: Antonina, Sasha, “, doesn’t, ” Antonina, Antonina’s, Daria Tarasova, ”, Valerii, Mac ”, Mykola, Yurii, Ukraine’s, Diego Herrera Carcedo, Andriy Demchenko, Demchenko, Volodymyr Zelensky, Zaluzhnyi, Zelensky, ” Zaluzhnyi, Andriy Zagorodnyuk, Oleksandr Syrskyi, CNN’s Christiane Amanpour, Gen, Volodymyr Zelenskiy, Sysrkyi, Genya Savilov, ” Tymofiy Mylovanov, Mylovanov, “ It’s Organizations: Ukraine CNN, Kyiv, CNN, Telegram, Ukraine’s Armed Forces, 92nd Assault Brigade, Territorial Defense Force, Publishing, Getty, State Border Service of Ukraine, Facebook, Former, Publicly, Munich, Ukrainian Armed Forces, Presidential Press Service, Reuters, President’s, Air Assault Forces, Kyiv School of Economics Locations: Kyiv, Ukraine, Bakhmut, Russia, London, Ivano, Frankivsk, Ukrainian, Donetsk Oblast, Anadolu, Hungary, AFP, Avdiivka

☆ Let's accept it: The Fed's rate hikes did little to slow this roaring economy
▼ + stars: | 2024-02-19 | by ( Jim Cramer | ) www.cnbc.com time to read: +12 min

OK, you will never confuse me for a rapper, but those are the four words that describe this economy right now. I have not been a fan of this company because of its losses and its inability to pivot to profit. You have to add the DoorDash numbers to the Toast numbers to see the strength of the go-out and go-in parts of the economy. I am just saying that the Federal Reserve does not have a handle on how overheated this economy has become. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Todd Schneider, Kevin Hourican, Ralph Lauren, Ralph, That's, Lam, Barry Sternlicht, Otis, There's, Eaton, Parker, Uber, it's, Morgan Stanley, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Walmart, Home, Philadelphia Eagles, Applied Materials, Federal Reserve, Simon Property Group, Costco, Property, Reuters, Saudi, Mastercard, American Express, Lam Research, Nvidia's, Waste Management, Starwood Capital, U.S, Fed, Jim Cramer's Charitable, CNBC Locations: DraftKings, China, Emerson, Dover, Cummins, —, Wells Fargo, San Francisco

☆ Remember the labor shortage? Immigrants are helping to fix it.
▼ + stars: | 2024-02-19 | by ( Jacob Zinkula | Andy Kiersz | ) www.businessinsider.com time to read: +5 min

AdvertisementThat means the strong job numbers of recent months have largely been due to immigrants , specifically foreign-born workers, entering the workforce in large numbers. “Foreign-born labor force participants have accounted for all of the job growth over the last year,” Bill Adams, an economist at Comerica Bank, told The New York Times. AdvertisementAdditionally, he said these job gains haven’t come at the expense of US-born workers either. As of 2022, foreign-born workers were more likely than US-born workers to be in service, natural resources, construction, and maintenance jobs, according to the Bureau of Labor Statistics. As of January, 65.7% of foreign-born workers were working or looking for work, compared to 61.4% of US-born workers.

Persons: —, ” Bill Adams, Paul Krugman, “ They're, ”, Louis, Miguel Faria, Castro, Donald Trump Organizations: Service, Business, Comerica Bank, New York Times, Bureau of Labor Statistics, Immigrants, Congressional, Office, St, Louis Fed

☆ Big Tech’s next key market is India. Here’s how four Club portfolio names are playing it
▼ + stars: | 2024-02-16 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

Just days after delivering a stellar quarter, Microsoft CEO Satya Nadella was on a whirlwind speaking tour throughout India. The Indian market also represents a largely untapped market that will diversify revenue streams. Over the summer, India became Amazon's first market in Asia to launch its dedicated virtual cargo airline , dubbed Amazon Air. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Satya Nadella, Morgan Stanley, Chetan Ahya, Ahya, Bernstein, Nadella, Zev Fima, Fima, Tim Cook, Amazon, Sundar Pichai, Jim Cramer's, Jim Cramer, Jim Organizations: Microsoft, Apple, country's Ministry, Skill Development, Entrepreneurship, Club, Foxconn Technology, Media, Amazon, Walmart, Web Services, Google, CNBC Locations: India, Mumbai, Bengaluru, New Delhi, China, Asia, United States, Chennai, Puna, Hyderabad, Tamil Nadu, India's, Gujarat

☆ Interest on national debt could threaten U.S. economic stability, CBO director tells House panel
▼ + stars: | 2024-02-14 | by ( Ryan Anastasio | ) www.cnbc.com time to read: +3 min

CBO Director Phillip Swagel testifies during the House Budget Committee hearing titled "The Congressional Budget Office's Budget and Economic Outlook," in Longworth Building on Wednesday, February 14, 2024. The director of the nonpartisan Congressional Budget Office warned House lawmakers Wednesday that the ballooning national debt and the cost of paying interest on it could become an existential threat to the U.S. economy. "Rising interest costs will crowd out other possible uses of government resources, and then also pose a risk to our economic stability" in the coming decade, CBO director Phillip Swagel told the budget committee at a hearing on Capitol Hill. Swagel's testimony centered around CBO's semi-annual report on the federal budget and the economy, released Feb. 7. The CBO report projected that the yearly U.S. budget deficit would grow by an estimated $1 trillion over the next 10 years.

Persons: Phillip Swagel, Swagel, Kevin McCarthy, Dan Kildee, Donald Trump's, Joe Biden's Organizations: Economic, Capitol, CBO, Republicans, GOP, Democrat, Congress Locations: Longworth, U.S, CBO's, Michigan

☆ Treating China as ‘un-investable’ would be ‘wide of the mark,’ JPMorgan strategist says
▼ + stars: | 2024-02-13 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

"I don't think you can treat the world's second-largest economy as either an alternative investment or un-investable, that would be wide of the mark," Bilton said. Uncertainty around monetary policy and a shrinking labor force are further causes for concern, Bilton noted. Some analysts saw this as potential dovish policy shift from the PBOC, which has appeared reluctant to take measures that could boost the struggling economy. Financial bodies including the International Monetary Fund have called for further monetary policy reforms since then. IMF Managing Director Kristalina Georgieva told CNBC this week that China had been advised to make use of more of its available fiscal and monetary policy space.

Persons: Raul Ariano, John Bilton, CNBC's, Bilton, Kristalina Georgieva Organizations: Bloomberg, Getty, JPMorgan Asset Management, People's Bank of, International Monetary Fund, IMF, CNBC Locations: Yuyuan, Shanghai, China, People's Bank of China

☆ Opinion | Can America Survive a Party of Saboteurs?
▼ + stars: | 2024-02-08 | by ( Paul Krugman | ) www.nytimes.com time to read: +1 min

Almost four years have passed since Congress approved and Donald Trump signed a huge relief bill designed to limit the financial hardship created by the Covid-19 pandemic. The CARES Act did its job. Furthermore, fears that generous aid during the pandemic would undermine America’s work ethic — that adults would leave the labor force and never come back — proved totally wrong. So the CARES Act was a huge policy success. But given recent political developments, I’ve found myself thinking: What would have happened if Democrats in 2020 had behaved like Republicans in 2024?

Persons: Donald Trump, “, San Francisco Fed, I’ve Organizations: Federal Reserve, San Francisco, Age Labor

☆ Strong economic growth but high unemployment: A look at Nevada’s economy
▼ + stars: | 2024-02-08 | by ( Alicia Wallace | Tami Luhby | ) edition.cnn.com time to read: +13 min

In Las Vegas, the cacophony of voices, music, ringing slot machines and car horns that typically pulsed through the Las Vegas Strip was replaced by silence, the chirps of birds and the wails of sirens. In tourism-dependent Nevada, the unemployment rate rocketed even higher, topping out at 30.6% that month. “This is an unemployment rate that’s not driven by job losers, this is an unemployment rate driven by job seekers,” he said. Homes under construction in the Summerlin community, on July 31, 2023, in Las Vegas, Nevada. As of December 2023, the Reno metro area’s unemployment rate was just 0.2 percentage points above the nation’s 3.7% rate.

Persons: John Simpson, Steve, Sisolak, ” Simpson, It’s, ”, they’re, I’ve, Stephen M, Miller, Mario Tama, Bob Potts, there’s, There’s, Nevadans, Annie E, Casey Foundation’s, Jamelle Nance, Marty Elquist, ” Elquist, “, Andrew Woods, Nicholas Irwin, Start’s Simpson, Irwin, Ethan Miller, Maurice Page, Page, Tesla, ” Potts, Carolyn Cole, Potts, You’ve, you’ve Organizations: CNN, Las, Republican Party, of Labor Statistics, University of Nevada, Lee Business School’s Center for Business, Economic Research, New York, Nevada Governor’s, Economic, Las Vegas, New, Workforce, Children’s, Alliance of Nevada, Education, Development, Silver State, Center for Business, UNLV, Reno, ”, Homes, Nevada Housing Coalition, Harvard University’s, for Housing Studies, Silver, Means, Reno Industrial Park, Apple, Panasonic, Google, Reno Industrial, Los Angeles Times, NCAA, NFL, NFL Pro Bowl Locations: Nevada, Las Vegas, Reno, ” Nevada, State, New York, New, Las, New Mexico, Vegas, “ Nevada, Silver, UNLV . Nevada, California, Sparks, Las Vegas , Nevada, Florida, Hawaii, Clark County, Sparks , Nevada, New Orleans, Denver, Southern Nevada, Northern Nevada, Los Angeles

☆ The US economy will grow by an extra $7 trillion over the next decade due to immigration, the CBO says
▼ + stars: | 2024-02-08 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The US economy will grow by an extra $7 trillion over the next decade, according to estimates from the CBO. "The labor force in 2033 is larger by 5.2 million people, mostly because of higher net immigration. AdvertisementThe CBO also found that net immigration has risen since 2022, and it expects it to remain elevated through 2026. The US labor force is expected to surge over the next decade thanks to strong net immigration trends. Another knock-on effect of America's net immigration trends is its impact on the housing market, since it should result in continued demand for new homes.

Persons: Phillip Swagel, Swagel, Jerome Powell, Powell Organizations: CBO, Congressional, Office, Immigrants Locations: Japan, America

☆ U.S. Debt on Pace to Top $54 Trillion Over Next 10 Years
▼ + stars: | 2024-02-07 | by ( Alan Rappeport | Jim Tankersley | ) www.nytimes.com time to read: +1 min

The United States is on a pace to add nearly $19 trillion to its national debt over the next decade as the mounting costs of an aging population and higher interest expenses continue to weigh on the nation’s fiscal outlook, the nonpartisan Congressional Budget Office said on Wednesday. Annual deficits over the next decade are 7 percent smaller than the $20.3 trillion the budget office forecast last year. A deal that President Biden and congressional Republicans struck last year to limit discretionary spending for two years reduces deficits over the decade. So does a surge of 5.2 million new workers into the labor force, most of them immigrants. But those deficit declines are partly offset by an increase in the estimated budget costs from Mr. Biden’s clean-energy agenda, an aging U.S. population and higher interest rates on the national debt.

Persons: Biden, Biden’s Organizations: Republicans Locations: States, U.S

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