Federal Reserve: Second-quarter US economic growth accelerated. After getting paid, Spending rose. Some companies buy more gear. This worries many.
In the past three months, GDP rose 2.4%, according to the Commerce Department. Thursday release? GDP rose 2.0% from January to March. Reuters predicts 1.8% GDP growth.
In March 2022, the Fed raised rates by 525 basis points to manage inflation. Everyone has something except those without homes or major companies.
Money gurus predict a worsening economy in 2022. Some smart people think the Federal Reserve’s “soft landing” could happen since prices aren’t rising as fast.
Central bank interest rates rose from 5.25 percent to 5.50 percent on Wednesday. Jobs help businesses. The Labor Department report arrives Thursday. The survey found 7,000 fewer people requesting state jobless aid.
July 22 saw 221,000 claims. Companies have had trouble hiring since COVID-19 spread. They need dedicated workers. The virus damaged hotels and activities.
The week ending July 15 saw 59,000 fewer people receiving help. This area has jobs. 1.69 million receive government aid. Tech and banking workers sacked before 2022 receive less aid.
Unemployed people find jobs quickly. Our managers want us to calculate the July unemployment rate using the number of people who lost their jobs that week and got payouts. June and July polls showed fewer people receiving aid.
3.6% of job seekers were unemployed in June. Not much. Experts expect their numbers to drop. High interest rates make borrowing harder. They also noted that banks were making it harder to borrow money and that people were spending money despite the outbreak. Pay increases may be tough if there are fewer jobs.