Tag Archives: US economy

Biden to speak on strong January jobs report after US adds 467,000 – live | US news

The government’s report Friday also drastically revised up its estimate of job gains for November and December by a combined 709,000. It also said the unemployment rate ticked up last month from 3.9% to a still-low 4%.

The strong hiring gain for January, which was unexpected, demonstrates the eagerness of many employers to hire even as the pandemic maintains its grip on the economy. Businesses appear to have seen the omicron wave as having, at most, a temporary impact on the economy and remain confident about longer-term growth. …

The surprisingly healthy hiring figures will likely give the Federal Reserve leeway to raise interest rates more quickly to cool inflation. The Fed has already indicated that it will begin raising rates in March, and it could do so again at its next meeting in May.

Read original article here

Joe Biden to discuss Omicron Covid variant in White House address – live | US news

Rand Paul, a senator from Kentucky, has clashed publicly with Anthony Fauci over virus research carried out before the pandemic. Ted Cruz, from Texas, has said Fauci should be prosecuted regarding his handling of the Covid response.

“Yeah,” Fauci told CBS in his Sunday interview. “I have to laugh at that. I should be prosecuted? What happened on 6 January, senator?”

Cruz was among Republicans who voted to object to electoral college results in key states, even after Trump supporters mounted a deadly attack on the US Capitol.

Asked if he was being made a scapegoat for Trump’s failings under Covid, Fauci said: “Of course, you have to be asleep not to figure that one out … That’s OK, I’m just going to do my job and I’m going to be saving lives and they’re going to be lying.”

Playing politics with his role in the Covid response, Fauci said, was “unbelievably bad because all I want to do is save people’s lives. That’s what I have done for the last 50 years …

“I mean, anybody who’s looking at this carefully realises that there’s a distinct anti-science flavor to this. So if they get up and criticize science, nobody’s going to know what they’re talking about. But if they get up and really aim their bullets at Tony Fauci, well, people could recognize there’s a person there. There’s a face, there’s a voice you can recognize, you see him on television.

“So it’s easy to criticise, but they’re really criticising science because I represent science. That’s dangerous. To me, that’s more dangerous than the slings and the arrows that get thrown at me.

“I’m not going to be around here forever, but science is going to be here forever. And if you damage science, you are doing something very detrimental to society long after I leave. And that’s what I worry about.”

Here’s video of one memorable exchange between Paul and Fauci, from a Senate hearing in July:


Fauci to Rand Paul: ‘You do not know what you are talking about’ – video

Read original article here

Biden to address state of US economy as inflation hits 31-year high – live | US news











16:28

Biden administration asks court to lift stay on vaccination rule

Updated











15:58











15:38











15:17











14:59

Biden to release 50m barrels of oil from strategic reserve to address high gas prices











14:36











14:34











14:34

Biden to address lowering prices as inflation hits 31-year high

Updated



Read original article here

Biden to visit New Jersey to promote agenda as House looks to hold votes this week – live | US news











15:48











15:29

Haugen testifies before British MPs on harm caused by Facebook

The Facebook whistleblower is to giving evidence to MPs and peers scrutinising the online safety bill, amid calls for a toughening up of the landmark legislation.

Frances Haugen has triggered a deep crisis at Mark Zuckerberg’s social media empire after she released tens of thousands of internal documents detailing the company’s failure to keep its users safe from harmful content.

On Monday Haugen, 37, will testify in person at the joint committee scrutinising the draft online safety bill, a piece of legislation that places a duty of care on social media companies to protect users – with the threat of substantial fines if they fail to do so.

Speaking to the Observer before the hearing, Haugen said Zuckerberg, Facebook’s founder, chief executive and controlling shareholder, had not shown any readiness to protect the public from the harm his company is causing.

“Right now, Mark [Zuckerberg] is unaccountable. He has all the control. He has no oversight, and he has not demonstrated that he is willing to govern the company at the level that is necessary for public safety.”

Read the Guardian’s UK Politics live blog to get the latest updates on the hearing:











15:06

Reconciliation negotiations with Manchin ‘went well,’ Biden says











14:50

Documents and recordings obtained by the Guardian shed new light on a powerful and secretive rightwing network and the influence it was able to exert on Trump administration policies favoring the super-rich.

The recordings include speeches given to the Council for National Policy (CNP) by conservative media stars including Dennis Prager, emerging Republican power players such as Charlie Kirk, and close economic advisers to Donald Trump.

Some of the previously published recordings appear to no longer be publicly available.

The Guardian’s independently sourced recordings offer an insight into how much influence conservative economic thinkers – from bodies representing the interests of some of the richest individuals in the country – were able to exert on the supposed populist Trump.

Read the Guardian’s full report:











14:50











14:50

Biden to visit New Jersey as he faces crucial week for economic agenda



Read original article here

Biden hails 850,000 monthly US jobs and says: ‘This is historic progress’ – live | US news











12:14

Today so far











11:42

Biden concerned about Covid variant among unvaccinated

Updated











11:27











11:15











11:00











10:54

‘This is historic progress’: Biden celebrates strong jobs report

Updated











10:39

On Wall Street, stocks have hit a new record high as investors welcome today’s employment report.

The S&P 500, which covers a broad swathe of the US market, is up 13 points or 0.3% at 4,333 points in early trading.

The tech-focused Nasdaq also hit a new high, currently up 54 points or 0.35% at 14,576.

The Dow is slightly higher at 34,661.58 with tech stocks leading the way: Intel, Apple and Microsoft are all up around 1.2%, while aerospace manufacturer Boeing and pharmaceuticals group Walgreens Boots Alliance are both down around 1.8%.











10:22











10:02











09:47

US economy added 850,000 jobs last month, latest jobs report shows

The US economy added 850,000 jobs in June, as American companies continue to take on staff as demand picks up.

That’s more than the 700,000 increase which Wall Street expected.

May’s non-farm payroll has been revised up too, to show 583,000 new hires (up from 559,000).

But the unemployment rate has risen, to 5.9% from 5.8%, suggesting more people are looking for work.

The Guardian’s business live blog has more details and analysis of the report, so follow along there:











09:29











09:19

On the surface, the charges against Allen Weisselberg did seem like “smaller fish”. In an interview with Politico, Donald Trump’s lawyer Ronald Fischetti said: “It’s like the Shakespeare play Much Ado About Nothing. This is so small that I can’t believe I’m going to have to try a case like this.”

But surfaces can be deceptive.

After three years of subpoenas, supreme court hearings and existential legal rows about the legality of charging a president of the United States with wrongdoing, New York’s fearsome prosecutorial team have charged a little-known 73-year-old accountant with defrauding taxpayers of $1.7m over 15 years. That is big money for most people, but not an amount that would worry Trump, who Forbes calculates is worth $2.4bn.

Downplaying the significance of this week’s indictment would, however, be a mistake. Alongside Weisselberg, Manhattan district attorney Cyrus Vance, and the New York state attorney general Letitia James also charged the Trump Organization with tax fraud, the start of a process that could crack the secretive Trump empire wide open.

The salvo in the long-brewing legal battle will, at the very least, wrap up Trump for years in legal woes, and at worst could destroy his family business and put not just Weisselberg but the Trump family members who run his business and Trump himself in the dock.











09:19

More legal troubles likely ahead for Trump Organization after tax crime charges



Read original article here

US Capitol under lockdown due to ‘external security threat’ – live | US news











13:36











13:34

USCP confirms two officers injured after car rams security checkpoint











13:30











13:27











13:25











13:21

Capitol in lockdown following reports of a car crashing into security barrier











13:14











13:00

Japanese prime minister to visit White House this month











12:55











12:35











12:16











12:09

Updated











12:05











11:56











11:50











11:45

Fully vaccinated Americans can travel without quarantining, CDC says

Updated











11:40

Biden encourages Americans to ‘buckle down’ as coronavirus cases rise











11:36



Read original article here

Markets edgy ahead of US Fed decision; Germany’s 2021 growth forecasts cut – business live | Business

The German government’s top economic advisers have cut their growth forecasts for this year, warning that the latest wave of Covid-19 is hurting the economy.

In their latest outlook, the German Council of Economic Experts now expect GDP to only rise by 3.1% in 2021, down from 3.7% previously forecast.

It forecasts that Germany’s economy will shrink by around 2 % in the first quarter of this year, due to “the renewed rise in infection rates in autumn 2020 and the restrictions that currently remain in place”.

But it should then return to “a path of recovery over the coming months”, as the vaccination campaign is accelerated as planned, the pandemic is contained and, consequently, restrictions are gradually eased, the GCEE predict.

The GCEE has also cut its forecast for eurozone growth this year, to 4.1% from 4.9% previously, explaining that:


Economic activity in the euro area is being curbed by the heightened infection rates and the resultant restrictions.




German growth forecasts Photograph: German council of economic experts

The GCEE predicts that Germany’s economy will return to its pre-crisis level at the turn of the year 2021/2022, and grow by 4% in 2022.

But it also warns that vaccination progress is crucial in getting the economy back to normal, saying:


The greatest risk going forward is posed by further developments in the coronavirus pandemic. Progress on vaccinations will be one of the key factors determining how swiftly the economy can normalise.

Germany is one of several countries who suspended use of the AstraZeneca vaccine this week, while reports of thromboembolic events, such as blood clots, among a small number of people who received the jab are investigated.

GCEE member Achim Truger says Germany’s service sector could ‘bounce back’ once the pandemic is under control.


“Once we manage to get the level of infections under control and vaccinate larger sections of the population, the services sector that has been hit hard by the contact restrictions and closures – such as hospitality and stationary retail – is likely to bounce back. This should help to boost growth,”.

Fellow council member Volker Wieland flags up the risk of a third wave of Covid-19 forcing new restrictions and factory closures.


“The greatest risk to the German economy is posed by a potential third wave of infections, especially if it were to lead to restrictions or even plant closures in industry,”.

Read original article here

Kamala Harris uses casting vote to pass Covid relief budget resolution | US news

The US Senate has passed a budget resolution that allows for the passage of Joe Biden’s $1.9tn (£1.4tn) Covid-19 relief package in the coming weeks without Republican support.

The vice-president, Kamala Harris, broke a 50/50 tie by casting a vote in favour of the Democratic measure, which sends it to the House of Representatives for final approval. It marked the first time Harris, in her role as president of the Senate, cast a tie-breaking vote after being sworn in as the first female vice-president on 20 January.

The House passed its own budget measure on Wednesday. Congress can now work to write a bill that can be passed by a simple majority in both houses, which are controlled by Democrats. Mid-March has been suggested as a likely date by which the measure could be passed, a point at which enhanced unemployment benefits will expire if Congress does not act.

The vote came at 5.30am on Friday at the end of a marathon Senate debate session, known among senators as a “vote-a-rama”, a procedure whereby they can theoretically offer unlimited amendments.

US cases

Biden is scheduled to meet with Democratic House leaders and committee chairs early on Friday morning to discuss the Covid economic stimulus, and is expected to make public remarks on the progress at an 11.45am EST (1645 GMT) briefing.

There was dissent from Republicans in the Senate overnight, particularly over plans for a $15 federal minimum wage. Iowa’s Republican senator, Joni Ernst, raised an amendment to “prohibit the increase of the federal minimum wage during a global pandemic”, which was carried by a voice vote.

The Vermont senator Bernie Sanders said he still intended to support bringing the measure through: “We need to end the crisis of starvation wages in Iowa and around the United States.”

He outlined plans to get a wage increase, phased in over five years, included in a budget reconciliation bill. The federal minimum wage is currently $7.25 an hour, and has not been raised since 2009.

In a tweet after the vote, Sanders said: “Today, with the passage of this budget resolution to provide relief to our working families, we have the opportunity not only to address the pandemic and the economic collapse – we have the opportunity to give hope to the American people and restore faith in our government.”

During the debate Senate minority leader Mitch McConnell said “This is not the time for trillions more dollars to make perpetual lockdowns and economic decline a little more palatable. Notwithstanding the actual needs, notwithstanding all the talk about bipartisan unity, Democrats in Congress are plowing ahead. They’re using this phony budget to set the table to ram through their $1.9 trillion rough draft.”

The $1.9 trillion relief package proposed would be used to speed Covid-19 vaccines throughout the nation. Other funds would extend special unemployment benefits that will expire at the end of March and make direct payments to people to help them pay bills and stimulate the economy. Democrats also want to send money to state and local governments dealing with the worst health crisis in decades.



Read original article here