The U.S. economy just recorded the worst jobs report of President Joe Biden’s time in the White House. In June, the labor market added 209,000 new jobs, down from a downwardly revised 303,000 in May. This was below the consensus estimate of 225,000. The unemployment rate dipped to 3.6 percent, down from 3.7 percent. A […]
Archives for July 2023
Wow! U.S. private sector added 497,000 new jobs in June, ADP data show
It is safe to say that the June non-farm payrolls report is going to be, as the kids say, lit. Why? A few employment reports were released on Thursday and they were astounding. The first was the ADP National Employment Report. It highlighted that the U.S. private sector created 497,000 new jobs in June, up […]
U.S. opposed to China’s export controls on gallium, germanium: Commerce Department
The U.S. Commerce Department says that it is opposed to the Chinese government’s decision to slap export controls on two rare earth metals: gallium and germanium. Commerce Department officials issued a statement, noting that the U.S. government will engage with allies and partners to touch upon Beijing’s export controls. Treasury Secretary Janet Yellen has her […]
FOMC Minutes: Federal Reserve economists expect ‘mild recession,’ officials anticipate more rate hikes
The Federal Reserve released minutes from the June Federal Open Market Committee (FOMC) policy meeting. Here is a summary: Federal Reserve economists expect a “mild recession” later this year. Some participants were open to a 25-basis-point rate hike. All members agreed that more restriction was coming, with two more rate hikes likely. Committee officials say […]
Bidenomics: Fourth of July cookout 15% more expensive under Biden than Trump
Ouch. As you enjoy your Fourth of July barbecue, it is hard to forget that this probably was one of the more expensive ones. According to a new analysis from the American Farm Bureau Federation (AFBF), families are paying 15 percent more for their Independence Day cookout under President Joe Biden than they did under […]