US job growth remained sluggish in November and the unemployment rate rose to a four-year high, pointing to a continued cooling in the labor market after a weak October. Nonfarm payrolls increased 64,000 in November after declining 105,000 in October, according to Bureau of Labor Statistics data out Tuesday. The unemployment rate was 4.6% last month, up from 4.4% in September. The BLS had to forgo publishing an October jobless rate because it was unable to retroactively collect that data following the government shutdown. The decline in October payrolls, which was the...
US retail sales were little changed in October as a decline at auto dealers and weaker gasoline receipts offset stronger spending in other categories. The value of retail purchases, not adjusted for inflation, was essentially unchanged after a revised 0.1% gain in September, according to a Commerce Department report that was delayed due to the government shutdown. Excluding auto dealers and gasoline service stations, sales increased 0.5%. Eight out of 13 retail categories posted increases, including solid advances at department stores and online merchants. Motor...
Treasury Secretary Scott Bessent expects a substantial drop in inflation during the first six months of 2026, according to statements made Tuesday on Fox Business. Bessent indicated that an announcement regarding President Trump's Federal Reserve chair selection would likely come in early January, with "one or two more Fed interviews" possibly taking place this week. When discussing potential candidates, Bessent noted that both Kevin Warsh and Kevin Hassett are "very very qualified" for the position. He rejected suggestions that Hassett would lack agency at the Federal Reserve, while...
The United States ordered a blockade of Venezuelan oil tankers because the Trump administration believes President Nicolás Maduro's regime is acting detrimentally to the United States and the world. Trump has labeled the Venezuelan government a "foreign terrorist organization" and accused the regime of asset theft, terrorism, drug trafficking, and human trafficking. He has therefore decided to block tankers sailing in and out of Venezuela as part of an economic and political pressure campaign. This move is also part of a broader US pressure campaign, including the seizure of tankers...
The Bank of England cut Bank Rate by 25 basis points to 3.75%, its lowest level since 2022, as easing inflation and growing signs of economic stress prompted policymakers to act. This marked the first rate cut since August. Five policymakers voted to cut rates, while four others voted to keep rates unchanged. The Monetary Policy Committee (MPC) stated that future policy easing would be guided by developments in the inflation outlook, adding that the degree of policy restraint had eased. UK inflation slowed to 3.2% in November, the lowest in eight months and below the Bank of England's...