Unemployment, at 5.9 percent, is still well above the 3.5 percent rate that prevailed before the pandemic struck. And the economy remains 6.8 million jobs short of its pre-pandemic total.
In a letter Friday to House and Senate leaders, Yellen said that her actions would buy time until Congress can pass legislation to either raise the debt limit or suspend the limit again for a period of time.
In an updated forecast Thursday, the CBO said the deficit for the current 2021 budget year, which ends Sept. 30, will be the second-largest in history, coming in shy of last year's record shortfall of $3.13 trillion.
The administration on Friday also announced changes in the rental assistance program aimed at addressing criticism that the emergency support has not reached many renters who need the help. The additional aid is included in the $1.9 trillion relief package…
The U.S. trade deficit surged to a record $74.4 billion in March as an improving U.S. economy drove purchases of imported foreign goods.
The big increase of $368 billion was attributed to passage of a $1.9 trillion support measure that President Joe Biden pushed through Congress in March which provided another round of relief payments totaling $1,400 per individual.
Powered by consumers and fueled by government aid, the U.S. economy is achieving a remarkably fast recovery from the recession that ripped through the nation last year on the heels of the coronavirus and cost tens of millions of Americans…
Powered by consumers, the U.S. economy grew at a brisk 6.4% annual rate last quarter — a show of strength fueled by government aid and declining viral cases that could drive further gains as the nation rebounds with unusual speed…
The new survey released Wednesday showed that the Fed's business contacts around the country were expressing more optimism about the economy's outlook as activity accelerated.
The U.S. government’s budget deficit surged to an all-time high of $1.7 trillion for the first six months of this budget year.
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