The omicron variant has almost surely created significant distortions in the American workforce that will become evident when the jobs report for January is released on Friday. … READ MORE >
coronavirus
Chart of the day: Consumer confidence falls amid omicron fears
The consumer confidence index inched down to 67.2 in January from 70.6 in December as concerns over the omicron variant’s surge weighed on consumers both now and in the future. … READ MORE >
U.S. GDP increases 6.9% in fourth quarter
The American economy closed out last year on an upbeat note, finishing with a 6.9% growth rate in the fourth quarter on a seasonally adjusted annualized pace, the fastest pace since the 7.2% rate in 1984. … READ MORE >
Fed to use conventional and unconventional tools to obtain price stability
The Federal Reserve on Wednesday signaled that it intends to use both conventional and unconventional tools to address risks to the economic outlook caused by inflation. … READ MORE >
Bank of Canada keeps rates steady but prepares for rate hikes ahead
The Bank of Canada kept its policy rate at 0.25% at its January meeting on Wednesday as it prepares to hike rates in March and subsequently draw down its balance sheet. … READ MORE >
Chart of the day: Omicron variant will extract a powerful economic toll
The omicron variant has caused many people to pull back on work and spending, which is why we have downgraded our first quarter growth forecast for gross domestic product to 1.5%. … READ MORE >
Chart of the day: Existing home sales fall 4.6%
Existing home sales in the United States cooled off significantly in December, dropping 4.6% on the month to 6.18 million homes sold amid near-record housing prices and supply constraints. … READ MORE >
Initial jobless claims reach 13-week high amid omicron variant’s surge
New filings for jobless benefits last week jumped to 286,000, the second sharp increase in a row from 231,000 the week before amid a surge in coronavirus cases. … READ MORE >
Canada inflation highest since 1991 as supply chain disruptions continue
Canada’s consumer price index hit 4.8% in December, the highest since 1991 as supply chain disruptions continued, according to data released by Statistics Canada on Wednesday. … READ MORE >
Chart of the day: Housing starts and permits end year with upside surprises
The housing market ended the year strong as housing starts and permits rose unexpectedly in December, beating earlier estimates of potential declines. … READ MORE >