US economy

Wells Fargo CEO Scharf sees swift recovery for US economy in 2021 as vaccines are rolled out

December 9, 2020

CNBC Wells Fargo CEO Charlie Scharf said Tuesday that the U.S. economy will probably rebound quickly from the coronavirus next year after vaccines are widely distributed. As head of the fourth-biggest U.S. bank by assets, Scharf has a unique view into the saving and spending activity of millions of Americans. Government action at the start of the pandemic was “extremely

Fed Chair Powell: Wearing masks will help bring U.S. economy back

November 6, 2020

CNBC Federal Reserve Chairman Jerome Powell reiterated on Wednesday that the economic recovery is dependant on how the country handles the coronavirus pandemic. “As we have emphasized throughout the pandemic, the outlook for the economy is extraordinarily uncertain, and will depend in large part on the success of efforts to keep the virus in check,” Powell said. “The recent rise in new COVID-19 cases both

Bank of America CEO Brian Moynihan says U.S. economy starting to ‘come out of the hole’

May 28, 2020

CNBC The U.S. economy is beginning to recover from shutdowns tied to the coronavirus pandemic, Bank of America CEO Brian Moynihan told CNBC on Thursday. Moynihan cited consumer spending figures from the millions of households using his lender’s credit and debit cards: While transactions collapsed by about 30% in April, it was down by only 5% to 10% in May. “You’re starting to see

Powell says GDP could shrink more than 30%, but he doesn’t see another Depression

May 18, 2020

CNBC The U.S. economy could shrink by upwards of 30% in the second quarter but will avoid a Depression-like economic plunge over the longer term, Federal Reserve Chairman Jerome Powell told “60 Minutes” in an interview aired Sunday. The central bank chief also conceded that jobless numbers will look a lot like they did during the 1930s, when the rate peaked out

US Economy Slowed to 2.1% Growth Rate in Second Quarter

July 26, 2019

From AP News The U.S. economy slowed sharply in the April-June quarter even as consumers stepped up their spending. The gross domestic product, the economy’s total output of goods and services, grew at a 2.1% annual rate last quarter, down from a 3.1% gain in the first quarter, the Commerce Department estimated Friday. But consumer spending, which drives about 70%

Economy Adds 155K Jobs in November, Unemployment Holds at 3.7%

December 7, 2018

From The Hill The U.S. economy added 155,000 jobs in November, below estimates and cooler than October, but the labor market continues to maintain momentum. The unemployment rate held at 3.7 percent for the third straight month, the lowest level since December 1969, the Labor Department reported on Friday. Expectations has been for around 190,000 jobs to be added. Employment