Economics News Results

  • Central Bank Will Begin Reducing Bond Purchases 'Well Before' Raising Interest Rates, Powell Says -- Update

    WASHINGTON-- Federal Reserve Chairman Jerome Powell said Wednesday that the central bank will begin to slow the pace of its bond purchases "well before" raising interest rates. The Fed has been buying at least $120 billion a month of Treasury debt and mortgage-backed securities since last June to hold down long-term borrowing costs. Since December, the central bank has said the economy must make "substantial further progress" toward its goals of maximum employment and 2%...

  • States Were Told They Can't Use Covid Aid to Cut Taxes. They Sued. -- Update

    WASHINGTON-- A last-minute provision added to the $1.9 trillion coronavirus relief package last month is leading to a showdown between states and the Treasury Department over the limits of the federal government's fiscal authority. The package, known as the American Rescue Plan, provided $195 billion for state governments to help offset soaring costs related to the pandemic and plug budget holes stemming from the economic downturn. Democrats added one important condition:...

  • Retail Sales Seen Rebounding -- Data Week Ahead

    The following are forecasts for this week's remaining U.S. data from a survey compiled by The Wall Street Journal. Forecasts were last updated Monday afternoon. DATE TIME RELEASE PERIOD CONSENSUS PREVIOUS Thursday 0830 Jobless Claims Apr 10 710 K 744 K 0830 Retail Sales Mar +6.1% -3.0%-- ex autos Mar +5.3% -2.7% 0830 NY Fed Empire St Svy Apr 20.0 17.4 0830 Phila Fed Mfg Svy Apr 42.0 51.8 0915 Industrial Production Mar +2.7% -2.2% 0915 Capacity Utilization Mar 75.7% 73.8% 1000...

  • States Were Told They Can't Use U.S. Covid-19 Aid to Cut Taxes. They Sued.

    WASHINGTON-- A last-minute provision added to the $1.9 trillion coronavirus relief package last month is leading to a showdown between states and the Treasury Department over the limits of the federal government's fiscal authority. The package, known as the American Rescue Plan, provided $195 billion for state governments to help offset soaring costs related to the pandemic and plug budget holes stemming from the economic downturn. Democrats added one important condition:...

  • Eurozone's Industrial Production Declines More Than Expected

    Industrial production in the eurozone fell in February, the European Union's statistics agency said Wednesday. The output of factories, mines and utilities across the currency area for February was 1.0% lower than in January and fell 1.6% compared to February 2020. Economists polled by The Wall Street Journal had expected a 0.5% decline on month and a 0.9% drop on year. Compared with January 2021, production of capital goods fell 1.9%, energy production fell 1.2%,...

  • RBNZ Keeps Policy Tools Unchanged at Stimulatory Levels

    WELLINGTON, New Zealand--The Reserve Bank of New Zealand said economic recovery from the pandemic remains uncertain and left its two main tools for influencing the economy unchanged at stimulatory levels. The central bank on Wednesday kept its cash rate at a record low 0.25% and maintained a ceiling of 100 billion New Zealand dollars for its purchases of New Zealand government bonds. It will take "considerable time and patience" for the central bank's goals of 2.0% inflation...

  • Singapore Economy Notches First Quarter of Growth Since 2019

    SINGAPORE--Singapore's economy swung to growth for the first time since the fourth quarter of 2019, as an expansion in goods-producing industries and manufacturing during the first quarter outweighed contraction in construction and services-producing industries. The country's gross domestic product expanded 0.2% in the January-to-March period from a year earlier, according to the advance estimate released by the Ministry of Trade and Industry on Wednesday.

  • Inflation Accelerated in March Due to Strengthening Economy --3rd Update

    U.S. consumer prices rose sharply in March as the economic recovery gained momentum, marking the start of an expected monthslong pickup in inflation pressures. Some of the price increases reflected temporary factors, but others showed how demand for many goods and services is reviving a year after the coronavirus pandemic shut down large swaths of the economy, analysts said. The Labor Department reported Tuesday that its consumer-price index-- which measures what consumers...

  • IRS Chief Says $1 Trillion in Taxes May Go Uncollected Each Year

    As much as $1 trillion a year in federal taxes may be going unpaid because of errors, fraud and lack of resources to enforce collections adequately, Internal Revenue Service commissioner Charles Rettig, told lawmakers Tuesday. During a nearly three-hour appearance before the Senate Finance Committee, Mr. Rettig said much has changed since the IRS last formally published data on the so-called tax gap-- the difference between taxes owed and tax collected-- using returns from tax...

  • Inflation Accelerated in March Due to Strengthening Economy -- 2nd Update

    U.S. consumer prices rose sharply in March as the economic recovery gained momentum, marking the start of an expected monthslong pickup in inflation pressures. The Labor Department reported Tuesday that the consumer-price index-- which measures what consumers pay for everyday items including groceries, clothing, recreational activities and vehicles-- jumped 2.6% in the year ended March, the highest since August 2018, and rose a seasonally adjusted 0.6% in March from February.

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