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Economy

US Posts First Monthly Budget Surplus in More Than 2 Years

Equities Staff | Equities.com |

The U.S. government posted a $119 billion budget surplus in January, the first in more than two years, amid strong growth in tax receipts and a sharp drop in pandemic-related outlays

The January surplus compared to a January 2021 deficit of $163 billion, a record for the month asdirect payments to individuals from COVID-19 aid legislation enacted in December 2020 were distributed.

The surplus last month was the first sinc...


Bank of America CEO Moynihan Says Consumers Spending at Fastest Rate He Has Seen

AP News | Equities.com |

The head of the nation’s second-largest bank said consumers are spending “at a faster rate” than he’s ever seen but he remains concerned about how inflation and supply-chain issues will influence the economy going into the winter.

In an interview this month with The Associated Press, Bank of America Chairman and CEO Brian Moynihan said spending on the bank’s debit and credit cards has surged as the economy recovered from recession.


Jerome Powell Says Fed To Discuss Accelerated Tapering of Bond Purchases at Next Policy Meeting

Reuters | Equities.com |

Federal Reserve Chair Jerome Powell on Tuesday said the U.S. central bank likely will discuss speeding up its "taper" of large-scale bond purchases at its next policy meeting, amid a strong economy and expectations that a surge in inflation will persist into the middle of next year.

"At this point the economy is very strong and inflationary pressures are high and it is therefore appropriate, in my view, to consider wrapping up the taper of our asset purchases, which we actually announced at the November meeting, perhaps a few months sooner, and I expect that we will discuss that at our upcoming meeting in a couple of weeks," Powell said in testimony before the U.S. Senate Banking Committee.


Unemployment Claims Fall to 52-Year Low

Kimberly Redmond | Equities.com |

The number of Americans applying for unemployment benefits dropped last week to the lowest level since November 1969, a sign that the US job market is continuing to recover from the COVID-19 pandemic.

In the week ending Nov. 20, filings for initial unemployment benefits fell 71,000 to 199,000, according to data released Wednesday by the Labor Department.  https://www.dol.gov/ui/data.pdf

The four-week average of claims declined by 21,000 to just over 252,000 &...


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