U.S. employers added 517K jobs in January

U.S. employers added 517K jobs in the month of Jan. 2023, according to a report released Friday morning. Christina Skinner, assistant professor of legal studies at The Wharton School, discusses the latest jobs report with LiveNOW from FOX's Josh Breslow.

Inflation slowdown: Consumer price index dipped 0.1% in December | LiveNOW from FOX

Inflation continued to cool in December, the latest sign that painfully high consumer prices are finally beginning to loosen their stranglehold on the U.S. economy. The Labor Department said on Jan. 12, that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, fell 0.1% in December from the previous month. Prices climbed 6.5% on an annual basis. More LiveNOW from FOX streaming video

OPEC cuts oil production, Biden ‘disappointed’ in decision | LiveNOW from FOX

Ministers from Organization of the Petroleum Exporting Countries (OPEC+) on Wednesday said they would cut oil production by 2 million barrels a day in a move that is expected to raise oil prices globally. President Biden said, "[he] is disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact of Putin’s invasion of Ukraine."

U.S. retail sales flat in July

The pace of sales at U.S. retailers was unchanged last month as persistently high inflation and rising interest rates forced many Americans to spend more cautiously. Retail purchases were flat after having risen 0.8% in June, the Commerce Department reported Wednesday. Economists had expected a slight increase. Still, Wednesday’s report contained some positive signs: Excluding autos and auto parts, retail sales rose 0.4% in July. Lower gas prices likely freed up money for people to spend elsewhere. Gasoline sales slid 1.8%, reflecting the drop in pump prices.

Are we in a recession? Economic expert says yes | LiveNOW from FOX

By one common definition, the U.S. economy is on the cusp of a recession. Yet that definition isn’t the one that counts. On Thursday, when the government estimates the gross domestic product for the April-June period, some economists think it may show that the economy shrank for a second straight quarter. That would meet a longstanding assumption for when a recession has begun. But economists say that wouldn’t mean that a recession had started. During those same six months when the economy might have contracted, businesses and other employers added a prodigious 2.7 million jobs — more than were gained in most entire years before the pandemic. Wages are also rising at a healthy pace, with many employers still struggling to attract and retain enough workers. The job market’s strength is a key reason why the Federal Reserve is expected to announce another hefty hike in its short-term interest rate on Wednesday, one day before the GDP report. Several Fed officials have cited the healthy job growth as evidence that the economy should be able to withstand higher rates and avoid a downturn. Many economists, though, are dubious of that assertion.

Stocks under extreme pressure as inflation continues to surge

A closely watched recession predictor in the bond market just flashed red, spurring fresh concern that the U.S. economy is on track for a downturn this year as a result of the Federal Reserve's war on inflation. The spread between the 2-year and 10-year Treasury yields inverted this week for the first time since April on fears that the Federal Reserve's aggressive approach to tackling the hottest inflation in four decades could lead to a sustained slowdown in growth. The phenomenon – which is rare – has been a historically accurate predictor of recessions.

Biden makes case his economic plan is working

President Biden reiterated his determination to invest in the $2 trillion American Jobs Plan and $1 trillion American Families Plan — two major pieces of his agenda that are meant to create good-paying jobs, expand economic opportunities for all Americans and help Americans outcompete the rest of the world.

Biden unveils his economic team

President-elect Joe Biden unveiled his economic team on Dec. 1, 2020 amid growing concerns about the pace of the nation's economic recovery.