35 Burst results for "Mark Hamrick"

Wall Street ticks higher as hot US inflation cools further

AP News Radio

00:56 sec | 2 weeks ago

Wall Street ticks higher as hot US inflation cools further

"Another sign that inflation is slowing as given the stock market, something to rally about. Wall Street closed higher after a new report on consumer prices showed some moderation last month in inflation. Today we've got some good news. President Biden announcing inflation declined to 6 and a half percent in December. Compared to the same time last year and down from 7.1% the previous month. He says lower gas prices help. Biden administration took action to get oil on to the market and bring down prices. But analysts are flagging some caution with the lower numbers, Mark Hamrick at bankrate dot com. We're still seeing some upward pressure coming from food prices as well as the measure for shelter or housing. The major indexes were higher, the Dow gained 216 points for the day, but treasury yields fell as investors start to think the fed might downshift the size of its next rate hike. I'm Jackie Quinn

President Biden Biden Administration Mark Hamrick FED Jackie Quinn
"mark hamrick" Discussed on WTOP

WTOP

02:58 min | 2 weeks ago

"mark hamrick" Discussed on WTOP

"Coming up. A new year with more interest rate hikes ahead, I'm Mark Hamrick with a look at what the Federal Reserve may have in mind and how that affects our money in my report just ahead. 5 45. Sports at 15 and 45 powered by maximus. Moving people and innovation forward. Now to rob wood fork All right, we are talking commanders of the left a ton of points on the field. They're playing what amounts to a road game against the hated cowboys, but still somehow lead Dallas here as we approach halftime over at FedEx field. George Wallace live in land over, he's got the details. Rob, you make that all sound so lovely. Hey man, it's what they are. 13, nothing. Washington with the lead, yeah, you're right, three trips inside the red zone just the one score. Cowboys have a muffed punt, and this one the punter also dropped the ball washing or recovered inside a cowboy's territory. That was Sam house first NFL pass, then the next two plays later, went for a touchdown of Terry mclaurin house, 6 of ten to 66 yards as the touchdown also an interception he threw in the end zone Jared Patterson leading Russia for Washington 31 yards on the ground dak Prescott, not very good 6 of 15, 42 yards of the air with an interception to Kendall fuller, which he took back to the house before the other touchdown. Joey slide is not having a good day. He's missed an extra point and two field goals. But yet, minute, 6 to go in this half rob and Washington leading the cowboys 13 nothing. All right, and a couple of other games relevant to the NFC playoff picture, the Philadelphia Eagles all over the New York Giants 16 nothing is that one approach is halftime. This holds and Philly wins the NFC east and the Seahawks trying to get that last NFC wild card. They're trailing the LA rams on their own home field 13 to 6. That one also just a few seconds until the break. In the AFC, the ravens remain a wild card thanks to a 27 16 loss to the Bengals, so Cincinnati wins its second straight division title and oh by the way, they'll host the wild card rematch between these two teams and since next week, the dolphins clinch their first playoff spot in 6 years thanks to a win over the jets and the Patriots lost in Buffalo. The capital's leading the blue jackets won nothing at first intermission in the return of Nick backstrom and Tom Wilson, but it would be Garrett Gustafson, with the lone gold Darcy kepper 12 saved so far. In college basketball, Maryland a 80, 73 win over number 24 Ohio State, it snaps a two game slide. The turf's now two and one against ranked opponents, navy dropped their third straight. They fell to Lehigh 78 73 in American, holds on for a win over Boston to stay undefeated in conference play. Rob Woodward sports. Okay, rob, a former U.S. intelligence analyst, convicted of spying for Cuba more than 20 years ago, has been released from a federal prison in Fort Worth. A federal bureau of prison spokesman confirmed 65 year old Annabel and montez was released on Friday. She was arrested in September 2001, charged with spying while working for the U.S. defense intelligence agency. Coming up after traffic

Mark Hamrick rob wood Sam house Terry mclaurin NFC Jared Patterson dak Prescott Kendall fuller cowboys Washington George Wallace LA rams Federal Reserve FedEx Cowboys Dallas Rob
"mark hamrick" Discussed on WTOP

WTOP

01:39 min | 3 weeks ago

"mark hamrick" Discussed on WTOP

"Tickets were sold at. Several people we are told have also won tickets worth a $100,000. Money news on WTO P of 25 and 55. The U.S. housing market may be in a deep freeze. Here's mark Hamrick. The housing market's big fade. I'm Mark Hamrick with a bank rate dot com personal finance in it. The great financial crisis leading to an unemployment rate peak of 10% in October 2009 was preceded by a foreclosures crisis and collapse of the housing market. In 2022, the housing market entered into what many industry people regard as a housing recession, resulting from a sharp increase in mortgage rates. It was challenging enough that home prices had staged double digit percentage gains on an annual basis, then came the sharp increase in financing home purchases as the marketplace reacted to the Federal Reserve's tightening a monetary policy. The end of easy money was a tough pill to swallow for the housing market, with sales, declining, as we prepare to close out the year a 30 year fixed rate mortgage averages at just over 6 and a half percent. That's up from 3.40 as we began the year, but down from the peak. I'm Mark Hamrick. Coming up on WTO P and just a few moments of evacuation warnings are in place, south of Sacramento, California because of drenching rains and heavy snowfall. Also on CBS, the family of a man arrested in connection with the murders of Ford, Idaho, college students. Is speaking out, how about that? WTO we news time. It's ten 56. So I switched to boost mobile

Mark Hamrick mark Hamrick WTO U.S. Federal Reserve Sacramento CBS California Idaho Ford
"mark hamrick" Discussed on WTOP

WTOP

02:25 min | 3 months ago

"mark hamrick" Discussed on WTOP

"This week that tutorial Powell said inflation was still too high. The latest interest rate hike taking place was three quarters of a percent and Powell indicates the Central Bank will be hiking rates yet again in the near future. This morning bank rate senior economic analyst in Washington bureau chief Mark Hamrick with his tag. That's quite the stunning as far as I'm concerned. I've been going to these news conferences since they began in 2011. And chairman Powell was, of course, trying to deliver home the message that the fight against inflation is paramount. And they did signal during the meeting that the fed could be prepared to slow the magnitude of rate increases as soon as the next meeting, which is before Christmas. But he didn't want to necessarily promise that. And he also then answered a question from Chris gaber of Associated Press who does a great job covering the fed, where Chris said, you know, stock market is rallying, essentially, how do you feel about that? And the chairman said it's premature to talk about a pause and interest rates. And that is really what cost this real reversal in stock prices. And I think it's a delicate balance that he and his colleagues are trying to walk in the sense of they can't appear to be behind in the inflation fight, but they also don't want to be at war with financial markets. Well, that's a tough one to come out on top on Mark. I mean, people are really concerned about a recession, of course, and that's why people are hoping, including, I suppose, the fed chair that eventually interest rates can come down. Eventually, but I think we're a long way away from that because as he said, inflation has been more persistent than even he expected and he's really talking about this year and even said that we're continuing to see inflation and services having seen a shift in spending from goods to services. So one question that really was the rapper of the news conference was along the lines of, do you see a path toward avoiding a hard landing, which is diplomatic speak for recession. And he basically said, very bluntly that he thinks that path is becoming more and more narrow that that window is closing. But I would hasten to add. And we've probably said this before that the next recession need not be nearly as severe as the previous two, which were pretty darn severe, but he's basically trying to repair people for the likelihood that the job market will worsen. And then we could have some rough sledding in 2023. Bank rate senior economic analyst and Washington bureau chief Mark Hamrick

Mark Hamrick chairman Powell Powell Chris gaber fed Central Bank Associated Press Washington Chris Mark
"mark hamrick" Discussed on WTOP

WTOP

01:40 min | 4 months ago

"mark hamrick" Discussed on WTOP

"Via two 41. My inflation and a weakening economy are still not affecting the job market. It seems, but a number of Americans filing for unemployment aid at last check fell by 16,000 to 193,000 the lowest level actually in several months, but other signs in the economy of remain troublesome this morning. Mark had a break senior economic analyst for bankrate dot com joins WTO to give us the latest on the job market as he sees it. The job market remains the most positive part of the economy. If you view it from a job security perspective and these jobless claims, it actually risen a little bit over the summer. We are from the mid 200,000 range. And here we are back below 200,000 lowest since April. Now, there has been a lot of discussion about whether we are in a recession or not. Now we have revised figures from the gross domestic product that might lend to the argument we are in a recession, but you have some positive signs as well. What's going on here? Well, the job market, for example, and is one reason why I think the vast majority of economists as well as the official arbiter of when recessions occur. And we haven't heard officially from them. This is why we're not believing that the economy has been in recession, but that doesn't mean that the future or even the situation can't be more negative. And so you said in the past, for many Americans, more Americans are being affected by the high and sustained rate of inflation, than would be affected by recession if it were only a mild recession. So this is why a sense of alarm about inflation continuing for such a long period is such a high rate has really been such a significant and warranted concern Mark Hamrick senior economic analyst for bakery

bankrate WTO Mark Mark Hamrick
"mark hamrick" Discussed on WTOP

WTOP

01:46 min | 4 months ago

"mark hamrick" Discussed on WTOP

"Amazing. I'll save all the job mark that has remained in the face of all these challenges of, let's say, the last year and a half of outsized inflation. And really serves to shift people's attention to these high end sustained prices because they've sort of checked the box off on the job market piece. The jobless claims do reflect some layoffs that are occurring in the economy, but given the high number of job openings and the low number of unemployed and the low unemployment rate is suggest that those who may be knocked loose of their current employment are relatively successful quickly and finding new jobs. We still have though the hot inflation we still have the rising interest rates. How is it affecting the mortgage market and the ability of folks trying to buy homes? Yeah, that's a bit of a horror story here because here at bank rate. We now have the average for 30 year fixed rate mortgage above 6% for a second straight week. And I know that may jog some people's memories, those of us who are old enough to remember it. These rates are the highest since late 2008. And so housing affordability becomes further challenging coinciding with the continued rise in home prices we've had in recent years. And I think we'll see further chill in the housing market as we get into the fall and probably even represented in the forthcoming housing data as well. Some good news that the nationwide rail strike was avoided, how close were we to an economic meltdown if that happened? It would have been a disaster if it had prolonged because the cost was estimated at $2 billion a day. And we know what happens when supply chains are messed up. And the railroads are responsible for moving about a third of our freight around the country. So this is not a self inflicted problem. We needed to create. That's Mark Hamrick senior economic analyst for bankrate

Mark Hamrick bankrate
"mark hamrick" Discussed on WTOP

WTOP

01:46 min | 4 months ago

"mark hamrick" Discussed on WTOP

"I'll save all the job Mark has remained in the face of all these challenges of, let's say, the last year and a half of outsized inflation. And really serves to shift people's attention to these high end sustained prices because they've sort of checked the box off on the job market piece. The jobless claims do reflect some layoffs that are occurring in the economy, but given the high number of job openings and the low number of unemployed and the unemployment rate suggests that those who may be knocked loose of their current employment are relatively successful quickly in finding new jobs. We still have though the hot inflation we still have the rising interest rates. How is it affecting the mortgage market and the ability of folks trying to buy homes? Yeah, that's a bit of a horror story here because here at bank rate, we now have the average for 30 year fixed rate mortgage above 6% for a second straight week. And I know that may jog some people's memories, those of us who are old enough to remember it. And these rates are the highest since late 2008. And so housing affordability becomes further challenging coinciding with the continued rise in home prices we've had in recent years. And I think we'll see further chill in the housing market as we get into the fall and probably even represented in the forthcoming housing data as well. Some good news that the nationwide rail strike was avoided, how close were we to an economic meltdown if that happened? It would have been a disaster if it had prolonged because the cost was estimated at $2 billion a day. And we know what happens when supply chains are messed up. And the railroads are responsible for moving about a third of our freight around the country. So this is not a self inflicted problem. We needed to create. That's Mark Hamrick senior economic analyst for bankrate dot

Mark Mark Hamrick bankrate dot
"mark hamrick" Discussed on WTOP

WTOP

02:40 min | 4 months ago

"mark hamrick" Discussed on WTOP

"Inflation in August stands at 8.3%. That is down a couple of ticks from July, but it is not the drop analyst hope for. And for the culprit, you just have to look at your local grocery store. Well, joining us on Skype to talk about it all, Mark Hamrick, senior economic analyst for bank rate dot com, Mark, good to have you back, although maybe not for this reason. Hi, Sean and Hillary. You know, I feel like this is a set up line for the old Johnny Carson gag on The Tonight Show when it's how bad was it, but unfortunately, I don't have a line that's funny, right? Because we're all experiencing the sustained, very persistent inflation that's occurring at a higher level and as you said, food prices really have sort of supplanted the hatred that was being sort of cast toward gasoline prices. Now, we now have this index within the CPI measuring food up almost 11 and a half percent from a year ago, and that's the worst on that that we've seen since 1979. You know, it's so interesting because for a while we were following these soaring gas prices and they've stumbled quite a bit. They've really fallen Mark, but not enough to offset what's happening with everything else. That's right. And so gasoline is basically still up substantially from both a year ago, so if we look at the metro D.C. prices, gasoline a year ago were $3, ten cents a gallon. There are still at 360 seven, but down from a month ago when they were just above four. And so while we kind of feel like we've been released from that part of inflation's grip, the reality is, it's still persistent even with gasoline. So this is problematic, food prices being high, shelter prices being high, medical prices being high. In other words, what we have to pay in that sector and the outlook suggests the Federal Reserve is going to wield its mighty hammer again on September 21st with another rate hike of 75 basis points and possibly some more rate hikes to go between them and the end of the year. All right, we'll leave it there. Thanks so much, Mark. Thank you. Mark Hamrick, senior economic analyst for bank dot com. Sports next, two 43. Oh, options. I love the options on FanDuel sports fuck. This is Dave Johnson. I've told you that you'll find so many player game props on FanDuel sports work and what's really cool on vandal sportsbook, you could combine these props with other bets from the same game, the scored even bigger payout. It's called same game parley. Thursday night games coming up chargers and chiefs. We're gonna take the chiefs on the money line, Patrick Mahomes over on touch south rose at Keenan Allen over on receptions. Now same game parlay just one of the reasons I bet with FanDuel. Ease of use

Mark Hamrick Mark Johnny Carson The Tonight Show Skype Hillary Sean D.C. Federal Reserve Dave Johnson chiefs Patrick Mahomes Keenan Allen chargers
"mark hamrick" Discussed on WTOP

WTOP

02:23 min | 5 months ago

"mark hamrick" Discussed on WTOP

"Despite fears of a recession and in the face of possible interest rate hikes again. This morning Mark Hamrick senior economic analyst for bankrate dot com digest the latest numbers for us. You gravitate toward that unemployment rate increase of two ten to 1%. Obviously still historically low given the fact that 3.5 matched pre-pandemic low and close to the lowest and about 50 years. And then you move on to the number of jobs at it, as you said, sub par relative to the previous month, the run we've had so far this year has been remarkable with more than 400,000 jobs added on average so far this year coming into the pandemic, those averages would have been sort of in the neighborhood of north of 200,000. So we had a lot of jobs to recover. We've recovered the jobs that were lost during the pandemic, including those 22 million in March and April of 2020. And now it's sort of the gravy, so to speak, or the icing on the cake to further this economic expansion, however along that goes. The Federal Reserve didn't seem to be too happy about how sort of strong the job market is and how it's impacting inflation. So how do you think they're reading this report? Well, they'll say that the job market still looks too hot for their liking and we look at the 11.2 million jobs that were open at last count compared to in this report, 6 million unemployed. That's not enough workers to fill the available jobs. There are the underemployed those are out of the labor force as well. And we actually got more people coming into the labor force, more people looking and working. And that's really why we have the unemployment rate rising here. But to your point, 21st of this month, the fed will gather and between now and then. They have a lot more economic data to see, including the next reads on inflation. It's likely that inflation will continue to be substantially above their 2% target. And so that's why we expect not only will we get a rate increase this month, but probably a couple more after that this year alone. How does this information figure into the economic slowdown that we expect to be on the horizon? Is this another sign of it? Well, this tells you that the economy is humming right along with an unemployment rate that is anything but in recession territory. You know, remember 14.7% in early 2020 and 10% after the great financial crisis. It doesn't mean we won't have a recession. Let's say next year, but based on this data, you can not make that diagnosis here. That's Mark Hamrick senior economic analyst

Mark Hamrick bankrate Federal Reserve
"mark hamrick" Discussed on WTOP

WTOP

02:19 min | 5 months ago

"mark hamrick" Discussed on WTOP

"Annapolis, 81° in buoy, we have 82 in Leesburg. It's two 41 now in WTO, a slight drop in the number of Americans who ask for unemployment aid, the Labor Department says 250,000 people applied last week, 2000 fewer than the previous week. That puts a hold on the recent upward trend of jobless claims, but is there trouble ahead? Joining us live on Skype, Skype, Mark Hamrick, senior economic analyst for bank rate dot com. Can you say Skype Mark? Because clearly I can not. I'll take your a took care of that. All right. What are you getting from these new numbers? Well, I think it's quite remarkable that with all the volatility we're seeing across our economy these days and then financial markets that the job market remains relatively stable. Yes, there have been some signs of softening. Number of job openings came down ever so slightly as of last report, but of course we've had the unemployment rate moved down to three and a half percent and jobs creation in the latest month much stronger than what was expected. So back to the topic at hand, jobless claims, we have seen a trickle up, so to speak, and this number going back to last November, but it really has been very, very slow. Consists of a strong job market. Marca, a 3.5% unemployment rate sounds like a good thing, but why do some Federal Reserve officials believe perhaps otherwise? Well, another remarkable aspect of where we are with this economy is that the Central Bank effectively believes the job market is too strong. And one of the statistics that chairman Powell refers to time and time again or at least a set of numbers is the fact that we have a barely let me put this way. We have about 5.9 million unemployed and 10.7 million job openings so you can see where the problem is. We don't have enough candidates to fill all those jobs. And so along with all the other pressures that are related to inflation and modest increases in wages, he just simply believes the job market needs to cool down. Alrighty, Mark, thanks so much. Thank you. Mark Hamrick senior economic analyst for bank raid dot com. Big news out of the NFL on deshaun Watson. That's next. Two 43. If you're

Skype Mark Hamrick Leesburg Labor Department Annapolis WTO chairman Powell Federal Reserve Central Bank Mark deshaun Watson NFL
"mark hamrick" Discussed on WTOP

WTOP

02:20 min | 6 months ago

"mark hamrick" Discussed on WTOP

"The bride, you warning dog is 5th welcome into WTO feed where the time now is 1222 glad you're with us. Seems more Americans these days are asking for those jobless benefits. The Labor Department says this week applications for unemployment aid rose by 6000 to 260,000. This morning, Mark Hamrick, senior economic analyst for bankrate dot com is with us, with his take of the new data. This number in terms of a measuring demand for jobless assistance has been an upward trajectory. It's not been a moonshot. It's been more like a slow staircase rise. And that has been basically a process over the last 8 months. But at 260,000, the number you reference, which our new claims run employee of benefits and nationally, we were at 414,000 a year ago. So well below that, and typically in the past, 400 was sort of seen as a dividing line between being in a relatively good place or not so good place. And we're still in that relatively good place, while acknowledging that no one wants to lose their job and be in a position where they have to apply for unemployment benefits. How will these rising numbers in terms of the jobless folks affect jobs report? Well, the July jobs report that we'll get at 8 30 will be for the week around the 12th of July. And so claims data was for the final week of July, but it's all sort of in the same neighborhood. And the expectation is that we'll have the lowest number of jobs added or recovered on the month, since December of 2020. It is still expected to be positive and the unemployment rate is seen remaining at 3.6%, which is still a solid job market. We've heard the average mortgage rate has dropped significantly in the last few weeks despite the fed raising interest rates. What's going on here? That tracks directly to the ten year treasury yield and what's been going on in the bond market is that the fed is seen as now being very aggressive and there is a fear of economic weakness. But there's also a bet going on in a sense that maybe we've seen peak inflation. I would just urge people to remember these numbers and yields and mortgage rates can be quite volatile, very difficult to predict the future with respect to all that. Mark, I break senior economic analyst for bank rate dot com. Crunchy the

Mark Hamrick bankrate Labor Department WTO fed treasury Mark
"mark hamrick" Discussed on WTOP

WTOP

02:12 min | 6 months ago

"mark hamrick" Discussed on WTOP

"This latest rate hike from the Federal Reserve mean? I'm Mark Hamrick. I'll have details in my report coming up. It's 7 48. Traffic and weather on the 8s, Carlos Ramirez and the WTO traffic center. Thanks, dig. Thank you to the listener that I just got off the phone with for letting us know about this new accident scene. It's on the westbound side of route 50 that's headed inbound towards the district just after Columbia park road. You've got two right lanes currently blocked with the accident scene looks like one of those vehicles did bump into a guardrail along the right hand side, traffic squeezes by single file to the left and I'm watching. Some of the cameras nearby do you watch out for some high staining water in certain areas if you have to know any place where they're generally is flooding involved chances are today you're going to see that high standing water speaking of down in Virginia, 66 on the westbound side, V dot letting us know that just as you make way past the fairfax county Parkway, the right lane is currently closed because of that. You've got some high standing water there, no delays because of it. So just be ready to move over to the left hand side. Now the crash is northbound side of three 95 on your approach towards the 14th street bridge, one right lane is still blocked for the crash activity, move over to the left. Inner loop of the belt white two right lanes are blocked after van dorn street with the kind of delays you would expect, do stay to the left as well. Now I 95 in Virginia, the southbound side is slow from just after lorton road all the way down towards triangle, no crash is there to sheer volume delays and I 95 being I 95. Now, in the northbound side, same story from about 17 down on the spotsylvania side, headed through Fredericksburg and up toward Stafford, you're going to be on those breaks again, thankfully, no crashes, but he had plenty of folks on the road. Southbound side of 29 in Maryland, you got the accident scene still out there near fairland road, and I don't see a tow truck on scene just yet, single left lane is all that's getting by right now with the kind of laser you would expect. Southbound 95 in Maryland, slow from powder mill down towards the beltway, outer loop. Yeah, you're seeing some brake lights from the VW Parkway up towards I 95. One 8 6 6 three O four WTO is a traffic zipline. I'm Carlos Ramirez WTO traffic. Now storm team four meteorologist Samara Theodore. As we head through the overnight hours, the clouds, The Rain, they all stick around, showers could be steady at times

Carlos Ramirez Mark Hamrick Columbia park road WTO Federal Reserve Virginia spotsylvania Fredericksburg Maryland Stafford Samara Theodore
"mark hamrick" Discussed on WTOP

WTOP

01:55 min | 6 months ago

"mark hamrick" Discussed on WTOP

"Series of troublesome signs for the economy right now. This morning, Mark Hamrick senior economic analyst for bank grade dot com with his reads on this week's numbers. I think what we're seeing is an increased pace of job cuts and people may try to put one on one together here, so to speak. And look at the 11.3 million job openings and, as you said, the 251,000 people filing for unemployment benefits for the first time. And of course, that is the sort of shock that they're dealing with in the sense of being newly separated from their jobs. And the hope is that all of them will be able to find deployment, but that generally takes some time. So they're buying some time, so to speak, by getting this aid, and I would expect this number to continue to creep higher. Remember, though, a year ago, we were above a 400,000 which jobless claims and we can remember our conversations early in the pandemic when we were dealing with the shock of millions of claims in a given week. So it's still low, but with the broader economy, I'd look for this to weaken. Let's talk about homes for just a minute because man, when this market was hot, people just couldn't wait to sell their house, but now some of those sellers are getting a cold dose of reality Mark. Yeah, and I would say this is a normalization, Hillary, and the sense of the housing sector is among the most interest rate sensitive. What has changed since the first of the year? Mortgage rates up about 300 basis points from the high 2% range for a 30 year fix. Now, 5.76%, according to our bank rate survey. And so in the latest month, we had sales down 5.4%, they're down 14% a year ago. What didn't change to the downside? Those prices up 13.4% with the average price for one of these homes being sold $416,000. And we know how that works in the Washington D.C. area tends to be a lot higher around here. Mark hambrick senior economic analyst for bankrate dot com. Crunching

"mark hamrick" Discussed on WTOP

WTOP

03:46 min | 10 months ago

"mark hamrick" Discussed on WTOP

"It's including accessing a third of the nation's strategic petroleum reserve until October I would call it the mother of all strategic petroleum releases Oil analyst Tom closer welcomes the news citing record prices not only for consumer gas but for byproducts like jet fuel and diesel impacting all corners of the economy contributing to inflation Higher prices for just about everything have driven inflation to a 40 year high This morning we'll get a new read on the economy and the jobs market from the Labor Department Bank rates Mark Hamrick says the competition to find workers is forcing employers to pay more Even at an annual year over year increase of more than 5% wage growth has failed to match the dizzying pace of rising prices which the Federal Reserve has effectively identified as monetary policy enemy number one Russia's foreign minister is reporting early progress that a new round of virtual peace talks with Ukraine correspondent Bradley Blackburn has the latest word from Kyiv Ukraine's president Vladimir zelensky insists Russian withdrawals from places like the Chernobyl Nuclear Power Plant which it is now handed back to the Ukrainians is a military tactic as Russia regroups for more powerful attacks in the southeast The Red Cross says its hopeful it will be able to help evacuate thousands of civilians stranded in Mario boat beginning today China's biggest city has come to a standstill as it goes on COVID lockdown CBS is Lucy Kraft Most of Shanghai's 25 million residents are confined to their homes allowed out only for COVID testing China's infection rate is extremely low by U.S. standards but the country's hard line zero COVID policy calls for tracking and isolating every case Our fear is the lockdown will put a new crimp in the global supply chain A recall in the peanut butter aisle skip is warning some jars may contain small fragments of stainless steel that came from manufacturing equipment no injuries reported New research shows smoking pot while you're pregnant maybe harmful to children CBS's Michael Jordan Babies exposed to cannabis in the womb may be at risk for obesity and high blood sugar Researchers in Colorado studied more than 100 pregnant women 15% of whom had detectable levels of cannabinoids such as CBD in their systems S&P futures up 21 Dow futures ahead one 72 This is CBS News Dell Technologies advisers are here with the right Windows PC and tech solutions so you can stop at nothing for your customers call an adviser today at 8 7 7 a start to a simpler experience with Windows 11 pro It's 6 O three on Friday April 1st a mix of sun and clouds today It's 49° now highs in the upper 50s Good morning I'm Nick hi Nellie And I'm Joan Jones and the top local stories we're following this hour a lot of folks are asking if a tornado blew through Tyson's last night The national weather service is going to investigate later today We get the latest though with WTO's Nia log and he's there now You're on chain bridge road just off the beltway two gas stations were damaged by the heavy winds At this Sunoco station police tape is stretched through the pump area wins bend signs and the roof overhang seems to have been damaged Next door at the mobile station part of a roof was blown away The national weather service will likely be here this morning to check out the wind damage at least for now morning traffic is not being affected In Tyson's Neil or TLP news We're following developing news this morning two people have.

Ukraine Tom closer Labor Department Bank Mark Hamrick Bradley Blackburn Vladimir zelensky Lucy Kraft COVID CBS Chernobyl Nuclear Power Plant Kyiv China Federal Reserve Dell Technologies Red Cross Mario Shanghai Nick hi Nellie
"mark hamrick" Discussed on WTOP

WTOP

02:28 min | 1 year ago

"mark hamrick" Discussed on WTOP

"You don't have to be an expert economist right now to know inflation is just raging You feel it when you fill up your gas tank or when you stop by the grocery store to grab a few things say And now the Federal Reserve we here is preparing to make moves to fight those high prices This morning bank rate senior economic analyst Mark Hamrick on how aggressive this new action will be Well I don't know how aggressive it is but it definitely is a change in posture and so with many people out and about in their automobiles right now we'll use the analogy of the Federal Reserve has had its foot on the accelerator And now it's going to begin to pull its foot off of the accelerator aiding the economy at a more aggressive rate to use your word there And so that's a step in drawing down asset purchases which have been raging on at a 120 billion a month until recently Those will end in the spring and that's a prelude to then putting the foot on the brake for the economy and presumably then dampening inflation and basically that or reserve officials signaled that there could be three interest rate hikes next year but that isn't written in stone by any stretch of the imagination So how will we be affected by these changes Well first of all the question really is an open one and that is does the biggest part of this inflation problem resolve itself next year as supply chain disruptions essentially are addressed And that's the question that we're all wondering about But the main part is just that the fed takes its foot off the accelerator having had it really almost pedal to the metal sets this crisis began in the first quarter of last year And so with growth as a strong as it's looking maybe 6 to 7% on an annualized rate here in this current fourth quarter the unemployment rate approaching 4% The argument's quite strong at the economy needs no further acceleration And that's why Federal Reserve officials are signaling what they are Is there a sense that Wall Street's bump had anything to do with this I think there's some relief actually the fed is in the process of getting this right or at least closer to right And the question was asked on the virtual news conference of chairman Powell Have you been behind the curve in this process I think the concern among many consumers as well as people who operate in business has been exactly that that the fed's been slow to react to inflation and basically didn't see it coming or didn't think it would persist And so that this is always sort of a moving target I think there is a relief on the part of investors and ultimately the rest of us By senior economic analyst more camera.

fed Mark Hamrick chairman Powell
"mark hamrick" Discussed on WTOP

WTOP

02:06 min | 1 year ago

"mark hamrick" Discussed on WTOP

"Were added far below projections This morning bank rate senior economic analyst Mark Hamrick was his take It can be both and I think it is to some degree As you say this is that proverbial mixed bag And this was truly one of the more confounding reports that we've had in some time but this comes in the context of a time where we're trying to make sense out of a lot of things right And so the unemployment rate took a sharper than expected drop at the lowest level the pandemic were mindful of the fact that a year ago the unemployment rate was 6.7% and a top out at 14.8% in April of last year The disappointment was the payrolls number This is a feature of the survey which is done Establishments or businesses 210,000 jobs out of their interestingly enough the household survey which is obviously a survey essentially of individuals in their homes told us there were 1.1 million jobs added So we're going to be making trying to make some sense of this But I think broadly the job market is continuing to heal as the president said 6 million jobs added this year in the context of 22 million lost in two months last year And we're in a better place now with the job market at least in terms of the healing than what we would have expected a year ago Hey Mark which jobs sectors showed the biggest gains in which sectors continued struggling Well this is one of those where there was a lot that was unspectacular but to add to your question a professional business services added 90,000 jobs In this report we're told that retail declined by 20,000 This is also something that gets that proverbial seasonal adjustment I think the retail federation would tell us that they've added many more jobs than that And I think this report broadly in terms of the number of jobs added is a prime candidate for upward revisions which have been getting on a monthly basis Basically getting word revisions for the previous two months So maybe it won't be an amazing upward revision But I think this will likely be revised when we are talking about this a month for now Great senior economic analyst.

Mark Hamrick Hey Mark
"mark hamrick" Discussed on WTOP

WTOP

01:44 min | 1 year ago

"mark hamrick" Discussed on WTOP

"The number of Americans applying for unemployment benefits jumped after hitting the pandemic low the previous week Labor Department says this week jobless claims climbed by 28,000 to 222,000 But the four week average of new claims at its lowest point actually it is in 19 months This morning Mark Hamrick senior economic analyst but fake great dot com on the reason for this jump I had warned last week that the big decline we had seen was in part because of seasonal adjustment which is meant to sort of smooth out volatility account for some calendar related items and the Veterans Day holiday probably mess that up a little bit as well Bottom line is the broader picture here is quite positive continuing claims are at a pandemic era low Challenge your grade Christmas which also measures job cut announcements that the November job cut announcements were the lowest since May of 93 So job cuts are not the key issue for the economy acknowledging that obviously for a household or individual they can be quite difficult So all of this is happening with a backdrop being the supply chain problem Are there any signs that the labor shortage is easing Mark Labor shortage easing probably not We may see in the next round of job openings and labor turnover survey from the Labor Department that the number of job openings may be falling because we're adding 500,000 workers about the payrolls But I think from an employer perspective it still is challenging as it was before And now that we at least are in this kind of questionable period where we need to get some questions answered about the latest variant of COVID there's going to be some hesitation once again on the part of some workers going into public facing positions That's Mark Hamrick senior economic.

Mark Hamrick Labor Department Mark Labor
"mark hamrick" Discussed on WTOP

WTOP

01:48 min | 1 year ago

"mark hamrick" Discussed on WTOP

"1243 The number of Americans applying for unemployment benefits jumped after hitting a pandemic low the previous week Labor Department says this week jobless claims climbed by 28,000 to 222,000 But the four week average of new claims at its lowest point actually it is in 19 months This morning Mark Hamrick senior economic analyst will make great dot com of the reason for this job I had warned last week that the big decline we had seen was in part because of seasonal adjustment which is meant to sort of smooth out volatility account for some calendar related items and the Veterans Day holiday probably mess that up a little bit as well Bottom line is the broader picture here is quite positive continuing claims are at a pandemic era low Challenge your grade Christmas which also measures job cut announcements that the November job cut announcements were the lowest since May of 93 So job cuts are not the key issue for the economy acknowledging that obviously for a household or individual they can be quite difficult So you know all of this is happening with a backdrop being the supply chain problem Are there any signs that the labor shortage is easing Mark Labor shortage easing probably not We may see in the next round of job openings and labor turnover survey from the Labor Department that the number of job openings may be falling because we're adding 500,000 workers about the payrolls But I think from an employer perspective it still is challenging as it was before And now that we at least are in this kind of questionable period where we need to get some questions answered about the latest variant of COVID there's going to be some hesitation once again on the part of some workers going into public facing positions That's Mark Hamrick senior economic analyst for.

Mark Hamrick Labor Department Mark Labor
U.S. Jobless Claims Fell to Pandemic Low of 348,000 Last Week

Marketplace with Kai Ryssdal

01:39 min | 1 year ago

U.S. Jobless Claims Fell to Pandemic Low of 348,000 Last Week

"'cause it's thursday it's first time jobless claims the trend to be clear over the past month or so has been really good last week. The number of people filing for unemployment benefits for the first time fell to three hundred and forty eight thousand the lowest since the middle of march a year ago and total claims in all government jobless programs is down to eleven point seven million but again from the desk of maximum peril. Mitchell tells us there is a potentially nasty shock lurking inside that number you can see. The latest jobless claims numbers as a glass half full mark hamrick at bank rate says unlike earlier in the pandemic when millions were getting laid off every week. Layoffs have not really been the overarching concern with respect to the economy but there is a big concern looming. Emergency federal pandemic benefits are about to expire says analysts go-getter at the brookings institution on labor. Day anyone who normally wouldn't qualify for their state unemployment which is quite a lot of people that were impacted by the pandemic lose their benefits. That's nearly five million people right now including anyone. Who's a gig worker. Contract worker self-employed navy worked part time and didn't earn enough to qualify another four million or so long term unemployed are getting federal benefits because they ran out of state benefits and everyone on unemployment right now gets an extra three hundred dollars a week from the feds all told that's more than six billion dollars in weekly federal benefits that vanish in two. And a half weeks.

Mark Hamrick Brookings Institution On Labor Bank Rate Mitchell Navy
U.S. Hiring Accelerated Last Month as Workers See Pay Gains

AP News Radio

00:47 sec | 1 year ago

U.S. Hiring Accelerated Last Month as Workers See Pay Gains

"The labor department reports eight hundred fifty thousand jobs were added last month Bankrate dot com's mark Hamrick says this is above the average rate of job growth this year the jobs that we are playing catch up to some degree at the White House just days before the fourth of July today's job news news brought us something else to celebrate president Biden says wages went up to he says the script is being flipped to set of workers competing with each other for jobs are scarce employers are competing with each other to attract workers the president also suggested his economic policies were intended to make it easier for workers to find higher paying jobs hiring in June was noticeably strong in restaurants bars and hotels which collectively absorb the brunt of the layoffs from the recession at Donahue Washington

Mark Hamrick Labor Department White House Biden Washington
The most important 4-letter word in this economy: jobs

Marketplace with Kai Ryssdal

02:49 min | 2 years ago

The most important 4-letter word in this economy: jobs

"Begin with the most important four letter word in this economy it is of course j o b s jobs about which we got the january report this morning so seventeen days into a new administration thirty six days into a new year three hundred and thirty five ish days into the pandemic economy counting as we are from mid march last year. This is where things stand. Yes we added forty nine thousand jobs last month and yes. The unemployment rate is down to six point three percent but we are still nearly ten million jobs underwater from where we started and also yes. I know that was a lot of numbers. But as i believe we've mentioned a time or two and as marketplace's mitchell hartman is about to remind us numbers can tell you. Think you're too but wearing economy stance. There are a lot of numbers in monthly jobs. Report it's kind of dizzying. So i asked each of the economists. I shoot the jobs data over with today to pick just one indicator that shows where the economy is eleven months into the pandemic one number that slams you between the eyes twelve and a half million. That's kurt long. Chief economist at the national association of federally insured credit unions. And he's referring to the total number of jobs where in the whole since the pandemic hit in the jobs report. That's ten million however if we had not been going through what we've been going through the past. Nearly twelve months the economy would have kept growing and long reckons. It would have added another two and a half million jobs. Jobs needed to keep up with population growth for new high school and college. Grads immigrants new parents returning to work and a half million jobs. That's an enormous deficit of course and at the pace we're going is just not nearly fast enough to eat into that and now the number. That slams elise gould at the economic policy institute between the is three point. Nine million jobs down. That's how many jobs we are still missing in the hard hit and often poorly paid leisure and hospitality sector people who don't have an adequate safety net because their wages have been low for so long. Now let's talk about unemployment. officially that's ten million americans who don't have job and are actively looking but mark hamrick banchory says that doesn't count a lot of people who are not working because of cova danger or childcare needs. We have another thirteen million. Who are either out of the labor force and want to work or who are underemployed. Working part time. I would like to have full time work at him up. He pegs the total unemployed at about twenty three million. That's about one in seven. Americans who had a job before the pandemic started

Mitchell Hartman National Association Of Federa Elise Gould Economic Policy Institute Mark Hamrick Banchory Jobs
Jobless claims rise more than expected after break from holiday

WTOP 24 Hour News

01:03 min | 2 years ago

Jobless claims rise more than expected after break from holiday

"Pandemic continues to damage the economy. The latest sign the number of Americans seeking unemployment benefits jumped last week to 853,000. Hundreds of thousands more have applied. For benefits through a program to help gig workers who have lost their jobs. Joining us now on Skype. Mark Hamrick, senior economic analyst for bankrate dot com Market to have you back Thank you so much. Good to be with you. Gentlemen. These jobless numbers are getting worse. What's going on here? Well, as we said from the outset, Sean and we've been talking about this for a 38 weeks. Now, the impact on the economy is directly related to the way the pandemic is presenting itself. What we know we've been talking about record numbers, so these numbers are essentially a week behind. So as we see the numbers worsen on the health front, there's a toll to be taken in the economy and also, by the way all across here. The D M V. D C. Maryland, Virginia also increases the increase in Virginia. The biggest. We saw 8600 new claims they're up to about 14,000 herself. Mark. Your

Mark Hamrick Bankrate Skype Sean Virginia Maryland Mark
Gripped by surging pandemic, US employers cut back on hiring

AP News Radio

00:51 sec | 2 years ago

Gripped by surging pandemic, US employers cut back on hiring

"The labor department says job creation last month hit the lowest level since April the two hundred forty five thousand jobs added reached a point not seen since the start of the pandemic Bankrate dot com's mark Hamrick says this is being referred to as a K. shaped recovery one part of the K. moving up the other moving down moving up people who are benefiting from the strong housing market record low mortgage interest rates a booming stock market and those moving down those that have already been sidelined or lost income those who'd be working in leisure and hospitality bars and restaurants retail with coronavirus cases and deaths rising what's next we're going to continue to have the situation that is exacerbating income and wealth inequality that is a feature of economic downturns but even more so for this downturn which has been like none other one economist warned this is the calm before the storm at Donahue Washington

Mark Hamrick Labor Department Bankrate Donahue Washington
The $20 billion missing from this economy

Marketplace with Kai Ryssdal

02:48 min | 2 years ago

The $20 billion missing from this economy

"Los Angeles I'm Carl Rozelle Thursday I believe the twenty second of October has always to have you along everybody. We're going to start today with a story about something in this economy that is not there that isn't happening and what that means. We're going to set it up by noting that seven hundred, Eighty, seven, thousand people lost their jobs last week and made first time claims for unemployment benefits less than the week. Prior, it should be said, and also that the Labor Department adjusted downward is numbers for the previous couple of weeks. And that's good. It really is but the number of people on government assistance because they have lost their jobs is still stratospheric. Lee High millions of them are running out of benefits and as you know, those extra six, hundred dollars a week went away in August. And that to get back to the thing that's missing is sucking billions of dollars out of this economy compared to earlier in the pandemic how many billions? Marketplace's Mitchell Hartman gets the lead story today. The answer is. Twenty billion dollars a week. That's how much is not getting into out of work Americans, pockets since a bunch of federal assistance programs for the unemployed started running out in midsummer Andrew Statler at the Century Foundation says based on Treasury data, they were getting twenty six, billion a week that as come crashing down to just six billion dollars, it's much less support to. Families and to the economy than we had six hundred a week in federal pandemic payments expired at the end of July the President's partial replacement program ran out of money last month also folks laid off back in March and April are now running out of their twenty six weeks of state jobless benefits some but not all are getting a thirteen week federal extension. Unemployment benefits now average three twenty a week across the country. It's even less for gig workers on pandemic on employment assistance and that has made a huge dent in the purchasing power of households suffering unemployment says Mark Hamrick. Dot Com, they are really having to scrape to get by these days just for basic needs such as pay for shelter, pay the bills to put food on the table and forget about luxuries. That's exactly what Brooke Wetzel has seen play out in her florist business in La when the economy started to open up late spring sales picked up but since August things have gotten pretty slow people might have that you know extra fifty to seventy five dollars per fire arrangement. So woetzel's working part time now spending the. Rest with her homeschooling kids I'm Mitchell Hartman for

Mitchell Hartman Carl Rozelle Brooke Wetzel Los Angeles Andrew Statler Mark Hamrick Labor Department Century Foundation LEE President Trump Woetzel LA
Unemployment Claims Held Steady Last Week

News and Perspective with Taylor Van Cise

01:49 min | 2 years ago

Unemployment Claims Held Steady Last Week

"And the number of Americans applying for unemployment benefits was unchanged last week at 884,000 assigned that layoffs remains stock at a historically lie high level six months after the viral pandemic flattened the economy. A great dotcom senior economic analyst Mark Hamrick has been watching the numbers each week and spoke with comes Tom Hudler. What's the headline here today? I think that we're not making as much improvement with the U. S economy, particularly on the job market as we'd like, and I think there's some real risk here going into the fall. Whether it's because of this more famous From temporary to permanent job loss. You know, you looked at, for example, that number the reference there, which is the new claims administered by all the states, and then you look at the program. That's the pandemic Unemployment assistance program away had a nearly equal new number of more than 800,000. So you look across the landscape between the state administered programs. And that Ladder program, which is meant to help gig workers and entrepreneurs were really talking about a total of about 29 million forms of assistance going out across the country affecting that many people, So you know, this is not normal by it by a long shot. How does today's number compared to the weeks before the pandemic really exploded? I know it's obviously a much larger number. But expert What kind of numbers are we talking about? Comparison was great. Great question, Tom. So you know, earlier in the And when we thought we just sort of the you know, moving along at the normal clip, we were averaging a little more than 200,000 new jobless claims every week, so just on the headline number alone again more than 800,000 administered by all the States. We're four x that other number and that doesn't even get to the other parts of the programs that are being administered again under the pandemic, or cares that program

Tom Hudler Mark Hamrick Analyst TOM
Dow moves higher early Thursday despite disappointment over new jobless claims

Michael Berry

00:54 sec | 2 years ago

Dow moves higher early Thursday despite disappointment over new jobless claims

"Coming in higher than predicted bank rates, Mark Hamrick said Texas saw increases in that state of Texas alone. We also saw increasing claims about now. 8,666,000 several other key states, including California Sol games, a tundra Nate for first time claims were filed. The expected number was going to be about 8 50 or so I got on the phone. I'll talk to Katie are each money man, Pat Shin, asking him and at the time that we spoke, the Dow is up. Stocks are trading higher, following games and markets overseas. The biggest games or From what I'll call the venture out stocks, cruise ships, casinos and concert promoters all trading higher, So I wanted to give you that piece of information. But right now the Dow is down 72 points S and P is down eight. NASDAQ still has a little green. That's up for points right now, But we will be keeping an eye on that

Mark Hamrick Texas Pat Shin Katie California
Trump says capital-gains-tax cut is 'seriously' being considered

Colorado's Morning News with April Zesbaugh and Marty Lenz

00:42 sec | 2 years ago

Trump says capital-gains-tax cut is 'seriously' being considered

"We don't know yet how President Trump's executive orders on Covert 19 will play out. States say they don't have the money to kick in 1/4 of the supplemental federal unemployment benefit, but the president already has plans. Beyond that. We're looking at also considering a capital gains tax cut, which would create A lot more jobs. Whether it is also talking about a middle income tax got earlier this morning bank rates Mark Hamrick joined us on Colorado's morning news. Here's how he characterizes the tax got talk. I think any talk about a tax cut at this point is really just just trying to fill the void with Idle rhetoric, Hamrick says any new tax cuts are unlikely, at least until the election is

Mark Hamrick President Trump Donald Trump Executive Colorado
1.2 million seek jobless aid after $600 federal check ends

AP News Radio

00:44 sec | 2 years ago

1.2 million seek jobless aid after $600 federal check ends

"The monthly jobs report for July is due out later today many economists are expecting a disappointing monthly jobs report including Bankrate dot com's senior economist mark Hamrick while we did see some are reasonably robust hiring in the month of June with nearly five million jobs added according to labor department most economists do not expect anything like that here for the month of July in fact it probably fewer than two million and what about the unemployment rate in June I was eleven point one percent still historically high economists think the bank could slip to ten and a half percent in July even with July's expected gain barely forty percent of the jobs lost to the corona virus have been recovered surely a blur Washington

Mark Hamrick Washington Bankrate Senior Economist
4.8 Million Jobs Added in June, but Clouds Grow Over Economy

WTOP 24 Hour News

02:41 min | 2 years ago

4.8 Million Jobs Added in June, but Clouds Grow Over Economy

"Are much better than expected Report out today shows US economy, adding 4.8 million jobs in June Labor Department now reporting that unemployment also fell to 11% last month, but bankrate dot com economist Mark Hemorrhage says that number may actually be slightly higher. He joined debris. Debbie Feinstein live on Skype to explain 1/3 of the jobs that were lost among the 20 Two million of since been restored, which obviously means 2/3 yet to be. So we sell the high rate of unemployment in our country, and I had an asterisk to the 11.1% unemployment rate you mentioned. Their Labor department cautions us that because of problems with measurement that are ultimately fairly complicated, the actual unemployment rate is about another percentage point above that. So let's talk about 12%. That's 2% above the highest level we saw during the great recession over a decade ago and within certain sectors, for example, in leisure and hospitality, which is the category including bars and restaurants, the unemployment rate they're 29%. That's above the level of the great Depression, So we still have a lot of heartache to work through here. Also, we've gotta recognize that new shutdowns air now underway again because of the pandemic. This data and today's report is from the 1st 2 weeks in June before this latest round of shutdowns. What does this mean? Looking ahead to the next report? That means there's more risk associated with a weakness, or at least a stall in the data will get for the month of July. As you indicate this dad has always collected around the 12th of the month, so it is somewhat stale. At this point. That's why, in some cases It's been more optimal to look at new claims for unemployment benefits of there. We're down for a 13 straight week, but elevated above a 1,000,000 for 15 straight weeks. Do businesses feel okay about rehiring again now? Or is there still too much uncertainty? For example? What happens now? If people stopped traveling again? The answer? That is really about the answer having to do with where you're located. What sector you're operating in on what the business outlook is operating a restaurant which would be doing business under challenging, Sir. Come stances on the best of times because of the high failure rate thinking about being restricted at 30 or 50% of your traditional level of business. You're thinking you're walking on egg shells. But if you're in a service industry, perhaps technology I t working with the cloud collaborative tools of security, the many tools that have kept many of us in operation during the lock down, But do you think the outlook is pretty good, by the way? Mortgage interest rates or a record low levels that's helping the housing mark. And that's one reason why the financial services Trade really still has a remarkably low unemployment rate right now, and that is bankrate dot com economist Mark Hamrick.

June Labor Department Bankrate Mark Hemorrhage Debbie Feinstein United States Skype Mark Hamrick
More Than 1.5 Million Workers Sought Jobless Benefits Last Week

WTOP 24 Hour News

02:02 min | 2 years ago

More Than 1.5 Million Workers Sought Jobless Benefits Last Week

"Until the economic news that one and a half million laid off workers applied for unemployment benefits last week even as the economy appears to be slowly recovering before businesses partially reopening these days mark Hamrick senior economic analyst for Bankrate dot com says we should know here it is the tenth straight weekly decline in applications for jobless benefits since they peaked in mid March we're still seeing extremely elevated claims and they do seem to be I would say stabilizing of the headline numbers of new claims have been declining as you say for ten straight weeks bought yeah we look at the sort of headline numbers on the claims the main on employment program which had about you know a little more than one and a half million new claims but still there's another seven hundred thousand that are part of the carers act pandemic claims so we're still talking about two point two million overall and you know something along the lines of thirty million people in all continuing to receive unemployment so I think we're continuing to try to balance optimism with realism and obviously what's what's happening with the stock market we're getting a dose of realism circling back around it's probably one of the most commonly asked questions I've been getting for people whether they're essentially friends family or in media settings what's going on with Wall Street I just try to remind people that Wall Street is not main street and vice versa and with all the trillions of dollars in a stimulus or relief there been applied to the county the stock market reacted in kind for those and adventures who I would've largely urge to stay put through all this they've been rewarded by that thirty plus percent return from the lows during the pandemic it's obviously concerning we see nearly half of states with rising cases of coke at nineteen the chairman Powell basically stated things as they are many on Wall Street might of like two had a Rosier view but having a rosy view in the mess of everything we're dealing with probably would be a disservice to those who are suffering economically or because of their health mark Hamrick senior economic and list for Bankrate

Chairman Powell Mark Hamrick Analyst Bankrate
Keep an eye on the labor force participation rate

Marketplace with Kai Ryssdal

03:11 min | 2 years ago

Keep an eye on the labor force participation rate

"It's entirely possible likely. Even the things are worse than the very bad numbers are already telling us from American public media. This is marketplace in Los Angeles. I'm Kai Ryssdal. It is Thursday today the last day of the craziest full month. This economy has seen. Maybe ever good to have you along everybody. There will be in the first few minutes of the program today. Some math and I apologize. I know that's not why you're here. But this morning's news that another three point eight million people filed for unemployment benefits in the past week more than thirty million since early March pledges. Us DO SOME CALCULATIONS. So here we go. The unemployment rate before the bottom fell out of this economy was three point. Five percent that went up to four point four percent in March next Friday morning. We get the April number and as marketplace's Mitchell Hartman reports. It is almost certainly going under shoot. How many people are really out of work? I asked several economists. How high they think unemployment is right now. The average around twenty percent but the official number for April won't capture a lot of people not working because of the pandemic take fifty two year old Brian Forester of Tulsa. I finally got through to the Oklahoma unemployment commission. I'm kind of on. Hold with them right now. Yeah he took my call while a state worker checked on his appeal for jobless benefits foresters out of work and has no income but he wouldn't be counted as unemployed by the Labor Department because he's not actively looking for work he had a job lined up with the Census Bureau. But it's been put on hold. They're really not a lot of jobs out there available right now. That's what I've been doing is basically cooling my hails. So what's a better measure of unemployment Bill Rodgers former chief economist at the Labor Department suggests the labor force participation rate its share of the civilian population. That is either working or they say that they're actually searching for a job. Roger says a sharp decline in labor force participation will show the true scale of employment loss. It's also capturing people who may have gotten discouraged has there aren't jobs in the world of Cova. They're concerned about if they work. They can get sick. The Congressional Budget Office predicts labor force participation will fall to just under sixty percent the lowest since the early one thousand nine hundred seventies. The hope is that as people return to work. Participation will start rising again but there are signs of unease among American workers bank rates Mark Hamrick sites a recent survey fifty seven percent or moderately to extremely concerned about their job security and those least likely to go back to work soon or have employers to go back to our in low-paid sectors like restaurants hotels nail and hair salons. I'm Mitchell Hartman for

Mitchell Hartman Labor Department Brian Forester Kai Ryssdal Los Angeles Congressional Budget Office Mark Hamrick Oklahoma Census Bureau Bill Rodgers Cova Tulsa Chief Economist Roger Official
Trump predicts big economic rebound as numbers remains grim

AP News Radio

00:41 sec | 2 years ago

Trump predicts big economic rebound as numbers remains grim

"As a condom is worn have serious long term damage due to the corona virus president trump is predicting a big economic rebound hours after the government reported some thirty million Americans filed for jobless benefits in just six weeks the president's predicting a return to a stronger pre pandemic economy and beyond and I think we can actually surpassed where we were the president says he's relying on his gut economists like Bankrate dot com's mark Hamrick aren't looking at the numbers like low consumer confidence even with some businesses re opening it looks to be a slow comeback with virus fears dominating consumers are gonna be quite cautious Sager make ani Washington

Donald Trump President Trump Mark Hamrick Sager Ani Washington Bankrate
Trump says he 'feels' economic recovery coming as laidoff workers worry

AP News Radio

00:45 sec | 2 years ago

Trump says he 'feels' economic recovery coming as laidoff workers worry

"The president says the economy will roar back soon I feel that I think sometimes what I feel is better than what I think in New York what laid off tour guide even first feels is sadness I just want my job back he's getting jobless benefits without them I really don't know how they'll get pie how will be a bit buy groceries scabby may have lost her job as a restaurant line cook and hasn't received any benefits yet I'll be able to make rent next month but after that if it doesn't kick in but I am definitely in trouble even as the economy slowly starts to recover Bankrate dot com's mark Hamrick says people like for stand there may be among those left behind how many of these workers will be called back to their jobs Sager make ani Washington

President Trump New York Line Cook Ani Washington Bankrate Mark Hamrick
Jobless benefits appllications top 30 million in just six weeks

AP News Radio

00:53 sec | 2 years ago

Jobless benefits appllications top 30 million in just six weeks

"The economy continue sliding into the most devastating crisis since the Great Depression the latest numbers are staggering another three point eight million Americans filed for jobless benefits last month about a load would be shockingly high under any circumstances but Bankrate dot com's mark Hamrick says it means a total of more than thirty million claims in just six weeks by far the worst layoffs to regard record a condom is say it'll get worse as employers keep cutting payrolls summer projecting the unemployment rate will hit twenty percent of this month the worst in decades yesterday the government reported the economy shrank in the year's first three months for the first time in six years it's expected to further contract by up to forty percent in the next three months which would easily be the worst on record Sager made Connie Washington

Bankrate Sager Connie Washington Mark Hamrick
Jobless benefits appllications top 30 million in just six weeks

AP News Radio

00:53 sec | 2 years ago

Jobless benefits appllications top 30 million in just six weeks

"The economy continue sliding into the most devastating crisis since the Great Depression the latest numbers are staggering another three point eight million Americans filed for jobless benefits last month about a load would be shockingly high under any circumstances but Bankrate dot com's mark Hamrick says it means a total of more than thirty million claims in just six weeks by far the worst layoffs to regard record a condom is say it'll get worse as employers keep cutting payrolls summer projecting the unemployment rate will hit twenty percent of this month the worst in decades yesterday the government reported the economy shrank in the year's first three months for the first time in six years it's expected to further contract by up to forty percent in the next three months which would easily be the worst on record Sager made Connie Washington

Bankrate Sager Connie Washington Mark Hamrick