Chicago workers show concern over wages
By Lucy Ren The U.S. labor market is showing great momentum for recovery as the unemployment rate dipped to a seven-year low of 5.5 percent in February. Nevertheless, wages remain stagnant, and that is a concern for a sampling of working people in downtown Chicago. Evelina Juarez, sales manager at the Fannie May candy store […]
Economists support Yellen’s caution
By Lucy Ren Speculation about how much lower the unemployment rate can go has been upgraded by last week’s report showing 5.5 percent, which supplied the public with more hope for achieving full employment. So why is the Federal Reserve still holding back from an interest rate hike? A random sampling of economists finds considerable support for Fed […]
Chicago Fed president: freeze rates until 2016
By Lucy Ren Charles Evans, president of the Federal Reserve Bank of Chicago, said the Fed should “hold off on raising short–term rates until 2016” in order to achieve the 2 percent inflation objective.
Republican Lawmakers Question Fed’s Independence
By Lucy Ren On the second day of the semiannual monetary policy report to Congress, Federal Reserve Chairwoman Janet Yellen faced a wave of criticism that Republican lawmakers heaped on her close relationship with the White House. Representative William Huizenga (R-MI) asserted that Yellen was “dealing with the executive branch instead of the legislative branch.”
Senator Challenges Yellen on Interest Rate
By Lucy Ren “The financial and economic crisis has been over for at least six or seven years,” Senator Pat Toomey (R-Pa.) said in the Senate Banking Committee hearing on Tuesday, opposing the Federal Reserve’s sustaining “crisis level interest rates.” Toomey laid out a list of evidence supporting his statement, including low unemployment, the absence of […]
Yellen: Labor Market not Ready for Interest Rate Hike
By Lucy Ren “Things have improved notably but we are not there yet,” Federal Reserve Chairwoman Janet Yellen said during the semiannual monetary policy report to Congress on Tuesday, as she reiterated the “patient” guidance on when the Fed will begin to raise the short-term interest rate. Testifying before the Senate Banking Committee, Yellen said […]
Wal-Mart workers to see $9 wage minimum
By Lucy Ren Wal-Mart Stores Inc. announced on Thursday that approximately 500,000 associates at its U.S. stores would receive a minimum hourly pay of $9 in April, a 24 percent increase from today’s federal minimum wage. Wal-Mart U.S. will increase its minimum monthly wage by another dollar by next February. According to President and Chief […]
Fed minutes: ‘many’ favor delaying interest rate hike
By Lucy Ren The majority of the participants at the January Federal Open Market Committee meeting leaned towards delaying the interest rate hike, according to the FOMC’s January meeting minutes released on Wednesday.
U.S. Import Prices Decline By the Largest Amount in 6 Years
By Lucy Ren U.S. import prices in January declined by the greatest amount since December 2008, driven by plunging fuel prices and the strengthening of the U.S. dollar. Import prices fell 2.8 percent from December, missing the economists’ forecast average of a 3.1 percent drop compiled by Bloomberg.
Rauner Declares ‘Fair Share’ Fees a Violation of First Amendment
By Lucy Ren Governor Bruce Rauner declares in a federal lawsuit that the “fair share” union fees are “unconstitutional,” as the Supreme Court has repeated recognized from recent cases that “compelling a state employee to financially support a public sector union seriously impinges upon the free speech and association interests protected by the First Amendment.” […]
