The low US unemployment rate masks a frustrating reality for many Americans: It's taking longer and getting harder to find a job. That doesn't normally happen outside recessions. With @Eloisa_mdeo bloomberg.com/news/articles/…
The rate on a 30-year mortgage climbed to 7.12% last week, the highest in more than two years bloomberg.com/news/articles/…
Jeffrey Sparshott retweeted
The Midwest has long been considered a relatively affordable place to live. That may be changing.
Have you or someone you know struggled with the rising cost of housing there? Tell us about your experience here: feedback.bloomberg.com/jfe/f…
Jeffrey Sparshott retweeted
Holding policy too tight can cause undue harm to American families and leave them with two problems: above-target inflation and a weak labor market.
Congress gave us two goals. And our job is to meet both of them. Recent policy decision puts us in a good place to achieve that.
Jeffrey Sparshott retweeted
But it matters how you get there. This means we cannot let the labor market falter. Real wage gains come from long and durable expansions. And the current expansion is still relatively young, as shown in this chart.
Jeffrey Sparshott retweeted
This chart shows the damaging cost of high inflation. It has chipped away at real earnings and weakened household purchasing power. Many Americans are still trying to catch up.
So, the FOMC must continue to bring inflation down. Anything other than 2% is not an option.
Jeffrey Sparshott retweeted
This week’s FOMC decision was not an easy choice. Our goals are in conflict. Inflation is above target, the labor market is softening, and there are risks to both sides of our mandate—maximum employment and price stability.
Two charts explain why I ultimately favored a rate cut.
Jeffrey Sparshott retweeted
It will soon be time to recalibrate policy to better match our economy.
Congress has given the Fed two goals: full employment and price stability. Both are in tension at the moment, with tariffs pushing inflation higher and the labor market showing signs of slowing.
Jeffrey Sparshott retweeted
sad to see another legacy news organization disappear: WCBS 880 radio in NYC. Thanks to Tom Jones @Poynter for sharing anchor Wayne Cabot's final words: "With each closing newspaper, radio newsroom, TV newsroom, magazine, now even digital news operations, the country we love is diminished. So as we leave the news eco-system after 57 years of all news and 100 years of service on New York radio, we implore you to find that next trusted source. Use it. Support it. In word and in deed. It is the most patriotic thing you can do."
This is truly great news.
Russia is releasing Wall Street Journal reporter Evan Gershkovich and former US Marine Paul Whelan in a major multi-country prisoner swap trib.al/HM9mDMz
Jeffrey Sparshott retweeted
It's publication day for Means of Control. penguinrandomhouse.com/books…
Here it is at every stage. From left to right: June 2021 book proposal, Jan 2022 outline and reporting plan, October 2022 first draft, Fall 2023 galley and then the finished book. On shelves today!
Jeffrey Sparshott retweeted
So many talented and hardworking WSJ editors and reporters were laid off today in Washington. Our bureau will never be the same. Please hire them! Our tremendous loss can be your gain.
Jeffrey Sparshott retweeted
The @WSJ DC bureau is the most talented, collaborative and genuinely kind place I have ever worked. That’s because of all of the great people who called it home.
We lost so many tremendous reporters and editors today. Each would be a great addition to any newsroom. Hire them.
Jeffrey Sparshott retweeted
The @WSJ DC bureau lost so many talented, wonderful reporters today. The bureau was my home for eight years and every reporter there is brilliant, deeply sourced, generous and hard-working. They all deserve to be hired immediately.
Jeffrey Sparshott retweeted
Still processing what I witnessed today: dozens of brilliant WSJ reporters & editors, one after another, packing their desks & heading out the door. My only hope is they walked out into a world that will reward them for their vital contributions to journalism. Please hire them!
Real Time Economics newsletter: The Fed signals rate cuts are possible but not imminent, cheap Canadian oil, why cardboard is a hot commodity, China's worsening real-estate slowdown and a pillar of global trade is under attack. createsend.com/t/d-5F916D708…
Jeffrey Sparshott retweeted
The share of consumers saying jobs were "hard to get" fell to 9.8%, the second-lowest in records dating back to 1978 --Conference Board
@WSJ @jeffsparshott
