Latest news with #BankofAmericaInstitute
Qatar Tribune
01-06-2025
- Business
- Qatar Tribune
US weekly jobless claims rise more than expected as labour market eases
Reuters WASHINGTON The number of Americans filing new applications for unemployment benefits increased more than expected last week, while the jobless rate appeared to have picked up in May as labor market conditions continue to ease. Initial claims for state unemployment benefits rose 14,000 to a seasonally adjusted 240,000 for the week ended May 24, the Labor Department said on Thursday. Economists polled by Reuters had forecast 230,000 claims for the latest week. Worker hoarding by employers following difficulties finding labor during and after the COVID-19 pandemic is underpinning the jobs market. Nonetheless there has been an uptick in layoffs because of economic uncertainty as President Donald Trump pursues an aggressive trade policy, which economists say is making it challenging for businesses to plan ahead. A US trade court on Wednesday blocked most of Trump's tariffs from going into effect in a sweeping ruling that the president overstepped his authority. Economists said the ruling, while it offered some relief, had added another layer of uncertainty over the economy. A report from the Bank of America Institute noted a sharp rise in higher-income households receiving unemployment benefits between February and April compared to the same period last year. Its analysis of Bank of America deposit accounts also showed notable rises among lower-income as well as middle-income households in April from the same period a year ago. Economists expect claims in June to break above their 205,000-243,000 range for this year, mostly driven by difficulties adjusting the data for seasonal fluctuations, following a similar pattern in recent years. That would not suggest a material shift in labor market conditions Minutes of the Federal Reserve's May 6-7 policy meeting published on Wednesday showed while policymakers continued to view labor market conditions as broadly in balance, they 'assessed that there was a risk that the labor market would weaken in coming months.' They noted that there was 'considerable uncertainty' over the job market's outlook, adding 'outcomes would depend importantly on the evolution of trade policy as well as other government policies.' The US central bank has kept its benchmark overnight interest rate in the 4.25 percent-4.5 percent range since December as officials struggle to estimate the impact of Trump's tariffs, which have raised the prospect of higher inflation and slower economic growth this year. The number of people receiving benefits after an initial week of aid, a proxy for hiring, increased 26,000 to a seasonally adjusted 1.919 million during the week ending May 17, the claims report showed. The elevated so-called continuing claims reflect companies' hesitance to increase headcount because of the economic uncertainty. Continuing claims covered the period during which the government surveyed households for May's unemployment rate. The jobless rate was at 4.2 percent in April. Many people who have lost their jobs are experiencing long spells of unemployment. The median duration of unemployment jumped to 10.4 weeks in April from 9.8 weeks in March.
Yahoo
29-05-2025
- Business
- Yahoo
US weekly jobless claims rise more than expected as labor market eases
WASHINGTON (Reuters) -The number of Americans filing new applications for unemployment benefits increased more than expected last week, while the jobless rate appeared to have picked up in May as labor market conditions continue to ease. Initial claims for state unemployment benefits rose 14,000 to a seasonally adjusted 240,000 for the week ended May 24, the Labor Department said on Thursday. Economists polled by Reuters had forecast 230,000 claims for the latest week. Worker hoarding by employers following difficulties finding labor during and after the COVID-19 pandemic is underpinning the jobs market. Nonetheless there has been an uptick in layoffs because of economic uncertainty as President Donald Trump pursues an aggressive trade policy, which economists say is making it challenging for businesses to plan ahead. A U.S. trade court on Wednesday blocked most of Trump's tariffs from going into effect in a sweeping ruling that the president overstepped his authority. Economists said the ruling, while it offered some relief, had added another layer of uncertainty over the economy. A report from the Bank of America Institute noted a sharp rise in higher-income households receiving unemployment benefits between February and April compared to the same period last year. Its analysis of Bank of America deposit accounts also showed notable rises among lower-income as well as middle-income households in April from the same period a year ago. Economists expect claims in June to break above their 205,000-243,000 range for this year, mostly driven by difficulties adjusting the data for seasonal fluctuations, following a similar pattern in recent years. That would not suggest a material shift in labor market conditions Minutes of the Federal Reserve's May 6-7 policy meeting published on Wednesday showed while policymakers continued to view labor market conditions as broadly in balance, they "assessed that there was a risk that the labor market would weaken in coming months." They noted that there was "considerable uncertainty" over the job market's outlook, adding "outcomes would depend importantly on the evolution of trade policy as well as other government policies." The U.S. central bank has kept its benchmark overnight interest rate in the 4.25%-4.50% range since December as officials struggle to estimate the impact of Trump's tariffs, which have raised the prospect of higher inflation and slower economic growth this year. The number of people receiving benefits after an initial week of aid, a proxy for hiring, increased 26,000 to a seasonally adjusted 1.919 million during the week ending May 17, the claims report showed. The elevated so-called continuing claims reflect companies' hesitance to increase headcount because of the economic uncertainty. Continuing claims covered the period during which the government surveyed households for May's unemployment rate. The jobless rate was at 4.2% in April. Many people who have lost their jobs are experiencing long spells of unemployment. The median duration of unemployment jumped to 10.4 weeks in April from 9.8 weeks in March.
Reuters
29-05-2025
- Business
- Reuters
US weekly jobless claims rise more than expected as labor market eases
WASHINGTON, May 29 (Reuters) - The number of Americans filing new applications for unemployment benefits increased more than expected last week, while the jobless rate appeared to have picked up in May as labor market conditions continue to ease. Initial claims for state unemployment benefits rose 14,000 to a seasonally adjusted 240,000 for the week ended May 24, the Labor Department said on Thursday. Economists polled by Reuters had forecast 230,000 claims for the latest week. Worker hoarding by employers following difficulties finding labor during and after the COVID-19 pandemic is underpinning the jobs market. Nonetheless there has been an uptick in layoffs because of economic uncertainty as President Donald Trump pursues an aggressive trade policy, which economists say is making it challenging for businesses to plan ahead. A U.S. trade court on Wednesday blocked most of Trump's tariffs from going into effect in a sweeping ruling that the president overstepped his authority. Economists said the ruling, while it offered some relief, had added another layer of uncertainty over the economy. A report from the Bank of America Institute noted a sharp rise in higher-income households receiving unemployment benefits between February and April compared to the same period last year. Its analysis of Bank of America deposit accounts also showed notable rises among lower-income as well as middle-income households in April from the same period a year ago. Economists expect claims in June to break above their 205,000-243,000 range for this year, mostly driven by difficulties adjusting the data for seasonal fluctuations, following a similar pattern in recent years. That would not suggest a material shift in labor market conditions Minutes of the Federal Reserve's May 6-7 policy meeting published on Wednesday showed while policymakers continued to view labor market conditions as broadly in balance, they "assessed that there was a risk that the labor market would weaken in coming months." They noted that there was "considerable uncertainty" over the job market's outlook, adding "outcomes would depend importantly on the evolution of trade policy as well as other government policies." The U.S. central bank has kept its benchmark overnight interest rate in the 4.25%-4.50% range since December as officials struggle to estimate the impact of Trump's tariffs, which have raised the prospect of higher inflation and slower economic growth this year. The number of people receiving benefits after an initial week of aid, a proxy for hiring, increased 26,000 to a seasonally adjusted 1.919 million during the week ending May 17, the claims report showed. The elevated so-called continuing claims reflect companies' hesitance to increase headcount because of the economic uncertainty. Continuing claims covered the period during which the government surveyed households for May's unemployment rate. The jobless rate was at 4.2% in April. Many people who have lost their jobs are experiencing long spells of unemployment. The median duration of unemployment jumped to 10.4 weeks in April from 9.8 weeks in March.
Yahoo
29-05-2025
- Business
- Yahoo
US weekly jobless claims rise more than expected as labor market eases
WASHINGTON (Reuters) -The number of Americans filing new applications for unemployment benefits increased more than expected last week, while the jobless rate appeared to have picked up in May as labor market conditions continue to ease. Initial claims for state unemployment benefits rose 14,000 to a seasonally adjusted 240,000 for the week ended May 24, the Labor Department said on Thursday. Economists polled by Reuters had forecast 230,000 claims for the latest week. Worker hoarding by employers following difficulties finding labor during and after the COVID-19 pandemic is underpinning the jobs market. Nonetheless there has been an uptick in layoffs because of economic uncertainty as President Donald Trump pursues an aggressive trade policy, which economists say is making it challenging for businesses to plan ahead. A U.S. trade court on Wednesday blocked most of Trump's tariffs from going into effect in a sweeping ruling that the president overstepped his authority. Economists said the ruling, while it offered some relief, had added another layer of uncertainty over the economy. A report from the Bank of America Institute noted a sharp rise in higher-income households receiving unemployment benefits between February and April compared to the same period last year. Its analysis of Bank of America deposit accounts also showed notable rises among lower-income as well as middle-income households in April from the same period a year ago. Economists expect claims in June to break above their 205,000-243,000 range for this year, mostly driven by difficulties adjusting the data for seasonal fluctuations, following a similar pattern in recent years. That would not suggest a material shift in labor market conditions Minutes of the Federal Reserve's May 6-7 policy meeting published on Wednesday showed while policymakers continued to view labor market conditions as broadly in balance, they "assessed that there was a risk that the labor market would weaken in coming months." They noted that there was "considerable uncertainty" over the job market's outlook, adding "outcomes would depend importantly on the evolution of trade policy as well as other government policies." The U.S. central bank has kept its benchmark overnight interest rate in the 4.25%-4.50% range since December as officials struggle to estimate the impact of Trump's tariffs, which have raised the prospect of higher inflation and slower economic growth this year. The number of people receiving benefits after an initial week of aid, a proxy for hiring, increased 26,000 to a seasonally adjusted 1.919 million during the week ending May 17, the claims report showed. The elevated so-called continuing claims reflect companies' hesitance to increase headcount because of the economic uncertainty. Continuing claims covered the period during which the government surveyed households for May's unemployment rate. The jobless rate was at 4.2% in April. Many people who have lost their jobs are experiencing long spells of unemployment. The median duration of unemployment jumped to 10.4 weeks in April from 9.8 weeks in March. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28-05-2025
- Business
- Yahoo
BofA Report: 60% of Homeowners and Prospective Buyers Uncertain About the Housing Market - A Three-Year High
Despite Uncertainty, Prospective Buyers Are Cautiously Optimistic About Market Improvements CHARLOTTE, N.C., May 28, 2025 /PRNewswire/ -- Uncertainty among current homeowners and prospective buyers is at a three-year high, with 60% saying they can't tell whether now is a good time to buy a home or not, compared to 48% two years ago, according to the latest Bank of America Homebuyer Insights Report (PDF), released in coordination with Bank of America Institute's latest On the move analysis. Despite this, 52% of prospective homebuyers are optimistic about the state of the homebuying market, saying it's better now than it was a year ago. Three out of four (75%) expect home prices and interest rates to fall and are waiting until then to buy a new home, up from 62% in 2023. "With so many factors impacting the homebuying market, prospective buyers and current homeowners are left wondering what it all means for them," says Matt Vernon, Head of Consumer Lending at Bank of America. "As our research shows, a majority of buyers feel the market is headed in the right direction, but many are still planning to wait for more favorable conditions before they decide to take action." Gen Z compromising in order to buy The new research also reveals that despite financial hurdles, the dream of homeownership remains a powerful motivator for both Gen Z and Millennials, driving them to make sacrifices in the present and prioritize the long-term financial security a home can provide. For Gen Z and Millennials, three out of every four current homeowners say owning a home is a milestone achievement. The 2025 data shows: 30% of Gen Z homeowners reported that they paid for their down payment by taking on an extra job, compared to 28% in 2024 and 24% in 2023. 22% of Gen Z homeowners reported that they purchased their home with siblings, compared to 12% in 2024 and 4% in 2023. 34% of Gen Z prospective homebuyers would consider living with family or friends while waiting to purchase a home. 21% of Gen Z prospective homebuyers say they plan to pay for their down payment with a loan from parents or family, compared to just 15% of the general population who say the same. Among all prospective homebuyers, this number is up from 12% in 2024 and 9% in 2023. "Even with the challenges they face, younger generations still understand the long-term value owning a home offers them and many are doing what it takes to get there," says Vernon. "They are finding creative ways to afford down payments and working hard to improve their financial futures." Severe weather is top of mind for homebuyers 62% of current homeowners and prospective buyers are concerned about the impact of severe weather and natural disasters when it comes to homeownership, and 73% feel it is important to buy in areas where there is lower risk of these events occurring. Many (38%) have changed their preferred home purchasing location due to the risk of severe weather in the area. Among current homeowners, nearly a quarter (23%) have personally experienced property damage or loss in the last 5 years due to severe weather events. 65% of current homeowners are taking measures to prepare their home for the risk of severe weather. Bank of America Homebuyer Insights Report Sparks Research conducted a national online survey on behalf of Bank of America between March 20 and April 22, 2025. A total of 2,000 surveys (1000 homeowners / 1000 renters) were completed with adults 18 years old or older, who make or share in household financial decisions, and who currently own a home/previously owned a home or plan to own a home in the future. The margin of error is +/- 2.2 percent at the 95 percent confidence level. Select questions allowed respondents to choose more than one answer, resulting in responses that may equate to more than 100 percent. Bank of America Institute Bank of America Institute is dedicated to uncovering powerful insights that move business and society forward. Established in 2022, the Institute is a think tank that draws on data and analyses from across the bank and the world to provide timely and original perspectives on the economy, sustainability, and global transformation. The Institute leverages the depth and breadth of the bank's proprietary data, from 69 million consumer and small business clients, 58 million verified digital users, $4.3T in total payments in 2024 and $1.2T in consumer and wealth management deposits. From this robust data set, the Institute provides a unique perspective on the health of the economy. It also elevates thought leadership from throughout the bank that addresses long-term trends and shares these findings with the general public. Bank of America Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC). For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts. Reporters may contact: Susan Atran, Bank of America Phone: View original content to download multimedia: SOURCE Bank of America Corporation
