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House passes bill to raise US debt ceiling through early December

US CongressHouse passes bill to raise US debt ceiling through early DecemberLegislation raises government’s borrowing limit to $28.9tnHard-fought House vote passes entirely along party lines Guardian staff and agenciesTue 12 Oct 2021 19.57 EDTLast modified on Tue 12 Oct 2021 21.57 EDTThe US House of Representatives gave final approval on Tuesday to a Senate-passed bill temporarily raising the government’s borrowing limit to $28.9tn, putting off the risk of default at least until early December.Kamala Harris: European colonizers ‘ushered in wave of devastation for tribal nations’Read moreDemocrats, who narrowly control the House, maintained party discipline to pass the hard-fought, $480bn debt limit increase. The vote was along party lines, with every yes from Democrats and every no from Republicans.Joe Biden is expected to sign the measure into law this week, before 18 October, when the treasury department has estimated it would no longer be able to pay the nation’s debts without congressional action.Republicans insist Democrats should take responsibility for raising the debt limit because they want to spend trillions of dollars to expand social programs and tackle climate change. Democrats say the increased borrowing authority is needed largely to cover the cost of tax cuts and spending programs during Donald Trump’s administration, which House Republicans supported.House passage warded off concerns that the world’s largest economy would go into default for the first time, but only for about seven weeks, setting the stage for continued fighting …

US wages are going up, and those who don’t adapt to the new reality will fail | Gene Marks

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US small businessUS wages are going up, and those who don’t adapt to the new reality will failLabor is in short supply, so it’s more expensive. It’s simple economics and hankering for pre-pandemic times won’t help Gene Marks@ …

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What the US unemployment rate doesn’t tell you

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US unemployment and employment dataWhat the US unemployment rate doesn’t tell youThe true measure of unemployment depends on who you ask Rashida KamalSun 10 Oct 2021 06.00 EDTLast modified on Sun 10 Oct 2021 06.03 EDTJust how healthy is the US jobs market? On Friday, the Bureau of Labor Statistics (BLS) released its latest jobs report, showing that the US added a disappointing 194,000 jobs last month while announcing that the official unemployment rate fell to 4.8%, the lowest it’s been since its frightening climb to 14.7% when the Covid-19 pandemic first struck the US.The figures seem somehow disconnected and, for some, September’s headline figure is woefully misleading, as it is every month. What if the “true” unemployment rate is actually closer to 22%?Overall unemployment rateWhile most reporting (including our own) tends to focus on the BLS’s monthly headline figure – referred to as the “U-3” – the true measure of unemployment depends on who you ask. Some experts argue the official headline figure hides a far darker picture of the state of the labor market.First, it is important to unpack what this commonly cited statistic does and does not tell us.The headline unemployment rate measures the proportion of the American civilian labor force – anyone over the age of 16 – that does not have a job and is still actively looking for work. It does not include the large number of people who have given up …

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US adds 194,000 September jobs in another month of disappointing growth

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US economyUS adds 194,000 September jobs in another month of disappointing growthDelta variant and tight labor market holding back hiringEconomists had expected about 500,000 new jobs Dominic Rushe@ …

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Federal Reserve hints it will end pandemic stimulus programs

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Federal ReserveFederal Reserve hints it will end pandemic stimulus programs Fed chair says it could raise interest rates next year, as long as the Covid crisis is contained Dominic Rushe@ …

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America celebrates Labor Day – but are US workers winning?

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US economy America celebrates Labor Day – but are US workers winning? As McDonald’s and others increase wages, some economists say the balance is shifting in favor of workers – but will it last?     Steven Greenhouse Mon 6 Sep 2021 04.00 EDT Last modified on Mon 6 Sep 2021 04.01 EDT   As […]

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US adds just 235,000 jobs in August as Delta variant spreads

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US unemployment and employment data US adds just 235,000 jobs in August as Delta variant spreads Unemployment rate declines by 0.2 percentage points to 5.2% from 5.4% in July as employers cut back hiring plans Edward Helmore Fri 3 Sep 2021 11.49 EDT Last modified on Fri 3 Sep 2021 12.07 EDT The US economy […]

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