Page 106 - Mark Hamrick News Today

The drop in cash reserves has vast implications for the working class and could dampen consumer spending, a large share of economic activity.

Many low-income Americans find their savings dwindling or even depleted. And for them, the economic recovery is looking less buoyant.

U.S. employers added a paltry 210,000 jobs in November, sharply below consensus forecasts of 550,000 and more than half as many as in October, though the underwhelming job creation numbers triggered Wall Street stock futures to shoot up, as investors bet it would ease pressure on the Fed to accelerate its timetable for scaling back stimulus.

The November jobs report is projected to show that hiring topped half a million for the second consecutive month, even as a labor shortage that economists describe as the worst in decades continues to persist.

The economy added just 210,000 new jobs in November, far fewer than the half-million expected.

The Labor Department's jobs report, released Dec. 3, shows that non-farm payroll employment rose by 210,000 in November after rising by a revised 546,000 in October.

The number of workers applying for unemployment benefits in the United States rose last week after hitting a level not seen in over 50 years the week prior, with analysts generally expecting the rebound in part due to seasonal data adjustments.

The number of Americans who filed new unemployment claims totaled 220,000 in the week ending on Nov. 27 as employers fight to retain workers.

The rebound in initial claims breaks an eight-week straight run of declines.

Refinitiv Lipper reported a significant drop in municipal bond mutual fund inflows at $36 million in the latest week, a signal the volatility of other markets may be creeping in. High-yield saw $53 million of inflows.