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the latest: powell 'surprised' by sluggish wage growth


washington — the latest on the federal reserve's monetary policy meeting (all times local):___3:30 p.m.like many economists, new fed chairman jerome powell says that the slow pace of wage growth is a bit of a puzzle. with the unemployment rate at a 17-year low of 4.1 percent and businesses loudly complaining that they can't find enough workers, economic theory suggests that employers should be raising pay more quickly than their current pace of about 2.5 percent a year."i've been surprised by that, and i think others have as well," powell says during his first press conference as fed chairman.still, he suggested some explanations: paychecks largely reflect the pace of inflation and the growth of productivity, a measure of how efficient workers are. both inflation and productivity growth ar






jobless rate down but wage growth slows


image copyrightreutersuk unemployment fell in the three months to january but there was a sharp slowdown in wage growth. the office for national statistics (ons) said the unemployment rate fell to 4.7% - it has not been lower than that since the summer of 1975.however, wage growth has slowed significantly to 2.2% from 2.6% in the previous three-month period.wages are rising above the rate of inflation, which is currently 1.8%, but the gap has narrowed.scott bowman, uk economist at capital economics, said: "the latest uk labour market data suggest that average earnings growth is not picking up alongside inflation, resulting in a squeeze on real wage growth." but he expects that a shortage of workers will push up pay in the coming months.following last week's budget, paul johnson, director o






here are the 10 states with the highest minimum wages


seventeen states and washington, d.c., raised their minimum wages last year, and they all saw wage growth increase at twice the speed of states where the minimum wage remained flat, according to a report from the economic policy institute released wednesday. low-income workers in these 17 states saw 5.2 percent wage growth from 2015 to 2016.…






fed chief says wells fargo needs to make 'significant' reforms before growth cap


the new chief of the federal reserve said thursday that a cap it placed on the growth of wells fargo & co. after widespread consumer abuses would not be easily lifted — but the bank would not have to fully implement reform plans before it was removed.fed chairman jerome h. powell sparred over the matter with sen. elizabeth warren (d-mass.), one of the leading critics of wells fargo after its creation of millions of unauthorized accounts and the disclosure of other questionable practices.​​​​​​advertisement"growth restriction is your really big stick here, and i hope that you won't consider lifting it just because wells makes some marginal progress," warren told powell at his first appearance before the senate banking committee since taking over as fed chairman on feb. 5."i want to be reall






trump is making a huge mistake keeping federal reserve status quo


president trump just nominated jerome powell, a lawyer and former investment banker, to chair the federal reserve. powell’s nomination is seen as the safe choice. he is a fed insider, appointed to the federal reserve board of governors by barack obama in 2012. powell generally supports the administration’s deregulatory agenda for banks, but will stray little from current fed chair janet yellen’s monetary policy.aside from being the safe choice, trump’s reasons for appointing powell are quite clear. a more conservative fed chair might seek to reduce monetary stimulus more quickly and move interest rates higher. a more conservative fed chair might also seek to raise rates even if inflation remained low, or question the fed’s inflation targeting framework altogether.no modern president steepe






trump is making a huge mistake keeping federal reserve status quo


president trump just nominated jerome powell, a lawyer and former investment banker, to chair the federal reserve. powell’s nomination is seen as the safe choice. he is a fed insider, appointed to the federal reserve board of governors by barack obama in 2012. powell generally supports the administration’s deregulatory agenda for banks, but will stray little from current fed chair janet yellen’s monetary policy.aside from being the safe choice, trump’s reasons for appointing powell are quite clear. a more conservative fed chair might seek to reduce monetary stimulus more quickly and move interest rates higher. a more conservative fed chair might also seek to raise rates even if inflation remained low, or question the fed’s inflation targeting framework altogether.no modern president steepe






job growth surged in june, as u.s. economy clips along


it's a good time to be job-hunting.u.s. businesses added 222,000 jobs in june, blowing by forecasts of 170,000, while the nation's unemployment rate stayed essentially unchanged at 4.4 percent. the latest employment data from the u.s. department of labor show that the job market remains buoyant despite modest overall economic growth and gridlock on the white house's economic policy agenda. hiring was also stronger in april and may, with employers adding 47,000 more jobs than previously estimated. through june, the economy year has added an average of 180,000 jobs per month, compared with 187,000 for the year-ago period. while job-creation is healthy, wage growth continues to be mediocre, rising 2.5 percent year-over-year. by other metrics, wage growth was even worse. according to glassdoor






powell is sworn in as fed chairman to succeed yellen


washington – jerome powell was sworn in monday as the 16th chairman of the federal reserve in a brief ceremony in the fed's boardroom. in a video message, powell pledged to support continued economic growth and a healthy job market while remaining "vigilant" to any emerging economic risks.powell took the oath of office one day after his 65th birthday from randal quarles, the fed's vice chairman for supervision, in a ceremony that was attended by fed staff and fed board member lael brainard.powell succeeds janet yellen, the first woman to lead the nation's central bank in its 100-year history. president donald trump picked powell after deciding to break with recent tradition and not offer yellen a second four-year term.in his video message, powell did not mention the current turbulence in f






latest study: seattle’s wage law lifted restaurant pay without shrinking jobs


seattle’s minimum wage law has led to higher pay for restaurant workers without affecting the overall number of jobs in the industry, according to a new study from the university of california, berkeley.seattle’s minimum wage law has led to higher pay for restaurant workers without affecting the overall number of jobs in the industry, according to a new study from the university of california, berkeley.indeed, employment in food service from 2015 to 2016 was not affected, “even among the limited-service restaurants, many of them franchisees, for whom the policy was most binding,” according to the study, led by berkeley economics professor michael reich.seattle’s minimum wage law, which took effect in april 2015, raises the minimum wage gradually until it reaches $15 by 2021 at the latest.






powell sworn in as 16th federal reserve chairman


washington — jerome powell was sworn in monday as the 16th chairman of the federal reserve in a brief ceremony in the fed’s board room. in a video message, powell pledged to support continued economic growth and a healthy job market while remaining “vigilant” to any emerging economic risks.powell took the oath of office one day after his 65th birthday from randal quarles, the fed’s vice chairman for supervision, in a ceremony that was attended by fed staff and fed board member lael brainard.powell succeeds janet yellen, the first woman to lead the nation’s central bank in its 100-year history. president donald trump picked powell after deciding to break with recent tradition and not offer yellen a second four-year term.in his video message, powell did not mention the current turbulence in






jobless rate down but wage growth slows


image copyrightreutersuk unemployment fell in the three months to january but there was a sharp slowdown in wage growth. the office for national statistics (ons) said the unemployment rate fell to 4.7% - it has not been lower than that since the summer of 1975.however, wage growth has slowed significantly to 2.2% from 2.6% in the previous three-month period.wages are rising above the rate of inflation, which is currently 1.8%, but the gap has narrowed."march's labour market release reported a solid performance on the jobs side, but included worrying signs of weakness with regards to wages," said martin beck, senior economic advisor to the ey item club - a respected economic forecasting group."we remain cautiously optimistic that this trend will reverse... but with a high proportion of annu






jobless rate down but wage growth slows


image copyrightreutersuk unemployment fell in the three months to january but there was a sharp slowdown in wage growth. the office for national statistics (ons) said the unemployment rate fell to 4.7% - it has not been lower than that since the summer of 1975.however, wage growth has slowed significantly to 2.2% from 2.6% in the previous three-month period.wages are rising above the rate of inflation, which is currently 1.8%, but the gap has narrowed."march's labour market release reported a solid performance on the jobs side, but included worrying signs of weakness with regards to wages," said martin beck, senior economic advisor to the ey item club - a respected economic forecasting group."we remain cautiously optimistic that this trend will reverse... but with a high proportion of annu






jobless rate down but wage growth slows


image copyrightreutersuk unemployment fell in the three months to january but there was a sharp slowdown in wage growth. the office for national statistics (ons) said the unemployment rate fell to 4.7% - it has not been lower than that since the summer of 1975.however, wage growth has slowed to 2.3% (excluding bonuses) from 2.6% in the previous three-month period.wages are rising above the rate of inflation, which is currently 1.8%, but the gap has narrowed."march's labour market release reported a solid performance on the jobs side, but included worrying signs of weakness with regards to wages," said martin beck, senior economic advisor to the ey item club - a respected economic forecasting group."we remain cautiously optimistic that this trend will reverse... but with a high proportion o






jobless rate down but wage growth slows


image copyrightreutersuk unemployment fell in the three months to january but there was a sharp slowdown in wage growth. the office for national statistics (ons) said the unemployment rate fell to 4.7% - it has not been lower than that since the summer of 1975.however, wage growth has slowed to 2.3% (excluding bonuses) from 2.6% in the previous three-month period.wages are rising above the rate of inflation, which is currently 1.8%, but the gap has narrowed."march's labour market release reported a solid performance on the jobs side, but included worrying signs of weakness with regards to wages," said martin beck, senior economic advisor to the ey item club - a respected economic forecasting group."we remain cautiously optimistic that this trend will reverse... but with a high proportion o






new minimum wage data don’t settle seattle debate


states that enacted minimum-wage hikes last year showed faster wage growth. here's why washington wasn't among them.a report this week from the economic policy institute showed that wages rose for the lowest-paid workers in 17 states and the district of columbia that enacted minimum-wage increases last year.in those locales, workers in the 10th percentile saw a wage increase of 5.2 percent from 2015 to 2016. that compares with an average raise of 2.5 percent for the other states. but put washington in the latter category, even with seattle stepping up toward its $15 an hour minimum wage.the report doesn’t get into whether jobs were lost or job growth slowed down in those states.also, washington’s performance is fairly easily explained. the state already had a $9.50 an hour minimum, among t






australia marks 26 years since recession with growth data


canberra, australia — australia's economy has grown for 26 years without a recession, an extraordinary achievement in a volatile world still aching from the global financial crisis.but many australians feel they don't share in that prosperity and are going backward financially, a symptom of a hidden driver behind australia's economic success — population growth.data released by the australian bureau of statistics on wednesday showed that australia's economy had grown in the three months through june for a 104th quarter without a technical recession, which is defined as consecutive quarters of economic contraction.the australian economy grew by 0.8 percent in the latest quarter, faster than the sluggish 0.3 percent in the march quarter, and 1.9 percent for the year.half the improvement was






one reason for fading sedan sales: low wage growth


americans are shunning new cars. they prefer to buy light trucks – crossovers, suvs and pickups – especially when gas prices are low.that’s the conventional wisdom, and it’s true. but it’s apparently not the only reason car sales fell 9.6% last year, and declined 11.5% in march compared with the same month a year earlier, even as sales for light trucks soared. wage growth, or the lack of it, is a contributing factor, especially for low-wage earners and first-time vehicle buyers, who tend to be millennials just starting out in their careers. new cars can be out of reach for many of them, especially when you consider that the average new car buyer earns more than $80,000 a year, said steven szakaly, chief economist at the national auto dealers assn.that’s driving some customers out of the ma






powell takes over fed, expresses optimism about economy


washington – jerome powell, the new chairman of the federal reserve, painted an optimistic picture of the u.s. economy tuesday and signaled that he will continue to bolster strong growth during testimony before congress in his public debut as head of the central bank.powell, in remarks to the house financial services committee, said the job market and business investment continued to strengthen, and that headwinds once holding back the u.s. economy had now turned into tailwinds.but he emphasized that he planned to continue the policies of his predecessor, janet yellen, who managed to gradually raise interest rates during her four-year term while still encouraging broad economic growth.the fed "will continue to strike a balance between avoiding an overheated economy" and allowing inflation






that new seattle study is a big problem for fans of a higher minimum wage — or i


the biggest question is connected to the strength of the seattle economy. the city’s unemployment rate is among the lowest in the nation, with growth so powerful it may well overwhelm the impact of a minimum wage. the authors of the university’s initial study acknowledged that a year ago, when they noted that “the city’s low-wage workers did relatively well after the minimum wage increased [to $11], but largely because of the strong regional economy.”full-service restaurants in seattle have had so much trouble finding help in this vibrant economy that their average wage rates already exceeded $13; it’s conceivable that the lowest-wage jobs have disappeared in part because workers are getting paid more. that also would solve part of the mystery of the surge in jobs at $19 an hour or more.th






powell says fed will try to balance growth and the potential for 'an overheated


new federal reserve chairman jerome h. powell is expected to say tuesday that the central bank will try to balance economic growth with the potential for "an overheated economy" now that "fiscal policy is becoming more stimulative" with tax cuts and increased federal spending.in his first extensive public comments since taking over as fed chief at the start of the month, powell told a congressional committee that "the economic outlook remains strong" despite recent financial market volatility.advertisement"at this point, we do not see these developments as weighing heavily on the outlook for economic activity, the labor market or inflation," powell said at a hearing by the house financial services committee.powell's remarks struck an upbeat but cautious tone in his opening remarks. he did






the latest: fed chair nominee powell's confirmation hearing


washington — the latest on the senate confirmation hearing of jerome powell, president donald trump's nominee for federal reserve chairman (all times local):___11:30 a.m.jerome powell says the 2010 dodd-frank financial overhaul law achieved its major goal of making the financial system stronger. but he says there are areas where it can be made more efficient.powell says he believes financial system reforms have been successful: no bank is too big to fail now. but he says that in some ways, the law has imposed unnecessary burdens on banks.he says he does not view what he wants to do as deregulation. rather, he hopes to review the last eight years and ensure that all of the new regulations put in place to implement the dodd-frank law made sense and were cost efficient. powell has suggested i






o’s boog powell meets athletics’ boog powell at camden yards


baltimore (ap) — boog powell, meet boog powell.the name’s the same, and they’re both known for playing baseball. it’s a bit early, however, to start comparing their home run swings.former baltimore slugger boog powell met with oakland athletics leadoff hitter boog powell at the popular “boog’s bbq” stand beyond the right-field wall at camden yards before the o’s hosted the a’s on tuesday night.they’re not related, but they knew plenty about each other before they met.most read storiesunlimited digital access. $1 for 4 weeks.“every time i play somewhere i’d hear it from the stands,” the younger powell said. “he said he’s heard about me, too. he gets asked if i am his grandson.”the elder powell hit 339 home runs in the big leagues. the other guy has one — a drive on monday night that came do






household squeeze shows signs of easing as wages rise


image copyrightgetty imageswages grew by 2.6% in the three months to january while the unemployment rate fell, according to new data. the office for national statistics said that earnings growth was slightly higher than the 2.5% rate in the previous period.it adds to evidence that the squeeze on household income may be coming to an end after inflation fell to 2.7% in february.meanwhile, the unemployment rate ticked lower to 4.3% from 4.4%. a small increase in the number of unemployed people during the quarter did not dent the overall rise in employment over the last year. the data was not all positive - the number of unemployment benefit claimants rose by 9,200 to 838,000 in february, that's the highest level in more than three years.but john hawksworth, chief economist at pwc, said the go






these 10 jobs have above-average pay growth


inflation outpaced average wage growth for the first time in three years, but not in these professions.        






powell gets second senate committee approval for federal reserve chair after nom


a senate committee on wednesday for the second time overwhelmingly confirmed jerome h. powell to be the next head of the federal reserve, a vote that was necessary after his nomination expired at the end of last year.powell, 64, a republican who has served as a governor on the fed board since 2012, was tapped by president trump to replace janet l. yellen as the central bank’s chairman. her term expires feb. 3, and powell is expected to be confirmed before then, although no full senate vote has been scheduled.powell was approved by voice vote of the senate banking committee on wednesday, with only sen. elizabeth warren (d-mass.) dissenting. warren also was the only no vote when the committee approved powell 22-1 in a roll call vote on dec. 5.






'zero real wage growth' forecast for 2018


image copyrightgetty imagesthe uk's pay squeeze will end next year, but a meaningful rise in wages remains out of sight, an influential research group has warned. the resolution foundation, which campaigns for fair pay, predicted inflation would no longer outpace wage growth by the end of 2018.but it said real wage growth would still be flat and that many households were pessimistic about their finances. the treasury said it was "helping families to earn more".the office of budgetary responsibility (obr), the government's economic watchdog, projects that when the full figures for 2017 are confirmed they will show that wages have fallen by 0.4% in real terms as inflation has soared to more than 3%.the squeeze, caused by the fall in the pound since the brexit vote, has contributed to weaker






warren pushes new fed chief to be tough on lifting wells fargo growth cap


sen. elizabeth warren on thursday pushed the new head of the federal reserve to be tough on lifting a cap it placed on the growth of wells fargo & co. last month in response to the bank's unauthorized accounts scandal and other questionable practices.the sanction "sent a powerful message to big banks that there could be real consequences … if they break the law," warren (d-massachusetts) told fed chairman jerome h. powell at a senate banking committee hearing.advertisement"but that message will be lost if the fed does not enforce the order strictly and show the public and the banking industry that they mean business," she said.in his first appearance before the committee since taking over as fed chairman on feb. 5, powell said the growth restriction would not be removed easily. but he also






'zero real wage growth' forecast for 2018


image copyrightgetty images the uk's pay squeeze will end next year, but a meaningful pay rise remains out of sight, an influential research group has warned. the resolution foundation, which campaigns for fair pay, predicted inflation would no longer outpace wage growth by the end of 2018.but it said real wage growth would still be flat and that many households were pessimistic about their finances. the treasury said it was "helping families to earn more".the office of budgetary responsibility (obr) projects that when the full figures for 2017 are confirmed they will show that wages fall by 0.4% in real terms as inflation has soared to more than 3%.the squeeze, caused by the fall in the pound since the brexit vote, has contributed to weaker consumer spending and a slowdown in the housing






powell says outlook strong, signaling gradual rate hikes


washington (ap) — federal reserve chairman jerome powell, making his first public comments as leader of the nation’s central bank, is telling congress that the outlook for the u.s. economy “remains strong” despite the recent stock market turbulence.he says that bright prospects for growth and employment will allow the fed to continue raising its key policy rate at a gradual pace. the fed boosted its benchmark rate three times last year and has signaled that it expects to raise rates another three times in 2018.in a prepared statement, powell praises janet yellen for the important contributions she made during her four years as the first woman to lead the fed. he says the two worked together to ensure “a smooth leadership transition and provide for continuity in monetary policy.”






$15 minimum wage on track for minneapolis? what you should know


the minneapolis city council laid out the basics of a minimum wage ordinance on friday, asking staff to finalize a draft ordinance that would make minneapolis the latest in a series of major u.s. cities to dramatically raise their minimum wage.here’s a quick primer on the issue:q: what’s happening with the minimum wage in minneapolis?a: the city council is working on an ordinance that would raise the minimum wage to $15 an hour, and should vote on the ordinance before the end of june.q: will it pass?a: it looks like it. a majority of the council has said they support a $15 minimum wage, with no tip credit. certainly nobody has come out strongly against those things, and the council passed a motion friday asking staff to write an ordinance that raises the wage to $15, without a tip credit.q






$15 minimum wage on track for minneapolis? what you should know


the minneapolis city council laid out the basics of a minimum wage ordinance on friday, asking staff to finalize a draft ordinance that would make minneapolis the latest in a series of major u.s. cities to dramatically raise their minimum wage.here’s a quick primer on the issue:q: what’s happening with the minimum wage in minneapolis?a: the city council is working on an ordinance that would raise the minimum wage to $15 an hour, and should vote on the ordinance before the end of june.q: will it pass?a: it looks like it. a majority of the council has said they support a $15 minimum wage, with no tip credit. certainly nobody has come out strongly against those things, and the council passed a motion friday asking staff to write an ordinance that raises the wage to $15, without a tip credit.q






senate approves powell to follow yellen as fed chair in feb.


washington — the senate has approved president donald trump's selection of jerome powell to be the next chairman of the federal reserve beginning next month.senators voted 85-12 to confirm powell to lead the nation's central bank, a post that is considered the most powerful economic position in government.powell will succeed janet yellen, the first woman to lead the fed, when her term ends feb. 3. trump decided against offering yellen a second four-year term as chair despite widespread praise for her performance since succeeding ben bernanke.powell, 64, has served for 5½ years on the fed's board. a lawyer and investment manager by training, he will be the first fed leader in 40 years without an advanced degree in economics. many expect him to follow yellen's cautious approach to interest r






the latest: yellen seeks smooth transition to new fed chair


washington — the latest on the federal reserve's monetary policy meeting (all times local):2:45 p.m.federal reserve chair janet yellen says her goal is to provide a smooth transition to her designated successor, jerome powell.yellen told reporters at a news conference that she is still scheduled to lead one more fed meeting but that her goal is to transfer her responsibilities to powell, a fed governor nominated by president donald trump to lead the u.s. central bank starting in february.___2:10 p.m.federal reserve policymakers expect u.s. economic growth will accelerate next year and the unemployment rate will fall to 3.9 percent from its current level of 4.1 percent. but they still plan to raise short-term interest rates three times next year and at least twice in 2019, the same as previ






what's happening with the minimum wage in minneapolis?


the minneapolis city council laid out the basics of a minimum wage ordinance on friday, asking staff to finalize a draft ordinance that would make minneapolis the latest in a series of major u.s. cities to dramatically raise their minimum wage.here's a quick primer on the issue:q: what's happening with the minimum wage in minneapolis?a: the city council is working on an ordinance that would raise the minimum wage to $15 an hour, and should vote on the ordinance before the end of june.q: will it pass?a: it looks like it. a majority of the council has said they support a $15 minimum wage, with no tip credit. certainly nobody has come out strongly against those things, and the council passed a motion friday asking staff to write an ordinance that raises the wage to $15, without a tip credit.q






uk wage growth slows as higher inflation starts to bite


image copyrightgetty imagesthe uk unemployment rate has remained at 4.7% as inflation starts to wipe out wage growth, official figures show.the number of people unemployed fell by 45,000 to 1.56 million in the three months to february, said the office for national statistics (ons).average weekly earnings including bonuses increased by 2.3%, the same as in the year to january.on tuesday, figures showed inflation was running at 2.3%, above the bank of england's 2% target. the ons said average weekly earnings for employees rose by 2.3% including bonuses, and by 2.2% excluding bonuses, compared with a year earlier. but adjusted for inflation, average weekly earnings increased by 0.2% including bonuses, and by just 0.1% excluding bonuses over the year. that was the slowest rate of growth since






uk wage growth slows as higher inflation starts to bite


image copyrightgetty imagesthe uk unemployment rate has remained at 4.7% as inflation starts to wipe out wage growth, official figures show.the number of people unemployed fell by 45,000 to 1.56 million in the three months to february, said the office for national statistics (ons).average weekly earnings including bonuses increased by 2.3%, the same as in the year to january.on tuesday, figures showed inflation was running at 2.3%, above the bank of england's 2% target. the ons said average weekly earnings for employees rose by 2.3% including bonuses, and by 2.2% excluding bonuses, compared with a year earlier. but adjusted for inflation, average weekly earnings increased by 0.2% including bonuses, and by just 0.1% excluding bonuses over the year. that was the slowest rate of growth since






alphabet’s long bets start looking better: it’s the daily crunch


every monday, wednesday and friday our daily guided tour of the biggest tech stories from the past 24 hours will appear here on techcrunch.com. to get the daily crunch in your inbox every day of the week, sign up here.alphabet’s ‘other bets’ start looking like better bets, microsoft ascends to the clouds and trump enlists more titans of tech. all that and more in the daily crunch for january 27, 2017. and if you’re a billionaire prepper, middle earth apparently looks like a pretty good escape route.1. alphabet’s letters beyond g are starting to make moneyalphabet formed to make sure that it could treat google and its other businesses with the individual care and accountability that each merits, and now its other bets are starting to pay off. during its most recent quarter, it revealed big