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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jul 16, 2021
Page
11
Major U.S. indexes closed lower with the S&P 500 down 0.3 percent to 4360.03 and the Nasdaq off 0.7 percent while the Dow rose 0.2 percent to 34987.02. Energy stocks led declines, banks gained, and unemployment claims fell to 360000 as earnings season begins.
Fed Chair Jerome Powell told Congress inflation could ease in six months as the economy reopens. He cited unique postpandemic dynamics, supply bottlenecks, and a few sectors driving current gains while stressing patience and ongoing monitoring for signs prices will retreat.
United States unemployment claims fell to 360000 last week, the lowest since the pandemic began, while Ohio claims declined to 9953. Lorain County saw a jump with 305 initial claims, up 100 from the prior week, amid a broader labor market rebound and rising wages.
Last month employers added 850000 jobs and hourly pay rose 3.6 percent from a year earlier. The pace outstrips the prepandemic annual rate, showing effort to attract and retain workers, even as the economy remains about 6.8 million jobs short of February 2020 levels.
The 30-year mortgage rate eased to 2.88 percent from 2.90 as Freddie Mac notes a third straight weekly decline amid inflation worries. The 15-year rate rose to 2.22 percent. Powell cautions inflation may stay elevated before moderating while policy stays low.
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