U.S. economy rebounds with 5.7 percent 2021 growth
The United States posted 5.7 percent GDP growth in 2021 the fastest since 1984, with a 6.9 percent fourth-quarter pace. Consumer spending rose 7.9 percent while private investment jumped 32 percent as inventories rebounded, amid inflation and COVID concerns. Federal rate hikes loom to curb rising prices.
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Stocks slip as volatility keeps Wall Street on edge
A volatile trading day ended with major indexes lower after an early rally faded. The S&P 500 posted a 0.5 percent drop, Dow and Nasdaq eased while Russell 2000 sank, amid Fed rate hike expectations and inflation worries. Strong GDP growth figures tempered losses as inventories boosted fourth-quarter output. President Biden touted resilient US growth as the economy recovers from the 2020 recession.
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Wall Street
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Unemployment claims drop in week amid omicron surge
U S claims fell by 30 000 to 260 000 for the week ended Jan 15 the Labor Department said The four week average rose to 247 000 the highest in two months Nearly 1.7 million people received unemployment aid that week The job market remains strong with a 3.9 percent unemployment rate and 10.6 million job openings reported in November.
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Washington
U.S. Department of Labor
Puerto Rico fiscal plan outlines wage boosts and debt relief
The plan describes a significant moment for Puerto Rico as it aims to manage resources without bankruptcy risk. It projects average raises of 27 percent for teachers, 17 percent for firefighters, 15 percent for correctional officers, and 20 percent for medical residents, the first since 2003.
MENTIONED IN THIS ARTICLE
Puerto Rico
Board OKs fiscal plan for Puerto Rico
The federal control board approves a revised fiscal plan for Puerto Rico including pay raises for teachers firefighters and corrections officers. The plan aims to steer the island out of bankruptcy as it overhauls finances. It notes workers have not had raises since 2014. The plan goes into effect March 15 following a major debt restructuring approved by a federal judge.
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Federal Control Board
U.S. Territory
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