The U.S. administration is asking Congress to approve an additional $9.25 billion for COVID-19 measures.
JPMorgan says the U.S. will see a “mild” recession in 2023 on impacts from the Federal Reserve’s interest-rate hikes. One million Americans could ultimately lose their jobs in the downturn, the bank said.
The San Francisco Fed says the central bank’s policy rate could peak in the 4.75%-5.25% range next year.
First-time jobless claims fell by 4,000 to 222,000 last week, despite big staff reductions in the tech sector, indicating the employment market remains tight.
U.S. mortgage rates dipped below 7% last week, prompting a brief surge in purchase applications that otherwise remained depressed.
More people are tapping the equity in their homes as high interest-rates drive up the cost of borrowing money, with home-equity lines of credit rising an annual 40% in the second quarter to $66 billion.
United Airlines says Thanksgiving travel will surge 12% this year to 5.5 million passengers, roughly in line with 2019 levels.
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