The number of Americans applying for unemployment aid fell last week to 547,000, a new low since the pandemic struck and a further encouraging sign that layoffs are slowing on the strength of an improving job market.
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The number of Americans applying for unemployment benefits tumbled last week to 576,000, a post-COVID low and a hopeful sign that layoffs are easing as the economy recovers from the pandemic recession.
“It actually seems like the economy can reopen because the pandemic is getting under control,” said one economist.
"Economic activity and employment have continued to recover but remain well below their levels at the beginning of the year," the Fed said in a statement Wednesday.
For the months to come, the Fed committed to more asset purchases at least at the current pace of $80 billion Treasury securities and $40 billion agency mortgage-backed securities per month.
The Federal Reserve committed Wednesday to do more to help the US economic recovery, promising more asset purchases and lower interest rates for even longer than it previously expected.
Policymakers unanimously agreed to maintain rates hovering between 1.5% and 1.75% as they pointed to continued signs of a strong economy.
President Donald Trump has begun polling advisers about whether he has the legal authority to fire Federal Reserve Chairman Jerome Powell, according to two people familiar with the matter, who described the President as newly furious at the Fed chief as markets tumble.
President Donald Trump has begun polling advisers about whether he has the legal authority to fire Federal Reserve chairman Jerome Powell, acc…