Survey of economists: Inflation will stay high this year, and so will Fed's key interest rate
The Federal Reserve will make only modest progress in its fight against inflation for the rest of this year, even while keeping its benchmark interest rate at a 16-year high, a group of business economists predict in a new survey.
Michigan unemployment rate drops to near pre-pandemic levels
Michiganโs unemployment rate dropped by three-tenths of a percent to 3.8% last month, according to the Department of Technology, Management & Budget. Employment in Michigan rose by 30,000, unemployment decreased by 14,000, and Michiganโs labor force increased by 18,000 over the month.
Gripped by surging pandemic, US employers cut back on hiring
She lost her job in December and due to hiring freezes in place since the pandemic began, has been unable to find employment. (AP Photo/Farnoush Amiri)WASHINGTON โ With the viral pandemic accelerating across the country, Americaโs employers sharply scaled back their hiring last month, adding 245,000 jobs, the fewest since April and the fifth straight monthly slowdown. โThe recovery is not insulated from the effects of the pandemic,โ said Daniel Zhao, senior economist at employment website Glassdoor. Faster hiring is needed to ensure that people who were laid off during this spring can quickly get back to work. Makokha, 45, lost her job as a human resources administrator nearly a year ago, well before the pandemic struck.
As pandemic depresses demand, Caterpillar muscles through 3Q
DEERFIELD, Ill. โ Caterpillarโs sales fell 23% in the third quarter as the pandemic throttled demand for construction equipment and a trade war with China continues to create headwinds. The company still managed to top Wall Street expectations, despite rising COVID-19 infections that hamper almost all sectors, including construction. Still, Caterpillar managed to beat the $9.67 billion analysts polled by Zacks Investment Research forecast. Stripping out one-time costs, earnings were $1.34 per share, easily beating the $1.15 per that Wall Street was looking for. _____A portion of this story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research.
University of Michigan to receive up to $130M to commercialize drug discovery
ANN ARBOR The University of Michigan and health care investment firm Deerfield Management Co. announced Wednesday a new partnership with the aim of developing life-saving drugs and disease treatments. Deerfield has committed up to $130 million over the next decade in biomedical research at U-M. The University of Michigan has a strong legacy of drug discovery and translation, Rebecca Cunningham, U-M vice president for research said in a news release. Great Lakes Discoveries will support all preclinical stages of drug development and discovery. "With its vast research platform, the University of Michigan is the ideal partner and we look forward to the innovations that we expect this alliance will bring.