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The US added over 300,000 jobs in March and the unemployment rate dropped slightly

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The unemployment rate decreased from 3.9% to 3.8% in March.  (iStock)

The unemployment rate decreased marginally in March to 3.8%, the Bureau of Labor Statistics noted in its Employment Situation Report. Last month, the unemployment rate sat at 3.9%. The rate dropped, in part, due to the additional 303,000 jobs added in March.

The unemployment rate hasn’t shifted much over the last few months. It’s been ebbing and flowing between 3.7% and 3.9% since August 2023.

Currently, there are 6.4 million unemployed people in the U.S. The number of long-term unemployed people — those who have been jobless for at least 27 weeks — reached 1.2 million this month, barely changing since February.

The industries that saw the largest gains include health care, government and construction. The healthcare industry added 72,000 jobs, which is higher than the average monthly gain of 60,000 over the last year.

The U.S. government added 71,000 jobs, also higher than the average in the last 12 months. The construction industry added 39,000 jobs, which is nearly double the average monthly gain of 19,000 in the last 12 months.

Some industries saw little to no change in jobs last month. The mining, quarrying, oil, gas and manufacturing industries saw hardly any change to job numbers.

The building materials and equipment industry as well as automotive parts dealers saw job losses. Builders and equipment dealerships lost 10,000 jobs and automotive parts makers lost 3,000 jobs.

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HIGH DEBT IS CAUSING MORE CONSUMERS TO LIVE PAYCHECK-TO-PAYCHECK

Inflation is back up slightly

The U.S. Bureau of Labor Statistics Consumer Price Index (CPI) — a major measure of inflation — increased by 0.4%, after rising 0.3% in January.

The index for shelter rose by 0.4% in February and the gasoline index rose by 3.8%. These two indexes drove inflation the most. The food index remained steady, with no change between January and February.

A couple of the indexes within the CPI decreased by small margins. The medical care services index decreased by 0.1%. The new vehicles decreased by the same 0.1%.

While new cars dropped in price in February, the cost of used vehicles went up. The used car index rose by 0.5%.

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THESE 5 CITIES HAVE THE LARGEST INFLATION PROBLEM: SURVEY

Home prices remain unaffordable despite rising incomes

Although the job market is staying strong, housing remains unaffordable for both buyers and renters.

The average sale price for a single-family home was 5.6 times higher than the average income, a study from the Joint Center for Housing Studies of Harvard University recently revealed. This is higher than it’s ever been on record, dating back to the 1970s.

In 2019, before the pandemic, the national price-to-income ratio stood at 4.1, today it stands at 5.6. A high price-to-income ratio indicates low homebuyer affordability.

During the pandemic, low mortgage rates helped balance out high prices, but now, the average 30-year mortgage rate sits at 6.82%, Freddie Mac recently reported. Plus, high homeowners insurance rates and lingering high home prices, are also pushing many buyers out of the market.

Renters aren’t fairing much better than buyers. Another recent Joint Center study measured affordability for renters. It found that, in 2022, half of renters in the U.S. were cost burdened, spending more than 30% of their incomes on rent and utilities.

The number of renters spending 30% of their incomes rose by two million and has reached a record high of 22.4 million. During the pandemic, there were more resources to help renters deal with these high costs. 

“As these resources have expired, however, the housing safety net is once again overwhelmed and underfunded,” Chris Herbert, the managing director of the Joint Center, said in a press release.

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THIS IS THE #1 CITY FOR FIRST-TIME HOMEBUYERS, AND OTHER HOT US HOUSING MARKETS

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Treasury Secretary Bessent says market woes are more about tech stock sell-off than Trump’s tariffs

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Treasury Secretary Scott Bessent speaks to reporters outside the West Wing after doing a television interview on the North Lawn of the White House on March 13, 2025 in Washington, DC. 

Andrew Harnik | Getty Images

Treasury Secretary Scott Bessent said Wednesday the sell-off in the stock market is due more to a sharp pullback in the biggest technology stocks instead of the protectionist policies coming from the Trump administration.

“I’m trying to be Secretary of Treasury, not a market commentator. What I would point out is that especially the Nasdaq peaked on DeepSeek day so that’s a Mag 7 problem, not a MAGA problem,” Bessent said on Bloomberg TV Wednesday evening.

Bessent was referring to Chinese AI startup DeepSeek, whose new language models sparked a rout in U.S. technology stocks in late January. The emergence of DeepSeek’s highly competitive and potentially much cheaper models stoked doubts about the billions that the big U.S. tech companies are spending on AI.

The so-called Magnificent 7 stocks — Apple, Amazon, Tesla, Alphabet, Microsoft, Meta and Nvidia — started selling off drastically, pulling the tech-heavy Nasdaq Composite into correction territory. The tech-heavy benchmark is down about 13% from its record high reached on December 16.

However, the secretary downplayed the impact from President Donald Trump’s steep tariffs, which caught many investors off guard and fueled fears of a re-acceleration in inflation, slower economic growth and even a recession. Many investors have blamed the tariff rollout for driving the S&P 500 briefly into correction territory from its record reached in late February. Wall Street defines a correction as a drop of 10% from a recent high.

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S&P 500, YTD

Trump signed an aggressive “reciprocal tariff” policy at the White House Wednesday evening, slapping duties of at least 10% and even higher for some countries. The actions sparked a huge sell-off in the stock market overnight, with the S&P 500 futures declining nearly 4% and the blue-chip Dow Jones Industrial Average shedding 1,100 points. The losses will likely but the S&P 500 back into correction territory in Thursday’s session.

“It’s going to be fine if we put the best economic conditions in place,” Bessent said in a separate interview on Fox Wednesday evening. “If you go back and look, the stock market actually peaked on the [DeepSeek] Chinese AI announcement. So a lot of what we have seen has been just an idiosyncratic tech sell-off.”

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Conservative cable channel Newsmax shares plunge more than 70% after a dizzying 2-day surge

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A Newsmax booth broadcasts as attendees try out the guns on display at the National Rifle Association (NRA) annual convention in Houston, Texas, U.S. May 29, 2022. 

Callaghan O’hare | Reuters

Shares of conservative news channel Newsmax plunged more than 70% on Wednesday as its meteoric rise as a new public company proved to be short-lived.

The stock tumbled a whopping 72% in afternoon trading, following a 2,230% surge in Newsmax’s first two days of trading after debuting on the New York Stock Exchange. At one point, the rally gave the company a market capitalization of nearly $30 billion — surpassing the market cap of legacy media companies like Warner Bros. Discovery and Fox Corp.

Newsmax was listed on the NYSE via a so-called Regulation A offering, instead of a traditional IPO. Such an offering allows small companies to raise capital without undergoing the full SEC registration process. The primary focus is to sell to retail investors, in this case It was sold to approximately 30,000 retail investors. 

The public offering indeed garnered the attention from retail traders, some of whom touted the stock as the “New GME” in online chatrooms. GME refers to the meme stock GameStop, which made Wall Street history in 2021 by its speculative trading boom.

Newsmax has a small “float,” or shares available for trading. Less than 6% of Newsmax shares, or 7.5 million shares out of a total of 128 million fully diluted shares, are available for public trading.

The conservative TV news outlet has seen its ratings rise with the election of President Donald Trump and other prominent Republicans — although it still falls behind the dominant Fox News. Overall, Newsmax ranks in the top 20 among cable network average viewership in both prime time and daytime, Nielsen said.

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Stocks making the biggest moves midday: TSLA, DJT, AMZN, RIVN

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