CNBC Economy

President Joe Biden said the strong July jobs numbers were no cause for celebration, because rising Covid cases pose an urgent threat.

The latest jobs report from the Labor Department reflects progress, which could put the central bank on track to dial back its bond purchases.

Black and Hispanic unemployment dropped in the July jobs report, but the figures are high compared with the jobless rate for whites and Asians.

Hiring rose in July at its fastest pace in nearly a year despite fears over the delta variant and as companies struggled with a tight labor supply.

The hiring blitz at bars, restaurants and hotels continued in July and led the U.S. to yet another robust month of employment gains.

Initial jobless claims totaled 385,000 for the week ended July 31, meeting estimates.

Fed Vice Chairman Richard Clarida said the central bank is likely to hit its targets by the end of next year and start raising rates again in 2023.

The 330,000 new positions is also a sharp deceleration from June.

Yellen is trying to rally the public behind the bipartisan infrastructure bill and Democrats' even bigger $3.5 trillion spending plan.

Household debt rose by its highest dollar amount in 14 years during the second quarter, thanks mostly to a surge in the housing market.

CNBC's All-America Economic survey showed 48% of American adults approved of the job Biden is doing as president, up a point from the first quarter.

The Fed could begin tapering as early as October under a scenario central bank Governor Christopher Waller set out to CNBC.

After rising in May, signed contracts on existing homes fell in June due to sky-high prices.

An inflation indicator that the Fed uses as its key guide rose 3.5% in June, a sharp acceleration that was nonetheless right around expectations.

While the GDP gain would have been strong prior to the pandemic, it was considerably less than the 8.4% Dow Jones estimate.

The Federal Reserve on Wednesday held its benchmark interest rate near zero and said the economy continues to progress despite concerns over the pandemic spread.

Applications to refinance a home loan jumped 9% last week from the previous week, according to the Mortgage Bankers Association.

For the most part, the Washington-based institution sees these price pressures as transitory. However, it warned that "uncertainty remains high."

When the Fed emerges from its July meeting on Wednesday, it may sound a bit more dovish than expected just a few weeks ago.

Home prices were 16.6% higher than in May 2020, the highest reading in the S&P CoreLogic Case-Shiller report's 30-plus years.