The year was 1999, the unemployment rate was 4.3 percent, and President Bill Clinton’s top economic adviser had a message for economists gathered at Yale University: Tight labor markets are beneficial for blacks, Hispanics and male high-school dropouts.
The dollar rose against the euro for a third week, the longest rally since July, as policy divergence with Europe outweighed conflicting commentary by U.S. officials and jobs data that failed to meet traders’ expectations.
This was supposed to be the year that Herb Harrison found a newer, bigger home to replace his current house in Framingham, Massachusetts. Then, in May, mortgage rates began to rise and he put his hunt on hold.
Bruce Kasman, chief economist for JPMorgan Chase & Co. in New York, and Diane Swonk, chief economist for Mesirow Financial Inc. in Chicago, said the dissent by Federal Reserve Bank of Chicago President Charles Evans may reflect other members’ views on the Federal Open Market Committee.
Business is booming at Beau Boeckmann’s Ford showroom in southern California, with buyers snapping up Fusion sedans they compare to Aston Martins. Just don’t ask how the government shutdown might influence sales.