Julia Coronado News
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Payrolls climbed in 30 U.S. states in April, while the unemployment rate dropped in 40, showing the labor market strengthened across the country.
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More Americans than projected filed claims for jobless benefits last week and manufacturing in the Philadelphia region unexpectedly shrank in May, signs the slowdown in growth is rippling through the U.S. economy.
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The Federal Reserve said it will keep buying bonds at a monthly pace of $85 billion while standing ready to raise or lower purchases as economic conditions evolve.
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Facing the risk of a fourth straight summertime slowdown, Federal Reserve officials raised the prospect of increasing the monthly pace of bond buying above $85 billion to guard against any slump in growth or employment.
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When former Federal Reserve Chairman Alan Greenspan was set to retire, his final appearance in 2005 at the Fed’s annual symposium in Jackson Hole, Wyoming, became a celebration of his legacy.
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Federal Reserve Chairman Ben S. Bernanke’s caution about the outlook for the labor market was vindicated by today’s report that U.S. payroll growth in March was the slowest in nine months.
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BNP Paribas, France’s biggest bank, promoted Julia Coronado to chief economist for North America.
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This time, Federal Reserve policy makers are prepared for the summertime slump.
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Citigroup Inc., Goldman Sachs Group Inc. and JPMorgan Chase & Co. were among at least 15 financial companies that received potentially market-moving Federal Reserve information 19 hours before the public in a release the central bank called a mistake.
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Julia Coronado, chief economist for North America at BNP Paribas in New York, said the U.S. jobless rate will probably remain higher than 8 percent until the Nov. 6 presidential election and is more likely to rise than to fall.
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