California Governor Jerry Brown, who decries a widening gulf between rich and poor, is campaigning for a fourth and final term presiding over a state that’s outpacing the U.S. in producing both millionaires and food-stamp recipients.
The Australian dollar fell as weaker-than-estimated Chinese data stoked concern over the outlook for the world’s second-largest economy. Asian index futures dropped at the end of last week as U.S. stocks and crude oil climbed amid signs of an improving jobs market.
Federal Reserve economists warned in December 2008 that five years could pass before growth revived enough to warrant raising interest rates from near zero, as the magnitude of the economic meltdown dawned on Fed officials.
Federal Reserve Bank of New York President William C. Dudley said he sees a “reasonably favorable” outlook for the U.S. economy, even as elevated joblessness and too-low inflation warrant a high level of stimulus for a “considerable time.”
German stocks fell, with the DAX Index posting the biggest weekly drop since January, as the euro strengthened and investors weighed data that showed U.S. hiring accelerated even as the unemployment rate rose in the world’s largest economy.
Ohio’s unemployment rate declined to 6.9 percent in January from 7.1 percent in December as the state added 16,700 jobs based on revised estimates, according to the Ohio Department of Job and Family Services.