Every weekend, I recap \u201cnews you can use\u201d from the week \u2014 a handful of quotes from major (and often expensive) financial news sources \u2014 so you can stay up to date on the news that affects your money without spending a dime and in less than a minute.<\/p>\n
Here\u2019s an overview of what happened this week.<\/p>\n
Trump leaves door open for extended U.S. campaign against Iran. What that could mean for the economy.<\/a>\u00a0(March 2, MarketWatch)<\/p>\n \u201cFrom the beginning, we projected four to five weeks, but we have capability to go far longer than that,\u201d Trump said Monday at a White House ceremony. He said the operation was \u201cahead of schedule.\u201d<\/p>\n An extended campaign could put pressure on the U.S. economy through inflation as a result of higher oil prices. A quicker operation could have less impact on markets.<\/p>\n US Manufacturing Grew, Input Costs Soared Before Iran Attack<\/a> (March 2, Bloomberg)\u00a0<\/p>\n The Institute for Supply Management\u2019s gauge of prices paid for manufacturing inputs jumped 11.5 points to 70.5, the highest level since overall inflation peaked nearly four years ago.<\/p>\n The figures out Monday reflected responses ahead of US and Israeli airstrikes on Iran this past weekend. The war has all but halted oil tanker traffic through the Strait of Hormuz and pushed crude prices sharply higher.<\/p>\n Oil Rally Builds as \u2018Staggering\u2019 Middle East War Jolts Energy<\/a> (March 3, Bloomberg)<\/p>\n Traffic through the Strait of Hormuz has all but ground to a halt, and traders are now assessing how long the region\u2019s oil assets can keep operating as normal without ships entering the crucial waterway.<\/p>\n Rising energy prices are already casting a pall over economic growth prospects and the ability of central banks to keep inflation in check.<\/p>\n The global economy is facing untold damage even if the Iran conflict ends tomorrow, warns this energy-industry expert<\/a> (March 3, MarketWatch)<\/p>\n A war ending tomorrow would not stop bottlenecks that will take several days to clear from ships avoiding the Strait of Hormuz. Oil-producing countries that cut production will take time to get back online, he said.<\/p>\n \u201cWe never had those problems before. The Hormuz Strait never been closed before,\u201d he said.<\/p>\n Oil prices turn lower as fears about energy supply shock ease<\/a> (March 4, MarketWatch)<\/p>\n Reports that Iranian intelligence has reached out indirectly to the CIA for talks have helped to ease concerns about lasting supply disruptions. Also, Treasury Secretary Scott Bessent said Wednesday during an interview with CNBC that the U.S. government would soon roll out a number of measures aimed at stabilizing the oil trade in the Gulf.<\/p>\n Private companies added 63,000 jobs in February, January revised to just 11,000 additions, ADP says<\/a> (March 4, CNBC)\u00a0<\/p>\n Most of the hiring came in just two sectors: health services and construction. Job growth in other sectors was either flat or lower.<\/p>\n Pay grew 4.5% for those staying in their jobs while wage gains for job switchers moved down to 6.3%, the smallest gap since ADP began tracking the metric.<\/p>\n Weekly mortgage demand surged 11% higher last week, as rates sat near 4-year low<\/a> (March 4, CNBC)\u00a0<\/p>\n The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances was unchanged at 6.09%. Applications to refinance a home loan jumped 14.3%. Applications for a mortgage to purchase a home rose 6.1%.<\/p>\n Jobless claims and Challenger, Gray point to declining layoffs. What about hiring plans?<\/a> (March 5, MarketWatch)\u00a0<\/p>\n Initial jobless claims were unchanged at 213,000 in the seven days that ended Feb. 28, the government said Thursday.<\/p>\n A separate report from Challenger, Gray & Christmas found that\u00a0announced layoffs by U.S. companies fell sharply\u00a0in February. Hiring plans were also weak, though.<\/p>\n Big picture:\u00a0The labor market appears stable, but it\u2019s not what Americans are used to. Layoffs are low \u2014 and so is hiring.<\/p>\n U.S. crude oil touches highest level since June 2025 after Iran says it attacked a tanker<\/a> (March 5, CNBC)\u00a0<\/p>\n U.S. crude briefly broke $78 per barrel earlier in the session, the highest level since the U.S. and Israel attacked Iran\u2019s nuclear facilities last June. Oil prices have surged about 15% this week.<\/p>\n Tanker traffic through the Strait of Hormuz has come to a standstill since the U.S.-Israeli war against Iran began, as ship owners are worried about the volatile security situation. About 20% of global oil consumption is exported through the Strait.<\/p>\n