economy

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Dow Takes Another Big Dive

Index was down more than 500 points

(Newser) - The stock market's rebound on Thursday was short-lived. The Dow plunged more than 500 points at one point Friday morning thanks to a slew of concerns, including disappointing earnings reports from Amazon and Alphabet, the parent of Google. Worries about tariffs and economic slowdowns in China and Europe added... More »

Supreme Leader of Iran Rebuffs Trump's Talks Offer

Calls US government 'duplicitous,' but also says 'there will be no war'

(Newser) - If anyone was unsure what Iran's supreme leader thought of President Trump's offer to hold talks after the US reimposed "the most biting sanctions" on Iran last week, all doubt has been removed, per Reuters . "I ban holding any talks with America. … America never remains... More »

Stocks Up on Good News for Banks, Bad News for Borrowers

Rates are going higher as data shows confidence growing since Great Recession

(Newser) - US stocks mostly rose Thursday, as markets get accustomed to the idea of investing with less of a safety net from central banks around the world, reports the AP . The European Central Bank laid out its plan to pull back from the stimulus it's pumped into markets, but it... More »

California Now World's 5th Biggest Economy

State's GDP surpasses $2.7 trillion

(Newser) - California's economy has surpassed that of the United Kingdom to become the world's fifth largest, according to new federal data made public Friday, the AP reports. California's gross domestic product rose by $127 billion from 2016 to 2017, surpassing $2.7 trillion, the data says. Meanwhile, the... More »

Report: 200K Jobs Added by US Employers in January

And wage growth is at fastest rate in 8 years

(Newser) - US employers added a robust 200,000 jobs in January, and wages rose at the fastest pace in more than eight years. The pay gains suggest employers are competing more fiercely for workers. Raises stemming from Republican tax cuts and minimum wage increases in 18 states also likely boosted pay.... More »

Iran Judge Says Protesters Could Be Executed

Trump seeks international support for protests

(Newser) - The death toll in the protests sweeping Iran is now at least 20—and it could end up a lot higher under a recommendation from the head of Tehran's Revolutionary Court. According to Iran's semi-official Tasnim News Agency, Mousa Ghazanfarabadi said Tuesday that some of the hundreds of... More »

Economy Grows at Fastest Clip in 2 Years

Next quarter expected to falter because of hurricanes

(Newser) - The US economy grew at an upgraded annual rate of 3.1% in the spring, the fastest pace in more than two years. But growth is expected to slow sharply this quarter in the wake of a string of devastating hurricanes, per the AP . The April-June expansion in the gross... More »

Only One Country Beat US for Most Competitive Economy

Switzerland is No. 1 in World Economic Forum ranking

(Newser) - One of Donald Trump's platforms during the presidential campaign was to "restore America's competitive edge," but the US might not be doing so shabby after all. Quartz , which features the World Economic Forum's new Global Competitiveness Report , notes that the United States has actually ascended... More »

President Obama Saved the Economy. It Wasn't Enough

Why his presidency was a bloodbath for the Democratic Party

(Newser) - Faced with an "economy in crisis" when he took office in 2008, President Obama preached recovery. And he actually accomplished it, leaving behind a legacy of higher wages and nearly full employment. So why then does his legacy also include "the more than 1,000 Democrats who lost... More »

Half of 30-Year-Olds Don't Make What Their Parents Did

New study casts 'American dream' in troubled light

(Newser) - The American dream isn't dead, but it's got one foot in the grave, according to new research . The Washington Post reports that 92% of people born in 1940 earned more money at 30 years old than their parents did when they were the same age. Researchers say doing... More »

Clinton Blasts 'Outlandish Trumpian Ideas' on Economy

She accuses Trump's economic plan of only looking out for Trump

(Newser) - Hillary Clinton accused Donald Trump's economic plan of including "outlandish Trumpian ideas that even Republicans reject" during a speech Thursday responding to Trump's economic speech earlier this week, the New York Times reports. “He wants America to work for him and his friends at the expense... More »

'Basic Income for All' Plan Goes Down in Flames

Swiss voters overwhelmingly reject proposal

(Newser) - A Swiss proposal to ensure that all adult citizens receive a basic income has been rejected, the BBC reports. Voters rejected it by nearly 77% to 23% in a Sunday referendum, apparently unswayed by arguments favoring a guaranteed monthly income of $2,555 for adults and $640 for children. "... More »

Janet Yellen Offers More Evidence of a Strong US Economy

Fed could raise its interest rate for first time in years

(Newser) - It's becoming more and more likely the Federal Reserve will raise its interest rates this month for the first time in nearly a decade, USA Today reports. The economy has already hit the Fed's goal of 5% unemployment and is closing in on its goal of 2% inflation,... More »

Jobless Figures Surprisingly Weak

Rate remains at 5.1%, but fewer jobs than expected were created

(Newser) - Not so great news out of the Labor Department this morning: The economy created 142,000 jobs in September, well below forecasts of more than 200,000, reports the AP . Even so, the unemployment rate remained unchanged at 5.1%. The 142,000 may initially sound worse than last month'... More »

Trump Has a Beef With Oreo

Vows to stop eating Oreos over plans for production lines in Mexico

(Newser) - Having clearly never been exposed to the wonders of Mexican Coke, Donald Trump yesterday reiterated his vow to go cold-turkey on Oreos over a plan to move production of the cookies south of the border. "I'm never eating Oreos again," Trump said. The cookie kerfuffle stems from... More »

Dow Plunges 589 on Wild Day

The markets correct somewhat after horrific opening

(Newser) - The US stock market took investors on a stomach-churning ride today, as the Dow Jones industrial average briefly plunged more than 1,000 points and sent a shiver of fear from Wall Street to Main Street. Stocks regained much of that ground as the day wore on, with the Dow... More »

Are Americans Ready to Buy a Car Made in China?

GM may import the Buick Envision next year

(Newser) - Will US consumers buy a car made in China? General Motors may be about to find out as the company mulls importing its Buick Envision from China, where more than 57,000 of the "compact crossovers" were sold in the first half of this year, Automotive News reports. A... More »

Krugman: Greece Holds an Important Warning for US

But it's not the one you're hearing about the most

(Newser) - Republicans are pointing to Greece and saying it holds a warning for the US—too much debt and too much borrowing will bring us doom. Paul Krugman agrees that Greece offers a lesson for Americans, but he draws a different one: Don't listen to those Republicans, who have been... More »

Here's How Much We Spend to Get Married

The Knot survey finds the average wedding cost $31,213 in 2014

(Newser) - In what some are calling one sign of an improving economy, if at the expense of newlyweds, a new survey by The Knot finds that the average cost of a US wedding jumped to $31,213 last year, marking a five-year high when adjusted for inflation. In its eighth report,... More »

Biggest Banks Can Handle 'Severe' Recession: Fed

Reserve's 'stress tests' show 31 banks stronger than ever since 2008 crisis

(Newser) - All of the nation's 31 largest banks are adequately fortified to withstand a severe US and global recession and keep lending, the Federal Reserve said yesterday. Results of the Fed's annual "stress tests" show that as a group, the 31 banks are stronger than at any time... More »

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