US economy

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2 in a Row: Economy Hits a Milestone

GDP grows at 3% for 2 straight quarters, first time in 3 years

(Newser) - The US economy, helped by strong business investment, grew at a solid annual rate of 3% in the third quarter. It marks the first time in three years that growth has hit that mark for two consecutive quarters, per the AP . The Commerce Department says the July-September advance in the... 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 »

GDP Grows at Fastest Rate in 2 Years

Economy grew 3% in 2nd quarter, higher than expected

(Newser) - The US economy rebounded sharply in the spring, growing at the fastest pace in more than two years amid brisk consumer spending on autos and other goods, per the AP . The gross domestic product, the broadest measure of economic health, grew at an annual rate of 3% in the April-June... More »

New Jobs Report Erases Job Losses in Recession

Unemployment rate drops to 4.3%, tying May's 16-year low

(Newser) - It's another solid jobs report: The US economy added 209,000 new jobs in July as the unemployment rate ticked down to 4.3%, per the AP . That ties a 16-year low reached in May. The job gains exceeded expectations of about 180,000, but the Wall Street Journal ... More »

Sluggish Wages Add Sour Note to Strong Jobs Report

Unemployment ticks up to 4.4%

(Newser) - The US economy created more jobs than expected in June—222,000, ahead of analysts' predictions of about 174,000 and the biggest leap since February. The unemployment rate, however, ticked up to 4.4% from 4.3%. (The latter mark in May had been a 16-year low .) The... More »

Interest Rates Hit a Milestone for First Time Since 2008

Fed signals belief in strong economy

(Newser) - The Federal Reserve signaled confidence in a strong economy Wednesday with its second interest rate hike of 2017, bringing its benchmark rate up a quarter-point to push it over 1% for the first time since the 2008 financial crisis. The move, which brings the range to between 1% and 1.... More »

American Household Debt Hits New Record High

It beats the previous record ... set immediately before the 2008 recession

(Newser) - It's beginning to look a lot like 2008. The New York Times reports Americans had $12.7 trillion in household debt during the first quarter of 2017—a record high beating out the previous peak, which came immediately before the financial crisis. The new record was announced Wednesday by... More »

Sticker Shock May Explain Slumping Auto Sales

Bloomberg points to a $50K minivan, though others say industry is still fine

(Newser) - The latest auto sales figures have triggered a flurry of negative headlines of the-boom-is-over variety. Sales fell 4.7% in April, which is the fourth straight month of declines and the first time we've had such a streak since 2009, reports the AP . Barring an unexpected surge, the US... More »

Trump Won't Be Thrilled With His First GDP Numbers

It grew by 0.7% from January through March, slowest in 3 years

(Newser) - The US economy turned in the weakest performance in three years in the January-March quarter as consumers sharply slowed their spending, the AP reports. The result repeats a pattern that has characterized the recovery: lackluster beginnings to the year. The gross domestic product, the total output of goods and services,... More »

US Household Wealth Hits Record Level

Surge in stock market fuels rise

(Newser) - The stock market's rise to record levels fueled a big increase in US household wealth in the final three months of last year, the AP reports. The wealth gains could lead to more spending that would lift the economy, but the increases aren't widely shared. Americans' stock and... More »

With Fed Set to Hike Rates, Look for This One Word

'Roughly'

(Newser) - The Federal Reserve's first policy meeting since Donald Trump won the election wraps up Wednesday, and analysts say the Fed is almost certain to raise interest rates for just the second time in a decade—though they also said Trump was almost certain to lose the election. Beyond the... 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 »

Economists: Slow Growth Is 'New Normal' for US

But few of them expect a recession next year

(Newser) - Americans should get used to a "new normal" of slow economic growth, business economists say. The median estimate from economists surveyed by the National Association for Business Economics calls for the American economy to grow 2.2% in 2017, up from a forecast 1.6% this year and unchanged... More »

Hiring Steady as Wages See Biggest Rise Since Recession

Unemployment now at 4.9%

(Newser) - US employers added a decent 161,000 jobs in October, and the unemployment rate dipped to 4.9% from 5%, reports the AP . It was the final major report on a lukewarm but durable economy before Americans choose a new president next week. The Labor Department said Friday that average... More »

September Jobs Report Shows Decent Gain

Numbers could keep the Fed on track to raise interest rates

(Newser) - Job gains in September were slightly weaker than the 172,000 jobs that Wall Street economists expected, but the 156,000 jobs that employers did add were enough to welcome new workers and bring back some of those who fell off the map after the Great Recession, per the New ... More »

Rate Debate Reaches Fever Pitch Ahead of Fed Meeting

Chair Janet Yellen has said there's a strong case for a rate hike—but pushback continues

(Newser) - "Let's get on with it already." That's the opinion of one investment strategist ahead of the Federal Reserve's two-day rate meeting starting Tuesday, calling for Chair Janet Yellen to push for a rate increase that many are still wary of implementing. Per Reuters , a good... More »

Middle-Class Income Sees Fastest Growth Ever: Report

Poverty rate fell too, though some say it's not enough to warrant a celebration just yet

(Newser) - For seven long years, the US has been struggling to break out of a sluggish economy after the Great Recession, Bloomberg notes. Some "remarkable progress" on that front came Tuesday, per the White House blog : A US Census Bureau report says median household income (adjusted for inflation) for 2015... More »

June Jobs Report Shows Huge Gains

Unemployment rose slightly to 4.9%

(Newser) - Employers shook off two months of weak hiring by adding 287,000 jobs in June, a robust pace that suggests a resilient US economy. The hiring spurt marked a sharp improvement from May's dismal showing, when just 11,000 jobs were added, reports the AP . A modest 144,000... More »

I Don't Have $400 for an Emergency, Likely Neither Do You

47% of Americans are in the same boat: writer

(Newser) - Neal Gabler has written and published books and hundreds of articles, won awards and fellowships, appeared on a movie-review TV show for three years, and even sold the rights to one of his books to Martin Scorsese. Yet he is among the 47% of Americans who, according to a 2013... More »

Forget 50 States: America Is 7 Regions

Parag Khanna wants us to think differently

(Newser) - America's political division into 50 states is only hurting its ability to compete in the global economy, writes Parag Khanna at the New York Times . That's because the US, like other nations, is clustering into city-centered economic regions that need social and economic support. "The 50-state model... More »

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