US economy

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President Trump Gets the Growth Rate He Wanted

Q2 number exceeded the 3.7% he said he wanted to be above

(Newser) - President Trump on Thursday said he'd be happy with economic growth that exceeded 3.7%—meaning he's likely quite pleased. The US economy surged in the April-June quarter, growing at an annual rate of 4.1%. That's the fastest pace since 2014, reports the AP , driven... More »

Trump Breaks Tradition on GDP Figures

He says numbers will be 'unthinkable'

(Newser) - It's not traditional for presidents to comment on economic growth figures before they are released, but President Trump isn't exactly a stickler for tradition. At a rally at an Illinois steel plant on Thursday, Trump predicted that the numbers released by the Commerce Department on Friday morning would... 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 »

Fed Lifts Interest Rates, Expects 3.6% Unemployment

Fed: US economy has strengthened considerably since the 2007-2008 recession and is in 'great shape'

(Newser) - The Federal Reserve has hiked the short-term interest rate a quarter of a percentage point, to a range of 1.75% to 2%, and suggested that two more increases are likely to occur this year, for a total of four in 2018, reports CNBC . The rate is closely tied to... More »

Economists Predict When Next Recession Will Arrive

Most say 2020

(Newser) - When will the US enter its next recession? Economists surveyed by the Wall Street Journal are predicting 2020. We're currently in an economic expansion that started in mid-2009—the second-longest in American history—and 59% of the forecasters surveyed think it is most likely to end in two years... 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 »

Coming Soon: Big Change in Global Economic Rankings

China projected to overtake US as No. 1 in 2032

(Newser) - America can still boast of having the world's biggest economy—but only for about 15 more years. A report by the Centre for Economics and Business Research in London predicts that China will overtake the US for the top spot in 2032, reports Bloomberg . In fact, the report illustrates... More »

Financial Experts Make 5 Predictions for 2018

On everything from IPOs to the S&P 500

(Newser) - It's that time of year when financial experts are asked to dust off their crystal balls and tea leaves and offer up their predictions for the economy in 2018. At Yahoo Finance , David Nelson warns that the problem with these predictions is that experts tend to extrapolate, i.e.... More »

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 »

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