economy

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Economic 'Vibes' May Be Tilting Toward Biden

The all-important consumer sentiment continues to rise

(Newser) - President Biden has been dogged for much of the past year by what the Economist calls an "emotional disconnect" on the economy. Growth has been strong, but Americans have remained in a lousy mood about money, thanks largely to high prices across the board. Now, however, a closely watched...

Only One Part of Polls Should Worry Democrats


Only One
Part of Polls
Should Worry
Democrats
OPINION

Only One Part of Polls Should Worry Democrats

It's how Americans view the economy, writes pollster Mileah Kromer

(Newser) - Like a lot of political observers, Mileah Kromer doesn't think Democrats should be too worried about what Kromer calls "horse race polls" showing Donald Trump ahead of President Biden a year out from the election. But Kromer, who's director of the Sarah T. Hughes Center for Politics...

US Economy Is a Hot One Right Now
US Economy Is a
Hot One Right Now

US Economy Is a Hot One Right Now

It expanded at a strong 4.9% annual rate during Q3—more than twice the rate of Q2

(Newser) - The nation's economy expanded at a robust 4.9% annual rate from July through September as Americans defied higher prices, rising interest rates, and widespread forecasts of a recession to spend at a brisk pace. The Department of Commerce said the economy expanded last quarter at the fastest pace...

This Is the Most Innovative Nation on Earth

Switzerland is No. 1, again, while the US falls one spot

(Newser) - Monday has already proven a banner day for innovation, with the Nobel Prize in medicine bestowed on Katalin Kariko and Drew Weissman for their work that helped develop the COVID-19 mRNA vaccines. Now, certain nations around the world can crow about their placement on the World Intellectual Property Organization's...

Warning to UAW: Don't Kill 'the Goose That Lays the Golden Egg'

In 'NYT' op-ed, Steven Rattner worries about strike's 'implications for our economy,' and for Biden

(Newser) - The United Auto Workers union is threatening to expand its targeted strike against Detroit's Big Three automakers if major advances aren't seen in contract negotiations by Friday. But at least one person thinks that the UAW is "overplaying its hand" in taking on Ford, General Motors, and...

Finally, the Curves Flip on Paychecks, Inflation

After 2 years, wages hikes are finally rising faster than inflation

(Newser) - Generally speaking, Americans have been getting pay raises over the last two years—it just hasn't felt like it because prices were rising even more. Finally, however, wage increases have begun to outpace inflation, reports the Wall Street Journal . Average hourly wages, after being adjusted for inflation, rose 1....

Could Taylor Swift Keep Us Out of a Recession?

Federal Reserve gives nod to her Eras Tour, 'influx' of fans for their economic impact

(Newser) - Taylor Swift has been impressing fans and critics alike during her current Eras Tour, and ticket sales show no signs of slowing. But it's more than just her music that's been having an impact—the Federal Reserve says the singer has had a marked effect on the economy,...

These States Are Pulling Their Weight for US Economy

Washington state has the best economy, West Virginia the worst, per WalletHub ranking

(Newser) - When it comes to the US economy, a variety of factors underlie its health (or lack thereof), with the economies of individual states playing a significant part. WalletHub wanted to see which ones are really pulling their weight when it comes to contributing to the national coffers, so it looked...

Jobs Report Comes in Way Stronger Than Expected

Employers added 339K jobs in May, above estimates of 190K

(Newser) - The new jobs report is out, and it shows that American employers continue to hire workers at a pace that defies expectations, reports the Wall Street Journal . More:
  • New hires: Employers added 339,000 jobs in May, well above predictions of 190,000. Economists keep expecting to see a sharp
...

Inflation, Interest Rates Put a Dent in Economic Growth

GDP rose by a weaker-than-expected 1.1% in latest quarter

(Newser) - The US economy slowed sharply from January through March, decelerating to just a 1.1% annual pace as higher interest rates hammered the housing market and businesses reduced inventories. Thursday’s estimate from the Commerce Department showed that the nation’s gross domestic product—the broadest gauge of economic output—...

Jamie Dimon: Repercussions of Bank Crisis Will Last

But JPMorgan chief emphasizes it's not as severe as the 2008 crisis

(Newser) - Ten months ago, the chief of America's biggest bank warned that an economic "hurricane" was brewing and might slam the US. On Tuesday, Jamie Dimon of JPMorgan Chase sounded a lot more optimistic about the forecast, referencing "storm clouds" instead, reports Axios . In his annual letter to...

Unemployment Rate Hasn't Been This Low Since 1969

Falls to 3.4%; stock market isn't happy with surprisingly strong jobs report

(Newser) - America’s employers added a robust 517,000 jobs in January, a surprisingly strong gain in the face of the Federal Reserve’s aggressive drive to slow growth and tame inflation with higher interest rates, per the AP . Analysts expected a figure of 187,000, notes the Wall Street Journal ...

2023 Is Now Seen as a 'Turning Point' for Economy

IMF upgrades its world forecast, thinks a global recession is less likely

(Newser) - A new economic forecast includes what has become a rare thing of late: good news. Or, at least, better news. The International Monetary Fund said Monday that it thinks a global recession probably won't happen, reports the New York Times . A number of factors— including easing inflation, China's...

IMF Chief: Get Ready for 'Tougher' Year Than Last

Kristalina Georgieva warns that one-third of world will be in a recession over next 12 months

(Newser) - Thankful to have kicked 2022 to the curb? According to the head of the International Monetary Fund, we haven't yet escaped last year's economic woes, which will continue to play out in significant ways around the globe. "We expect one-third of the world economy to be in...

Consumer Confidence Takes First Jump in Months

Dow rises on the news

(Newser) - The confidence of American consumers rebounded this month to end the year on a high note despite high inflation, rising interest rates that have made credit cards and mortgages more expensive, and growing anxiety about a possible recession. The Conference Board reported Wednesday that its consumer confidence index rose to...

It's an Ugly Day on Wall Street
An Ugly Day on Wall Street
updated

An Ugly Day on Wall Street

Dow falls 764 points on weak consumer spending, fallout from Fed move

(Newser) - Ouch. The markets cratered at Thursday's opening bell and never recovered. A weak report on retail sales and worries that the Fed will keep raising rates were getting the bulk of the blame. For the day, the Dow fell 764 points, or 2.2%, to 33,202; the S&...

New Inflation Numbers Are Good News
New Inflation Numbers
Are Good News

New Inflation Numbers Are Good News

Wholesale prices rose less than expected, and Dow futures jump as a result

(Newser) - Another new economic report adds to the notion that inflation is easing—and markets appear to be pretty happy about it. The government said Tuesday that the producer price index, seen as a measure of wholesale inflation, rose 0.2% in October from September, less than the expected mark of...

October Inflation Report Pushes Dow Futures Way Up

Consumer inflation hit 7.7% from a year ago, the smallest gain since January

(Newser) - Price increases moderated in the United States last month in the latest sign that the inflation pressures that have gripped the nation might be easing as the economy slows and consumers grow more cautious. Consumer inflation reached 7.7% in October from a year earlier and 0.4% from September,...

Hiring Is Again Stronger Than Expected

Employers added 261K jobs in October

(Newser) - The latest jobs report came in stronger than expected, which may not be great news for investors hoping the Fed eases up on rate increases. As the AP puts it, "the economy remains a picture of solid job growth and painful inflation." The details:
  • New jobs: Employers added
...

US Jobs Streak Now at 20 Months and Counting

Employers added 315K workers in August, right in line with expectations

(Newser) - The new monthly jobs report is out, and it shows that employers are continuing to hire, though at a slower pace than in recent months:
  • The number: Employers added 315,000 jobs in August, almost exactly in line with expectations. That's down from 528,000 in July and the
...

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