economy

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It's a Banner Day for Economy So Far

Retails sales surge, jobless claims reach pandemic low, and stocks reach record highs

(Newser) - Thursday is starting out as a strong day for the economy:
  • Consumers: Retail spending surged almost 10% in March thanks to factors including stimulus checks to households, warmer weather, and an increased reopening of businesses, reports the Wall Street Journal . The spike, detailed in a new Commerce Department report, follows
...

Famed Investor Lists Concerns but Puts Money on America

Buffett: Progress in creating a more perfect nation often has been discouraging

(Newser) - Warren Buffett has been unusually quiet during the pandemic, but he's kept his annual appointment with his shareholders. The chairman and chief executive of Berkshire Hathaway released his closely watched assessment Saturday, Axios reports. On many fronts, Buffett expressed frustration in the letter . The nation still holds onto its...

Hiring Rights Itself After a One-Month Dip

Employers added 49K jobs in January

(Newser) - The new jobs report is out, and the big number is back in positive territory. Employers added a modest 49,000 jobs in January, though that was in line with expectations of 50,000, reports CNBC . The increase may be "tepid," as the AP describes it, but it...

2020 Economy Worst Since World War II

GDP fell by 3.5%, though final quarter showed growth

(Newser) - The final report on the 2020 economy is in, resulting in bleak historical comparisons but also hope for a better 2021. In terms of the specific numbers, the economy grew by 4% in the final quarter of the year, below estimates of 4.3%, reports CNBC . For the full year,...

Chocolate Maker Is Closing All Stores in US

Godiva scraps cafes, cites the pandemic

(Newser) - The pandemic has just slammed another business: Chocolate maker Godiva will close all 128 of its stores in North America by the end of March, reports CNN Business . All but 11 are in the US, though the company did not disclose how many jobs would be lost. As USA Today ...

Jobs Number Comes In Much Worse Than Expected

Employers added 245K jobs, a big dropoff

(Newser) - The new unemployment report is out, and it has a figure that in normal times would be strong: Employers added 245,000 new jobs in November. Meanwhile, the unemployment rate dropped from 6.9% to 6.7%. But in the context of the surging pandemic, the stat about new jobs...

Consumer Confidence Takes Worrisome Tumble

Index is at its lowest point since August

(Newser) - US consumer confidence fell to a reading of 96.1 in November as rising coronavirus cases pushed American optimism down to the lowest level since August. The November reading released Tuesday by the Conference Board represents a drop from a revised 101.4 in October, the AP reports. Economists were...

US Economy Grows at Record Pace, With an Asterisk

GDP expands at 33% annual rate after previous quarter's plunge

(Newser) - The last major report card on the economy before the election is out, and expect to hear President Trump making a big deal out of it. The Commerce Department reported Thursday that the economy grew at a record annual rate of 33% in the third quarter, per the AP . As...

Here Are the US Cities Hardest Hit Financially by COVID

Half of America's top 10 are located in one state

(Newser) - With more than 225,000 dead and 8.6 million cases of COVID-19 in the US, the health consequences of the virus are obvious. But the financial repercussions have also been devastating, and some areas are suffering more than others. WalletHub looked at the biggest US cities across nine metrics...

China's Economy May Do What No Other's Can

New numbers put it on track to be only major economy to expand in 2020

(Newser) - A nation reporting its quarterly GDP numbers isn't typically scintillating news. But China's new data is generating big headlines because observers see COVID lessons at play. Beijing reported Monday that GDP grew at 4.9% in the third quarter when compared to the previous year, reports CNBC . That...

In These US Cities, the Economy Has Thrived

Fort Myers, Fla., leads the list

(Newser) - Although the country's economy as a whole has suffered greatly during the pandemic, some areas manage to do OK. Better than OK, actually, per WalletHub's ranking of the fastest-growing cities in America, which it gauged by looking at more than 515 small, midsized, and large cities across the...

Final GDP Number Is One for the Record Books: 31.4%

That's the Q2 contraction

(Newser) - The US economy plunged at a record rate in the spring but is poised to swing to a record increase in the quarter that just ended. The Commerce Department reported Wednesday in its final estimate for the April-June quarter that the gross domestic product, the economy’s total output of...

Bernie Issues Warning to Biden
Bernie Issues
Warning to Biden

Bernie Issues Warning to Biden

The Vermont senator sees trouble on the horizon

(Newser) - Bernie Sanders is warning that if onetime rival Joe Biden doesn't do more to promote his own policies and reach out to Latino voters, the Democratic presidential nominee is at risk of falling short to President Trump this November, the AP reports. Sanders, a self-described democratic socialist who left...

A Rare Admission From Kim Jong Un
A Rare Admission
From Kim Jong Un

A Rare Admission From Kim Jong Un

Leader admits plan for 'great socialist country' was a failure, calls for January meeting

(Newser) - Kim Jong Un's ambitious five-year plan to boost the North Korean economy and create a "great socialist country" has been "seriously delayed," he said Thursday in Pyongyang—and he's called for a rare Workers' Party congress at the start of the new year to try...

Jobs Recovery Cools as Virus Cases Increase

Unemployment rate drops from 11.1% to 10.2%

(Newser) - The jobs recovery is continuing, just not as fast as in previous months. Employers added 1.8 million jobs in July, which in normal times would be a staggering number. But as the AP notes, it's down from 4.8 million in June and 2.7 million in May...

After Grueling Slog, Weary EU Leaders OK $2.1T COVID Deal

It took 4 days and nights of negotiations in Brussels

(Newser) - After four days and nights of wrangling, exhausted European Union leaders finally clinched a deal on an unprecedented $2.1 trillion budget and coronavirus recovery fund early Tuesday, after one of their longest summits ever. The 27 leaders grudgingly committed to a costly, massive aid package for those hit hardest...

China Reports World Rarity: Economic Growth

It's the first major economy to do so since pandemic began

(Newser) - China's economy grew 3.2% in the second quarter from a year earlier, a stat that normally wouldn't generate a ton of attention. In this case, however, it represents the first major economy to return to growth since the pandemic began, reports the Wall Street Journal . On Wednesday,...

Sweden 'Literally Gained Nothing' With COVID Approach

The country's economy wasn't shielded, but its top epidemiologist says time will tell

(Newser) - Much has been made about Sweden's rejection of a lockdown and the high death rate that ensued. Per Reuters , the country had logged 5,447 deaths as of Tuesday, out of a population of 10 million—meaning its death rate is well above that of the US and its...

Hiring Is Stronger Than Expected in June

Unemployment dips to 11.1%, but this was before new round of shutdowns

(Newser) - US employers added a substantial 4.8 million jobs in June, and the unemployment rate fell to 11.1%, as the job market improved for a second straight month, yet still remained far short of regaining the colossal losses it suffered this spring, per the AP . The nation has now...

In Lebanon, Scores of Migrant Maids Dumped Like 'Garbage'

Ethiopian workers are being abandoned on embassy steps in Beirut as virus kills economy

(Newser) - There are about a quarter-million migrant workers in Lebanon, many of them from Ethiopia, but as the coronavirus continues to wreak havoc on the former country's economy, maids from the latter are finding themselves suddenly out of a job and dumped on the doorstep of the Ethiopian Embassy in...

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