economy

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Fed Cuts Rates Again, With a Big 'But'

The short-term rate is lowered to between 1.5% and 1.75%

(Newser) - The Federal Reserve cut its benchmark interest rate Wednesday for the third time this year to try to sustain the economic expansion in the face of global threats, the AP reports. But it hinted that it won't likely cut again this year. The Fed's move reduces the short-term... More »

New GDP Number Is Out. Here's What It Means

Growth slips to 1.9% in 3rd quarter but beats expectations

(Newser) - The summer temps may have been record-setting hot, but the economy experienced some chills. Data out Wednesday via the Commerce Department shows GDP grew at a 1.9% rate from July through September, down from a growth rate of 2% in the second quarter. Why, what it means, and President... More »

Survey: US Business Hiring Falls to 7-Year Low

Fewer employers are raising pay, economists say

(Newser) - A measure of hiring by US companies has fallen to a seven-year low and fewer employers are raising pay, a business survey has found. Just one-fifth of the economists surveyed by the National Association for Business Economics said their companies or industries have hired additional workers in the past three... More »

There's a 'New Abnormal.' Here's Where Banks Come In

San Francisco Fed warns of financial risks that could come into play due to global warming

(Newser) - Greta Thunberg has warned about the environmental perils of climate change. Now, bank regulators are sending up the red flag on possible financial consequences. The warnings come courtesy of the Federal Reserve Bank of San Francisco , which put out a series of 19 papers, compiled by more than three... More »

Looking for a Thriving Economy? These US Cities Fit the Bill

You'd do well to check out certain areas in the South and West

(Newser) - What helps keep a city afloat (and even thriving) as others hit hard times: a healthy, growing economy. WalletHub took a look at more than 500 cities of all different population sizes, looking at growth and decline over a seven-year stretch. The site examined 17 metrics in two key categories:... More »

US-China Trade War May Mean Higher Prices

Tariffs of 10% and 5% apply to various goods imported from China

(Newser) - The US and China on Sunday put in place their latest tariff increases on each other's goods, potentially raising prices Americans pay for some clothes, shoes, sporting goods and other consumer items before the holiday shopping season, the AP reports. President Donald Trump said US-China trade talks were still... More »

Elizabeth Warren: We're Headed for 'Economic Crash'

She says it can be warded off in the next year or two, but not with Trump policies

(Newser) - One of the factors thought to be in President Trump's favor in the 2020 election is the economy, thanks to low unemployment and a rising stock market, notes Politico . But if Elizabeth Warren is correct, Trump might actually be in trouble over the economy before election day. "Warning... More »

Fed Chief Indicates We're In for a Rate Cut

Possibly as soon as the July meeting

(Newser) - The S&P 500 crossed the 3,000 threshold for the first time ever Wednesday, as expectations for a July rate cut rise, reports CNBC . Federal Reserve Chairman Jerome Powell said Wednesday that "many" Fed officials believe a weakening global economy and rising trade tensions have strengthened the case... More »

Here Are the States With the Best, Worst Economies

Washington state comes in at No. 1; Alaska is dead last

(Newser) - It takes a village—or, in the case of the US economy, each individual state doing its fair share. WalletHub took a look at all 50 states and DC to see how they all fared across more than two dozen metrics in three categories: economic activity (including startup presence and... More »

For Trump, It's Obviously #1. Others Predict Disaster

The economy looks great, but some see a recession coming

(Newser) - Record job growth. Historic low unemployment. Rising wages. Even the Washington Post —hardly President Trump's biggest backer—is breathless over the US economy, but some experts are wondering whether the party can last. First, the good news: Employers tacked on 263,000 new jobs in April and US... More »

Unemployment Is Now at a 50-Year Low

Falls to 3.6% in strong new jobs report

(Newser) - The monthly jobs report is out, and it's another strong one. Employers added 263,000 jobs in April, solidly above expectations of about 181,000, per the AP . What's more, the unemployment rate ticked down to 3.6% from 3.8% and is now the lowest it has... More »

GDP Growth Slides Back Under 3%

That's the benchmark Trump wants, but 2018 falls just short

(Newser) - The US economy slowed in the final three months of last year to an annual growth rate of 2.6%, the slowest pace since the beginning of 2018, as the government shutdown and other factors took a toll, per the AP . "Softer but still solid" is how the Wall ... More »

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 »

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