economy

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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
Sep 13, 2020 2:00 PM CDT

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
Aug 20, 2020 7:36 AM CDT

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...

Mnuchin Gives His Take on Closing the Economy Again

The treasury secretary gave his take as Wall Street shuddered over the coronavirus

(Newser) - Treasury Secretary Steven Mnuchin says re-closing the US economy is not an option. "We can't shut down the economy again. I think we've learned that if you shut down the economy, you're going to create more damage," he told CNBC 's Jim Cramer on...

Trump Points to Jobs Report as Cure for Race Issues
Trump: It's a 'Great Day'
for George Floyd
the rundown
Jun 5, 2020 12:12 PM CDT

Trump: It's a 'Great Day' for George Floyd

President celebrates the jobs numbers, speaks of need for 'fair treatment' from police

(Newser) - "Victory lap." That's the term used by the AP and CNN to describe President Trump's reaction to Friday's surprisingly strong jobs report . "This shows that what we've been doing is right," Trump said in the Rose Garden, referring to the White House...

Millions More Join the Ranks of the Unemployed

20% of US workers have filed for unemployment aid

(Newser) - Another 3.2 million Americans filed for unemployment benefits last week, bringing the total over seven weeks to 33.5 million—or one in five Americans who were employed as of February, per the AP . Economists had predicted 3 million claims, Reuters reports. The week ending May 2 was the...

China Just Had Its Worst Economic Drop Since 1970s

World's second-largest economy shrinks 6.8% from a year prior

(Newser) - China suffered its worst economic contraction since at least the 1970s in the first quarter as it fought the coronavirus, and weak consumer spending and factory activity point to a longer, harder recovery than initially expected. The world’s second-largest economy shrank 6.8% from a year ago in the...

We Just Saw an Unprecedented Plummet in Retail Sales

They were down 8.7% in March, and the reality is likely worse

(Newser) - US retail sales plummeted 8.7% in March, an unprecedented decline that came as the viral outbreak forced an almost complete lockdown of commerce nationwide. The deterioration of sales far outpaced the previous record decline of 3.9% that took place during the depths of the Great Recession in November...

Fed Chief: Economy's Rebound May Be 'Robust'

Agency unveils $2.3T loan program to help small businesses, cities

(Newser) - The Federal Reserve is taking additional steps to provide up to $2.3 trillion in loans to support the economy, per the AP . The money will target American households and businesses, as well as local governments besieged by the coronavirus outbreak. The Fed said Thursday that it's activating a...

'A Faint Glimmer of Light' Is Seen in the Economy

Some employers have a message for laid-off staffers

(Newser) - As millions of job cuts tear through the US economy, a faint glimmer of light has emerged: Some employers are trying to maintain ties to the staffers they're letting go so they can more quickly rehire them once the viral outbreak has passed, the AP reports. Several large retail...

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