Tag Archives: economy

October Employment Report Better Than Forecast

The New York Times reports: The American job market has lost some momentum, but a major auto strike was not enough to knock it off the road in October. Ordinarily, a gain of 128,000 jobs would count as a weak month. But the figure looks stronger accounting for the strike at General Motors, which shaved close to 50,000 workers from …

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Commerce Dept: US Economy Slowed In Third Quarter

NPR reports: President Trump is counting on a strong economy to help him win reelection next year. But new numbers from the Commerce Department show the economy lost steam during the summer and early fall. GDP — the broadest measure of economic activity — grew at an annual rate of just 1.9% during the third quarter. That’s a deceleration from …

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Jobs: Hiring Slows, Wages Fall, Unemployment Dips

USA Today reports: Hiring slowed in September as employers added 136,000 jobs, fueling recession concerns and possibly raising the odds of another Federal Reserve rate cut this month. The unemployment rate fell from 3.7% to 3.5%, a new 50-year low, the Labor Department said Friday. Economists expected 145,000 job gains, according to a Bloomberg survey. Partly offsetting the weak showing: …

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WINNING: US Manufacturing Contracts To Decade Low

MarketWatch reports: Manufacturing contracted for a second consecutive month in September, falling to lowest its level of activity in a decade, according to the Institute for Supply Management (ISM). The group’s production manufacturing index slid to 47.8, down from 49.1 percent in August. Any reading below 50 percent indicates contraction. Trade was one of the main factors weighing down manufacturing. …

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Inflation Exceeds Forecast As Healthcare Costs Rise

Bloomberg reports: A measure of underlying U.S. inflation accelerated by more than forecast to a one-year high in August, signaling inflation was already firming ahead of fresh tariffs on Chinese goods this month that may push prices higher for Americans. The core consumer price index, which excludes food and energy, rose 0.3% from the prior month and was up 2.4% …

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Trump’s Approval Rating Sags Amid Recession Fears

The Hill reports: President Trump’s approval rating dropped 6 points in a new poll as Americans voice concerns about the economy. Trump’s approval rating fell to 38 percent after July’s career-high 44 percent approval, based on the ABC News/Washington Post poll released Tuesday. The survey also found that 46 percent of Americans approve of Trump’s handling of the economy and …

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Temp Census Workers Buoy Lackluster Jobs Report

NPR reports: U.S. employers added 130,000 jobs in August, according to a monthly snapshot from the Labor Department, signaling a slowdown in the pace of job growth. Forecasters surveyed by the Reuters news service had predicted job gains of around 158,000. The unemployment rate held steady at 3.7%. Manufacturers added just 3,000 jobs. The jobs total would have been lower …

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US Manufacturing Contracts For First Time In Decade

CNBC reports: U.S. manufacturer growth slowed to the lowest level in almost 10 years in August, the latest sign that the trade war may be exacerbating the economic slowdown. The U.S. manufacturing PMI (purchasing managers’ index) was 49.9 in August, down from 50.4 in July and below the neutral 50.0 threshold for the first time since September 2009, according to …

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Half Of Trump Voters Would Blame Him For Recession

The Hill reports: Approximately half of respondents in a new survey who voted for President Trump say they would blame him if the U.S. economy falls into a recession. A Morning Consult poll released Wednesday found that 42 percent of respondents who say they voted for Trump in 2016 would hold him partially responsible for an economic downturn, and another …

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Bill Maher: A Recession Is Worth Getting Rid Of Trump

The Hill reports: Comedian Bill Maher on Friday continued his calls for another economic recession, claiming it would tank President Trump’s shot at reelection in 2020 and be “very worth” ending his policies. Speaking with a panel including political consultant Rick Wilson and journalists Betsy Woodruff and Carl Hulse, Maher dismissed criticism from people who “get mad” at rooting for …

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Major Bank Raises Recession Risk To 30% In Next Year

CNBC reports: Recession risk is rising, according to Bank of America. Based on the most recent data, the bank’s global economist now sees a greater than 30% chance of a recession in the next year. “Our official model has the probability of a recession over the next 12 months only pegged at about 20%, but our subjective call based on …

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Trump’s Tax Cuts Fail To Generate Promised Growth

Reuters reports: U.S. economic growth in 2018 missed the Trump administration’s 3% target by any measure, which could renew criticism of the White House’s $1.5 trillion in tax cuts. The Commerce Department said on Friday that gross domestic product increased at a 2.9% rate last year, confirming an estimate which was published in March. The department’s annual revisions to GDP …

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Home Prices Grew 4X Faster Than Income Since 1960

From the real estate site Clever: To understand how expensive the American Dream has become — and whether it is still achievable today — we gathered Census data from 1960 to 2017 on home prices, rents, and household income. After adjusting for inflation over time, the future of the American Dream seems rather gloomy: Median home prices increased 121% nationwide …

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Labor Dept Issues Weakest Jobs Report In 17 Months

Yahoo News reports: The U.S. economy added a sharply lower-than-expected 20,000 non-farm payrolls in February, the Bureau of Labor Statistics reported Friday. Consensus expectations called for 180,000 positions to be added for the month, according to Bloomberg data. February’s headline reading for new payrolls was the weakest in 17 months. The unemployment rate fell to 3.8%, from 4% in January. …

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General Motors Shutters Chevy Cruze Plant [VIDEO]

NBC News reports: A sprawling General Motors assembly plant near Youngstown was idled on Wednesday after more than 50 years producing cars and other vehicles, a move that will eliminate nearly 1,700 hourly positions by month’s end. GM announced late last year that Lordstown along with three plants in the U.S. and one in Canada would close by early next …

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Shutdown Has Already Cost US Economy $3.6 Billion

CNBC reports: If the government shutdown lasts another two weeks, the total cost to the U.S. economy would exceed the price of building the proposed border wall. According to an estimate by S&P Global, it will only take another two weeks to cost the economy more than $6 billion, exceeding the $5.7 billion that President Donald Trump demanded to fund …

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POLL: Economic Pessimism Hits Five-Year High

Bloomberg reports: The number of Americans expecting the U.S. economy to get worse in the next year is at its highest point since 2013, a national NBC/Wall Street Journal poll shows. A majority of Americans also say President Donald Trump has been untruthful about the investigation into Russia’s interference in the 2016 campaign, and half say the probe has given …

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Macron Halts Fuel Tax Hike In Bid To Curb Riots

Agence France-Presse reports: The French government plans to announce Tuesday the suspension of fuel tax increases slated for January in a bid to quell the fierce protests which have ballooned into the deepest crisis of Emmanuel Macron’s presidency, sources said. Prime Minister Edouard Philippe will also unveil other measures to help boost the living standards of low-income households, the government …

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General Motors To Lay Off 15,000, Shutter Five Plants

The Chicago Tribune reports: General Motors will lay off 14,700 factory and white-collar workers in North America and put five plants up for possible closure as it restructures to cut costs and focus more on autonomous and electric vehicles. The reduction includes 8,100 white-collar workers, some of whom will take buyouts and others who will be laid off. Most of …

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Solid Jobs Report Lands Days Ahead Of Midterms

USA Today reports: The economy added a healthy 250,000 jobs in October, the Labor Department said Friday in the last employment report before midterm elections that President Trump has cast as a critical referendum on his stewardship of the economy. The unemployment rate was unchanged at a near 50-year low of 3.7 percent. Annual wage growth topped 3 percent for …

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