Tag Archives: economy

The Associated Press reports: The U.S. economy surged in the April-June quarter to an annual growth rate of 4.1 percent. That’s the fastest pace since 2014, driven by consumers who began spending their tax cuts and exporters who rushed to get their products delivered ahead of retaliatory tariffs. The Commerce Department reported Friday that the gross domestic product, the country’s …

The Washington Post reports: The Consumer Price Index, which measures how quickly prices are going up in the U.S. economy, rose at a faster than anticipated 2.1 percent in January compared to a year ago, triggering fears of another rocky run on Wall Street. The monthly Labor Department report on the price of everything from gas to groceries was closely …

The Associated Press reports: Dow Jones industrials plunged over 1,000 points Thursday, bringing the index down 10 percent from the record it reached two weeks ago. Stocks started to fall in early trading and extended their losses throughout the morning. The market’s turmoil began last Friday and has continued this week as investors worried about early signs of inflation. Analysts …

The Hill reports: The White House on Monday said the country’s “long-term economic fundamentals” remain “exceptionally strong” after U.S. stocks dropped sharply earlier in the day, extending a massive sell-off on Wall Street. “The president’s focus is on our long-term economic fundamentals, which remain exceptionally strong,” White House press secretary Sarah Huckabee Sanders said in a statement. Sanders cited U.S. …

Bloomberg reports: The Dow Jones industrial average fell more than 1,000 points Monday, dropping below 25,000 for the first time since Jan. 4 during a second straight day of sell offs. It’s the worst losses the Dow has ever sustained in terms of points, coming on the heels of Friday’s 666-point loss. The Dow has lost its gains for the …

Mediaite reports: One of President Donald Trump’s favorite boasts, in recent weeks, is noting the fact that unemployment among black workers has sunken to record lows during his tenure in office — even taking full credit for the decline. But now, it looks like Trump won’t have “record low” talking point to kick around anymore. The January jobs report is …

Business Insider reports: The US economy in September lost more jobs than it created for the first time in seven years. Amid the damage caused by the hurricanes Harvey and Irma, nonfarm payrolls fell by 33,000, the Labor Department said Friday in its monthly report. Most of the losses occurred in the leisure-and-hospitality sector, where most employees can’t work remotely …

Business Insider reports: On Thursday, US Secretary of Energy Rick Perry flubbed one of the most fundamental lessons of modern economics. “Here’s a little economics lesson: supply and demand. You put the supply out there, and the demand will follow,” he said at a coal plant, according to Taylor Kuykendall, an energy reporter at S&P Global Market Intelligence. Contemporary mainstream …

MarketWatch reports: Some 211,000 people found new jobs in April as hiring rebounded from a wobbly showing in early spring, offering fresh evidence the U.S. economy is still growing at healthy pace after a slow start to the year. The unemployment rate, meanwhile, dipped to 4.4% from 4.5% to set a postrecession low. The last time the rate was so …

Stand by for Sean Spicer to declare that federal jobs data is fake once again. The New York Times reports: Hiring in March was expected to drop after the monthly gains of more than 200,000 in the two previous months, but this marks the weakest showing for the economy in nearly a year. Just 98,000 jobs were added last month. …

Via Mediaite: On Fox News Sunday today, Chris Wallace asked White House Chief Economic Advisor Gary Cohn about President Trump‘s past dismissals of jobs numbers. The White House touted the numbers out this past Friday, but as Wallace pointed out, during the campaign Trump called similar reports “phony.” Sean Spicer quoted Trump as explaining, “They may have been phony in …

The Washington Post reports: America is great again. Why? Because, in Donald Trump’s first full month as president, the economy added 235,000 jobs according to the Bureau of Labor Statistics. Boom. And so the Drudge Report went ahead and declared Trump’s hat’s mission accomplished. Trump retweeted Drudge’s enthusiasm. It’s worth pointing out, though, that the 235,000 jobs added — a …

Donald Trump will give his first address to both chambers of Congress at 9PM Eastern tonight. Advance coverage has begun in the live-streams posted below. The speech is not billed as a formal State Of The Union address, as tradition dictates that SOTU addresses only take place after the first full year in office. Sean Spicer has released a short …

The Huffington Post reports: During his campaign for president, Donald Trump frequently said the official U.S. unemployment statistics were “phony” and that the real jobless rate was many times higher than the government said. On Friday, he touted the numbers in the first monthly jobs report released under his administration. “Two-hundred twenty-seven thousand jobs,” Trump said at the White House. …

The Washington Post reports: The U.S. economy added 156,000 new jobs in December, according to government data issued Friday. The final issued by the Labor Department during President Obama’s administration showed the unemployment rate at 4.7 percent, slightly up from 4.6 percent the previous month. Economists surveyed by Bloomberg had expected American companies to add 180,000 jobs in the month. …

USA Today reports: After seeing sales drop during the holidays, Macy’s said Wednesday it has either closed or will shutter 68 stores and cut an additional 6,200 positions at a time when shoppers are going online to buy everything from scarves to lipstick. Of the 68 stores out of 730 in total, nine closings had been previously announced and three …

Salon reports: Donald Trump is taking credit for a jobs deal that he objectively had nothing to do with. The president-elect bragged on Wednesday about brokering a deal in which Sprint will bring 5,000 jobs to the United States and another company, OneWeb, will bring 3,000 jobs into this country. This is consistent with a theme that Trump has been …

Bloomberg reports: In a year when populist voters reshaped power and politics across Europe and the U.S., the world’s wealthiest people are ending 2016 with $237 billion more than they had at the start. Triggered by disappointing economic data from China at the beginning, the U.K.’s vote to leave the European Union in the middle and the election of billionaire …

CNN reports: The Trump transition team is floating the possibility of an early executive action to impose tariffs on foreign imports, according to multiple sources. Such a move would deliver on President-elect Donald Trump’s “America First” campaign theme. But it’s causing alarm among business interests and the pro-trade Republican establishment. The Trump transition team didn’t immediately respond to a request …

Reuters reports: The U.S. Federal Reserve raised interest rates by a quarter point on Wednesday and signaled a faster pace of increases in 2017 as the Trump administration takes over with promises to boost growth through tax cuts, spending and deregulation. The rate increase, regarded as a virtual certainty by financial markets in the wake of a string of generally …